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This is a discussion on Tifia Daily Market Analytics within the Analytics and News forums, part of the Trading Forum category; S&P500: long-term positive dynamics 07/10/2019 Investors, in general, reacted positively to the publication of a report from the US labor ...

      
   
  1. #561
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    S&P500: long-term positive dynamics
    07/10/2019

    Investors, in general, reacted positively to the publication of a report from the US labor market last Friday. US stock indexes rose.
    A lower-than-expected rate of job growth has strengthened expectations of further cuts in Fed interest rates.
    The soft policies of the central bank usually support the stock market, increasing the propensity of investors to buy risky assets.
    At the same time, the employment report helped alleviate concerns about a slowdown in economic growth. Despite declining activity in the manufacturing and services sectors, US employment growth rates remain high.
    The US Department of Labor said last Friday that the number of jobs outside the US agriculture in September rose 136,000 (the forecast was +145,000), while unemployment fell to 3.5%, a 50-year low.
    The dollar is also rising on Monday. Futures on the DXY dollar index, is trading at the beginning of the European session on Monday near 98.61, 15 points above the opening price of today's trading day.
    US stock indexes also, despite a strong correction last week, maintain long-term positive dynamics.
    Last week, Fed vice chairman Richard Clarida said the Central Bank will do everything necessary to ensure that the longest period of US economic growth does not stop. This week, several Fed representatives are also expected to speak. In particular, on Monday at 17:00 (GMT) Fed Chairman Jerome Powell will speak.
    On Friday, he said that “the US economy is in good shape despite the risks”, and the Fed’s mission “is to keep this state of affairs as long as possible”.
    If he again expresses a tendency to further soften the Fed's monetary policy, then US stock indexes are likely to continue to grow.

    The S&P500 index maintains long-term positive dynamics, trading above the key support level 2875.0 (ЕМА200 on the daily chart), as well as the level 2865.0 (Fibonacci level 23.6% of the correction to the growth since December 2018 and mark 2335.0).
    It is likely that after the breakdown of the resistance level 2954.0 (ЕМА200 on the 4-hour chart), the S&P500 will continue to grow towards the level of 3028.0 (absolute maximums) and further.
    Nevertheless, below the resistance level of 2954.0 from S&P500 purchases for the time being should refrain.
    Support Levels: 2902.0, 2875.0, 2865.0, 2765.0, 2730.0
    Resistance Levels: 2943.0, 2954.0, 2990.0, 3028.0

    Trading Recommendations

    Sell Stop 2922.0. Stop-Loss 2955.0. Objectives 2902.0, 2875.0, 2865.0, 2765.0, 2730.0
    Buy Stop 2955.0. Stop-Loss 2922.0. Objectives 2990.0, 3028.0, 3100.0, 3200.0



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  2. #562
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    XAU/USD: demand for gold remains
    08/10/2019

    After the price of gold reached a new 6-year high near 1557.00 last month, it subsequently declined amid a reduction in the threat of a “hard” Brexit and hopes for a trade agreement between the US and China.
    However, demand for gold remains both among global central banks and among private investors.
    According to the World Gold Council (WGC), in August, world central banks increased their purchases of gold (+57.3 tons).
    Thus, Central banks are trying to increase their stability in the face of strong volatility in the financial markets and geopolitical and foreign trade uncertainty.
    A report on the US labor market, published last Friday, does not indicate the likelihood of a recession in the United States. The number of jobs outside agriculture in September increased by 136,000, although economists had expected stronger growth (+145,000). At the same time, the US unemployment rate fell to 3.5%, the lowest level since December 1969.
    However, the Fed can go on to further soften policies to support the US economy in the current turbulent financial markets.
    “We must support the economy, not slow it down”, with the help of monetary policy, said Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, last Monday.
    Now, investors will carefully study the text of the minutes from the September meeting of the Fed, the publication of which is scheduled for Wednesday (18:00 GMT). Additional unexpected information contained in the protocols can also increase volatility in the financial markets.
    Any signals from the Fed aimed at further easing monetary policy will cause a weakening dollar and an increase in gold quotes.

    At the beginning of the European session on Tuesday, XAU / USD is trading above important support levels at 1498.00 (EMA200 on the 4-hour chart and on the 1-hour chart), 1485.00 (EMA50 on the daily chart and the Fibonacci level 50% of the correction to the decline wave from September 2011 and marks 1920.00).
    A strong positive momentum prevails, and long positions are preferred above these support levels.
    The breakdown of the local resistance level of 1557.00 will lead to further price growth in the direction of multi-year and absolute highs near the mark of 1920.00 dollars per ounce.
    Support Levels: 1498.00, 1485.00, 1452.00, 1440.00, 1420.00, 1392.00, 1380.00, 1305.00, 1253.00
    Resistance Levels: 1520.00, 1555.00, 1585.00

    Trading Recommendations

    Sell Stop 1483.00. Stop-Loss 1513.00. Take-Profit 1452.00, 1440.00, 1420.00, 1392.00, 1380.00
    Buy Stop 1513.00. Stop-Loss 1483.00. Take-Profit 1520.00, 1555.00, 1585.00, 1600.00


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  3. #563
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    EUR/USD: dollar declines before the publication of FOMC protocols
    10/09/2019

    The growth of the Eurozone economy has been weakening since the beginning of 2018, which forces the ECB to actively support the European economy, lowering the interest rate and expanding quantitative easing.
    In early September, the ECB lowered its key interest rate, which was already in negative territory, and resumed the bond purchase program. The ECB leaders promised to keep these measures in force, "until we see that the inflation prospects are stably in line" with reaching the target level.
    Economists believe that despite the comprehensive measures taken in September, the ECB still has room for maneuver and for further stimulating the European economy, which shows clear signs of a slowdown.
    In general, the long-term negative dynamics of EUR / USD remains, which speaks in favor of sales of this currency pair.
    The breakdown of the short-term support level of 1.0965 will signal a resumption of sales with the immediate goal at the local support level of 1.0900. Breakdown of this support level
    will provoke a deeper decline and will direct EUR / USD towards 1.0850, 1.0800.
    In an alternative scenario and in case of breakdown of the short-term resistance level of 1.1015 (ЕМА200 on the 4-hour chart), EUR / USD will go towards the resistance levels of 1.1040 (ЕМА50 on the daily chart), 1.1090, 1.1115 (September highs, May - April lows). Growth above this resistance level is unlikely.
    Meanwhile, traders are preparing to the publishing at 18:00 (GMT) the minutes from the September meeting of the Fed and they are selling the dollar.
    Unexpected information contained in the protocols can increase volatility in the financial markets. The soft rhetoric of the statements contained in the minutes will have a negative effect on the dollar. And, on the contrary, the “hawkish” position of the Fed leadership will support the dollar.
    Investors will also follow the Fed Chairman Jerome Powell's speech in Kansas City, which will begin at 15:00 (GMT).
    Despite the fact that market participants expect the Fed to lower the rate at its meeting on October 29-30 by 0.25% with a probability of almost 80%, the dollar will remain attractive in the context of international trade wars and a slowdown in the global economy. Against the general background, the US economy looks more stable, which determines the attractiveness of American assets and the demand for the dollar.
    Support Levels: 1.0965, 1.0900, 1.0850
    Resistance Levels: 1.1000, 1.1015, 1.1040, 1.1090, 1.1115

    Trading Recommendations

    Sell Stop 1.0950. Stop-Loss 1.1020. Take-Profit 1.0900, 1.0850, 1.0800
    Buy Stop 1.1020. Stop-Loss 1.0950. Take-Profit 1.1040, 1.1090, 1.1115


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  4. #564
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    EUR/USD: Eurodollar grows amid weakening dollar
    10/10/2019

    At the beginning of the European session on Wednesday, the EUR / USD pair was trading near 1.0980, and at the beginning of the European session on Thursday it was already above the short-term resistance level of 1.1015 (ЕМА200 on the 4-hour chart).
    At the beginning of the month, the pair reached a minimum since June 2017 near the level of 1.0880. However, in the future, the direction of movement of EUR / USD has changed. On Thursday, Eurodollar is growing for the second day in a row amid a weakening dollar.
    Fed protocols published on Wednesday did not provide clear guidance on monetary policy prospects, but weak data from the manufacturing sector and other signs of a slowdown in the US economy gave rise to market expectations of a new cut in the Fed's key rate in October.
    The DXY dollar index is falling on Thursday, while maintaining a long-term positive trend. At the start of the European session, DXY dollar index futures are trading near 98.48, 25 pips below the opening price of today's trading day.
    Traders are waiting for US data on consumer inflation and unemployment benefits to be released at 12:30 (GMT).
    They are unlikely to support the dollar, as inflation remains restrained. According to the forecast Consumer Price Index (CPI) in September increased by 0.1% compared with the previous month, as a month earlier. Base CPI rose 0.2%.
    Bloomberg reported Wednesday that China is ready to conclude a partial agreement. This renewed investor optimism that the United States and China would nevertheless conclude a trade agreement soon or come to an armistice. It also contributes to dollar sales.
    It is also worth paying attention to the publication at 11:30 (GMT) of the minutes from the September meeting of the ECB. As a result of this meeting, the ECB announced the restart of the quantitative easing program. Minutes of the meeting may also contain hints of further easing of monetary policy, which will be a negative signal for the euro.
    Despite the current growth, in general, the long-term negative dynamics of EUR / USD remains, which speaks in favor of sales of this currency pair.
    A good position is selling EUR / USD from current values and from the resistance level of 1.1040 (EMA50 on the daily chart).
    In an alternative scenario and in case of further growth and breakdown of the short-term resistance level, 1.1040 EUR / USD will go towards the resistance levels of 1.1090, 1.1115 (September highs, May - April lows). Growth above this resistance level is unlikely.
    Below the key resistance levels 1.1160 (ЕМА144 on the daily chart), 1.1210 (ЕМА200 on the daily chart) a long-term bearish trend remains.
    Support Levels: 1.1015, 1.1000, 1.0970, 1.0900, 1.0850
    Resistance Levels: 1.1040, 1.1090, 1.1115

    Trading Recommendations

    Sell by market, Sell Stop 1.1010. Stop-Loss 1.1055. Take-Profit 1.0970, 1.0900, 1.0850, 1.0800
    Buy Stop 1.1055. Stop-Loss 1.1000. Take-Profit 1.1090, 1.1115



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  5. #565
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    USD/CAD: despite the decline, positive dynamics of the pair remains
    11/10/2019

    Expectations of the Fed’s further steps towards easing monetary policy are currently the main negative factor for the dollar. Most Fed leaders supported lower interest rates in September, some of whom called for lower rates more significantly.
    On Friday, investors are also awaiting the outcome of Trump’s meeting with Chinese Deputy Prime Minister Liu He, the head of the Chinese delegation of trade negotiators.
    "We had very, very good negotiations", Trump told reporters on Thursday. As the Xinhua State News Agency of China reported, the Chinese side approached the negotiations "with great sincerity and seeks a serious exchange of views with the United States".
    At the beginning of the European session, the USD / CAD pair is trading near 1.3270. Despite the current decline, USD / CAD maintains a long-term positive trend, trading above the key support level of 1.3250 (EMA200 on the daily chart).
    At 14:30 (GMT) Statistics Canada will provide data from the country's labor market.
    If unemployment rises, the Canadian dollar will decline. If the data turn out to be better than the previous value, the Canadian dollar will strengthen. A decrease in unemployment is a positive factor for CAD, an increase in unemployment is a negative factor.
    Forecast for September: 5.7%. If the increase in the number of employed in September is weaker than the previous value (forecast +40,200 employed), then the Canadian dollar may also respond with a decrease.
    The previous value is +81,100 employees (in August), the forecast for September is +40,200 employees.
    Strengthening oil prices are also supporting the Canadian dollar.
    Quotations of oil futures on the basis of US trading on Thursday rose by 1.8%, to 53.53 dollars per barrel, after statements by OPEC Secretary General Mohammed Barkindo about the coalition’s readiness to consider at a December meeting the possibility of a larger reduction in production.
    The growth of USD / CAD into the zone above the resistance level of 1.3300 will resume the bullish trend. After the breakdown of the local resistance level 1.3345 (August highs), USD / CAD will go towards the resistance levels 1.3435, 1.3452 (Fibonacci level 23.6% of the downward correction to the pair's growth in the global uptrend since September 2012 and 0.9700), 1.3465, 1.3520, 1.3560 (highs of the year).
    In an alternative scenario, the breakdown of support levels 1.3270, 1.3250 will speak in favor of a further decline with targets at support levels 1.3205, 1.3138 (September lows).
    The breakdown of these levels will trigger a further decrease in the medium-term bearish trend with targets at support levels 1.3020, 1.2910 (EMA200 on the weekly chart).
    Support Levels: 1.3270, 1.3250, 1.3205, 1.3182, 1.3138, 1.3020, 1.2910
    Resistance Levels: 1.3300, 1.3345, 1.3435, 1.3452, 1.3465, 1.3520, 1.3560, 1.3600, 1.3660

    Trading Scenarios

    Sell Stop 1.3260. Stop-Loss 1.3310. Take-Profit 1.3250, 1.3205, 1.3182, 1.3138, 1.3020, 1.2910
    Buy Stop 1.3310. Stop-Loss 1.3260. Take-Profit 1.3345, 1.3435, 1.3452, 1.3465, 1.3520, 1.3560



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  6. #566
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    S&P500: stock indices remain positive
    10/14/2019
    Current situation

    The weakening trade tensions between the US and China caused a rise in positive market sentiment. Last week, Washington decided to postpone the introduction of higher duties on Chinese goods in the amount of $ 250 billion in response to guarantees that the Chinese side would buy US agricultural products in the amount of $ 40-50 billion.
    However, many economists remain cautious about the consequences of a partial transaction and the outcome of future negotiations.
    Despite some concessions made by the parties last week, the main trade contradictions between the US and China have not been resolved, which continues to overshadow the prospects for the global economy.
    In the middle of last month, the S&P500 again approached the level of absolute and annual maximums near 3028.0. However, for the breakdown of this level of resistance, the positive impulse was not enough and the S&P500 fell again.
    Market participants continue to follow any comments by the US and Chinese authorities regarding trade negotiations.
    In the first half of the European session on Monday, futures on the S&P500 traded in the range between the local resistance level of 2990.0 (last week's maximum) and the short-term support level of 2950.0 (EMA200 on the 1-hour chart).
    Breakdown in one direction or another will determine the direction of further index movement.
    Despite the current decline, the long-term positive dynamics of US stock indices and the S&P500, including.
    A return to the zone above the resistance level of 2990.0 will indicate a restoration of the bull trend and speak in favor of the resumption of purchases.
    The S&P500 index maintains long-term positive dynamics, trading above the key support level of 2880.0 (ЕМА200 on the daily chart), as well as the level of 2865.0 (Fibonacci level 23.6% of the correction to the growth since December 2018 and mark 2335.0). A little lower is the lower boundary of the rising channel on the daily chart.
    Nevertheless, the OsMA and Stochastic indicators on the 1-hour, 4-hour charts are on the side of the sellers, signaling a downward correction. So, purchases are premature so far.
    Today is a day off in the USA (Columbus Day). Banks and exchanges will be closed. Trading volumes during the US session will be low. However, this does not exclude the possibility of a sharp increase in volatility in the thin market, especially due to unexpected news or media reports.
    Support Levels: 2950.0, 2942.0, 2905.0, 2880.0, 2865.0, 2765.0, 2730.0
    Resistance Levels: 2990.0, 3028.0

    Trading Recommendations

    Sell Stop 2940.0. Stop-Loss 2995.0. Objectives 2905.0, 2880.0, 2865.0, 2765.0, 2730.0
    Buy Stop 2995.0. Stop-Loss 2940.0. Goals 3028.0, 3100.0, 3200.0


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  7. #567
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    NZD/USD: Current Dynamics
    10/15/2019

    Following the results of trade negotiations between the USA and China last week, the White House decided to postpone the increase in duties on Chinese goods planned for this week.
    China, for its part, promised to increase the volume of agricultural imports from the United States, bringing it to the amount of $ 40-50 billion.
    Nevertheless, this news did not cause much enthusiasm for investors. Arrangements to increase China's imports of US agricultural products to $ 50 billion are vague, and disagreements on issues such as protecting intellectual property and subsidizing agricultural producers in China have not been resolved.
    The measures taken are not enough to mitigate the uncertainties that are holding back the growth of the global economy.
    Investors again prefer the American dollar. The DXY dollar index is rising today for the second day in a row.
    New Zealand's export-oriented economy suffers greatly from a slowdown in the global economy and a decline in purchases of New Zealand products.
    "World economic activity continues to weaken, which reduces the demand for goods and services from New Zealand. Increased uncertainty and a reduction in international trade contribute to a decrease in economic growth in the trading partner countries", the RBNZ said in a statement following a bank meeting in August.
    At the beginning of the European session on Tuesday, the NZD / USD pair is trading near 0.6282, 46 pips below the opening price earlier this week.
    Of the news today regarding NZD, you should pay attention to the publication (in the period after 14:00 - 14:30 GMT) of data with the results of the GlobalDairyTrade (GDT) milk auction.
    The share of dairy exports in total exports of New Zealand is approaching 20%.
    If the data indicate an increase in world prices for dairy products (they are expected to grow by 1.8%), primarily for milk powder, then the New Zealand dollar will strengthen.
    Also, today (at 21:45 GMT) the Bureau of Statistics of New Zealand will publish the consumer price index for the 3rd quarter. The CPI is a key indicator for measuring inflation. A positive result will strengthen NZD, a negative result will weaken. Forecast: + 0.6% (against + 0.6% in the 2nd quarter) and + 1.4% (against + 1.7% in the 2nd quarter) in annual terms. Data worse than forecast and previous values are likely to adversely affect NZD. Data better than forecast will strengthen NZD.
    Meanwhile, the New Zealand dollar resumed its decline at the beginning of today's European session. The negative fundamental background creates the prerequisites for further weakening of the New Zealand dollar.
    Below the resistance level of 0.6560 (EMA200 on the daily chart), the bearish trend NZD / USD prevails.
    Currently, NZD / USD is trading near 0.6282, below the short-term resistance level of 0.6305 (ЕМА200 on the 1-hour chart).
    Below resistance levels 0.6305, 0.6336 (ЕМА200 on the 4-hour chart), only short positions should be considered. The tendency of the RBNZ to maintain a soft policy and possibly further lower the rate puts pressure on NZD / USD towards its further decrease.
    Support Levels: 0.6260, 0.6200, 0.6100
    Resistance Levels: 0.6305, 0.6336, 0.6365, 0.6425, 0.6490, 0.6560

    Trading Scenarios

    Sell by market. Stop-Loss 0.6315. Take-Profit 0.6260, 0.6200, 0.6100
    Buy Stop 0.6315. Stop-Loss 0.6270. Take-Profit 0.6336, 0.6365



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  8. #568
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    USD/CAD: Current Dynamics
    16/10/2019

    Statistics Canada reported last week that 53,700 new jobs were created in September (the forecast was +10,000), while unemployment fell by 0.2% to 5.5%, which roughly corresponds to 40-year lows.
    Employment indicators may give the Bank of Canada reasons not to change the interest rate on October 30, when the bank meeting takes place.
    After the publication of strong data from the country's labor market, the Canadian dollar strengthened sharply, while the USD / CAD pair fell by about 90 points to 1.3200.
    However, the ongoing US-China trade war is putting pressure on both the US economy and the economies of other countries. Commodity currencies quotes, such as New Zealand, Australian and Canadian dollars, also suffer from this. The US dollar, in this situation, retains the status of an asset-refuge, since the American economy still looks more stable in the context of ongoing trade wars.
    At the beginning of today's European session, USD / CAD is trading just above the closing price last Friday, near 1.3216.
    A break into the zone above the resistance levels of 1.3250 (ЕМА200 on the daily chart), 1.3260 (ЕМА200 on the 4-hour chart) will resume the bullish USD / CAD trend and direct the pair towards recent local maximums near the resistance level 1.3345 and the upper border of the ascending channel on the daily chart, which currently runs between resistance levels 1.3345 and 1.3380.
    The long-term positive dynamics of the US dollar and, accordingly, the pair USD / CAD remain.
    In an alternative scenario, a breakdown of the local support level of 1.3170 will speak in favor of a further decline. The objectives of the decline are the support levels of 1.3138 (September lows), 1.3100, 1.3050 (EMA144 on the weekly chart), 1.2920 (EMA200 on the weekly chart).
    Volatility in the USD / CAD pair may rise sharply today at 12:30 (GMT), when important macro data for the USA and Canada will be published.
    According to the forecast for September, it is expected that the consumer price index in Canada will come out with a value of +2.1%, which is likely to support CAD. Core CPI is expected to increase by +1.9% in September.
    At the same time, retail sales, the main indicator of US consumer spending, showing changes in retail sales, grew in September, as expected, by +0.3% (after growing by +0.4% in August).
    A slight increase in values is unlikely to accelerate the growth of the dollar. Data worse than forecast will negatively affect the US dollar in the short term.
    Support Levels: 1.3200, 1.3172, 1.3138, 1.3050, 1.2920
    Resistance Levels: 1.3250, 1.3260, 1.3300, 1.3345, 1.3380, 1.3435, 1.3452, 1.3465, 1.3520, 1.3560, 1.3600, 1.3660

    Trading Scenarios

    Sell Stop 1.3170. Stop-Loss 1.3270. Take-Profit 1.3138, 1.3050, 1.2920
    Buy Stop 1.3270. Stop-Loss 1.3170. Take-Profit 1.3300, 1.3345, 1.3380, 1.3435, 1.3452, 1.3465, 1.3520



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    GBP/USD: breakthrough in Brexit issue
    10/17/2019

    We now have a “wonderful new deal that takes back control”, said British Prime Minister Johnson. The head of the European Commission, Junker, confirmed that the Brexit agreement has been agreed.
    "There is a will - there is an agreement, and we have it", wrote Jean-Claude Juncker, head of the European Commission, on Twitter on Thursday.
    "This is a fair agreement, balanced in the interests of the EU and in the interests of the UK, and this is a proof of our commitment to finding solutions", he said.
    The draft Brexit agreement should now be approved by EU leaders, UK and EU parliaments at the summit in Brussels on Thursday and Friday.
    According to Boris Johnson, the British parliament should approve Brexit on Saturday.
    In anticipation of this event, the pound has strengthened in the past few days. On Thursday, the GBP / USD pair rose again, reaching 1.2987 (a local and 5-month high) at the start of the European session amid a breakthrough in the Brexit negotiations.
    The upper border of the descending channel on the weekly chart passes through this mark.
    A breakthrough of this resistance level will open the way for the growth of GBP / USD into the zone of resistance levels 1.3100 (EMA144 on the weekly chart), 1.3210 (Fibonacci level 23.6% of the correction to the reduce the GBP / USD pair in a wave that began in July 2014 near the level of 1.7200) , 1.3375 (EMA200 on the weekly chart).
    In an alternative scenario, a return to the zone below 1.2625 will indicate the resumption of the bearish trend of GBP / USD. Below the support level of 1.2625, short positions will again become preferable.
    Meanwhile, the DXY dollar index is falling on Thursday for the third consecutive week. US companies continue to face the negative effects of a slowdown in global economic growth and uncertainty in international trade, according to the Beige Book, published last Wednesday. This lowers their expectations regarding their own prospects for the next 6-12 months.
    Futures on the DXY dollar index is trading at the beginning of today's European session near the level of 97.30. The dollar is pressured by the expectation that the Fed will lower the rate at a meeting in late October. The probability of this event is estimated by investors at about 90%, according to the CME Group.
    Support Levels: 1.2800, 1.2700, 1.2625, 1.2565, 1.2400, 1.2200, 1.2175, 1.2150, 1.2100, 1.2000
    Resistance Levels: 1.2987, 1.3100, 1.3210, 1.3375

    Trading Scenarios

    Sell Stop 1.2745. Stop-Loss 1.2990. Take-Profit 1.2700, 1.2625, 1.2565, 1.2400, 1.2200, 1.2175, 1.2150, 1.2100, 1.2000
    Buy Stop 1.2990. Stop-Loss 1.2745. Take-Profit 1.3100, 1.3210, 1.3375


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  10. #570
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    WTI: negative dynamics prevail despite corrective growth
    10/18/2019

    In the middle of last month, the price of WTI crude oil rose sharply, approaching a strong resistance level of 63.50 (Fibonacci level 61.8% of the upward correction to the fall from the highs of the last few years near 76.80 to the support level near 42.15, as well as the upper border of the downward channel on the daily chart). The sharp rise in oil prices was facilitated by terrorist attacks on oil refineries in Saudi Arabia.
    However, the price failed to break through this resistance level and subsequently fell, returning to the zone below the key level of 57.00 (ЕМА144, ЕМА200 on the daily and weekly charts).
    At the beginning of the European session, WTI crude oil is trading near 54.20, below the resistance level of 54.80 (EMA200 on the 4-hour chart).
    The breakdown of the short-term support level of 53.50 (ЕМА200 on the 1-hour chart) will resume the bearish trend.
    In an alternative scenario, the signal to resume purchases will be a breakdown of the resistance level of 55.40 (EMA50 on the daily chart and the Fibonacci level of 38.2%).
    Further growth and the breakdown of the resistance level of 57.00 will strengthen the bullish momentum and direct the price to the resistance level of 60.90 (July highs) and to the 63.50, 64.40 marks.
    So far, a negative impulse prevails. Below the resistance level of 54.80, only short positions should be considered.
    Now, oil market participants will follow the publication on Friday (at 17:00 GMT) of the weekly report of the American oilfield services company Baker Hughes on the number of active drilling rigs in the United States. Previous reports indicated a decrease in the number of active oil platforms in the United States, to 712 units at the moment. If the report again indicates a decrease in the number of such installations, then this may give a short-term positive impetus to prices.
    However, so far, a negative impulse prevails, contributing to a further decline in oil prices.
    The situation in the global stock and commodity markets may deteriorate again if on Saturday the British Parliament does not approve the Brexit.
    In this case, world stock indices may fall again, pulling down oil quotes.
    Support Levels: 53.50, 52.00, 51.30, 50.30, 49.00, 42.15
    Resistance Levels: 54.80, 55.40, 57.00, 59.50, 60.90, 63.50, 64.40, 66.50

    Trading recommendations

    Sell Stop 53.40. Stop-Loss 55.50. Take-Profit 53.00, 52.00, 51.30, 50.30, 49.00, 42.15
    Buy Stop 55.50. Stop-Loss 53.40. Take-Profit 57.00, 59.50, 60.90


    *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

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