Tuesday, 29 January 2019
FOREX trading signals
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trading signals
Tuesday’s trading calendar is not all so hot, but there are large-scale storylines that can easily cause greater volatility. These include trade negotiations between US and China, updates on Brexit development and the expectations of the long-awaited FOMC decision on Wednesday. All these strategic factors can restrain market activity in the first half of the trading week, and as in the previous five days, volatility would increase dramatically at the end. The technical picture continues to point to the weak dynamics of US dollar.
EUR / USD
The upward impulse reached the first resistance zone around 1.1440. A local reversal may well take place here on the background of partial profit taking, however, in early European trading, a direct signal to the weakening of the upward impulse was not yet detected;
In the case of movement above 1.1440, the target will be the area of resistance 1.1485-1.1500, from where correction appears inevitable. The nearest local support in the zone 1.1411-1.1405.
Trading recommendations - longs when pulling back to 1.1411 or after consolidating above 1.1440
GBP / USD
Last Friday, the market reached a really strong resistance zone around 1.3200 (four-month highs), and then the market expectedly adjusted to the area of the first local support 1.3140. It is interesting that last week the market completely ignored the development of the Brexit issue. Let's see how this news will affect the market this week. Already today, a vote on Plan B from the British Prime Minister is expected. This is a certain risk factor for the British currency. Technically, as long as the quotes remain above 1.3140, the chances for a quick retest of this level remain. However, a stronger support area is in the 1.3170 area.
Trading recommendations – longs in 1.3140, 1.3060
Gold
On Friday, the market updated the local highs above 1300 mark, and Monday confirmed that the market had taken this historical market area (Monday's candle close occurred at the levels of 1302). Today in the Asian trading session, the growth of the market continued. The technical picture is very simple - support is in the area of 1296-1300. Resistance is also close -a strong area of support is located around 1306-1310.
Trading recommendations - buying in the area 1296-1300
US dollar index
The decline in the US dollar continues. The dollar index fell to the support area of 95.35 points. However, the short-term technical target of this current downward decline is somewhere in the zone of 95 points.
Trading recommendations - we expect further decline
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