Wednesday, 30 January 2019

Forex Forex Trading Signals

Posted by Olga Gorinina at 12:22 Labels:

Wednesday has a chance to become the most volatile day of the week as today several major geopolitical and political scripts meet. On such days, it is better to be out of the market and watch the development from the outside. First this is Fed meeting that is always in focus and the subsequent press conference, then the beginning of trade negotiations between the USA and China, Brexit development and finally a rather busy day in terms of economic statistics. Today we will analyze data on consumer confidence index in Germany, data on economic statistics in the Eurozone, and finally data on the American labor market from ADP.
EUR / USD
As expected earlier this week, the market stopped the upward movement near the mark of resistance around 1.1430-1.1440. The breakthrough above was not confirmed; however, the technical pullback didn’t realized as well. Yesterday's daily close hints that a scenario with a deeper corrective pullback is more likely for the market in the current conditions. In this case, the nearest local support is located in the area 1.1405-1.1395. Given the richest news background, we want to stay out of the market and close some of longs opened earlier.
Trading recommendations - out of the market
GBP / USD
On Tuesday, some profit-fixation was detected on the British currency market for the first time in six days. As a result, quotes broke through local support 1.3140 and plunged into a more stable area of 1.3070. We can state that Brexit still influences the dynamics of the British currency. Yesterday, seven amendments to «B plan» submitted by were considered, and only two of them were finally adopted by parliament. And both of them are essentially advisory in nature. Today, British pound maintains positive sentiment; buyers were able to seize the initiative in the support area of 1.3070. Now resistance at yesterday's support levels 1.3140. Let us see how events will develop today, on the background of a day full of news and statistics.
Trading recommendations - out of the market
Gold
The gold market maintains positive sentiment, moreover, the bulls now fully control this market. Yesterday the local maximum was updated, and today the growth continued in the zone of 1313.70. No surprise that we consider only longs in current conditions, and look for entry points. The market has almost reached the level 1315, this is a strong zone of resistance. We expect a pullback and open more longs. The nearest support is located in the area of 1310 and further in the zone of 1307.
Trading recommendations- purchases during rollbacks
US dollar index
Yesterday, US dollar index attempted growth, but could not break above the level 95.55 points. Here the tactical level of resistance goes, and the inability of the market to break through above tells us that the pressure on the US dollar will continue. Until we received a reversal signal on the daily chart, we continue to expect the weakening of the US currency. Of course, much will depend on the Fed’s press conference today, but technically the downward move target is located around 94.80 points.
Trading recommendations - out of the market
https://www.fortfs.com

No comments :

Post a Comment

Subscribe to: Post Comments ( Atom )