USDCHF breaks out, back tests and bounces

Trading 12 fév 2020 Commentaire »

USDCHF is breaking upwards. Price is following our bullish scenario we noted a couple days earlier. This break out was followed by a back test and as price has retested the broken resistance trend line, now it is bouncing higher.

analytics5e44737e25d5a.png

Blue line -resistance broken

Green line - bullish divergence

Red line - expected size of upward move similar to first leg

USDCHF has back tested the 0.9750 area which was once resistance and now support. Holding above the blue broken trend line resistance, will open the way for a move towards 0.99. We remain bullish USDCHF as long as price is above the 0.9750 support.

The material has been provided by InstaForex Company - www.instaforex.com

*U.S. Crude Oil Inventories Jump By 7.5 Million Barrels In Week Ended 2/7

Trading 12 fév 2020 Commentaire »

U.S. Crude Oil Inventories Jump By 7.5 Million Barrels In Week Ended 2/7


The material has been provided by InstaForex Company - www.instaforex.com

Rising Oil Prices Send Canadian Dollar Higher

Trading 12 fév 2020 Commentaire »

The Canadian dollar strengthened against its most major counterparts in the European session on Wednesday on higher oil prices, as fears about China's coronavirus outbreak and the potential economic impact lessened.

Crude for March delivery rose $0.80 to $50.74 per barrel.

The number of new coronavirus cases fell, reducing concerns over demand growth in the world's second-largest economy.

The National Health Commission said 2,015 new cases had been reported over the last 24 hours, registering a second day of decline.

Risk appetite improved on hopes that China's coronavirus outbreak would peak soon.

The new outbreak is hitting a peak and may be over by April, Zhong Nanshan, an 83-year-old epidemiologist who won fame for combating the SARS epidemic in 2003, said in an interview with Reuters.

The loonie climbed to 1.4468 against the euro, its strongest in three weeks. On the upside, 1.42 is likely seen as the next resistance for the loonie.

Data from Eurostat showed that Eurozone industrial production decreased more than expected in December.

Industrial production declined 2.1 percent month-on-month in December after staying flat in November. Economists had forecast a 1.7 percent drop.

The loonie rallied the most in nine days against the dollar, touching 1.3259. Should the loonie rises further, 1.30 is seen as its next resistance level.

Breaking the 83.00 level, the loonie jumped to a 2-week high of 83.02 against the yen. The loonie may test resistance around the 84.00 level.

Data from the Bank of Japan showed that Japan M2 money stock rose 2.8 percent on year in January, coming in at 1,042.9 trillion yen.

That exceeded expectations for an increase of 2.7 percent, which would have been unchanged from the December reading.

The loonie, though, slipped to a 6-day low of 0.8954 against its Australian counterpart, as the Asian currency was supported by optimism prevailed in the global markets. Immediate support for the loonie is found around the 0.91 level. Survey data from Westpac showed that Australia's consumer confidence advanced in February but sentiment remained weak overall.

The Westpac-Melbourne Institute Index of Consumer Sentiment rose 2.3 percent to 95.5 in February from 93.4 a month ago.

Looking ahead, Federal Reserve Chair Jerome Powell will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee in Washington DC at 10:00 am ET.

In the New York session, U.S. monthly budget statement for January is scheduled for release.


The material has been provided by InstaForex Company - www.instaforex.com

India CPI Inflation Accelerates In January

Trading 12 fév 2020 Commentaire »

India's consumer price inflation accelerated in January, preliminary data from the statistics ministry showed on Wednesday.

The consumer price index rose 7.59 percent year-on-year after a 7.35 percent increase in December. Economists had forecast 7.40 percent inflation.

In January 2019, inflation was 1.97 percent.

The food price inflation slowed to 13.63 percent from 14.19 percent in the previous month. In the food and beverages group, prices for vegetables jumped 50.19 percent from the same month last year.

Compared to the previous month, consumer prices decreased 0.13 percent and food prices fell 1.22 percent.


The material has been provided by InstaForex Company - www.instaforex.com

India's Industrial Production Falls Unexpectedly In December

Trading 12 fév 2020 Commentaire »

India's industrial production declined unexpectedly at the end of the year, official data revealed on Wednesday.

Industrial production dropped 0.3 percent on a yearly basis, confounding expectations for an increase of 1.8 percent. Industrial production had advanced 1.8 percent in November.

Data showed that mining output expanded 5.4 per cent annually, while manufacturing contracted 1.2 percent and electricity edged down 0.1 percent.

During April to December period, industrial production expanded 0.5 percent compared to 4.7 percent in the same period last year.


The material has been provided by InstaForex Company - www.instaforex.com

*Canadian Dollar Rises To 3-week High Of 1.4475 Versus Euro

Trading 12 fév 2020 Commentaire »

Canadian Dollar Rises To 3-week High Of 1.4475 Versus Euro


The material has been provided by InstaForex Company - www.instaforex.com

February 12, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 12 fév 2020 Commentaire »

analytics5e4426a269467.jpg

On December 30, a bearish ABC reversal pattern was initiated around 1.1235 (Previous Key-zone) just before another bearish movement could take place towards 1.1100 (In the meanwhile, the EURUSD pair has lost much of its bearish momentum).

One more bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.

Evident signs of bearish rejection were demonstrated around 1.1175. That's why, quick bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.

Further bearish decline took place towards 1.1000 where the pair looked quite oversold around the lower limit of the depicted bearish channel.

Hence, significant bullish rejection was able to push the pair back towards the nearest SUPPLY levels around 1.1080-1.1100 where a confluence of supply levels (including the upper limit of the channel) were located.

Since then, the pair has been trending within the depicted bearish channel.

Hence, further bearish decline was expected towards 1.0950 where (Fibonacci Expansion level 78.6%) and the lower limit of the channel are located.

Bearish closure below 1.0950 allowed another bearish decline to occur towards the next key-level 1.0910 (Fibonacci Expansion level 100%).

Intraday traders are advised to look for signs of bullish recovery around the price level of (1.0910) as a valid intraday BUY signal.

Overall, The intermediate technical outlook remains bearish as long as bearish persistence below 1.1000 is maintained on the H4 chart.

However, the EUR/USD pair looks quite overpriced after such a long bearish decline and if bullish recovery is expressed above 1.0910, further bullish advancement would be expected towards 1.0950 and probably higher (around 1.0990) if enough bullish momentum is expressed above 1.0950.

On the other hand, bearish persistence below 1.0880 invalidates the previous short-term bullish scenario.

The material has been provided by InstaForex Company - www.instaforex.com

*India Jan Inflation 7.59% Vs. 7.35% In December

Trading 12 fév 2020 Commentaire »

India Jan Inflation 7.59% Vs. 7.35% In December


The material has been provided by InstaForex Company - www.instaforex.com

February 12, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 12 fév 2020 Commentaire »

analytics5e44251798833.jpg

On December 13, the GBPUSD pair looked overpriced around the price levels of 1.3500 while exceeding the upper limit of the newly-established bullish channel.

On the period between December 18th - 23rd, bearish breakout below the depicted channel followed by temporary bearish closure below 1.3000 were demonstrated on the H4 chart.

However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.

Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and a new wide-ranged movement channel were established between (1.3200-1.2980).

Moreover, new descending highs were recently demonstrated around 1.3200 and 1.3080.

During the past few days, signs of bullish rejection were temporarily manifested around 1.2980-1.3000 before obvious bearish breakdown could occur.

Intraday technical outlook is supposed to remain bearish as long as the pair maintains its movement below 1.3080 (the most recently-established descending high).

Bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 where Intraday traders were advised to watch price action carefully (the lower limit of the movement channel).

Since Monday, early signs of bullish rejection have been expressed allowing the current bullish pullback to pursue towards 1.3000 where bearish rejection and another SELL entry can be offered.

On the other hand, bullish breakout above 1.3000 will enable further bullish advancement towards 1.3100 and probably 1.3200.

The material has been provided by InstaForex Company - www.instaforex.com

*India Dec Industrial Production Falls 0.3% On Year

Trading 12 fév 2020 Commentaire »

India Dec Industrial Production Falls 0.3% On Year


The material has been provided by InstaForex Company - www.instaforex.com