Germany’s manufacturing new orders declined in October, defying expectations for further increase, preliminary figures from the Federal Statistical Office showed on Thursday. Factory orders fell a seasonally and calendar adjusted 0.4 percent month-on-month following a 1.5 percent increase in September, which was revised from the initially reported 1.3 percent gain. Economists had expected a 0.4 percent gain. Domestic orders dropped 3.2 percent, while foreign demand grew 1.5 percent. Orders from the euro area surged 11.1 percent, while those from other countries fell 4.1 percent. Intermediate goods manufacturers logged a 0.7 percent increase in orders, while producers of capital goods reported a 1.1 percent decline. Orders for consumer goods grew 0.3 percent. Excluding major bookings, manufacturing orders decreased a seasonally and calendar adjusted 1.4 percent from the previous month. On a year-on-year basis, factory orders dropped 5.5 percent in October after a 5 percent slump in the previous month. Economists were looking for a 4.7 percent decline. The material has been provided by InstaForex Company – www.instaforex.com…
Overview:Pivot: 1.1078.The EUR/USD pair didn’t make any significant movements this week. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 1.1175 or higher. Immediate support is seen around 1.1027. 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…
Foundations and Techniques are the yin and yang of the market. This is especially true for futures markets, which undoubtedly include the FOREX market. Furthermore, the technique is understood as the Technical Analysis of the market, and based on trade, the Foundation is the fundamental analysis of the market.The foundation serves a more significant role for the stock market while the technique serves as subordinate to the foundation. But for futures markets, the information is deficient and the most important part of the information can be hidden from the ordinary trader, and as stated by the rule, we do not have the access to the position of the largest players. Traders of large banks know who and which countries and large businesses are buying or selling at the moment. But, again, rules state that this is classified information. Therefore, technology becomes the main weapon.Furthermore, the technique and foundation work together at all times. When the market has realized the current condition of the foundation, the market is traded using an adequate foundation technique. For example, there are strong factors for rising or falling, and this is where the trend begins. When all the technicians see the trend they trade it and…
Good afternoon, dear traders! I present to you a trading idea for the EUR/USD pair
So, yesterday, as we expected, the EUR/USD pair broke the extreme on November 25 during the European session. However, a series of news came out in America that drove the pair to a point of initial growth. Thus, we have a V-shaped close of the day in America, but it’s a classic pin bar on D1.
Nevertheless, the most interesting thing is that, Nkito has not touched the buyers’ feet over the past 2.5 days. On D1, we see the so-called “double bottom” and pin bar. Therefore, buyers were trapped. On the one hand, Americans have been selling on the horizon for two days, and on the other, buyers are trapped below the level of 1.10642.
This can be earned twice. All you need to do is to move quickly downwards to breakdown 1.10642 and after it false breakdown, take longs to 1.11800-1.2
One of these events can easily be implemented on Friday on unemployment in the United States.
Good luck in trading and see you at the next reviews!
The material has been provided by InstaForex Company – www.instaforex.com…
Economic calendar (Universal time)
Today, the economic calendar contains a variety of statistics, but publication of important indicators on December 5 is not expected.
EUR / USD
Yesterday, none of the players managed to be as convincing as possible. As a result, the day has a long upper shadow, but the full-fledged rebound of the day candle is still not complete. Therefore, it is now highly likely that consolidation and uncertainty will develop. The current resistance is 1.1102 (the final boundary of the daily cross). The center of attraction is the area of 1.1082 (weekly Fibo Kijun + daily medium-term trend + upper boundary of the daily cloud). In this situation, support can be noted at 1.1060-50 (weekly Tenkan + daily levels) and 1.1030 (lower boundary of the daily cloud).
At the moment, the pair is deep enough in the downward correction zone. The players on the upside need to overcome 1.1086 (central Pivot level) and 1.1116 (maximum extreme), in order to regain their advantages and opportunities today. The positions of players to lower can be strengthened, having consolidated below the weekly long-term trend, which is now located at 1.1047. Due to the lack of clear priorities in…
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…
On the third day, the pair tests the zone of the average weekly move, which leads to a halt in growth and the formation of a local accumulation zone. The probability of consolidation above the average move by the end of this week is 30%, which makes purchases from current marks not profitable. In order to enter a long position, it will be necessary to lower the pair to yesterday’s low or to Weekly Control Zone 1/2 0.6804-0.6798.
Working in the flat implies the search for entry points at the boundaries of the range. The lower boundary is at a minimum of the last two days.
The upward movement remains a medium-term impulse, and thus, sales from the upper boundary of the accumulation zone should be focused on short profits. On the contrary, purchases from the lower boundary have an excellent perspective, since the main goal of growth is the weekly control zone 0.6875-0.6887.
Daily CZ – daily control zone. The zone formed by important data from the futures market that changes several times a year.
Weekly CZ – weekly control zone. The zone formed by the important marks of the futures market, which change several times a…
Australia will on Thursday release October numbers for trade balance and retail sales, highlighting a modest day for Asia-Pacific economic activity. The trade balance is expected to show a surplus of A$6.50 billion, down from A$7.180 billion in September. Retail sales are called higher by 0.3 percent, up from 0.2 percent in the previous month. New Zealand will provide Q3 numbers for the volume of all building, with forecasts suggested to show an increase of 1.0 percent on quarter following the 1.5 percent contraction in the three months prior. South Korea will see October results for current account; in September, the surplus was $66.89 billion. The Philippines will release November numbers for consumer prices and Q3 data for unemployment. In October, inflation was up 0.2 percent on month and 0.8 percent on year, while core CPI was up 2.6 percent on year. The jobless rate in Q2 was 5.4 percent, with a participation rate of 62.1 percent. Finally, the markets in Thailand are closed on Thursday in observance of late king Bhumibol’s birthday and will re-open on Friday. The material has been provided by InstaForex Company – www.instaforex.com…
Good evening, dear traders! I present the trading idea for the EUR/USD pair.
Today, December 4, data on employment in the non-productive sphere of the United States were released at 14:00 Universal time and at the same time, statements by the Bank of Canada were passed, which significantly strengthened the Canadian dollar. Against this background, the dollar strengthened locally, including relative to the euro.
On the daily time frame, the EUR/USD pair closes with a “double bottom” at a quote of 1.10650. It is behind this minimum that buyers have been hiding for the last two days:
How to earn profit and/or not to lose? Very simple.
1. If you are in short positions – I recommend taking profit at a quote of 1.10650.
2. If you are not in position – develop the target of 1.10650.
3. If you are in the “longs” – I do not recommend putting a stop below the level of 1.10650 – it will be removed by a true or false breakdown.
Good luck in trading and see you tomorrow at the morning review!
The material has been provided by InstaForex Company – www.instaforex.com…
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…