Wednesday, 31 October 2018

FOREX TRADING SIGNALS

Posted by Anonymous at 12:40 Labels:

Wednesday economic calendar is interesting enough and filled with economic data, which means that we have a lot to consider, as markets will be influenced by multidirectional factors. In addition to statistics, the market continues to focus on large-scale topics-global trade issue (impact on the US dollar, gold, USD/JPY), Brexit development (impact on the GBP / USD pair) and US monetary policy (EUR / USD). Today, the session focus is upon the continuing upward dynamics of the US dollar- USD index shifted in the area of yearly highs, as well as ADP data on the US labor market. The global stock market is trying to recover after an intensive decline over the past few days, US market index SP 500 bounced off from 2600 points, as US continues to provide strong economic data (consumer confidence index). The intrigue is whether the correction in the American market is over or whether the markets have just pushed away from strong technical levels.

EUR / USD
The main pair of the market is trading with greater uncertainty. On the one hand, EUR / USD is thirty points away from 2018 lows, on the other hand, the pair cannot move lower and is trading in a tight range 1.1340-1.1380. At the same time, US currency continues its victorious offensive, but Euro no longer responds to this. EUR / USD market is clearly oversold and it is obvious that there is a possibility that we will see a rebound in the upward direction from these levels - too much expectation of further decline in this market. We can even expect the beginning of correctional upward impulse on Friday, as NON-FARM data will be released and new month starts. Let us see how events will develop, we recommend considering the cautious longs in current levels in the 1.1330-1.1350 area.
Trading recommendations - longs in the area 1.1330-1.1350 with short stops
 GBP / USD
A large-scale decline in this market led the GBP quotes down to the zone of three monthly lows - the area of 1.2690. Further decline of this market is difficult. On the background of the emerging correction in American dollar, we can see a weak pullback of the British currency. In this case, the immediate goal will be the level of 1.2775. Overcoming this mark will open the way to the area 1.2830.
Trading recommendations - longs after overcoming the nearest resistance 1.2775
AUD / USD
Despite persistent attempts, Australian dollar failed to overcome local resistance around 0.7100. The level of tactical support shifted to 0.7070. Buyers accumulate volume around these levels, in general the Australian dollar is firm, we can expect on the continuation of the upward movement.
Trading recommendations - longs in the area of 0.7070 and after overcoming the resistance of 0.7100.
Gold
US dollar rally and the return of risk appetite back to equities brought gold quotes down. The market has lost all the gains of the previous week. Yesterday, the bulls tried to organize a defense in $ 1,220 area, but their defensive lines could not resist. Quotes fell to $ 1215 — now this is a strategic support area. If the market does not stand at these levels, the next support is already around $ 1205 mark. However, US dollar index has reached yearly highs and this created conditions for correction. In any case, to overcome the annual maximums on the move is not an easy task, even for the US dollar. We can open medium-term long positions at these levels with short stops.
Trading recommendations - longs in the area $1215
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