Wednesday, 23 January 2019
FOREX MARKET TRADING SIGNALS
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trading signals
The middle of the current week has not been that active for Forex markets. Two first days of the week has shaken off investor’s interest in risk as risk liquidation was general Tuesday theme, with safe haven currencies outperforming and global equities turning deep into the red. So far no drastic change has happened as US SP 500 stayed well above 2600 points which is a good sign. Yesterday US economic adviser attempted to calm down the markets experiencing a kind of panic sell and today futures for US equities display slight positive. USD dollar is still firm but USD dollar index failed to overcome 96 point level. This might be a sign that the showtime is about to begin. Until the end of the week we will focus upon ECB meeting and data from US and Europe.
EUR/USD retains good chance for corrective upward move
EUR/USD market has been oversold for four trading sessions but so far it doesn’t help much for upward correction. The market declined to the lowest end of middle-term channel (1.1345-1.1515) and no real attempt to adjust has been detected yet. It is quite interesting that bears need correction much more that bulls do, if bears ever plan to push the market lower. Everyone knows that market needs space in order to break through any strong technical level. 1.1350-1.1345 is a very strong technical area and market support. However, it seems that no one truly believes that EUR / USD market would go straight lower from these levels and in general the whole situation on the EUR / USD market develops contrary to logic and common sense. But this is the market and it has its own logic. Yesterday, the trading day closed mixed without victorious side. EUR / USD produced long shadow of the daily candle – a kind of reversal sign, US dollar index also denotes reversal signals for two trading sessions. What if these are the first signs of an approaching correction in the dollar and, therefore, in EUR / USD. This is the most logical development of events. We will see how the trading session proceed. Market support is the area of 1.1345, the nearest resistance level is 1.1400, and further 1.1430.
Trading recommendations - longs at current levels 1.1345
GBP / USD - back to two-month high
As Forex market turns somewhat inactive and suppressed, British currency gains look impressive. Yesterday, GBP / USD continued to gain and, given today's positive market dynamics, GBP / USD almost came close to the round mark of 1.3000. This is a zone of two monthly highs. Traders positively assessed the strong data on the British labor market. Now the main question for GBP can the market overcome 1.3000 in the face of continuing Brexit uncertainty? The nearest support level is 1.2920. Resistance 1.3000. Kickbacks can be used to open long positions.
Trading recommendations - longs in area 1.2840
Gold is storming $ 1285 as s resistance this time
Today on Wednesday the gold market is facing an important tactical task. Yesterday's growth momentum brought the yellow metal quotes up to the first local resistance - the level of $ 1285. If bulls are able to bring the market back inside the channel 1285-1295, it will be a big psychological victory for them. No we need to monitor the situation development and wait for the close of at least two four-hour candles above 1285 in order to get the correct confirmation of this mark taking. If buyers win this local fight, additional longs might inflow, and the next resistance level will be the old local high around 1295 and then 1300.
Trading recommendations – longs in 1277, 1285
USD dollar index
US dollar index spent Tuesday session around 96 mark. Despite the best efforts, American dollar fails to beak this level. On the chart we see two daily reversal candles, and today we will most likely see the third one. Candlestick analysis indicates the development of a downward correction in the dollar. Let's see how the session will go, there are still two days left till the trading week end. The market has plenty of time.
Trading recommendations - cautious shorts from 96 points
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