Tag Archives: AUD Australian Dollar

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May 28, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Recently, Bullish persistence above 1.2265 has enhanced another bullish movement up to the price levels of 1.2520-1.2590 where significant bearish rejection as well as a quick bearish decline were previously demonstrated (In the period between 14th – 21 April).Recently, Atypical Bearish Head & Shoulders reversal pattern is in progress. The GBP/USD pair was recently demonstrating the Right Shoulder of the pattern.Hence, Bearish persistence below 1.2265 (Reversal Pattern Neckline) was needed to confirm the pattern. Thus, enhance another bearish movement towards 1.2100, 1.2000 then 1.1920.Two Weeks ago, the price zone of 1.2300-1.2280 corresponded to a short-term uptrend as well as a recently established demand zone where a low-risk short-term BUY trade could be taken.However, the recently demonstrated Lower High around 1.2440 invalidated the suggested short-term bullish trade.Shortly After, the price zone of 1.2300-1.2280 failed to provide enough bullish support for the pair.Recent transient bearish breakdown below 1.2265 should have been taken into consideration as it has temporarily confirmed the previously-mentioned reversal-top pattern.Hence, further bearish decline was expected to be enabled towards 1.2020 as a projection target for the reversal pattern.Currently, the price zone of 1.2300 – 1.2350 (Backside of the broken Uptrend) stands as a recently-established SUPPLY-Zone to offer bearish rejection and…

Taiwan GDP To Grow At Slowest Pace In 5 Years

Taiwan’s economy is forecast to grow at the slowest pace in five years in 2020 as coronavirus, or Covid-19, pandemic has weighed on consumption, the Directorate General of Budget, Accounting & Statistics, or DGBAS, said on Thursday. Gross domestic product is forecast to grow 1.67 percent this year, much slower than the 2.71 percent growth logged in 2019. The 2020 full year outlook was downgraded from 2.37 percent. In the first quarter, GDP advanced 1.59 percent compared to the previous estimate of 1.54 percent. This was also slower than the 3.29 percent growth seen in the preceding quarter. On a quarter-on-quarter, seasonally-adjusted annualized basis, GDP contracted 3.57 percent compared to 6.56 percent expansion seen a quarter ago. On the demand side, real private final consumption fell 1.58 percent annually in the first quarter, a reversal from the 2.95 percent growth in the previous quarter. Real gross capital formation expanded 5.70 percent led by the growth of the investment in transportation equipments, constructions and intellectual property products. Meanwhile, exports and imports of goods and services dropped 2.37 percent and 3.95 percent, respectively. The agency said Taiwan’s export-related manufacturing activities are less affected from the pandemic since there have been…

Stocks report on Asia, Europe, and the USA

Today’s trading on stock exchanges in the Asia-Pacific region takes place with multidirectional dynamics. Tensions are rising with the worsening conflict between the US and China, which is in fact, the only factor that exerts really strong pressure on the market.China’s Shanghai Composite Index started a new session with a 0.27% decline, while Hong Kong’s Hang Seng Index fell by 1.34%.However, particularly serious upheavals occurred in the pharmaceutical companies sector. So, CSPC Pharmaceutical Group Ltd. and Sino Biopharmaceutical Ltd. lost 10.6% and 5.6% this morning.Tencent Holdings reduced the value of its securities by 2.3%. Technologies Holdings Inc. also lost 7.2%. Smaller losses were noted at China Mobile with a -0.7%, and HSBC Bank with -1.2%.Another expected decline was recorded in the oil and gas industry. Securities CNOOC and PetroChina decreased by 2% and 1.1%, respectively.Among the positive, it is worth noting the 1.99% increase in Japan’s Nikkei 225 Index. The leaders among the Japanese companies were Dentsu Group Inc., an advertising corporation that recorded growth of as much as 14%, as well as automakers Mazda Motor and Nissan Motor, whose rise was at 8% and 6.2%, respectively. In general, corporate news from Japan is very good as there is much more…

*Eurozone May Economic Confidence 67.5 Vs. 64.9 In Apr, Consensus 70.3

Eurozone May Economic Confidence 67.5 Vs. 64.9 In Apr, Consensus 70.3 The material has been provided by InstaForex Company – www.instaforex.com…

Short-term technical analysis of EURUSD for May 28, 2020

EURUSD is pushing once again above the key short-term horizontal resistance of 1.10-1.1020. Price is now trading at 1.1036 and a daily close above the resistance would be a bullish sign. However the RSI in the 4 hour chart warns bulls to be cautious.Black lines – bearish divergenceGreen rectangle- horizontal supportRed line – long-term resistanceEURUSD is moving above the green resistance area where it got rejected yesterday. Price is making higher highs but in the 4 hour chart the RSI does not make new highs. The RSI is making lower highs providing us with a bearish divergence signal. This is an important warning not to be ignored. Support is now at 1.10 and inability to hold above it will be a bearish sign. If the RSI breaks above the black downward sloping resistance trend line then we will have another bullish sign. This could lead to a move towards 1.11. We need to keep a close eye on price action.The material has been provided by InstaForex Company – www.instaforex.com…

Australia Capital Expenditure Falls Less Than Expected In Q1

Australia’s private capital expenditure decreased less than expected in the first quarter, data from the Australian Bureau of Statistics showed Thursday. Total new capital expenditure fell 1.6 percent sequentially in the first quarter, slower than the 2.6 percent decline in the fourth quarter of 2019. Economists had forecast another 2.6 percent drop in the first quarter. Investment in buildings and structures dropped 1.1 percent and that in equipment, plant and machinery was down 2.3 percent. On a yearly basis, total private capital expenditure slid 6.1 percent in the first quarter. Companies plan to reduce their investment for 2019-20. They expect a total investment of A$115.4 billion, which was 3.8 percent lower than the previous projection. Likewise, investment for 2020-21 was estimated at A$90.89 billion, down by 8.8 percent from the previous estimate. Firms’ expectations of future capital expenditure point to a sharp downturn in investment in the coming months, Ben Udy, an economist at Capital Economics, said. According to a survey conducted by the statistical office, Covid-19 has forced 70 percent of Australian businesses to change how they operate. The survey on Business Impacts of Covid-19 showed that seven in ten businesses had a decrease in revenue as…