Tuesday, 8 January 2019
Trading signals
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trading signals
We are back to the full after-holiday trade- market volumes are returning to normal levels. Investors will want to know what will happen in the last round of trade negotiations between the US and China, and this factor is still in the spotlight of the markets, as well as what Theresa May intends to take to avoid defeat in parliament next week. On Monday, some tactical oversold of the dollar was spoted, but on Tuesday in Asia we see a slowdown of this local pullback.
EUR / USD - strengthened to the area of two-month highs around 1.1485
On Monday, positive dynamics remained in this market. Quotes gained in $ 1.1485 area, this is the zone of December highs, and the upper end of the wide sideway range. If the market manage to gain up to 1.1500, then perhaps it activates stop-orders located here, which will send quotes higher to the area of 1.1520. Tactically, the market was able to find local support around the 1.1430 round level in Asia session. But this level looks weak. However, the main area of support is in the zone 1.1405-1.1400. We maintain positive expectations for this market, and we expect a tactical pullback that will activate new long inflow.
Trading recommendations - purchases in the area 1.1405-1.1400.
GBP / USD - strong 1.2770 still holding back the market
The market continues to trade around 1.2770 level. Yesterday the market attempted to test this mark. This zone holds the market for two months and proves to be firm. Of course, fundamentally news background is now also not in favor of the British currency, but technically there are conditions for a local recovery of the oversold pound. The only obstacle to this is the level 1.2770. Local pullbacks can be used to open longs.
Trading recommendations - buyback when rolling back to 1.2665 and below
AUD / USD - corrective pullback was weaker than expected
Corrective pullback in this market was stopped around 0.7145. The American dollar moved to a local correction, USD dollar index gained to 95.50. Conditions for side trading trading were formed within the levels of 0.7040-0.7145. Further market dynamics look uncertain.
Trading recommendations - out of the market
Gold - bulls have lost momentum and the market moves to side consolidation
Following the results of Friday's trading and the Monday session, we can conclude that the gold market has reached a local maximum around 1298 and the next stage of the current upward trend is the transition to local consolidation. On Friday, players recorded profits after five days of continuous growth during which, an important psychological level of $ 1,300 was reached. As a result, the market showed a very technical correction, as quotes dropped to $ 1277, where buyers entered the game again at more interesting and safer levels. However, the Monday session showed that the bulls had lost pace. Yesterday, the market strengthened to the $ 1290 zone, after which a reversal signal was formed. Local support is located in the area of $ 1277. However, a really strong level is located in the $ 1269 area. We stay out of the market waiting for more comfortable levels to go long.
Trading recommendations - out of the market
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