Tag Archives: how to trade

Oil Prices Rally Before OPEC+ Meet

Oil prices rose sharply on Wednesday amid expectations that OPEC and its partners, including Russia, will extend their current production agreement by three months when they meet later this week. Bullish inventory data also helped to lift prices. Benchmark Brent crude climbed nearly 2 percent to $62.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 1.7 percent at $57.05. The OPEC countries and its allies are preparing to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group’s second-biggest producer. Iraq oil minister Thamer Ghadhban told reporters on Tuesday that a deeper cut is being preferred by a number of key members when they meet on Thursday and then on Friday. Meanwhile, according to the industry group American Petroleum Institute (API), crude oil inventories in the U.S. fell by more than expected last week. Stockpiles of crude oil fell by 3.7 million barrels, more than double expectations of a decline of 1.7 million barrels. The material has been provided by InstaForex Company – www.instaforex.com…

Pound Little Changed After U.K. PMI Data

Following the release of the UK Markit/CIPS final composite PMI for November at 4.30 am ET Wednesday, the pound changed little against its major rivals. The pound was trading at 1.3042 against the greenback, 141.88 against the yen, 1.2900 against the franc and 0.8487 against the euro around 4:35 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis of AUD/USD for December 04, 2019

Overview: The AUD/USD pair will continue moving downwards from the level of 0.6826 (this level coincides with the 38.2% of Fibonacci retracement levels in H4 chart). Accordingly, the Aussie is going to show signs of strength at the lowest price of 0.6820. Thus, it will be a good deal to sell below the level of 61.8% of Fibonacci retracement levels on H1 chart with the first target at 0.6771 and further at 0.6726. Equally important, 0.6726 will be acting as a strong support so it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with around last bearish wave. On the other hand, in case a reflection takes place and the AUD/USD pair is not able to break through the resistance at the 0.6820 level, the market will further decline to 0.6726 in order to indicate a bearish market. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. According to previous events, the AUD/USD pair has still been trapped between the level of 0.6826 and the 0.6726 level (those levels coincided…

Hong Kong PMI Continues To Tumble – IHH

Hong Kong’s private sector continued to contract in November, and at a faster pace, the latest survey from IHH revealed on Wednesday with a 16-year low PMI score of 38.5. That’s down from 39.3 in October and it moves further beneath the boom-or-bust line that separates expansion from contraction. The November reading saw the sharpest decline in business activity in survey history, while the fall in new business was the sharpest since 2008. Business confidence remained close to a record low. Political unrest continued to disrupt the functioning of businesses, according to survey respondents. The material has been provided by InstaForex Company – www.instaforex.com…

Singapore PMI Hits Four-Month High – IHH

The private sector economy in Singapore swung back into expansion territory in November, the latest survey from IHH revealed on Wednesday with a four-month high PMI score of 50.4. That’s up from 47.4 in October and it moves back above the boom-or-bust line of 50 that separates expansion from contraction. Individually, an increase in new orders fueled the PMI’s rebound back into expansion, although business activity continued to decline. The rise in overall order book volumes was insufficient to drive business activity higher, as private sector output in Singapore declined in November. That said, higher demand did help curb the downturn to some extent, with the decline slowing notably from October. The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Dollar Seeing Modest Weakness After Trump Comments On Trade Deal

The U.S. dollar has recovered from its worst levels of the day but continues to see modest weakness during trading on Tuesday. Currently ,the dollar is trading at 108.64 yen compared to the 108.98 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1080 compared to yesterday’s $1.1079. The greenback moved to the downside earlier in the day after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China. Trump told reporters at a NATO summit in London there is no deadline to reach a trade deal, adding, “In some ways, I think it’s better to wait until after the election.” “But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right,” Trump said. Trump claimed a potential trade deal is only dependent on whether he wants to sign it, because the U.S. is “doing very well” and China is “having by far the worst year that they have had in 57 years.” The comments from the president added to rising trade concerns…

Gold Prices Jump Amid Renewed Trade Concerns

Gold prices moved sharply higher during trading on Tuesday, with the previous metal benefiting from its appeal as a safe haven amid renewed trade concerns. After slipping $3.50 or 0.2 percent to $1,469.20 an ounce in the previous session, gold for February delivery jumped $15.20 or 1 percent to $1,484.40 an ounce. With the notable increase on the day, the price of gold for February delivery ended the session at its highest closing level in almost a month. The rally by the price of gold came after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China. Trump told reporters at a NATO summit in London there is no deadline to reach a trade deal, adding, “In some ways, I think it’s better to wait until after the election.” “But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right,” Trump said. Trump claimed a potential trade deal is only dependent on whether he wants to sign it, because the U.S. is “doing very well” and China is “having by far the worst year that…

GBP/USD. December 3. Results of the day. Trump: I’m a major Brexit fan. Before the election, the Tories walk along the blade

4-hour timeframe
Amplitude of the last 5 days (high-low): 69p – 89p – 52p – 63p – 53p.
Average volatility over the past 5 days: 65p (average).
The GBP/USD currency pair followed the example of the European currency today and made an impressive jump, reaching a psychological mark of 1.3000. It seems that after a lull for a month and a half, traders began to return to the market. However, the time has not yet come for such conclusions. First, market participants continue to ignore any macroeconomic statistics from the United States and the United Kingdom. Secondly, the resistance area of 1.2970–1.3010, from which the pair has bounced several times in the last two months, has not been overcome, which means there may be another rebound from it. Thirdly, it is not clear why a tangible upward movement began today?
An index of business activity in the UK construction sector was released today, which showed a slight improvement (45.3 against 44.2 a month earlier). However, as in the case of business activity in the industrial sector, the construction industry is still experiencing a decline, so the “improvement” is quite formal. There were no more macroeconomic publications today, and we…

GBPUSD weekly bullish flag

GBPUSD is consolidating around 1.30 while it has formed a bullish flag pattern. A weekly close above 1.30 will be a bullish signal and this could lead to more upside in GBPUSD. Next upside target should be around 1.3170 and 1.3455.Red lines – bullish flag patternBlack line -resistance trend lineGBPUSD is breaking both the 38% Fibonacci retracement resistance level and the bullish flag pattern upwards. Our next target is at 1.3170. As long as price is above the black downward sloping resistance trend line, we remain bullish. Support is at 1.2770. Bulls do not want to see this level broken downwards as this will decrease the chances of reaching 1.3170.The material has been provided by InstaForex Company – www.instaforex.com…

USDJPY bearish pattern is being activated

In our previous posts I mentioned that USDJPY price has formed a bearish wedge pattern. We also noted that resistance is at 109.60-110.30 area, where price got rejected yesterday. Now price is moving below and out of the wedge pattern. This is a sign of weakness.Red lines – wedge patternBlack line – bearish divergenceUSDJPY is breaking support at the lower wedge boundary. Next support is at 108.20-108.30. If price breaks below 108.20-108.30 then we have confirmation of the wedge break down. Resistance remains at 109.90 now while longer-term resistance is at the 110.30 level. The sequence of higher highs and higher lows remains intact, as long as price is above 108.20. If this sequence gets canceled then we have confirmation of the break down and we should expect price to at least move towards 106.55.The material has been provided by InstaForex Company – www.instaforex.com…