Indicator analysis. Daily review on November 13, 2019, for the GBP / USD currency pair.

Trading 13 nov 2019 Commentaire »

Trend analysis (Fig. 1).

On Wednesday, the price may move up to the upper fractal - 1.2898. From this level, it is possible to continue moving up to the retreating level of 61.8% - 1.2919 (red dashed line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

On Wednesday, the price may continue to move up.

The first upper target is the upper fractal 1.2898. From this level, it is possible to continue moving up to the retreating level of 61.8% - 1.2919 (red dashed line).

The lower scenario is a downward movement to the lower fractal - 1.2769 (red dashed line).

The work plan for today is until 16.00 UTC +, 15 minutes on the chart.

When the histogram is above zero (MASD 21/34/55), the entrance is upward along the 3/3/5 stochastic when crossing its fast (white) slow (blue) from bottom to top.

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Fig. 2 (schedule 15 minutes).

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Technical analysis of BTC/USD for 13/11/2019:

Trading 13 nov 2019 Commentaire »

Crypto Industry News:

According to former President of the European Central Bank, Jean-Claude Trichet, Bitcoin has no currency characteristics and is purely speculative. Trichet said this at the Caixin conference in Beijing.

During the event, Trichet also expressed doubts that cryptocurrencies could become the future of money. He said that Bitcoin lacks the features of a real currency:

"I am definitely against Bitcoin and I think we are a bit carefree. [...] The currency itself is not real, with the features it must have," he said.

Trichet also explained that he believes that buying cryptocurrency is in many respects just speculation. He also claimed that even if the cryptographic resource is allegedly backed by a real resource, it still observes a lot of speculation, which it described as "unhealthy."

Trichet added that he is also not a fan of Stablecoin Libra, proposed by Facebook, and noted that he prefers special drawing rights (SDRs) issued by the International Monetary Fund. Like Libra's plans, SDRs are supported by a basket of currencies, including the US dollar, euro, pound sterling, renminbi and yen.

He also said that although the world could leave banknotes and coins behind it, cryptocurrencies cannot be the way forward.

Technical Market Overview:

The BTC/USD bounce was capped at the level of $8,836 which is the lower boundary of the narrow horizontal zone that was recently broken. The momentum is still negative, so the further spike down might happen soon. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396.

Weekly Pivot Points:

WR3 - $10,032

WR2 - $9,933

WR1 - $9,413

Weekly Pivot - $9,012

WS1 - $8,510

WS2 - $8,085

WS3 - $7,592

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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Technical analysis of GBP/USD for 13/11/2019

Trading 13 nov 2019 Commentaire »

Technical Market Overview:

The GBP/USD pair has bounced from the technical support located at the level of 1.2786 and now is back to the middle of the range. Liquidity is drying up again, but the momentum is still rather weak and just slightly positive despite the oversold conditions, so the next leg will likely be down again. The nearest technical support is seen at the level of 1.2705 and the nearest technical resistance is seen at the level of 1.2939.

Weekly Pivot Points:

WR3 - 1.3033

WR2 - 1.2987

WR1 - 1.2853

Weekly Pivot - 1.2816

WS1 - 1.2681

WS2 - 1.2633

WS3 - 1.2516

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.3000 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

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Technical analysis of EUR/USD for 13/11/2019:

Trading 13 nov 2019 Commentaire »

Technical Market Overview:

Another leg down was made at the EUR/USD market as the bears are trying to get to the 61% Fibonacci retracement level located at 1.0994. Across the way down all the bounces are very shallow and the momentum remains weak and negative despite the oversold market conditions at the H4 timeframe chart. The bears are now in full control of the market and the next target is seen at the level of 1.0994 which is 61% of the Fibonacci retracement. Please notice, the level of 1.0999 is the key short-term technical support for the price as well, so some kind of a bounce should be expected from this level.

Weekly Pivot Points:

WR3 - 1.1256

WR2 - 1.1211

WR1 - 1.1097

Weekly Pivot - 1.1053

WS1 - 1.0934

WS2 - 1.0895

WS3 - 1.0778

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

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