Monday, December 30, 2019

Forex EUR/JPY,EUR/GBP 12/30

EUR/JPY Intraday: Rebound. The pair has formed a double-bottom pattern. Currently, it has rebounded and is challenging the 20-period moving average, while the relative strength index is about to cross above the neutrality level of 50. As long as the key support at 121.67 holds, the pair should target 122.47 and 122.71 on the upside. Alternatively, a break below 121.67 would open a path to 121.27 on the downside.
 

EUR/GBP Intraday: Towards 0.8599. The pair maintains a bullish bias above the key support at 0.8512. Currently, it is lingering around both the 20-period and 50-period moving averages, and the relative strength index is hovering around the neutrality level of 50. Above the key support at 0.8512, expect a bounce to 0.8580 and 0.8599. Alternatively, a break below 0.8512 would trigger a decline to 0.8480.

Forex GBP/JPY chart 12/30



The following assumptions that have been made:
- At least 20 pip forecast
- The key level and chart pattern were at most 5 candles apart at time of identification
 




Symbol : GBPJPY   


Direction :
Identified time : 2019-12-30 16:01 GMT
Breakout price : 142.946
Forecast price : 142.633
Forecast pips : 31
Probability : 59.88 %
Pattern : Triangle
Interval : 60 Min

Pattern : Support
Interval : 60 Min

Gold 12/30

Gold is up 0.1% at $1,513.10 a troy ounce in thin holiday-period trading, with the precious metal extending its gains over the past week to 1.8%. "Gold's latest surge is strictly happening because the dollar is weakening, and expectations are growing the greenback will continue to fall further in 2020," OANDA's Edward Moya notes. The WSJ Dollar Index is down 0.2% with signals that global economic growth could pick up denting the currency's gains in 2019's final quarter. "Both Europe and Asia are starting to show further signs of economic life and the dollar could weaken further as we start to see strong flows come to emerging markets

Sunday, December 29, 2019

Forex USD/JPY, EUR/USD charts 12/30

USD/JPY 1st support - 108.30 (major) 1st resistance - 110.50 (moderate) 2nd support - 107.40 (minor) 2nd resistance - 112.00 (moderate)
USD/JPY (last 109.38): The pair is supported by a rising trend line drawn from October, indicating a bullish outlook. Both rising 20-day and 50-day moving averages are also acting as support now. The relative strength index stays above its neutrality level at 50, showing the lack of downward momentum for the prices. Hence, above 108.30, expect a rise with targets at 110.50 and 112.00 in extension. On the other hand, a break below 108.30 would open a path to 107.40 on the downside.
 
EUR/USD 
1st support - 1.1065 (major) 
1st resistance - 1.1280 (moderate) 
2nd support - 1.0980 (minor) 
2nd resistance - 1.1370 (moderate) 
 

EUR/USD (last 1.1190): The pair posted a sharp rebound after touching both rising 20-day and 50-day moving average. Currently, the prices cross above the upper Bollinger band, calling for an upward acceleration. The relative strength index is locating at 60s, suggesting the upward momentum for the prices. Therefore, as long as 1.1065 is not broken, expect a further upside with targets at 1.1280 and 1.1370 in extension. Alternatively, breaking below 1.1065 would bring a return with 1.0980 and 1.0880 as targets.

Forex trading

Traders must keep an eye on how strong the selling pressure is at those levels. Thus we buy at demand levels because they were turning points in the past.  They are levels where prices could not continue to drop and started to rise.  This occurs as the supply is becoming exhausted as sellers sell shares onto the market.  What will happen prices become so cheap that willing buyers jump in and support the price.  When the demand from these buyers exceeds the existing supply from sellers, prices will rise.  Traders should focus on that area as an area of demand where we will buy again in the future.

Sunday, December 22, 2019

forex GBP/USD Daily Chart 12/22

Currency markets were also quiet, with AUD/USD rising 0.13% and GBP/USD gaining 0.11%, possibly facing the first up-day in four days. Consolidation and position-squaring looks to be the order of the day.

GBP/USD Daily Chart



Source: OANDA fxTrade

Friday, December 20, 2019

forex GBP/USD Daily Chart 12/20

Asian morning session, with markets certainly already having one eye on next week’s Christmas festivities. US indices edged back from record levels with the US30 index sliding 0.04% and the NAS100 index easing 0.08%.
Currency markets were also quiet, with AUD/USD rising 0.13% and GBP/USD gaining 0.11%, possibly facing the first up-day in four days. Consolidation and position-squaring looks to be the order of the day.

 GBP/USD Daily Chart



Thursday, December 19, 2019

forex NZD/CAD 1219



The following assumptions that have been made:
- At least 20 pip forecast
- The key level and chart pattern were at most 5 candles apart at time of identification
 




Symbol : NZDCAD   


Direction :
Identified time : 2019-12-19 16:02 GMT
Breakout price : 0.86601
Forecast price : 0.86869
Forecast pips : 27
Probability : 60.2 %
Pattern : Triangle
Interval : 60 Min

Pattern : Resistance
Interval : 60 Min

Pattern : Resistance
Interval : 60 Min

Pattern : Resistance
Interval : 30 Min

tough to get markets excited 12/19

With just eight trading days left to go in the year, it's tough to get markets excited about much right now, whereas a year ago they were pretty volatile.

UBS has come up with a list of 20 stocks for 2020, what it calls its most compelling ideas to either buy or sell. Buy-rated Amazon is on that list, with a $2,100 target, a gallop from Wednesday's close of $1,784.03.
Analyst Eric Sheridan believes investor concerns about the high costs of one-day shipping and investments in Amazon Web Services are now reflected in share prices. And, of course, Amazon dominates in e-commerce, cloud computing, digital ad and media consumption.

Wednesday, December 18, 2019

GBP/USD is last down 0.4% 12/18

Investors should avoid trading sterling in the spot market for the rest of 2019 given the risks surrounding Brexit, says BMO Capital Markets. "With calendar year-end rapidly approaching we'd prefer to stay away from trading spot, especially because it seems that FX investors have suddenly become a lot more sensitive to 'bad news' since last week's U.K. election results," BMO FX strategist Stephen Gallo says. GBP/USD is last down 0.4% at 1.3073 and EUR/GBP rises 0.1% to 0.8501 due to concerns that the Brexit transition period won't get extended to allow more time for a U.K.-EU trade deal to be agreed in an environment with a "pronounced lack of FX market liquidity,

forex EUR/CAD chart 12/18


The following assumptions that have been made:
- At least 20 pip forecast
- The key level and chart pattern were at most 5 candles apart at time of identification
 




Symbol : EURCAD   


Direction :
Identified time : 2019-12-18 14:01 GMT
Breakout price : 1.45968
Forecast price : 1.45585
Forecast pips : 38
Probability : 64.32 %
Pattern : Descending Triangle
Interval : 60 Min

Pattern : Support
Interval : 30 Min

Tuesday, December 17, 2019

forex USD/JPY 12/17

USD/JPY was little changed at 109.53. This morning, government data showed that Japan recorded a trade deficit of 82.1 billion yen in November (355.5 billion yen deficit expected), where exports declined 7.9% on year (-8.9% expected).

GBP 12/17



The British pound gave up all of its general election rally on weaker than expected labor and wage data and on expectations that PM Johnson will change the law to prevent ministers from extending the transition phase and thus resurfacing no-deal Brexit risks to the end of 2020.

Pound optimism is quickly fading as Boris Johnson’s free trade deal goal with the EU seems very unrealistic.  Johnson wants to wrap a trade deal in 11 months following a January 31st exit, following the path set by the CETA agreement which took Canada and the EU seven years to negotiate.  Johnson’s historic victory is giving him confidence that he can be aggressive in negotiations with the EU and trying to push his agenda through Parliament.
How To Trade Forex Using Support and Resistance Levels
Pound will likely trade rangebound but could start to see further pressure as a wrath of softer economic indicators are raising the bar for the BOE to ease.  The British pound took out the 1.3250 and could see downward pressure target the 1.3000 but could eventually look to retests last week’s highs around 1.3500 more so on a weaker dollar. 

Monday, December 16, 2019

forex GBP outlook 12/17

GBP
Traders may be entering holiday mode or looking for reasons to fade last week’s huge run up in sterling.  While UK politics will likely dictate the next major move for the British pound, unexpected softness with the preliminary PMI readings put the pound under pressure and drove gilts higher. 

The longer-term outlook for the British pound remains favorable and we could see investors want to buy any major dips. 

forex EUR/USD 12/16

The euro will struggle to rise significantly against the dollar unless Germany bows to pressure from the European Central Bank to raise fiscal spending to boost domestic and eurozone economic growth, BK Asset Management says. "The continuous negative yields in the [country] would offer German politicians a ready-made excuse to deficit spend without the threat of inflation," BK FX strategist Boris Schlossberg says. "The question is whether the German authorities will have the political will to do so." In the meantime, the eurozone economy will "likely remain mired in a very slow growth cycle and EUR/USD upside will be capped," Schlossberg says. EUR/USD is last up 0.2% at 1.1147.

Sunday, December 15, 2019

forex US dollar 12/15


The US dollar remains at a critical juncture as Fed policy will be on hold for the foreseeable future and as we start to see an economic rebound come out of Europe. The world’s largest and strongest economy is likely to start to see economic growth slow in the fourth quarter, further cementing the belief that the Fed will have no changes in policy for the foreseeable future. With Europe starting to have some major macro events fall into place for them, we could see the dollar react more to rebounding European data than to sluggish numbers from the US. The overall tone with risk appetite will focus on both the aftermaths of the UK General election and the details with the phase-one deal agreement between the US and China. The focus will also fall onto the whether we see an improvement in China’s November activity data and a plethora of rate decisions. The BOJ and BOE are widely to keep policy unchanged, but we could see Sweden’s Riksbank tighten policy while Mexico’s Banxico cuts rates. ADVANCED FOREX PATTERNS (AFP) helps you to master 10 very powerful Forex patterns available to the Forex trader.

100 GBP Daily Chart forex 12/15

UK100GBP Daily Chart



Source: OANDA fxTrade



  • UK shares jumped the most since the end of July on Friday after Boris Johnson’s Conservative Party’s resounding election win made the January 31 Brexit deadline clearer and more of a reality. No doubt there still remains a lot of negotiating to be done
  • The index spiked to the highest in just over two weeks and closed above the 200-day moving average for the first time since November 29
  • The Markit flash manufacturing PMI is expected to rise to 49.4 in December from 48.9 the previous month.

Friday, December 13, 2019

forex fundamental analyst and the technical analyst


The fundamental analyst and the technical analyst a trader who studies charts share the same goal. Both seek to project the future. Their methods are also quite similar in many respects. A fundamental analyst might look at Apple (AAPL) and try to project how many iPhones and iWidgets will be sold next quarter, and how that will influence profits, growth, and profits. Then the trader takes all his research numbers and derives a projection of the company's outlook largely based on what's happened in the past. Professional Techniques For Short-Term Currency Trading

British pound 12/13 forex

The British pound rose sharply overnight, and the WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently down 0.3%. That makes dollar-denominated oil is less expensive for other currency holders.

Despite a combination of bearish U.S. oil inventory data and forecasts for stubborn oil gluts in early 2020 so far this week, Friday's gains mean Brent crude and U.S. crude have risen 7.7% and 4.9% respectively so far this month.

Both benchmarks received a boost last week when OPEC and its allies completed a new production deal to deepen cuts by a total of 1.7 million barrels a day to last through the end of March.

The impending change in the amount of sulfur allowed in marine fuel oil, known as 'IMO 2020', due to take effect at the end of the month was also boosting Brent and U.S. crude prices, with lower sulfur fuel tending to be taken from sweeter crude oil varieties.

Thursday, December 12, 2019

forex GBP/JPY chart 12/12



The following assumptions that have been made:
- At least 20 pip forecast
- The key level and chart pattern were at most 5 candles apart at time of identification
 




Symbol : GBPJPY   


Direction :
Identified time : 2019-12-12 20:01 GMT
Breakout price : 143.603
Forecast price : 143.8589
Forecast pips : 26
Probability : 59.74 %
Pattern : Triangle
Interval : 30 Min

Pattern : Triangle
Interval : 15 Min

Pattern : Resistance
Interval : 30 Min

forex EUR/CAD chart 12/12



The following assumptions that have been made:
- At least 20 pip forecast
- The key level and chart pattern were at most 5 candles apart at time of identification
 




Symbol : EURCAD   


Direction :
Identified time : 2019-12-12 13:45 GMT
Breakout price : 1.46887
Forecast price : 1.47089
Forecast pips : 20
Probability : 62.04 %
Pattern : Ascending Triangle
Interval : 15 Min

Pattern : Resistance
Interval : 15 Min

Pattern : Resistance
Interval : 15 Min