*Canadian Wholesale Sales Declined 1.2% In November

Trading 22 jan 2020 Commentaire »

Canadian Wholesale Sales Declined 1.2% In November


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BTC analysis for 01.22.2020 – Coling market, watch for the breakout of rejection of the main pivot at $8.400 to confirm further

Trading 22 jan 2020 Commentaire »

Industry news:

Trading volume for Bitcoin (BTC) options from the Chicago Mercantile Exchange, or CME Group, has increased by over 100 percent in just the first week after their launch.

Bitcoin options volumes more than doubled in the seven days following their introduction on January 13, 2020. The volume recorded, as of January 17, was 122 contracts, valued at 610 BTC, which is currently worth $5.27 million. On day one of their launch, BTC options volume was only 55 contracts, or 275

BTC, which is presently worth $2.37 million.

Open interest on Bitcoin options contracts remained steady at 219 contracts on Friday, which is valued at an estimated 1,095 BTC, or $9.45 million at current prices.

Technical analysis:

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BTC has been trading sideways at the price of $8.626. I found that the level of $8.440 is critical pivot level for BTC and further direction. My analysis from yesterday is still valid. In case of the downside breakout of $8.440, watch for selling opportunities on the rallies with the main target at $7.725. In case of the rejection of the pivot $8.440, watch for buying on the dips with the main target at $9.000.

Stochastic is in overbought zone and we got fresh new bear cross

MACD oscillator is still showing positive reading above the zero but the momentum is decreasing to the upside.

Resistance level is seen at the price of $9.000

Main support pivots are set at $8.440 and $7.725The material has been provided by InstaForex Company - www.instaforex.com

Gold 01.22.2020 – Rejection of the major pivot resistance at the prrice of $1.562 in the background, selling opportunities

Trading 22 jan 2020 Commentaire »

Gold has been trading sideways at the price of $1.555 but with the strong rejection of the resistance in the background at $1.562. I expect further downside movement towards the support at $1.536.

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Due to strong rejection of our critical pivot level at $1.562, watch for selling opportunities on the rallies using the lower fames 5/15 minutes.

MACD oscillator is showing negative reading below the zero and the slow line is tuned to the downside.

Major resistance is set at the price of $1.562.

Support levels and downward target is set at the price of $1.535.The material has been provided by InstaForex Company - www.instaforex.com

EUR/USD for January 22,2020 – First downward target at the price of 1.1075 reached, second target at the price of 1.1040

Trading 22 jan 2020 Commentaire »

EUR has been trading downwards. The price tested my first downward target from yesterday at the price of 1.1070. I see further downside on the EUR and potential test of our second target at the price of 1.1040.

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The EUR is still trading inside of the downward slopping channel, which is sign of the short-term down trend. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.

MACD oscillator is showing increase on the downside momentum...

Resistance levels are set at the price of 1.1098 and 1.1118

Support level and second downward target is set at the price of 1.1040.

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January 22, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 22 jan 2020 Commentaire »

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Since November 14, the EUR/USD pair has been trapped within a narrow consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 6, a bullish swing was initiated around 1.1040 allowing another bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted short-term bullish channel.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

Moreover, On December 20, bearish breakout of the depicted short-term channel was executed.

Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.

Shortly-after, another bullish pullback towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.

Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.

However, the Key-Level around 1.1110 has provided some bullish rejection. This was followed by a bullish pullback towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.

Recently, evident signs of bearish rejection were demonstrated around 1.1175. That's why, quick bearish decline was executed towards 1.1110.

For the bearish side of the market to dominate, bearish persistence below 1.1110 is needed to enable further bearish decline towards 1.1060 and probably 1.1040.

Trade recommendations :

Yesterday, Intraday traders were advised to consider the recent bullish pullback towards 1.1120 as a valid SELL signal. It's already running in profits.

Bearish projection targets are to be located around 1.1060 and 1.1040.Any bullish breakout above 1.1140 invalidates the mentioned bearish trading scenario.

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EUR/USD. January 22. We are still waiting for a fall to 1.1040

Trading 22 jan 2020 Commentaire »

EUR/USD - 4H

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As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the US currency and resumed the process of falling, but again hit the low level of 1.1086, from which it rebounded last time. Also, a new bullish divergence has been formed for the MACD indicator, which allows us to count on a new reversal in favor of the European currency and some growth in the direction of the upper area of the trend downward corridor. Also, a long-term upward trend line is formed (it is better visible on the daily chart), which supports bull traders. Thus, at the moment, several signals can be formed at once, and in different directions. I still expect the quotes to consolidate below the level of 1.1086 and continue falling towards the next level - the low of 1.1040, and then even lower. Downward trend channels (global and small) are still valid, and clearly show the current mood of the market. The information background is weak today, traders are waiting for the results of tomorrow's meeting of the European Central Bank.

EUR/USD - daily

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As seen on the 24-hour chart, we still have a trading idea with a drop to the lower border of the downward trend corridor. However, at the moment, there is also a new trend line, which we discussed above. Thus, fixing the pair's quotes along this line will significantly increase the probability of a further fall in the direction of the approximate target level of 1.0850.

Forecast for EUR/USD and trading recommendations:

The long-term trading idea remains valid. Traders still have a long-term target for a fall near the level of 1.0850. It is advisable to open new sales for this trading idea after closing under the trend line.

The short-term trading idea is to sell the pair with the goal of 1.1040 since the trend on the 4-hour chart remains "bearish". The trend line may not send quotes so low, so for both trading ideas, you can try to wait for the euro-dollar pair to close below this line.

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GBP/USD. January 22. Two correction lines at once provide good opportunities for sales

Trading 22 jan 2020 Commentaire »

GBP/USD - 4H.

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As seen on the 4-hour chart, the GBP/USD pair performed an increase in the area of the corrective level of 50.0% (1.3094), which I mentioned in yesterday's review. Also, the pair's quotes came close to the previous peak level - 1.3118. In that area, I'm waiting for the quotes to turn down and resume falling. Perhaps immediately, perhaps a little higher and a little later. Just like for the euro, we have a new upward correction line, and in addition to it, a small upward correction line. Fixing quotes below the correction line will work in favor of the US dollar. Closing below the trend line will work in favor of the US dollar. The rebound of the pound-dollar pair from the Fibo level of 50.0% (or 38.2%) will work in favor of the US dollar. I am considering the option of increasing the pair's quotes, however, I believe that there is more chance of a renewed fall in the pound. The information background is neutral for the pair today, no economic reports are listed in the calendar today.

Forecast for GBP/USD and trading recommendations:

The trading idea is still in the sales of the pound. However, this time, I expect a reversal around the level of 1.3094 with a drop of about 100 points down. Or closing under the global correction line and further falling 100-200 points down. Anyway, you need to wait for signals in the form of closing under the correction lines or rebounds from the level of 1.3094 or 1.3139.

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Fractal analysis for major currency pairs as of January 22

Trading 22 jan 2020 Commentaire »

Hello, dear colleagues.

For the euro-dollar pair, the price forms a potential for the development of a downward trend on the H1 scale and the level of 1.1064 is the key resistance. For the pound-dollar pair, we follow the upward structure of January 20 and the level of 1.3128 is the key resistance. For the dollar-franc pair, we expect the upward movement to continue after the breakout of 0.9728 and the level of 0.9667 is the key support. For the dollar-yen pair, we expect the continuation of the downward cycle from January 8 after the breakdown of 110.40. For the euro-yen pair, local initial conditions are needed to resume the upward movement, which we expect to reach the level of 122.68. For the pound-yen pair, we expect a move to the level of 144.53 and the level of 143.07 is the key support.

Forecast for January 22:

Analytical review of currency pairs on the H1 scale:

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For the euro-dollar pair, the key levels on the H1 scale are: 1.1131, 1.1115, 1.1102, 1.1079, 1.1064, and 1.1031. We follow the downward structure from January 16. The short-term downward movement is expected in the area of 1.1079-1.1064 and the breakdown of the last value will lead to a pronounced movement. The potential target is 1.1031 and we expect a pullback up from this level.

The short-term upward movement is possible in the range of 1.1102-1.1159 and the breakdown of the last value will lead to a deep correction. The target is 1.1111 and this level is the key support for the downward structure.

The main trend is the downward structure from January 16.

Trading recommendations:

Buy: 1.1102 Take profit: 1.1113

Buy: 1.1116 Take profit: 1.1130

Sell: 1.1078 Take profit: 1.1065

Sell: 1.1063 Take profit: 1.1034

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For the pound-dollar pair, the key levels on the H1 scale are: 1.3207, 1.3174, 1.3128, 1.3089, 1.3071, and 1.3035. The price canceled the development of the downward structure, and at the moment, we are following the upward structure from January 20. We expect the upward movement to continue after the breakout of 1.3128. In this case, the target is 1.3174. We consider the level of 1.3207 as a potential value for the top; when this level is reached, we expect consolidation, as well as a pullback to the top.

A short-term downward movement is possible in the area of 1.3089-1.3071 and the breakdown of the last value will lead to a deep correction. The target is 1.3035 and this level is the key support for the top.

The main trend is the upward structure from January 20.

Trading recommendations:

Buy: 1.3128 Take profit: 1.3172

Buy: 1.3175 Take profit: 1.3205

Sell: 1.3089 Take profit: 1.3073

Sell: 1.3068 Take profit: 1.3037

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For the dollar-franc pair, the key levels on the H1 scale are: 0.9809, 0.9778, 0.9758, 0.9727, 0.9699, 0.9686, and 0.9667. We follow the development of the upward structure from January 16. We expect the upward movement to continue after the breakout of 0.9727. In this case, the target is 0.9758 and in the area of 0.9758-0.9778 is the short-term upward movement, as well as consolidation. We consider the level of 0.9809 to be a potential value for the upward movement; upon reaching this level, we expect a downward rollback.

A short-term downward movement is possible in the area of 0.9699-0.9686 and the breakdown of the last value will lead to a deep correction. The target is 0.9667 and this level is the key support for the top.

The main trend is an upward cycle from January 16.

Trading recommendations:

Buy: 0.9727 Take profit: 0.9756

Buy: 0.9758 Take profit: 0.9776

Sell: 0.9699 Take profit: 0.9687

Sell: 0.9684 Take profit: 0.9668

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For the dollar-yen pair, the key levels in the H1 scale are: 111.38, 110.78, 110.39, 109.81, 109.58, and 109.23. We follow the development of the upward cycle from January 8. At the moment, we expect to reach the level of 110.39 and the breakdown of which will allow us to count on the movement to the level of 110.78. The breakdown of 110.80 should be accompanied by a pronounced upward movement. The potential target is 111.38.

A short-term downward movement is possible in the range of 109.81-109.58 and the breakdown of the last value will lead to an in-depth correction. The target is 109.23 and this level is the key support for the top.

The main trend is the upward cycle of January 8.

Trading recommendations:

Buy: 110.40 Take profit: 110.76

Buy: 110.80 Take profit: 111.35

Sell: 109.80 Take profit: 109.58

Sell: 109.55 Take profit: 109.25

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For the Canadian dollar-dollar pair, the key levels on the H1 scale are: 1.3157, 1.3126, 1.3112, 1.3090, 1.3062, 1.3040, and 1.3015. We follow the development of the upward cycle from January 7. We expect the upward movement to continue after the breakout of 1.3090. In this case, the target is 1.3112 and in the area of 1.3112-1.3126 is the consolidation. We consider the level 1.3157 to be a potential value for the top; upon reaching this level, we expect a downward rollback.

The short-term downward movement, as well as consolidation, are possible in the area 1.3040-1.3015 and the breakdown of the latter value will lead to the formation of initial conditions for the downward cycle. In this case, the potential target is 1.2988.

The main trend is the upward cycle from January 7, the correction stage.

Trading recommendations:

Buy: 1.3090 Take profit: 1.3112

Buy: 1.3126 Take profit: 1.3155

Sell: 1.3038 Take profit: 1.3017

Sell: 1.3013 Take profit: 1.2990

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For the Australian dollar-dollar pair, the key levels on the H1 scale are: 0.6885, 0.6867, 0.6853, 0.6820, 0.6803, 0.6781, and 0.6763. We follow the development of the downward structure from January 16. We expect a short-term downward movement in the range of 0.6820-0.6803 and the breakdown of the last value should be accompanied by a pronounced downward movement. The target is 0.6781. We consider the level of 0.6763 as a potential value for the bottom, upon reaching which we expect consolidation, as well as a pullback to the top.

The short-term upward movement is expected in the area of 0.6853-0.6867 and the breakdown of the last value will lead to a deep correction. The target is 0.6885 and this level is the key support for the downward structure.

The main trend is the downward structure from January 16.

Trading recommendations:

Buy: 0.6853 Take profit: 0.6865

Buy: 0.6868 Take profit: 0.6883

Sell: 0.6820 Take profit: 0.6804

Sell: 0.6802 Take profit: 0.6784

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For the euro-yen pair, the key levels on the H1 scale are: 123.89, 123.32, 123.06, 122.68, 122.36, 121.80, 121.47, and 121.06. For the subsequent development of the upward trend, it is necessary to create local initial conditions. The resumption of the upward movement is expected after breakdown 122.36. In this case, the first target is 122.68. The breakdown of which, in turn, should be accompanied by a pronounced movement to the level of 123.06 and in the area of 123.06-123.32 is the short-term upward movement, as well as consolidation. A breakdown of the level of 123.35 will lead to a movement to a potential target - 123.89, from this level, we expect a rollback down.

A short-term downward movement is possible in the area of 121.80-121.47 and the breakdown of the last value will lead to the development of a downward structure from January 16. In this case, the goal is 121.06.

The main trend is the downward structure from January 16.

Trading recommendations:

Buy: 122.36 Take profit: 122.66

Buy: 122.70 Take profit: 123.06

Sell: 121.80 Take profit: 121.50

Sell: 121.45 Take profit: 121.10

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For the pound-yen pair, the key levels on the H1 scale are: 146.41, 145.55, 144.93, 144.53, 143.98, 143.07, 142.59, and 142.11. It is expected to reach the level of 144.53. A short-term upward movement in the area of 144.53-144.93 is also expected and the breakdown of the last value will lead to a move to the level of 145.55, near which we expect consolidation. The potential value for the top is the level of 146.41, from which we expect a pullback to the bottom.

A short-term downward movement is possible in the area of 143.07-142.59 and the breakdown of the last value will lead to the formation of initial conditions for the downward cycle. In this case, the potential goal is 142.11.

The main trend is the upward structure from January 3, the correction stage.

Trading recommendations:

Buy: 144.53 Take profit: 144.91

Buy: 144.95 Take profit: 145.55

Sell: 143.05 Take profit: 142.65

Sell: 142.54 Take profit: 142.11

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

January 22, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 22 jan 2020 Commentaire »

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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 18 - 23, bearish breakout below the depicted channel followed by initial bearish closure below 1.3000 were demonstrated on the H4 chart.

However, earlier signs of bullish recovery were manifested around 1.2900 denoting high probability of bullish pullback to be expected.

Thus, Intraday technical outlook turned into bullish after the GBP/USD has failed to maintain bearish persistence below the newly-established downtrend line.

That's why, bullish breakout above 1.3000 was demonstrated allowing the recent Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and another bearish swing were suggested for conservative traders in previous articles.

Moreover, two descending highs were recently demonstrated around 1.3120 and 1.3090 which enhances the bearish side of the market.

Intraday technical outlook remains bearish as long as the pair maintains is movement below 1.3120.

Conservative traders should wait for bearish breakdown below 1.2980, This is needed first to enhance further bearish decline towards 1.2900, 1.2800 and 1.2780 where the backside of the previously-broken downtrend is located.

In the Meanwhile, Intraday traders can watch any bullish pullback towards the depicted price zone (1.3170 - 1.3200) for bearish rejection and another valid SELL entry with intraday bearish targets projected towards 1.3000 and 1.2980.

On the other hand, any bullish breakout above 1.3100-1.3120 (the recently established descending high) invalidates the intraday bearish scenario. Thus, further bullish pullback would be expected towards 1.3200.

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*Taiwan Dec Jobless Rate 3.72%, Consensus 3.71%

Trading 22 jan 2020 Commentaire »

Taiwan Dec Jobless Rate 3.72%, Consensus 3.71%


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