Technical outlook and chart setups:Silver looks to have finally bottomed out at $15.60 level, before turning higher. The metal is seen to be trading at $15.90 level at this moment after having pushed higher through $16.10 level during early trade today…
Global macro overview for 03/01/2017:All latest economic indicators from the United Kingdom are beating market expectations. There is now difference between the latest economic indicator, Manufacturing PMI, which is a monthly gauge of manufacturing act…
Technical outlook and chart setups:Gold seems to have made a meaningful low at $1122.00 level now and is just about to continue higher through $1,165.00/70.00 levels from here. The metal is seen to be trading at $1,146.00 for now and is expected to fin…
Global macro overview for 03/01/2017:The unemployment change data from Germany were released this morning and it were in line with market expectations. The unemployment rate remained at 6.0% in December just like a month ago, but unemployment claims (a…
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4994 in an high volume. My first take profit from yesterday’s analysis has been met at 1.5060. According to the 30M time frame, the price is trading below yeste…
General overview for 03/01/2017:The wave a (green) of the corrective cycle looks to be completed with a low at the level of 1.3387. The 38%Fibo at the level of 1.3400 has just been tested and might act as an important intraday support. In a case of a f…
General overview for 03/01/2017:The corrective cycle continues to develop in very choppy trading conditions. The intraday support has moved lower to the level of 122.66 and it might act as the bottom for the wave c (purple). The most important level is…
Recently, gold has been trading downwards. As I expected, the price tested the level of $1,146.68 in an high volume volume. According to the 30M time frame and using the market profile, I found yesterday’s point of control at the price of $1,159.45. Be…
EUR/USD: The EUR/USD
tried to trend downwards on Monday, in a bid to correct what happened last
week, to go along the recent bearish bias in the market. It is possible that
price would move downwards by around 100 pips this week – an event that could
emphasize the recent bearish bias on the market. The bearish bias would
essentially remain valid as long as price stays below the resistance line at
USD/CHF: The USD/CHF pair tried to trend upwards on Monday, in a bid to recover the loss of the last week. Price is likely to move upwards by around 200 pips this week – an event that could emphasize the recent bullish bias on the market. The bullish bias would essentially remain valid as long as price stays above the support level at 1.0000.
GBP/USD: The GBP/USD
pair moved sideways last week, before making a bullish attempt at the end of the week.
The outlook is still bearish (unless the distribution territory at 1.2500 is overcome),
and the distribution territories at 1.2200 and 1.2150 could be tested this week
because a strong bearish movement is expected in the market. There was some
southward movement on January 2, 2017.
USD/JPY: There is a
bullish signal on the USD/JPY pair, owing to a clean Bullish Confirmation Pattern
that is present on the 4-hour chart. Price is currently above the demand level
at 117.00, and it may reach the supply level at 118.00 today or tomorrow. There
is a need for price to go down by at least, 300 pips, before there could be any
threats to the current bullish outlook.
EUR/JPY: This currency
trading instrument could still go further upwards this week. Since EUR made
some bullish attempts last week, price went upwards, closing above the demand
zone at 122.50, and generating a new bullish signal, owing to a Bullish
Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD requires caution from traders as it is highly probable that the highs at 1.3597 are also important medium-term highs and that another run towards 1.31 has started. Price is trading inside a long-term sideways upward sloping channel respecting t…