Indonesia Consumer Confidence Weakens In October

Trading 09 Nov 2020 Commentaire »

Indonesia's consumer confidence weakened in October, though households' expectations for the next six months remained quite optimistic on hopes of more income and job availability, survey data from Bank Indonesia showed on Monday.

The consumer confidence index fell to 79.0 from 83.4 in September, the bank said.

The consumer expectation index remained above the 100-point threshold at 106.6. This signaled that consumer expectations of economic conditions in the next six months was quite optimistic, underpinned by upbeat sentiment regarding the income and employment outlook.

However, consumers were less upbeat regarding the current economic situation due to lower income and less job availability amid the coronavirus, or Covid-19, pandemic.


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Canadian Dollar Rises Amid Higher Oil Prices

Trading 09 Nov 2020 Commentaire »

The Canadian dollar climbed against its major counterparts in the European session on Monday, as encouraging news about Pfizer's COVID-19 vaccine trial and Democratic candidate Joe Biden's victory in the U.S. presidential election lifted oil prices.

Crude for December delivery rose $3.71 to $40.85 per barrel.

U.S. pharmaceutical giant Pfizer said its experimental vaccine was more than 90 percent successful in preventing Covid-19 in the first analysis of the large study.

Pfizer said it would seek U.S. emergency use authorization later this month.

Biden's victory over Trump in the presidential race helped ease political uncertainty.

Although Trump has not conceded, analysts think that Biden will become the next President.

The loonie spiked up to a 2-month high of 81.13 versus the yen and more than a 2-year high of 1.2937 against the greenback from Friday's closing values of 79.11 and 1.3055, respectively. The loonie may find resistance around 84.00 versus the yen and 1.29 against the greenback.

The loonie hit a 5-day high of 1.5373 against the euro, after falling to 1.5516 at 5:00 pm ET. The loonie is seen finding resistance around the 1.52 level.

The loonie recovered to 0.9470 against the aussie, from a low of 0.9515 seen at 6:45 am ET. If the loonie rises further, 0.93 is likely seen as its next resistance level.

Australia building permits rose a seasonally adjusted 15.4 percent on month at 15,827.

Permits for private sector houses rose 9.7 percent to 10,238 and permits for private sector dwellings excluding houses spiked 23.4 percent to 5,189.


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*Canadian Dollar Rises To 4-day High Of 1.5392 Against Euro

Trading 09 Nov 2020 Commentaire »

Canadian Dollar Rises To 4-day High Of 1.5392 Against Euro


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*Canadian Dollar Extends Gain To More Than 2-year High Of 1.2955 Vs U.S. Dollar

Trading 09 Nov 2020 Commentaire »

Canadian Dollar Extends Gain To More Than 2-year High Of 1.2955 Vs U.S. Dollar


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EURUSD retracing the upward move from 1.16

Trading 09 Nov 2020 Commentaire »

The bullish wave from 1.16 ended at today's high at 1.1920. Price has reversed trend and has already reached the 38% Fibonacci retracement. Bulls need to hold above 1.1720 and the 61.8% retracement otherwise bulls will be in danger of losing 1.16.

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EURUSD is in pull back phase now. Price has reached the 38% retracement in just one day. This kind of price action increases the chances that the pull back will be steep and could very easily reach the key fibonacci retracement level of 61.8%. Breaking below the 61.8% will be a strong bearish sign. Bulls need to defend this level. Bulls need to be patient and wait for price to get closer to the 61.8% level in order to go long again, hoping for a higher low. Bears on the other hand have more work to do. They will need to push price below 1.16 in order to hope for a bigger decline in EURUSD, otherwise 1.20-1.21 could be a minimum year end target.The material has been provided by InstaForex Company - www.instaforex.com

Impressive rejection at cloud resistance and break of key support

Trading 09 Nov 2020 Commentaire »

Gold bulls seemed last week that they were under control of the trend. Breaking above $1,920-30 and recapturing the $1,950 level were signs that bullish strength was on its way.....However the bulls never managed to break above the cloud resistance.

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Gold bulls tried to break above the Kumo (cloud) last week two times but they could not. Today not only we saw a rejection in price but also a break down below the cloud. This is very bad news for short-term trend in Gold. Gold price is challenging $1,855. Gold bulls managed to break above the short-term resistance levels but could not break and stay above the $1,950 area. The bearish turn around today signals more weakness to come as price has broken very easily below $1,900 again. The $1,900 and $1,950 levels were noted several times before in our analysis. Momentum now favors bears and a break below $1,850 towards $1,800.

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Gold price is already trading below last weeks low. This is very bad news for bulls. This implies a move towards $1,750 is very probable. Bulls need to recapture at least $1,900 in order to avoid such a pull back. Bears now want price to continue making lower lows and lower highs. Stop loss for bears is today's high.The material has been provided by InstaForex Company - www.instaforex.com

November 9, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 09 Nov 2020 Commentaire »

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Short-term bearish outlook was expected especially after bearish persistence was achieved below the lower limit of the newly-established ascending-channel around 1.3100.

A quick bearish decline took place towards 1.2780 and 1.2700 where considerable bullish rejection brought the pair back towards 1.3000 and 1.3100 during the past few weeks.

The price zone of 1.3100-1.3150 (the depicted channel upper limit) constituted an Intraday Key-Zone to offering considerable bearish pressure on the GBPUSD Pair.

Bullish Persistence above the mentioned price zone of 1.3100-1.3150 was supposed to allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested bullish pattern.

However, the GBP/USD pair failed to do so, Instead, another bearish movement was targeting the price level of 1.2840 where bullish SUPPORT existed allowing another bullish movement initially towards 1.3000.

Moreover, the recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3175-1.3200 where the upper limit of the current movement channel is located.

Price action should be watched around the current price levels (1.3200) as a valid SELL Entry can be offered. Initial bearish target is located at 1.3000

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November 9, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 09 Nov 2020 Commentaire »

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In July, the EURUSD pair has failed to maintain bearish momentum strong enough to move below 1.1200 (consolidation range lower zone).

Instead, bullish breakout was achieved above 1.1380-1.1400.This has lead to a quick bullish spike directly towards 1.1750 which failed to offer sufficient bearish pressure as well.

Bullish persistence above 1.1700 - 1.1760 favored further bullish advancement towards 1.1975 - 1.2000 ( the upper limit of the technical channel ) which constituted a Solid SUPPLY-Zone offering bearish pressure.

Moreover, Intraday traders should have noticed the recent bearish closure below 1.1700. This indicates bearish domination on the short-term.

However, the EURUSD pair has failed to maintain sufficient bearish momentum below 1.1625 (38% Fibonacci Level). Instead, another bullish breakout was being demonstrated towards 1.1870 which corresponds to 76% Fibonacci Level.

As mentioned in previous articles, the price zone of 1.1870-1.1900 stood as a solid SUPPLY Zone corresponding to the backside of the broken channel.

Moreover, the recent bearish H4 candlestick closure below 1.1770 was mentioned in previous articles to indicate a valid short-term SELL Signal. All bearish targets were already reached at 1.1700 and 1.1630 where the current bullish recovery was initiated

The current bullish pullback towards the price zone of 1.1870-1.1900 should also be considered for signs of bearish rejection and another valid SELL Entry. S/L should be placed just above 1.1950.

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USDCAD bears remain in control as price slides below 1.30 for the first time since August 2018.

Trading 09 Nov 2020 Commentaire »

As we explained in our previous post, USDCAD bears were in control of the trend as price was breaking below the triangle pattern. We also mentioned that we prefer to remain bearish for a move towards 1.28 as long as price was below 1.3150.

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Red line - resistance

Green line - Support (broken)

USDCAD is trading below 1.30 at 1.2978 right now. Price continues lower early this week under pressure by sellers. It is a normal follow through after the end of the week break down we saw the previous week. Trend remains bearish and we continue to expect a move towards 1.28. Short-term resistance is at the green line at 1.3130. Previous support is now resistance.Despite the new lower low in price, the RSI is still above the 30 level. This is a bullish divergence. This is not a reversal signal but a warning towards bears that they need to be cautious. With the RSI now at 33.91, bears need to move price stronger lower and the RSI break below 29.57 in order to cancel the bullish divergence. It is important to see how bulls respond this week to the selling pressures. USDCAD might be very close for a major low around 1.29 and a major reversal. USDCAD might be very close to ending the entire downward move from 1.4650. Bears need to be cautious and get overconfident.

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November 9, 2020 : EUR/USD daily technical review and trade recommendations.

Trading 09 Nov 2020 Commentaire »

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Until October 13, temporary breakout above 1.1750 was demonstrated within the depicted ascending channel. This indicated high probability of bullish continuation towards 1.1880. However, downside pressure pushed the EUR/USD pair towards 1.1700 where significant BUYING Pressure Existed. This was followed by another quick upside movement towards 1.1880-1.1900.

The price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel where significant bearish pressure and a reversal Head & Shoulders pattern were demonstrated.

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. All target levels were achieved. EXIT LEVEL was reached around 1.1720.

Early signs of bullish reversal were demonstrated around the current price levels of 1.1600.

The EUR/USD pair has demonstrated a significant BUYING Pattern after the recent upside breakout above the depicted price zone (1.1750-1.1780) was achieved.

As mentioned in the previous article, the pair has targeted the price levels around 1.1920 which exerted considerable bearish pressure bringing the pair back towards 1.1800.

Trade Recommendations :-

Currently, the price zone of 1.1800-1.1820 stands as a significant SUPPORT-Zone to be watched upon any upcoming downside pullback for a valid BUY Position. Exit level should be placed below 1.1740.

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