Tag Archives: trending market

GBP/USD: plan for the US session on December 4. The services sector revived demand for the British pound, which went to update

To open long positions on GBPUSD, you need:The services sector has revived demand for the British pound, which went to renew highs before the important general election in the UK, which is scheduled for December 12 this year. The breakout of the large resistance of 1.3009, which I paid attention to in my morning forecast, led to the demolition of several stop orders of sellers and further supported GBP/USD. At the moment, after fixing above the next resistance of 1.3039, the bulls rushed to the maximum of 1.3074 and 1.3125, where I recommend taking the profits. With a downward correction in the second half of the day, which is unlikely to happen today, you can count on new purchases after a false breakout at a minimum of 1.3055.To open short positions on GBPUSD, you need:Sellers are in no hurry to return to the market after the demolition of several stop orders. Therefore, it is best to focus on the resistance of 1.3125, the formation of a false breakout on which will be a signal to sell the pound. Otherwise, it is best to sell GBP/USD on a rebound from the level of 1.3167. Only good data on the services sector in…

Trading plan for EUR/USD for December 04, 2019

Technical outlook:EUR/USD is seen to be drifting sideways for last 2 trading sessions after breaking out higher last week and printing highs at 1.1094 levels. It is high probable for the euro bulls to push through 1.1110 and 1.1130 levels which are seen as short-term targets. The current wave structure is pointing towards a bullish EUR/USD in the near term, while a potential bottom seems to have been formed at 1.0981 last week. Until 1.0981 remains intact, bulls are expected to print higher highs and higher lows towards 1.1180, 1,1150 and above. Besides, note that 1.0980 is well supported by fibonacci 0.618 retracement of the previous rally along with the past resistance that turned into the support zone as marked here. On the flip side, if the price drops below 1.0981 lows, it is likely to find support at 1.0940, which is close to the fibonacci 0.786 support/retracement. To sum up, please be aware that prices may drop one last time below 1.0981 before turning bullish.Trading plan:Remain long against 1.0879, the target above 1.1500Good luck!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…

Australia Service Sector Loses Steam In November – AiG

The service sector in Australia continued to expand in November, albeit at a slower pace, the latest survey from the Australian Industry Group revealed on Wednesday with a seasonally adjusted Performance of Service Index score of 53.7. That’s down from 54.2, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction. Among the business-oriented sectors finance and insurance reported positive results, logistics (wholesale trade, transport and storage) was stable, while business and property services contracted. Among the consumer-oriented segments ‘retail trade and hospitality’ and ‘personal, recreational and other services’ were positive, while ‘health, education and community services’ contracted slightly. The material has been provided by InstaForex Company – www.instaforex.com…

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…

Oil kings can do everything?

Oil is slowly recovering from a major sell-off on the last day of autumn. Taking advantage of the thin market after Thanksgiving, speculators decided to get rid of their long positions ahead of the December OPEC+ meeting. The simplest thing that the cartel and Russia can do is to prolong the agreement to reduce production by several months after March 2020. However, how will the market react to this? Isn’t it better to avoid a massive sell-off before the results of the meeting are known?
If speculators sold oil at the November 29 auction, before that, on the contrary, they were actively building up long positions. By the end of the week, November 26, WTI net-longs increased by 15%, gross longs increased by 12%, while shorts fell by 14%. Approximately the same numbers could be seen on Brent.
Brent Speculative Dynamics
It is peculiar that black gold was not moving in unison with US stocks at the turn of autumn and winter. The latter were marked by a serious collapse after the White House introduced duties on imports of steel and aluminum from Brazil and Argentina, while oil grew in response to rumors of Saudi Arabia’s desire to expand…

*Little Improvement In Education Levels Despite Increased Spending: OECD Survey

Little Improvement In Education Levels Despite Increased Spending: OECD Survey The material has been provided by InstaForex Company – www.instaforex.com…

Gold reaches second upside target of $1,480.

Gold price has reached $1,480 which was our target since we saw that the key support at $1,450-60 was respected. We noted on time the bullish divergence before the first leg up towards $1,478 and since respecting the recent lows we warned again of another leg higher towards $1,480-90.Green lines – bearish channel Red line – RSI resistanceOrange rectangle – targetGold price is moving higher today towards the upper channel boundary and major Fibonacci resistance at $1,490. From the end of last week and early this week we noted that we changed our view to short-term bullish and that the risk reward favored bullish positions. Now Gold is approaching important resistance area. If bulls manage to recapture $1,490-$1,500 then we could see Gold price move much higher. Until then we need to keep a close eye on the resistance as a rejection at $1,490-$1,500 would be a bearish sign.The material has been provided by InstaForex Company – www.instaforex.com…

BTC 12.03.2019 – Broken bearish flag in the overall downward trend

BTC has been trading sideways at the price of $7.292. The overall trend is still bearish and my advice is still to watch for selling opportunities. Downward targets are set at the price of $6.846 and $6.560.Ichimoku Indicator analysis:There is Kijun-Tenkan bear cross on the 4H time-frame, which is good indication for the further downside. I would watch for potential breakout of mini-support at the price of $7.200 to confirm downside continuiation and eventual test of $6.546 and $6.560.Resistance levels are seen at the price of $7.350 and $7.667.The material has been provided by InstaForex Company – www.instaforex.com…

GBP/USD 12.03.2019 – The breakout of the 1-month long symmetrical triangle to the upside, strong potential for test 1.3167

GBP/USD did breakout of the 1-month long continuation symmetrical triangle, which is good indication for the further upside movement. Watch for buying opportunities on the dips. Projected target is set at the price of 1.3170.MACD is showing increase on the upside momentum and new wave up, which is good confirmation for our long bias.Support levels are seen at the price of 1.2947 and 1.2877. Resistance level is seen at the price of 1.3167.The material has been provided by InstaForex Company – www.instaforex.com…