Wednesday, 19 December 2018

FX TS

Posted by Olga Gorinina at 12:39 Labels:


The markets slowed down on Wednesday; as always, traders slow down before important strategic decisions — the meeting and the Fed's forecasts. The dollar is still weaker, with a significant part of the price action due to profit-taking and leveling positions.
EUR / USD
The growth of the European currency continues on the weakness of the US dollar. On Wednesday, the market consolidated above the level of 1.1365 and received an additional growth impulse; today the pair outlined highs in 1.1405 area. This is the upper limit of the wide sideway range and a strong resistance area. Perhaps a good idea would be to close part of the long positions at these marks and expect the market to react to the decisions and comments of the Fed. We expect increased volatility in US trading.
Trading recommendations - out of the market
GBP / USD
The weakness of the US dollar led to some recovery in the British currency market. However, strategically and tactically, the market situation has not changed. On Monday, GBP / USD approached the first resistance around 1.2660. It should be noted that a downtrend resistance line, an additional technical deterrent restraining the recovery of the market, supports this level. Of course, the British currency market is oversold, but one should not expect a recovery of this market under current conditions.
Trading recommendations - out of the market
AUD / USD
During the trading session on Monday, the Australian currency was able to gain a foothold above the level of 0.7160, thereby confirming our expectations that the market intends to stay above this mark. Support in the 0.7200 zone, a possible overcoming of this mark, will send quotes to the 0.7240 area.
Trading recommendations - purchases after fixing above 0.7200
Gold
Sale of equities supported the gold market and helped the bulls to overcome the $ 1,241 mark. Yesterday, the market displayed a new local maximum around $ 1,251 area. Despite this, we still believe that the market has not overcome the resistance of 1249, which means the situation has not changed. Support is again in the area of 1243, long positions can be considered only after overcoming and fixing above the highs of 1249, or after rolling back to the first support zone of 1243.
Trading recommendations - buy in the area of 1243 and when consolidating above 1248



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