Tag Archives: technical analysis

Dollar Gains Against Rivals On Strong Economic Data

The U.S. dollar exhibited strength against most major currencies on Friday, riding on fairly encouraging economic data from China and the U.S. Chinese economy expanded in line with expectations in the fourth quarter. Data released today showed GDP was up 6% year-on-year in the fourth quarter, the same rate as seen in the third quarter. It was in line with expectations as well. The data also showed that industrial production in China rose 6.9% in December, compared to the year-ago quarter. Retails sales surged up 8% in the month, over the same month in the previous year. According to the data released by the Commerce Department Friday morning, U.S. housing starts skyrocketed by 16.9% to an annual rate of 1.608 million in December after jumping by 2.6% to a revised rate of 1.375 million in November. Economists had expected housing starts to rise by 0.7% to a rate of 1.375 million. Building permits tumbled by 3.9% in December, after climbing 0.9% in November. A report from the University of Michigan showed a slight deterioration in U.S. consumer sentiment in the month of January. Preliminary data showed the consumer sentiment index edged down to 99.1 in January from the…

How to Take Partial Profit in MT4 (Android) Forex Trading

https://www.7FigureBizOp.com/cainbrian?SOURCE=forextrainingbonus – Make sure to get access to my Free value FB group on Forex Trading. In this video, you’ll discover how to take a partial profit on the Android version of the MetaTrader 4 app. aka the MT4 mobile android app. Most people may not know how to close out partial profits in forex from one position.… Read More »

U.S. Housing Starts Spike 16.9% In December

After reporting significant increases in new residential construction in the two previous months, the Commerce Department released a report on Friday showing U.S. housing starts saw an even more substantial spike in the month of December. The Commerce Department said housing starts skyrocketed by 16.9 percent to an annual rate of 1.608 million in December after jumping by 2.6 percent to a revised rate of 1.375 million in November. The surge came as a big surprise to economists, who had expected housing starts to rise by 0.7 percent to a rate of 1.375 million from the 1.365 million originally reported for the previous month. With the much bigger than expected increase, housing starts soared to their highest level since hitting a rate of 1.649 million in December of 2006. Meanwhile, the report said building permits tumbled by 3.9 percent to an annual rate of 1.416 million in December after climbing by 0.9 percent to a revised rate of 1.474 million in November. Building permits, an indicator of future housing demand, had been expected to slide by 0.9 percent to a rate of 1.468 million from the 1.482 million originally reported for the previous month. The material has been provided by…

Dollar Stronger On Upbeat U.S., China Economic Data

The U.S. dollar drifted higher against its most major trading partners in the European session on Friday, as solid economic data from China and the U.S. eased concerns about global growth. Official data showed that the Chinese economy expanded in line with expectations in the fourth quarter. Gross domestic product grew 6.0 percent year-on-year in the fourth quarter, the same rate as seen in the third quarter and in line with expectations. Chinese industrial production and retail sales beat forecasts in December, rising 6.9 percent and 8.0 percent, respectively year-on-year. Overnight data showed that U.S. retail sales rose 0.3 percent in December, in line with forecasts. Separate reports showed that weekly jobless claims unexpectedly fell in the week ended January 11 and NAHB housing market index came in near a 20-year high in January. The data reduced the possibility of further interest rate cuts from the Federal Reserve. Investors await U.S. industrial production, consumer confidence index, building permits and housing starts data due in the American session for more direction. The currency traded mixed against its major counterparts in the Asian session. While it rose against the yen and the franc, it held steady against the euro. Versus the pound,…

Italy Inflation As Estimated; Trade Surplus Rises

Italy consumer price inflation increased in December as estimated, final data from the statistical office Istat showed on Friday. Another report from Istat showed that the trade surplus increased in November, albeit decreases in exports and imports. The consumer price index rose 0.5 percent year-on-year in December, following a 0.2 percent increase in November. The increase was in line with the initial estimate. On a month-on-month basis, consumer prices rose 0.2 percent in December, reversing a 0.2 percent fall in the preceding month, as estimated. On an average, consumer prices increased 0.6 percent in 2019. The rate halved from 1.2 percent logged in 2018, as initially estimated. The core inflation slowed to 0.5 percent in 2019 from 0.7 percent in 2018, as estimated. The EU measure or harmonized index or consumer prices, or HICP, rose 0.5 percent in December, following a 0.2 percent increase in the preceding month. This was in line with preliminary estimate. On a monthly basis, the HICP rose 0.2 percent in December, as estimated. On an average, HICP inflation halved to 0.6 percent in 2019 from 1.2 percent in 2018. Separate data showed that the trade surplus increased…

Oil Prices Inch Up On Growth Optimism

Oil prices inched higher on Friday amid optimism that a more conciliatory approach on trade between the United States and China will help revive growth. A raft of Chinese economic data either met or beat analyst estimates, fueling hopes of an uptick in demand. Benchmark Brent crude edged up 0.3 percent to $64.81 per barrel, while U.S. crude futures were up 0.2 percent at $58.62. The formal signing of the Sino-U.S. trade agreement on Wednesday helped remove a degree of near-term uncertainty as U.S. President Donald Trump heads into a re-election campaign. Under the Phase 1 deal, China will purchase $50 billion worth of U.S. energy products over the next two years. In another development, the U.S. Senate on Thursday approved a revamp of the 26-year-old North American Free Trade Agreement that includes tougher rules on labor and automotive content. On the data front, China’s GDP data came in line with expectations and there was growth in industrial output and retail sales, suggesting the world’s second-biggest economy ended the year on a firmer note. In the whole year of 2019, China’s gross domestic product grew 6.1 percent, which was well within the target of 6-6.5 percent. The material…

GBP/USD. January 17. We are waiting for a new sales signal. The Briton embarrassed in front of another weak statistics from

GBP/USD – 4H.

As seen on the 4-hour chart, the GBP/USD pair performed a consolidation above the corrective level of 23.6% (1.3048). Along with this consolidation, quotes of the pair closed above two trends and corridors. I have built a small correction line based on the movement of the last days, and if the pair closes below it, then traders will again be able to count on a reversal in favor of the US currency and a resumption of the fall in the direction of the corrective level of 0.0% (1.2904). As we can see, the goal remains the same, however, too long growth of the pound before the expected fall suggests a possible different scenario. In any case, I recommend trying to sell the pair when it is fixed below the Fibo level of 23.6% and the correction line. The “foundation”, in the case of the pound-dollar pair, remains in favor of the dollar. Retail sales in the UK declined by 0.6% m/m in December, with forecasts of +0.7%. These numbers were supposed to cause the British dollar to fall, however, the pair continues to trade with a small amplitude, showing no particular desire to move at the end of the…

Pound Strengthens Ahead Of U.K. Retail Sales Data

At 4.30 am ET Friday, the Office for National Statistics releases UK retail sales data. Sales are forecast to grow 0.6 percent on month in December, reversing a 0.6 percent fall in November. Ahead of the data, the pound climbed against its major rivals. The pound was worth 1.3099 against the greenback, 144.32 against the yen, 1.2643 against the franc and 0.8498 against the euro as of 4:25 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Bank Of Korea Keeps Rate Steady

The Bank of Korea left its key interest rates unchanged on Friday as sluggishness in the domestic economy eased somewhat. The Monetary Policy Board of the Bank of Korea decided to maintain the base rate at 1.25 percent. The bank had reduced the rate by 25 basis points each in July and October 2019. The board noted that facilities investment has slightly increased and consumption growth has expanded, although construction investment and exports have continued to decline. GDP is forecast to grow at the lower-2 percent level this year, consistent overall with the level projected in November. Due to a smaller decline in agricultural product prices, consumer price inflation has risen to the upper zero percent level. Inflation is forecast to rise to around 1 percent, generally in accord with the path projected in November, and core inflation to run at the upper-0 percent level. Looking ahead, the board said it will conduct monetary policy so as to ensure that the recovery of economic growth continues and consumer price inflation can be stabilized at the target level over a medium-term horizon. The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis of EUR/USD for January 17, 2020

Overview: The EUR/USD pair:Pivot: 1.1162.Time frame: sideways.The market showed signs of instability 3 day ago. Amid the previous proceedings, the price is still trading between the levels of 1.1162 and 1.1085. The daily resistance and support are seen at the levels of 1.1162 and 1.1085 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed. The price spot of 1.1162 remains a significant resistance zone. Therefore, there is a possibility that the EUR/USD pair will move to the downside and the fall structure does not look corrective. Resistance is seen at the level of 1.1162 today. So, sell below 1.1162 with the first target at 1.1085 to test last week’s bottom. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1162. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.1085, the market will decline further to 1.1038. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.1206. we still prefer a bearish scenario at this period.The material…