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Elliott wave analysis of GBP/JPY for December 9 – 2019

GBP/JPY is consolidating before the next rally higher towards 143.25 and 144.55. Support at 141.70 will protect the downside for the next rally to 142.96 and 143.25 for the rally higher to 144.55. A break below 141.70 will be of concern, but only a break below support at 140.81 will indicate red wave v and black wave iii already has completed and a more prolonged correction in wave iv is developing. R3: 144.55R2: 143.87R1: 143.25Pivot: 142.77S1: 142.44S2: 142.16S3: 141.70Trading recommendation: We are long GBP from 140.12 with our stop placed at 141.55. We will take profit at 144.45 The material has been provided by InstaForex Company – www.instaforex.com…

Japan Has Y1,816.8 Billion Current Account Surplus

Japan had a current account surplus of 1,816.8 billion yen in October, the Ministry of Finance said on Monday – exceeding expectations for 1,806.8 billion yen and up from 1,612.9 billion in September. The trade balance reflected a surplus of 254.0 billion yen – also beating forecasts for 138.8 billion yen following the 1.1 billion yen surplus in the previous month. Imports were down 15.3 percent on year to 6,285.9 billion yen, while exports fell an annual 7.9 percent to 6,539.9 billion yen. The capital account posted a deficit of 45.4 billion yen, while the financial account saw a surplus of 879.9 billion yen. The adjusted current account surplus was 1,732.2 billion yen, beating forecasts for 1,731.1 billion yen and up from 1,485.2 billion yen a month earlier. The material has been provided by InstaForex Company – www.instaforex.com…

*New Zealand Manufacturing Value +0.9% On Quarter In Q3; Volume -0.3%

New Zealand Manufacturing Value +0.9% On Quarter In Q3; Volume -0.3% The material has been provided by InstaForex Company – www.instaforex.com…

GBP/USD. Will the border between Ireland and Northern Ireland still appear?

Since it’s been about a week before the elections, the main election opponents Jeremy Corbyn and Boris Johnson continue to fight against each other despite the fact that all the main political forces of Great Britain have already played the main cards and Trump cards. In principle, it is clear to absolutely everyone that the main battle for the status of the “ruling party” will take place precisely between the Labor and Conservatives. Thus, the leaders of these parties continue to seek incriminating evidence against each other, blame each other and try to expose the rival party and its leader in the most unfavorable light possible. It can be recalled that not more than a week ago, Boris Johnson quite cynically used the tragedy on the London Bridge in the fight against the Labor Party, saying that it was the party of Corbyn that was to blame for it, which approved the law during its reign. According to which convicted of terrorist activities are entitled to early release. As a result, a terrorist who attacked civilians was released from prison ahead of schedule.
Now, it was the turn of the Labor leader himself, who allegedly published a secret document,…

Short-term Elliott wave analysis on EURUSD

EURUSD is in a corrective phase. Price was expected to move higher as wave B and turn lower towards the 61.8% Fibonacci retracement and wave C. Price did exactly that and now it is important for the bullish scenario to see price reverse to the upside.EURUSD has made a three wave correction this far towards the 61.8% Fibonacci retracement as expected. Now for this bullish wave scenario to be valid, we need to see price reverse to the upside. Another 5 wave upward move is expected to unfold from current levels. Support is at 1.1030 and this scenario will lose its strength if this level is broken downwards. On the contrary, this bullish scenario will increase its chances of success if price breaks above the B wave high. The price action of this week will tell us more of what to expect for EURUSD….1.13 or 1.09?The material has been provided by InstaForex Company – www.instaforex.com…

Oil Futures Rise To Near 3-month High As OPEC Deepens Output Cuts

Crude oil prices rose sharply on Friday after Saudi Arabia and Russia agreed on further output curbs. Positive comments on the trade deal front and upbeat U.S. jobs data contributed as well to oil’s sharp rise. The OPEC and a 10-nation coalition led by Russia called OPEC+ have agreed to deepen oil production cuts in order to prevent oversupply in the market. The new deal agreed upon during the Vienna meet will apply for the first three months of 2020. The move follows the recommendation of the oil exporting countries to deepen the cuts by 500,000 barrels per day to existing 1.2 million barrels per day. The total curb of 1.7 million barrels per day would amount to 1.7% of global crude supply. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told reporters today that the kingdom’s quota would be an additional 167,000 barrels per day and that it would continue to exceed its quota by 400,000 barrels a day, thus bringing the overall production cut to closer to 2.1 million barrels a day. West Texas Intermediate Crude oil futures for January ended up $0.77, or about 1.3%, at $59.20 a barrel, the highest settlement since September 17. On Thursday,…

Treasuries Move Notably Lower On Better Than Expected Jobs Data

Extending the downward move seen over the two previous sessions, treasuries moved notably lower during trading on Friday. Bond prices came under pressure early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.5 basis points to 1.842 percent. The continued weakness among treasuries came following the release of a closely watched Labor Department report showing much stronger than expected U.S. job growth in the month of November. The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month. The Labor Department said notable job gains occurred in healthcare and in professional and technical services, while manufacturing employment also rose as General Motors (GM) workers returned from a strike. With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. A separate report released by the University of Michigan showed a…

Gold Settles Lower As Riskier Assets Rise On Trade Hopes, Jobs Data

Gold prices drifted lower on Friday as traders went for riskier assets such as equities thanks to upbeat U.S. monthly jobs data and rising optimism about a phase one U.S.-China trade deal. The dollar’s strong uptick contributed as well to the yellow metal’s decline. The dollar index rose to 97.84 and was last seen hovering around 97.70, up more than 0.3% from previous close. Gold futures for February ended down $18.00, or about 1.2%, at $1,465.10 an ounce. On Thursday, gold futures for February ended up $2.90, or 0.2%, at $1,483.10 an ounce. Gold futures shed about 0.5% in the week. Silver futures for March ended down $0.463 at $16.596 an ounce, while Copper futures for March settled at $2.7250 per pound, up $0.0620 from previous close. In trade news, China said it would waive import tariffs for some soybeans and pork shipments from the United States. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, but didn’t not specify the quantities involved. The waiver of 25% tariffs comes two weeks before a critical decision on the fate of the December 15 tariff increases. On…

U.S. Consumer Sentiment Climbs To Seven-Month High In December

Preliminary data released by the University of Michigan on Friday showed a much bigger than expected improvement in U.S. consumer sentiment in the month of December. The report said the consumer sentiment index climbed to 99.2 in December from the final November reading of 96.8. Economists had expected the index to inch up to 97.0. With the much bigger than expected increase, the consumer sentiment index reached its highest level since hitting 100.0 in May. The current economic index jumped to 115.2 in December from 111.6 in November, while the index of consumer expectations rose to 88.9 from 87.3. Surveys of Consumers chief economist Richard Curtin said nearly all of the improvement in consumer sentiment in December was among upper income households, who reported near record gains in household wealth due to record high stock prices. “Indeed, among households with incomes in the top third of the distribution, their overall assessment of their current finances was the third highest in the past twenty years,” Curtin said. He added, “These gains were aided by declining inflation expectations, with long term inflation expectations returning to an all-time low.” The report said one-year inflation expectations edged down to 2.4 percent in December from…