Thursday, 22 November 2018
FOREX TS
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trading signals
US markets are closed for Thanksgiving, which will make for some thin conditions for the remainder of the week. At the same time, thin doesn't necessarily translate to low volatility, especially at a time where economic data is far less meaningful thank what’s going on in the world of global politics.
EUR / USD
After Tuesday session displayed the market pullback down from the level 1.1465 (which is now the closest real resistance), the European currency market found support in the area of 1.1370. Thus, the sideway tactical short term range 1.1370-1.1465 has emerged as we have mentioned in our yesterday's review. It is interesting that the offensive bulls fervor was so weak that yesterday they failed to overcome the nearest resistance in the 1.1410 area. Today, as American traders will celebrate Thanksgiving Day, we expect lower market activity and in such conditions we cannot expect a strengthening of the European currency. The closest support is located in the 1.1370 zone, a stronger level of market support is lower in the 1.1300 area. Trading recommendations remain the same - longs in $ 1.1370 area, if the market dips to 1.1300, we can use this situation to average or open new longs.
Trading recommendations - longs in the 1.1370 area and below in the 1.1300 zone
GBP / USD
The failed assault on the area of 1.2875 brought the British currency quotes down to the weekly lows around 1.2780. Technical analysis indicates that further prospects for the British currency continue to deteriorate. The breakthrough of this level 1.2770 will send the market to update monthly lows in the 1.2660 zone. It is also worth noting that the market is oversold, and this, together with the absence of American traders, suggests that it is better to stay out of the market for today.
Trading recommendations - out of market
AUD / USD
Yesterday, the Australian currency market was trading within a narrow range 0.7200-0.7265. In early European trading, the pair pushed off from the mark of 0.7200 and gained to the area of 0.7265, where the players recorded a profit. So, the market has unloaded the recent local overbought and now we can look for an entry point for long positions. A suitable area of the market in our opinion is the zone 0.7230-0.7200.
Trading recommendations - longs in the 0.7230-0.7200 area
Gold
Yesterday, the gold market was able to overcome the $ 1225 mark, now the main question we are considering is whether this breakthrough above this significant level is valid, or should this breakthrough to be considered false. In early European trading, already two four-hour candles closed above the mark of 1225- strong signal. However, we are sure for some reason that bulls to be dropped from this mark and it’s dangerous to open long positions now.
Trading recommendations - out of the market
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