Monday, 17 December 2018

FX TS

Posted by FortFS at 12:02 Labels:

We are at a quiet start in this last full trading week of the year. Market trading conditions will soon deteriorate sharply, and we do not expect a return to normal trading volume until the second week of January. The main economic indicators of the current week are related to trade in the Eurozone and the consumer price index, as well as data on the US housing market.
EUR / USD - the market held in the range of 1.1300-1.1400
On Friday, the main instrument of the FOREX market, EUR / USD currency pair reached a three-week low around 1.1265. Sellers managed to activate stop orders, located under 1.1300 mark, but the market did not succeed to firmly establish itself under this level. The proximity of the weekend and profit taking pulled back quotes higher to a mark 1.1300. Today, in the early European trading session, the pair is trying to break through the first resistance zone 1.1315. Thus, the pair still retains a wide sideway range 1.1265-1.1415 / 1.1430. However, it is too early to do analytical conclusion, the current rollback can be used to resume shorts. Only after overcoming the mark of 1.1360-1.1365 will we be able to talk about the full return of positive sentiment back to the market. Sales at current levels are also quite dangerous, we will be watching the level of 1.1315.
Trading recommendations - out of the market
GBP / USD - negative market sentiment persists
The negative mood in the British currency market persists. During the previous week's trading, the British currency failed to break above 1.2665, and thus the market is trading within a narrow range within 1.2665-1.2480. The market starts the new week in the middle of this range 1. 2590, from where movement can develop in any direction.
Trading recommendations - out of the market
AUD / USD - all attention to the level of 0.7160
The market fell to six-week lows, the zone around 0.7160 mark. This is a fairly strong area, and the bulls are trying to organize a defense zone here. In this area, Fibonacci 61.8 expansion is located from the last growth impulse 0.7020-0.7390. It is still quite difficult to predict how events will develop further, a correctional impulse may form from this level, and in the event of a breakthrough, the market can move into a completely new range. However, given the oversold conditions of Australian dollar, we tend to cautiously open long positions at these levels.
Trading recommendations - purchases in the 0.7160 area
Gold - the market has moved to a new range of 1233-1238
On Friday, the market fell to the first significant support around $ 1,233, creating almost ideal conditions for opening long positions at these levels. We mentioned earlier that in the zone one need to place buy limit orders. On Monday, in early European trading, the market gained to the level of $ 1238. Here the resistance area starts, in the new conditions $ 1238 is a zone of strong resistance. Let's see how events will develop, overcoming this mark will confirm bulls strength in this market. However, with this aim, they may have difficulties, we can see a pullback and a test of the new support around $ 1233.
Trading recommendations – careful longs in the $ 1233 area
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