Tag Archives: trend lines

U.S. Dollar Higher Amid Coronavirus Fears

The U.S. dollar firmed against its major counterparts in the European session on Friday, as investors sought safe-haven assets following grim Eurozone business survey, as well as continued COVID-19 concerns after virus cases exceeded one million. The IHS Markit eurozone services purchasing managers index slumped to a reading of 26.4 in March from 52.6 in February, the worst-ever reading in the history of the series, as the covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance. The number of confirmed coronavirus cases crossed the 1 million mark globally with a death toll of 53,030, according to the new tally from Johns Hopkins University. Around 1,015,403 people have been diagnosed with the novel coronavirus across the world. Investors didn’t react to the disappointing U.S. jobs data for March. Data from the Labor Department showed that the U.S. employment fell much more than expected in the month of March. The report said employment plunged by 701,000 jobs in March after jumping by an upwardly revised 275,000 jobs in February. Economists had expected employment to slump by 100,000 jobs compared to the addition of 273,000 jobs originally reported for the previous month. With the much…

Comprehensive analysis of movement options of AUD/USD, USD/CAD, and NZD/USD (daily) in April 2020. The analysis of the APLs

Minor operational scale (daily time frame)
In the second month of spring – what will happen with the “raw” currencies AUD/USD, USD/CAD, and NZD/USD? Overview of the development of the traffic movement from April 4, 2020.____________________
Australian Dollar vs US Dollar
Testing and direction of the range breakdown:
resistance level of 0.6100 – median line minute;support level of 0.6000 – the upper border of the channel 1/2 median line fork operational scale minuteIt will determine the development of the movement of the Australian dollar AUD/USD from April 4, 2020.
Sequential breakdown of support levels:
0.6000 – upper limit of the channel 1/2ML minute;0.5965 – lower bound of ISL61.8 equilibrium zone of the forks of the operational scale minor;0.5930 – lower bound of ISL61. 8 equilibrium zone of the forks of the operational scale minute;Confirm the development of the movement of the Australian dollar in the channel 1/2 median line minute (0.6000 – 0.5860 – 0.5730) with the prospect of reaching the minimum price of 0.5510.
When sharing the breakdown of the median lines (resistance of 0.6100) and median line minor (0.6130) – option of the movement AUD/USD to the upper limit of ISL61.8 (0.6240) zone equilibrium fork operational scale minute and channel borders 1/2 median line (0.6275 -…

Pound Falls Sharply As U.K. Services PMI Shrinks To Record Low

The pound moved down against its major counterparts in the European session on Friday, as coronavirus cases exceeded one million worldwide and U.K. service sector activity slumped in March amid business shutdowns and order cancellations in response to the coronavirus pandemic. Survey data from IHS Markit/CIPS showed that the U.K. services PMI fell to 34.5 in March from 53.2 in February. This was also weaker than the flash estimate of 35.7. This reading was the lowest since the survey began in July 1996. The composite output index dropped to 36.0 in March from 53.0 in February. The flash score was 37.1. Weak Eurozone purchasing manager data rekindled recession concerns. The IHS Markit eurozone services purchasing managers index slumped to a reading of 26.4 in March from 52.6 in February, the worst-ever reading in the history of the series, as the covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance. The pound fell to 132.95 against the yen, from a high of 134.09 set at 7:00 pm ET. The next likely support for the pound is seen around the 127.00 level. The latest survey from Jibun Bank showed that the services…

April 3, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March the 2nd when transient bearish consolidation below 1.2780 took place within the depicted wide-ranged slightly bearish channel.Shortly after, significant bullish rejection was demonstrated around 1.2780 on March 4. Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.2780, 1.2500 then 1.2260 via quick bearish engulfing H4 candlesticks.Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.Recently, the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.Next bullish targets around 1.2520 and 1.2680 were expected to be addressed if sufficient bullish momentum was maintained.However, early bearish pressure signs have originated around 1.2470 leading to another bearish decline towards 1.2265.That’s why, H4 Candlestick re-closure below 1.2265 is needed to hinder further bullish advancement…

EUR/USD: plan for the US session on April 3. Bears continue to control the market and follow the set course to the lows of

To open long positions on EURUSD, you need:
Another sale of the European currency after the publication of business activity indices for the services sector of the eurozone led the pair to the support of 1.0790. I paid attention to this in the morning forecast. The 5-minute chart clearly shows how the bulls try to form a false breakout, successfully making several bounces from this level, but each time they meet with larger sales. At the moment, the further movement of the euro down depends on the analysis of data on the labor market. It is unlikely that the bulls should expect the support of 1.0790, so it is best to return to long positions after updating the minimum of 1.0718, provided that a false breakout is formed there, or immediately to rebound from the annual support of 1.0626. In the scenario of the pair’s growth in the second half of the day after the data on the state of the US economy, the bulls will try to regain the resistance of 1.0880, which will push EUR/USD even higher, to the maximum of 1.0955, where I recommend fixing the profits.

To open short positions on EURUSD, you need:
Sellers continue to follow a clearly…

Trading plan for EUR/USD for April 03, 2020

Technical outlook:EUR/USD has dropped to 1.0782 lows today, and is seen to be trading around 1.0792 levels at this point in writing. Please note that the NFP figures are expected to be out in another 10 minutes and that might possibly trigger the rally that we have been waiting for in the EUR/USD pair. Technically, the single currency pair has dropped into the vicinity of fibonacci 0.618 support of the previous rally between 1.0636 and 1.1150 respectively. A bullish bounce remains high probability as long as prices stay above the 1.0636 support. Immediate resistance is seen around 1.0865, followed by 1.0975 respectively; and a push above those will be extremely encouraging for the bulls to continue further. Overall structure still remains bullish against 1.0636 levels and if this holds, EUR/USD should be staging a rally towards 1.1500 and 1.1900 levels in the next few weeks time. Trading point of view, it is good to remain long with risk at 1.0636 levels.Trading plan:Remain long, stop @ 1.0636 target above @1.1500Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

BTC analysis for 04.03.2020 – Major pivot resistance at the price of $7.000 is on the test, potential for downside rotation

BTC news:With growing mobile money across the globe, Revolut has joined the list of growing bank challengers in the UK. The platform is offering an alternative to the central government-controlled fiat currency. With a fixed supply, Bitcoin is seen as the alternative to the fiat especially at a time when governments are printing more money through the quantitative easing program.Technical analysis: BTC has been trading upwards.The price tested and rejected of the very important pivot level at $7.000, which is sign that there is potential for downside rotation. The action around the critical level at $7.000 will be important fore the further direction.Yesterday’s daily close was well off the high, which is another sign that there is potential for the downside.MACD oscillator is still showing reading below the zero but the slow line is going upwards.Major resistance is set at $7.000 and the next one is at $7.630.My recommendation is to watch for selling opportunities around the critical pivot at $7.000.Potential targets can be set at $6.131, $5.180 and even $3.877The material has been provided by InstaForex Company – www.instaforex.com…

Instaforex Daily Analysis – 3rd April 2020

Today we take a look at Gold and see how we are going to play the bounce!We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today!The material has been provided by InstaForex Company – www.instaforex.com…

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