InvestMacro

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1475
• Prev Close: 1.1449
• % chg. over the last day: -0.23%

Europe’s GDP forecasts continue to fall as the economic recovery slows and the number of Covid cases reaches an all-time high. The German government’s economic advisory group lowered its 2021 economic growth forecast to 2.7%. Eurozone inflation could exceed forecasts if supply chain disruptions persist.

Trading recommendations

• Support levels: 1.1436
• Resistance levels: 1.1535, 1.1573, 1.1613, 1.1645, 1.1667, 1.1717, 1.1772

From the technical point of view, the EUR/USD on the hour time frame is bearish. The MACD indicator has become negative, but there is a divergence on the higher time frames. Under such market conditions, traders should consider sell positions from the resistance levels near the moving average, as the price has deviated strongly from the averages. Buy trades should be considered only from the support levels of the higher time frame, given the buyer’s initiative.

Alternative scenario: if the price breaks out through the 1.1573 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2021.11.12:

• – Eurozone Industrial Production (m/m) at 12:00 (GMT+2);
• – US JOLTs Job Openings (m/m) at 17:00 (GMT+2);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2);
• – US FOMC Member Williams’s Speech at 19:10 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3403
• Prev Close: 1.3365
• % chg. over the last day: -0.28%

UK GDP growth for the quarter was only 1.3% (forecast 1.5%, previous 5.5%). Industrial production data also showed a decline in activity. All these factors indicate a clear slowdown in the economy.

Trading recommendations

• Support levels: 1.3360
• Resistance levels: 1.3508, 1.3616, 1.3685, 1.3748, 1.3780, 1.3831, 1.3886

On the hourly time frame, the trend on GBP/USD is bearish. The MACD indicator has become negative, but there is a divergence on the higher time frames. Under such market conditions, traders should consider sell positions from the resistance levels near the moving average, as the price has deviated strongly from the averages. Buy trades should be considered only from the support levels of the higher time frame, given the buyer’s initiative.

Alternative scenario: if the price breaks out through the 1.3617 resistance level and consolidates above, the bullish scenario will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 113.90
• Prev Close: 114.06
• % chg. over the last day: +0.14%

At the moment, there are no fundamental reasons for the USD/JPY quotes to go down in the mid-term, as the Bank of Japan has kept its monetary policy soft until the end of the year. At the same time, the Fed is already cutting QE and is likely to accelerate cuts due to a sharp rise in inflation. Also, Japan’s new government will present a new tens of billions of dollars stimulus program in the coming days, which will eventually lead to a lower national exchange rate.

Trading recommendations

• Support levels: 113.42, 112.95, 112.30, 111.53, 110.99, 110.65
• Resistance levels: 114.48, 115.15

The global trend on the USD/JPY currency pair is bullish. The local trend has also changed to upward. But the MACD indicator shows a divergence, which suggests that a technical correction downwards should be expected soon. Under such market conditions, it’s better to look for buy positions from the buyers’ initiative zone near the moving average. Sell positions should be considered from the resistance levels of higher time frames, given there is sellers’ initiative, but only with short targets.

Alternative scenario: if the price falls below 112.30, the uptrend will likely be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2493
• Prev Close: 1.2579
• % chg. over the last day: +0.69%

The Canadian dollar is a commodity currency, so the USD/CAD currency pair highly depends on the dynamics of the dollar index and oil prices. Against the inflation growth in the USA, the dollar index is increasing, while oil quotes are decreasing. As a result, the USD/CAD are showing steady growth.

Trading recommendations

• Support levels: 1.2564, 1.2496, 1.2456, 1.2417, 1.2388
• Resistance levels: 1.2628, 1.2729, 1.2774

From a technical point of view, the trend of the USD/CAD currency is bullish. The MACD indicator is in the positive zone, but there are signs of overbought. Under such market conditions, it is better to look for buy trades from the support levels near the moving average, as the price has deviated strongly from its averages. Sell deals should be considered from the resistance levels of the higher time frame.

Alternative scenario: if the price breaks down through the 1.2388 support level and fixes below, the downtrend will likely resume.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By The Market Research Team, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

by JustForex

The US stock indices traded yesterday without a single trend. The Dow Jones index decreased by 0.44%, the S&P 500 added 0.06% and the Nasdaq technology increased by 0.52%. The dollar is strengthening due to the expectation of a rate hike soon after the Fed ends its stimulative bond buying cuts. This risks triggering capital outflows from emerging market assets, while negatively affecting stocks, bonds, and other currencies.

On Thursday, US President Joe Biden signed a law preventing companies such as Huawei Technologies Co and ZTE Corp, considered security threats, from getting licenses for their new equipment from US regulators.

Major European stock indexes mostly rose yesterday. The British FTSE 100 increased by 0.6%, Germany’s DAX and France’s CAC 40 added 0.1%, and 0.2%, Italy’s FTSE MIB increased by 0.3%, only Spain’s IBEX decreased by 0.5%.

According to the survey of economists, the inflation rate in the Eurozone is expected to be 3.1% in the 1st quarter, 2.7% in the 2nd quarter, and 2.1% in the 3rd quarter of 2022 (against 2.5%, 2.2%, and 1.6% in the previous forecast, respectively). Inflation in the Eurozone may exceed forecasts if supply chain disruptions persist.

The European Union is discussing imposing sanctions against Russian Aeroflot because of the migration crisis on the Belarusian-Polish border. The United States and the United Kingdom may join the restrictive measures.

Gold increased to $1,865 an ounce Thursday, its highest since mid-June, as traders continue to buy gold actively as a hedge against inflation. But many analysts don’t see any further upside for gold as tighter monetary policy drives up government bond yields, which as a rule, tend to decrease precious metal prices.

Commercial oil inventories increased by 18.5 million barrels in September but were still 163 million barrels lower than 2015-2019. According to Bloomberg analysts, Russia and the US will increase oil supplies in 2022.

Yesterday, Asian stock indexes traded flat after Chinese real estate developer Evergrande could avoid default. China Evergrande Group must pay another $366 million in interest payments on its obligations. Evergrande was able to prevent default with payments at the last minute overdue bonds on Wednesday. However, Evergrande is far from successful as it strives to sell its own assets to try to get ahead of its payment schedule. The company raised $144 million in recent days by selling its stake in the Internet company Hengten Networks Group.

Hong Kong’s Hang Seng technology index Increased by 2% in morning trading. Shares of Alibaba in Hong Kong added 0.74% after orders rose to $84.54 billion in the 11.11 sale as compared to 74 billion dollars a year ago.

Goldman Sachs has become more optimistic about Chinese stocks affected by a series of regulatory shocks and the debt crisis of the real estate sector this year, as Beijing is going to ease regulatory pressure on the economy.

Main market quotes:

S&P 500 (F) 4,649.27 +2.56 (+0.055%)

Dow Jones 35,921.23 −158.71 (−0.40%)

DAX 16,083.11 +15.28 (+0.095%)

FTSE 100 7,384.18 +44.03 (+0.60%)

USD Index 95.18 +0.33 (+0.34%)

• – China Unemployment Rate (m/m) at 04:30 (GMT+2);
• – Eurozone Industrial Production (m/m) at 12:00 (GMT+2);
• – US JOLTs Job Openings (m/m) at 17:00 (GMT+2);
• – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2);
• – US FOMC Member Williams’s Speech at 19:10 (GMT+2).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

The currency pair has formed a consolidation range around 1.1560, and with an escape downwards, the wave of decline is likely to develop to 1.1441. After this level is reached, there might follow a link of correction to 1.1550 (a test from below). Then a decline to 1.1404 can follow.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has broken through 1.3484 and goes on developing a wave of decline to 1.1333. After this level is reached, a link of correction to 1.3480 might follow, then – a decline to 1.3220.

USDRUB, “US Dollar vs Russian Ruble”

The currency pair formed a consolidation range around 70.65. Today it can grow to 71.60, then decline to 71.00. At these levels, a new consolidation range is to form. With an escape upwards, growth to 72.70 can follow. With an escape downwards – a pathway to 69.22.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair completed a wave of growth to 114.14. Today a wave of decline is to develop towards 113.71, followed by growth to 113.90. Practically, a new consolidation range is to form at these levels. With an escape downwards, the quotations can fall to 112.80. With an escape upwards, a pathway to 115.50 can open.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair has completed a wave of growth to 0.9187. A consolidation range formed around this level. With an escape upwards, a pathway to 0.9200 will open. With a breakaway of this level upwards, the trend can continue to 0.9235.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair bounced off 0.7386 downwards and is trading in a wave of decline to 0.7277. After this level is reached, a correction to 0.7343 can begin.

BRENT

Oil performed a wave of decline to 83.15. Today the pair is trading in a consolidation range around this level. With an escape downwards, a pathway to 81.06 can open. Then a link of correction to 83.15 can follow, and then – a decline to 79.00.

XAUUSD, “Gold vs US Dollar”

Gold performed a wave of growth to 1868.26 and a correction to 1844.66. Today a link of growth to 1857.85 can follow. If this level is broken away upwards, growth to 1876.40 can happen. An in case of a decline and a breakaway of 1844.00 downwards, a pathway to 1815.00 can happen.

S&P 500

The stock index performed a wave of decline to 4632.2. Today the market performed a wave of growth to 4651.5. At a moment, the market is forming a consolidation range around it. We expect a link of growth to 4676.0 and then – a link of decline to 4625.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

Brent

On H4, after the quotations rose to the post-correctional extension area of 138.2-161.8% (82.20-85.15) Fibo, a divergence formed. This divergence signals about a pullback, and the first wave of the correctional decline already reached 23.6%. Subsequent growth tried to bring the quotations to 86.63, but the market was not powerful enough to accomplish it. The new impulse of decline can head for 38.2% (78.38), 50.0% (75.84), and 61.8% (73.30).

On H1, the decline after growth can be seen in more details. The quotations tested 61.8% and can drop to 76.0% (81.93) Fibo. However, the main goal will be the local low of 80.67. A breakaway of the low will open a pathway to medium-term goals.

Dow Jones

On H4, upon testing the lower border of the post-correctional extension area of 138.2-161.8% (36434.0-36935.0) Fibo, a divergence on the MACD formed, as a signal for a pullback. The fractal low of 33517.0 is the main support.

On H1, the goals of the decline after the divergence on the MACD are visible. The declining wave is ready to test 23.6% (35988.0), and after a breakaway, it can head for 38.2% (35627.0) and 50.0% (35336.0) Fibo. A breakaway of the current high of 36570.0 will signal the continuation of the uptrend.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1592
• Prev Close: 1.1476
• % chg. over the last day: -1.16%

The consumer price index in Germany increased to 4.6% in annual terms. And with a sharp rise in inflation in the US, the dollar index sharply increased, which had a negative impact on the European currency. It’s a bank holiday in the United States today, which will allow the market to calm down a bit, and the volatility in the American session will sharply decrease.

Trading recommendations

• Support levels: 1.1453
• Resistance levels: 1.1535, 1.1573, 1.1613, 1.1645, 1.1667, 1.1717, 1.1772

From the technical point of view, the EUR/USD on the hour time frame is bearish. The MACD indicator has become negative, but there is a divergence on the higher time frames. Under such market conditions, traders should consider sell positions from the resistance levels near the moving average, as the price has deviated strongly from the averages. Buy trades should be considered only from the support levels of the higher timeframe, given the buyer’s initiative.

Alternative scenario: if the price breaks out through the 1.1573 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2021.11.11:

• – ECB Economic Forecasts at 12:00 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3556
• Prev Close: 1.3402
• % chg. over the last day: -1.14%

According to Uswitch, more than half of UK households will be unable to pay their winter energy bills and are at risk to have their heating turned off. The fuel supply crisis and high gas prices have hit consumers hard. The Bank of England’s borrowing data shows a surge in consumer lending. All of this suggests that consumer inflation will continue to rise through the winter. And this is a serious reason for the Bank of England to raise interest rates.

Trading recommendations

• Support levels: 1.3360
• Resistance levels: 1.3508, 1.3616, 1.3685, 1.3748, 1.3780, 1.3831, 1.3886

On the hourly time frame, the trend on GBP/USD is bearish. The MACD indicator has become negative, but there is a divergence on the higher time frames. Under such market conditions, traders should consider sell positions from the resistance levels near the moving average, as the price has deviated strongly from the averages. Buy trades should be considered only from the support levels of the higher timeframe, given the buyer’s initiative.

Alternative scenario: if the price breaks out through the 1.3617 resistance level and consolidates above, the bullish scenario will likely resume.

News feed for 2021.11.11:

• – UK GDP (q/q) at 09:00 (GMT+2);
• – UK Industrial Production (m/m) at 09:00 (GMT+2);
• – UK Manufacturing Production (m/m) at 09:00 (GMT+2).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 112.83
• Prev Close: 113.90
• % chg. over the last day: +0.95%

At the moment, there are no fundamental reasons for the USDJPY quotes to go down in the mid-term. It’s caused by that the Bank of Japan has kept its monetary policy soft until the end of the year. In addition, the Fed has been already cutting QE and is likely to accelerate cuts due to a sharp rise in inflation.

Trading recommendations

• Support levels: 113.42, 112.95, 112.30, 111.53, 110.99, 110.65
• Resistance levels: 114.48, 115.15

The global trend on the USD/JPY currency pair is bullish. The local trend has also changed to upward. Under such market conditions, it’s better to look for buy positions from the buyers’ initiative zone around the moving average. Sell positions should be considered from the resistance levels of higher time frames, given there is sellers’ initiative.

Alternative scenario: if the price falls below 112.30, the uptrend will likely be broken.

News feed for 2021.11.11:

• – Japan Industrial Production (m/m) at 04:00 (GMT+2).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2436
• Prev Close: 1.2493
• % chg. over the last day: +0.46%

The Canadian dollar is a commodity currency, so the USD/CAD currency pair highly depends on the dynamics of the dollar index and oil prices. Yesterday, the dollar index sharply increased against the background of the inflation growth in the USA, which led to the sharp growth of USD/CAD quotes. In the medium term, only a sharp increase in oil prices or an increase in interest rates by the Bank of Canada can neutralize the growth of USD/CAD quotes.

Trading recommendations

• Support levels: 1.2465, 1.2417, 1.2388, 1.2306, 1.2260
• Resistance levels: 1.2518, 1.2565, 1.2628, 1.2729, 1.2774

From a technical point of view, the trend of the USD/CAD currency is bullish. The MACD indicator has become positive, with no signs of reversal. Under such market conditions, it is better to look for buy trades from the support levels, given there is the buyers’ initiative. Sell deals should be considered from the resistance levels of the higher time frame.

Alternative scenario: if the price breaks down through the 1.2388 support level and fixes below, the downtrend will likely resume.

There is no news feed for today.

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By The Market Research Team, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

By TheTechnicalTraders 

Chris Joins Tom Bodrovics from Palisades Radio to discuss the recent moves in the markets and why money has resumed the move into equities. A new rally in equities could spill over to precious metals, thus putting pressure onto the US dollar.

Currently, the dollar is trading at the critical $94 level and, should it collapse, this could also serve to drive precious metal prices higher. Precious metals, such as gold, are pushing against the US Dollar, and we’re starting to see a momentum shift in GDXJ. On the flip side, miners like GDX and SILJ rely on energy prices remaining steady to stay profitable. Thus, as energy prices increase, the pressure is put on metals.

To Learn More click on the Video link Below

GET YOUR DAILY DOSE OF CHRIS’ PRECIOUS METALS ANALYSIS ALONG WITH THE HOTTEST ETFS TO TRADE WITH BAN TRADER PRO NOW PART OF THE TOTAL ETF PORTFOLIO!

TheTechnicalTraders.com

By Orbex

The current USDCHF structure shows that the pair completed the actionary wave y of a cycle degree. This was followed by a cycle intervening wave x.

Judging by the structure, wave x takes the form of a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the time of writing, this construction is more than halfway through its completion.

Currently, bears are structuring an actionary wave Ⓩ. We can see the completion of the wave Ⓩ near the 0.893 area. At that level, cycle wave x will be at 100% along the Fibonacci lines of wave y.

After reaching this mark, the price could start an upward movement in the wave z above the maximum of 0.936.

Let’s look at the alternative scenario that hints at a price increase. According to this, the formation of the cycle intervening wave x is fully completed. It also has the form of a triple zigzag of the primary degree.

Thus, we can make an assumption that in the last section of the chart we can see the initial part of the bullish actionary wave z of the cycle degree.

Most likely, with wave z, prices will rise above the previous maximum of 0.937, near 0.951. At that level, actionary cycle waves y and z will be equal.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair is trading at 1.3549 under the Ichimoku Cloud, suggesting a downtrend. A test of the lower border of the Cloud at 1.3590 is expected, followed by falling to 1.3375. An additional signal confirming the decline might become a bounce off the upper border of the descending channel. The scenario can be canceled by a breakaway of the upper border of the Cloud and securing above 1.3685, which will mean further growth to 1.3775.

AUDUSD, “Australian Dollar vs US Dollar”

Gold is trading at 0.7357 under the Ichimoku Cloud, suggesting a downtrend. A test of the signal lines of the indicator at 0.7390 is expected, followed by falling to 0.7255. An additional signal confirming the decline might become a bounce off the upper border of the descending channel. The scenario can be canceled by a breakaway of the upper border of the Cloud and securing above 0.7495, which will entail further growth to 0.7585.

USDCHF, “US Dollar vs Swiss Franc”

The pair is trading at 0.9126 under the Ichimoku Cloud, suggesting a downtrend. A test of the upper border of the Cloud at 0.9145 is expected, followed by falling to 0.9020. An additional signal confirming the growth will be a bounce off the upper border of the descending channel. The scenario can be canceled by a breakaway of the upper border of the Cloud and securing above 0.9185, which will entail further growth to 0.9275. The decline will be confirmed by a breakaway of the lower border of the Triangle pattern and securing under 0.9075.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.