Tag Archives: automated trading

Trading plan for May 29, 2020: EUR/USD – take profit!; Coronavirus updates from around the world.

Coronavirus updates from around the world, as of May 29: the second wave is on the decline, but a third is possible.In the US, the number of new cases jumped to 22 thousand, and the number of deaths arose to more than 1,000 per day. Regions recorded these increases, with New York contributing about 10% of the cases.A record-increase was also observed in Brazil, with new cases jumping to 24 thousand. Developed countries are suggested to help Brazil with doctors and funds.Meanwhile, India will be declared as the new center of the pandemic, if the situation in the country continues to deteriorate (if the growth of new cases accelerate even further).Although there is a decline in deaths around the world (deaths in the US have decreased), new cases are still at a high level (particularly in Brazil and India).In Russia, the situation in Moscow has improved, but the statistics in other regions seem to have increased. In total, Russia records 387 thousand coronavirus cases, of which 224 thousand are “active”.EUR/USD – take profit! Open buy positions from 1.0855. At the time of this writing, the quotes are at 1.1100, so wait for the pair to move about 245 pips before closing….

Hong Kong issue: the denouement is yet to come

The USD index continues to decline. The prolonged silence of Donald Trump regarding the recent events in China is affecting the US dollar negatively, so particular caution should be exercised today with regards to trading decisions. Significant changes could occur at the forex market at the end of the trading week.The Chinese parliament has ratified the extension of the already existing national security law in Hong Kong, in which the National People’s Congress will vote for its approval, presumably in June, and then the elite party will approve it, therefore most likely coming into force no earlier than August or September. Given the current situation in China, the Beijing initiative will undergo the necessary legislative processes, with only the procedural issues remaining. Much has already been said about the consequences of this law, as it “opens the gates” of Hong Kong to the Chinese security forces, greatly enhancing the influence of mainland China on the former British colony.In the forex market, the reaction of the US to the bill played a huge role on the dynamics of the rates. Although at the time of this writing, they have not been fully affected yet, the USD index has already shown small reactions,…

European Economics Preview: Eurozone Flash Inflation Data Due

Flash consumer prices from euro area and retail sales from Germany are due on Friday, headlining a busy day for the European economic news. At 2.00 am ET, Destatis is scheduled to issue Germany’s retail sales and import price data. Economists forecast retail sales to fall 14.3 percent on year in April, much bigger than the 2.8 percent drop reported in March. In the meantime, UK Nationwide house price data is due. House prices are forecast to rise 2.8 percent annually in May after climbing 3.7 percent in April. At 2.45 am ET, flash consumer prices, final GDP, producer prices and household consumption reports are due from France. Consumer price inflation is seen unchanged at 0.3 percent in May. At 3.00 am ET, GDP figures are due from Austria, Hungary and Turkey. Turkey’s economy is expected to grow 5.4 percent on year in the first quarter, slower than the 6 percent expansion seen in the fourth quarter of 2019. Half an hour later, Statistics Sweden releases GDP, foreign trade and household lending data. The economy is forecast to grow 2.2 percent on a yearly basis in the first quarter. At 4.00 am ET, Italy’s Istat releases revised GDP data…

Trading recommendations for GBP/USD pair on May 29

From the point of view of complex analysis, you can see the V-shaped recovery, and now let’s talk about the details.
The trading week is coming to an end, it’s time to sum up the preliminary results, so the past days were extremely volatile. The quote initially developed the area of 1.2150/1.2180 and jumped up, updating the maximum of the past week [May 19-1.2294]. After that, against the background of inertia, the level of 1.2350 was reached, where it was developed very accurately in the downward direction and against the background of new inertia, the quote declined to the area of 1.2200.
At this stage, a V-shaped mirror formation was formed with incomplete development, where activity did not decline, but, on the contrary, increased, forming a positive V-shaped formation in 27 hours, thereby returning the quote all to the same level of 1.2350.
Such a rapid desire of buyers to pull the quote as far as possible is connected with the sale of the US dollar, which is felt throughout the market.
If we make a comparative analysis with the EUR/USD currency pair, we will see that the clock components are changing, but so far the GBP/USD pair is following…

Japan Jobless Rate Climbs To 2.6% In April

The unemployment rate in Japan came in at a seasonally adjusted 2.6 percent in April, the Ministry of Internal Affairs and Communications said on Friday. That was beneath expectations for 2.7 percent but was up from 2.5 percent in March. The jobs to applicant ratio fell to 1.32, missing forecasts for 1.33 and down from 1.39 in the previous month. The number of employed persons in April was 66.28 million, a decrease of 800,000 from the previous year. The number of unemployed persons in April was 1.89 million, an increase of 130,000 from a year earlier. The material has been provided by InstaForex Company – www.instaforex.com…

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U.S. Pending Home Sales Plummet More Than Expected In April

Pending home sales in the U.S. plunged by more than expected in the month of April, the National Association of Realtors revealed in a report on Thursday. NAR said its pending home sales index plummeted by 21.8 percent to 69.0 in April after tumbling by 20.8 percent to 88.2 in March. Economists had expected pending home sales to slump by 15.0 percent. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. “With nearly all states under stay-at-home orders in April, it is no surprise to see the markedly reduced activity in signing contracts for home purchases,” said Lawrence Yun, NAR’s chief economist. The steep drop in pending home sales in April reflected the biggest decline since NAR begin tracking such transactions in January 2001. However, Yun expects April will be the lowest point for pending contracts and May, consequently, will be the lowest point for closed sales. “While coronavirus mitigation efforts have disrupted contract signings, the real estate industry is ‘hot’ in affordable price points with the wide prevalence of bidding wars for the limited inventory,” Yun said. He…

Firmly in place: US dollar almost without movement

The US currency began its trading rather weakly today: no rapid changes in its course have occurred. At the same time, the currencies of the Asia-Pacific region were experiencing rather strong and ambiguous pressure against the background of increasing tension between the largest economic powers – the United States and China. In addition, the situation was corrected by news about accelerating the pace of economic recovery after the lifting of restrictive measures associated with the coronavirus pandemic.
The aggravation of the skirmish between Washington and Beijing had a serious impact on the national currency of China, which in turn inevitably affected antipodes. The mood of the market participants became restrained, which was clearly facilitated by the positive on the stock exchanges of the world.
According to the dynamics of the renminbi, one can traditionally judge all the intricacies of the relationship between the United States of America and China. Recall that yesterday’s yuan rate was at the lowest level of 7.1966 yuan per dollar. Trading today recorded a slight drop in the US currency: the current level of the yuan is 7.1796 yuan per dollar.
The Australian dollar also fell today: a decrease in its value was 0.25%. The…

*U.S. Dollar Weakens To Near 2-month Low Of 1.1040 Against Euro After GDP Data

U.S. Dollar Weakens To Near 2-month Low Of 1.1040 Against Euro After GDP Data The material has been provided by InstaForex Company – www.instaforex.com…