Tag Archives: metattrader MT4

European Economics Preview: Germany Factory Orders Data Due

Factory orders from Germany and revised quarterly national accounts from euro area are due on Thursday, headlining a light day for the European economic news. At 2.00 am ET, Destatis is scheduled to issue Germany’s factory orders for October. Economists forecast orders to grow 0.4 percent on month, slower than the 1.3 percent increase in September. At 3.00 am ET, Spain’s INE is slated to release industrial production for October. Economists expect production to drop 0.5 percent on month after falling 0.8 percent in September. In the meantime, retail sales from Hungary and GDP from Slovakia are due. At 3.30 am ET, IHS Markit releases Germany’s construction PMI data for November. At 5.00 am ET, Eurostat publishes revised GDP and retail sales data. The single-currency bloc is forecast to expand 0.2 percent sequentially as initially estimated in the third quarter. Economists forecast euro area retail sales to drop 0.3 percent on month in October, in contrast to a 0.1 percent rise in September. The material has been provided by InstaForex Company – www.instaforex.com…

Trading plan for EUR/USD for December 05, 2019

Technical outlook:EUR/USD is heading higher, having broken above 1.1110 levels and having taken out past interim resistance. An immediate potential direction should be lower towards 1.1030 levels at least. There are two potential wave counts which can unfold from here. 1. The boundary which is being worked upon is between 1.0981 and 1.1116 and a retracement to 1.1030 levels could be the next entry on the long side. For this count to remain valid, prices should stay above 1.0981, going forward. 2. The corrective drop from 1.1181 levels might be unfolding as a more complex combination which is still not complete. Yet another drop below 1.0981 could be possible with a potential target towards 1.0940, which is fibonacci 0.786 support of the entire rally between 1.0879 and 1.1181 levels respectively. In either case, EURUSD should remain bullish until prices stay above 1.0879 levels, going forward. The expected rally might materialize either from 1.1030 or 1.0940 levels respectively.Trading plan:Take partial profits now.Buy again at 1.1030 levels, stop at 1.0879, target is 1.1500Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

EUR/USD testing resistance, potential drop!

Trading Recommendation
Entry: 1.10944Reason for Entry: 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance
Take Profit : 1.09994Reason for Take Profit: Horizontal overlap support, 61.8% Fibonacci retracement, 78.6% Fibonacci extension
Stop Loss: 1.11419Reason for Stop loss:horizontal swing high resistance, 78.6% Fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…

Forecast for USD/JPY on December 5, 2019

USD/JPY
The information received yesterday from the headquarters of the US and Chinese negotiators on trade encouraged the markets – representatives of the parties allowed the conclusion of the first phase of the deal until December 15, before the date of the introduction of tariffs on Chinese goods. The US S&P 500 index gained 0.63%, Nikkei 225 is currently up 0.70% and China A50 grew 0.36%. The price turned from the achieved first bearish goal – from the enclosed line of the price channel, a little short of the MACD line. The signal line of the Marlin oscillator is still in the negative trend zone, growth could continue, but still within the correction.
The correction can continue to the range of 109.30/50 (highs of October 30 and November 7), going over the range will mean the correction will go into a trend growth, the target will be the line of the green price channel in the region of 109.95. Leaving prices at yesterday’s low opens the next bearish target at 107.57 – the intersection of the lines of the red and green price channels.
The material has been provided by InstaForex Company – www.instaforex.com…

Crude Oil Spikes On Drop In Inventories Ahead Of OPEC Meeting

Crude oil prices showed a substantial move to the upside during trading on Wednesday as traders looked ahead to the start of OPEC’s biannual meeting in Vienna on Thursday. After inching up $0.14 or 0.3 percent to $56.10 a barrel on Tuesday, crude for January delivery spiked $2.33 or 4.2 percent to $58.43 a barrel. The jump in oil prices came after a report from the Energy Information Administration showed a steeper than expected weekly drop in crude oil inventories. The report said crude oil inventories tumbled by 4.9 million barrels in the week ended November 29th compared to estimates for a decrease of about 1.7 million barrels. Meanwhile, the EIA said gasoline inventories climbed by 3.4 million barrels last week and distillate fuel inventories increased by 3.1 million barrels. Traders were also looking ahead to the meeting of OPEC members of other oil producers and potential changes in oil production policy. Reports suggest OPEC and its allies will discuss increasing the existing supply cut of 1.2 million barrels per day by another 400,000 barrels per day and extend the pact until June. Renewed optimism about trade also contributed to oil’s rally after a report from Bloomberg News indicated the…

EUR/USD. December 4. Results of the day. New US laws puts pressure on Beijing

4-hour timeframe
Amplitude of the last 5 days (high-low): 33p – 20p – 47p – 87p – 27p.
Average volatility over the past 5 days: 43p (low).
On December 4, the EUR/USD currency pair made another jump, however, if we look more closely at the European currency’s growth on Wednesday, it becomes clear that the entire leap is 30 points, and the volatility of the entire trading day is currently at 49 pips. Thus, from our point of view, nothing extraordinary happened except that the pair nevertheless updated the previous local high and, thus, showed its intention to form a more or less tangible upward trend. However, at the same time, we still believe that there are no good reasons for strengthening the European currency. Macroeconomic reports provide local support for the euro, but this joyful period for the EU currency can end very quickly, since in general the state of the EU economy remains much weaker than in the United States. Yes, inflation in the EU has shown positive dynamics in recent weeks, business activity indices in the services sector, but US data cannot be called a failure. Thus, the euro can still resume falling at any time.

GBPUSD and EURUSD: British pound received a new charge of vigor. Euro continues to stagnate after mixed service sector reports

The British pound continues to hit highs after news that the Conservative Party could get a majority in Parliament in the December 12 general election. Such a scenario will allow incumbent Prime Minister Boris Johnson to secede from the EU and bring into play the agreed Brexit plan.
In the morning, I noticed that according to the Kantar report, the ruling Conservative Party of Great Britain increased its margin from the Labour Party to 12 points, which supports the pound, as it changes investors’ attitude to risk for the better. But do not forget that the closer we get to the election date, the more attention investors will pay to the survey results.
The pound buyers’ optimism was also filled with enthusiasm by the UK services activity report, which was revised upward after preliminary data. Despite the fact that the index is below the mark of 50 points, it showed a slight increase in November from a preliminary estimate. According to the IHS Markit report, the index of procurement managers for the UK services sector was 49.3 points in November against a preliminary estimate of 48.6 points. However, one growth to the level of 50 points is clearly not…

*Bank Of Canada Maintains Overnight Rate Target At 1.75%

Bank Of Canada Maintains Overnight Rate Target At 1.75% The material has been provided by InstaForex Company – www.instaforex.com…

Dollar Falls As U.S. Private Sector Hiring Slows Sharply

The U.S. dollar drifted lower against its major counterparts in the European session on Wednesday, as private sector jobs rose much less than forecast in November, adding to worries about a slowdown in U.S. economy. Data from payroll processor ADP showed that private sector employment increased by much less than anticipated in the month of November. ADP said private sector employment rose by 67,000 jobs in November after climbing by a revised 121,000 jobs in October. Economists had expected employment to jump by 140,000 jobs compared to the addition of 125,000 jobs originally reported for the previous month. The data is seen as a precursor to the monthly non-farm payrolls report due out on Friday. Economists expect the economy to have added 180,000 jobs in November, up from 128,000 jobs in October. The unemployment rate is expected to hold steady at 3.6 percent. The Institute for Supply management’s non-manufacturing PMI will be released at 10 am ET. The index is seen at 54.5 versus 54.7 in October. At the same time, Federal Reserve Vice Chairman for Supervision Randal Quarles will speak about supervision and regulation before the House Financial Services Committee in Washington. The currency held steady against…

Pound Spikes Up As Polls Suggest Tory Victory

The pound appreciated against its major counterparts in early European deals on Wednesday, as latest opinion polls suggested the ruling Conservative party securing a majority at the upcoming general election on December 12. Survey by YouGov for The Times and Sky News showed Tuesday that Tories had maintained its nine-point lead over the opposition Labour Party. The poll showed that Tory lead has fallen one point to 42 percent, while Labour was also down one point at 33 percent. The survey was conducted between December 2-3. It came after a Kantar poll put a 12 point lead for the Tories, at 44 percent, as against 32 percent for Jeremy Corbyn’s party. Survey results from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK service sector contracted the most in eight months in November but the pace of decline was slower than initially estimated. The final services Purchasing Managers’ Index fell to 49.3 in November from 50.0 in October. Although the reading was above the flash reading of 48.6, the index signaled the steepest drop since March. Sentiment improved as encouraging Chinese data helped investors shrug off concerns surrounding U.S.-China trade talks. A report showed that activity…