Tag Archives: technical analysis

Oil Prices Hold Steady On Talk Of Further Supply Cuts

Oil prices held steady on Tuesday amid growing expectations of deeper output cuts when OPEC and its allies meet this week. Benchmark Brent crude edged up 0.1 percent to $60.98 a barrel, while U.S. West Texas Intermediate crude futures were up 0.2 percent at $56.08 a barrel. There were reports that Saudi Arabia wants OPEC to deepen oil production cuts in order to anchor oil prices before Saudi Aramco’s initial public offering. The deal reportedly to be discussed by OPEC and other oil producers at a meeting this week would add about 400,000 barrels per day to existing cuts of 1.2 million barrels per day. That said, it remains unclear if there is consensus within the group to achieve a deeper cut. Russian Energy Minister Alexander Novak said today he expected this week’s meeting to be constructive but added Moscow had yet to finalize its position in talks on possible additional supply curbs. OPEC ministers will meet in Vienna on Thursday while the wider OPEC+ group will gather on Friday. Investors also grappled with prospects of fresh global trade disputes after the Trump administration announced plans to reinstate tariffs on metal imports from Brazil and Argentina and…

*Swiss Nov HICP -0.4% On Month Vs. -0.2% In Oct, Consensus -0.1%

Swiss Nov HICP -0.4% On Month Vs. -0.2% In Oct, Consensus -0.1% The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis of EUR/USD for December 03, 2019

Overview:
The EUR/USD pair continues to move upwards from the level of 1.1027. Today, the first support level is currently seen at 1.1027, the price is moving in a bullish channel now.
Amid the previous events, the price is still moving between the levels of 1.1027 and 1.1132.
The daily resistance and support are seen at the levels of 1.1101 and 1.1132 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the uptrend channel has completed.
Furthermore, if the trend is able to break out through the first resistance level at 1.1101, we should see the pair climbing towards the double top (1.1132) to test it.
Therefore, buy above the level of 1.1055 with the first target at 1.1101 in order to test the daily resistance 2 and further to 1.1132. Also, it might be noted that the level of 1.1175 ais a good place to take profit because it will form a double top.

Moreover, in larger time frames the trend is still bullish as long as the level of 1.1027 is not breached. This support (1.1027) has been rejected two times confirming the validity of an uptrend….

EUR/USD. December 3. Market focus on Christine Lagarde’s “fundamental valuation” and Donald Trump’s duties

EUR/USD – 4H.

On December 3, the EUR/USD pair performed consolidation over the correction levels of 38.2% (1.1057) and 23.6% (1.1029) on the new grid of Fibo levels and performed an increase to the Fibo level of 50.0% (1.1080). Also, the closure was performed over the downward trend corridor, which is no longer working. Based on this, I expect the euro-dollar pair to continue to grow in the coming days, although there are also enough factors in favor of the opposite scenario. For the most part, they are economic. At the same time, it is impossible to deny the ability of the euro currency to grow by 100-200 points.
Yesterday had quite a rich background of information. Two key events of the day could and caused a change in the balance of supply and demand for the EUR/USD currency pair. Demand for the euro has grown thanks to the actions of Donald Trump, as well as economic reports on business activity in the European Union and America. It is easy to guess that these events were negative for the US dollar, although the actions of the US president can be interpreted in different ways. I would like to note at once that earlier…

*Aussie Rallies To Near 3-week High Of 0.6844 Vs U.S. Dollar After RBA Decision

Aussie Rallies To Near 3-week High Of 0.6844 Vs U.S. Dollar After RBA Decision The material has been provided by InstaForex Company – www.instaforex.com…

Trading recommendations for EUR/USD currency pair on December 3

From the point of view of technical analysis, we see a magical jump in quotes, which led us back to the first recovery level of 1.1080, where it slowed down its inertial movement, and as it was, we will analyze it sequentially. To begin with, the quotes moved sluggishly within the psychological level of 1.1000 for five consecutive trading days, having variable accumulation with a low-amplitude tap, where volatility dropped to 18 year lows. Such stagnation raised market interest on a daily basis, and thus, many traders wondered what will happen next. Of course, many expected further recovery, with the transition to the third stage [#3/1; # 3/2]. However, after such a long accumulation, there was no longer a big difference where the price would go, since the momentum was provided. So the day “X” came, the reference points were 1.0990 [Sell] and 1.1030 [Buy], the upper mark is triggered, and the quotes reaches all previously set forecasts on the inertial course which were 1.1055-1.1060-1.1080, from which we all come out for a good profit.
The key question is what to expect next? But, we will return to it a little later.
Analyzing the past hourly hour, we see that…

U.S. Dollar Comes Under Pressure On Disappointing U.S. Economic Data

After seeing some strength earlier this morning, the value of the U.S. dollar came under pressure over the course of trading on Monday. The dollar is trading at 108.97 yen compared to the 109.49 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1080 compared to last Friday’s $1.1018. The value of the greenback moved to the downside came following the release of a report from the Institute for Supply Management showing a continued contraction in U.S. manufacturing activity in the month of November. The ISM said its purchasing managers index edged down to 48.1 in November from 48.3 in October, with a reading below 50 indicating a contraction in manufacturing activity. Economists had expected the index to inch up to 49.2. “November was the fourth consecutive month of PMI contraction, at a faster rate compared to the prior month,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Global trade remains the most significant cross-industry issue.” A separate report released by the Commerce Department showed an unexpected decrease in U.S. construction spending in the month of October. The disappointing U.S. economic news offset earlier positive…

Euro Spikes Up Amid ECB Lagarde's Testimony

The euro appreciated against its most major counterparts in early New York deals on Monday, after European Central Bank President Christine Lagarde said that the central remained resolute in its commitment to deliver on its price stability mandate. Speaking before the European Parliament’s economic affairs committee, Lagarde said that the Governing Council’s decisions in September showed that it was alert to the potential side effects of monetary policy. The review of the ECB’s monetary policy strategy will start in the near future, the ECB chief told. The strategy review will be guided by two principles – thorough analysis and an open mind. Neverthless, Eurozone growth remained weak mainly due to the impact of global factors and there are signs of that the slowdown in manufacturing is spreading to other sectors, Lagarde added. Inflation remained subdued and price growth expectations are at or close to historical lows, she said. Final data from IHS Markit showed that the euro area manufacturing sector continued to contract in November but the pace of declined slowed from October. The factory Purchasing Managers’ Index improved to 46.9 in November from 45.9 in October and above the flash 46.6. Separate data showed that German PMI rose…

ECB's Lagarde Says Eurozone Growth Remains Weak; Seeing Signs Of Spillovers

Eurozone growth remains weak mainly due to the impact of global factors and there are signs of that the slowdown in manufacturing is spreading to other sectors, European Central Bank President Christine Lagarde said in Brussels on Monday. “As the sector most directly exposed to these global developments, the manufacturing industry has been suffering the most,” Lagarde said in the opening statement of her first hearing before the European Parliament’s economic affairs committee. “We are also seeing signs of spillovers to other parts of the economy, with recent survey data pointing to some moderation in the services sector.” The former IMF Managing Director became ECB President on November 1. Inflation remains subdued and price growth expectations are at or close to historical lows, she said. The ECB responded to such a weak outlook with the annoucement of a host of stimulus measures in September that included a further reduction to the already-negative deposit rate and the restart of asset purchases. The bank also introduced a tiering system that will reduce the cost to banks when they deposit money with the ECB as the deposit rate is now negative. “The Governing Council’s decisions in September…

December 2, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Since October 21, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.Moreover, an ascending wedge reversal pattern was confirmed on October 22. This indicated a high probability of bearish reversal around the mentioned price zone.Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where bullish recovery was recently demonstrated on two consecutive visits.Since then, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.2980) until now.Technical outlook remains bearish as long as consolidations are maintained below 1.3000 on the H4 chart.Moreover, negative divergence was being demonstrated on the H4 chart. That’s why, high probability of bearish rejection existed around the price levels of (1.2980-1.3000).A quick bearish breakout below 1.2875 (short-term uptrend) was needed to enable further bearish decline towards 1.2780. However, early bullish recovery was demonstrated around 1.2825.On the other hand, the current bullish pullback towards 1.2900-1.2950 (backside of a broken uptrend) should be watched for early bearish rejection and another valid SELL entry.Please note that any bullish closure above 1.2950 invalidates the bearish scenario for the short-term.The material has been provided by InstaForex Company – www.instaforex.com…