<aWorldwide macro summary for 02/12/2016

By | December 2, 2016

Worldwide macro summary for 02/12/2016: The essential fundamental information of the week, the US non-farm work modification report, is arranged to be launched at 01:30 pm GMT today. Nevertheless, all eyes are on the Sunday’s threat events: Italy’s referendum and Austria’s tight governmental election. The latest mean forecast for nonfarm payroll boost in November calls for 177K– a little greater than an increase of 161K in October. Clearly enough that the Federal Reserve will continue with its rate of interest hike. Moreover, the US joblessness is anticipated to remain the same at 4.9% and average hourly wages to increase by 0.2% from a month ago.The chances of the Fed treking rates at its December conference are almost 100% inning accordance with the CME FedWatch Tool. In conclusion, even if today’s tasks data misses some approximate threshold level, the Fed is most likely to make a move in December.

Let’s now have a look at the EUR/USD technical image on the 4H time frame ahead of the NFP release. Bulls have actually handled to break out of the triangle slightly, however the technical resistance at 1.0687 has capped the rally. The market returned to the trading range as it awaits the data release.

analytics58415f6392a7c.jpg

The product has been provided by InstaForex Company –
www.instaforex.com

Jonathon Alexander

Intraday technical levels and trading suggestions for GBP/USD for December 2, 2016 888011000 110888 The price zone in between 1.3845 and 1.3550(historical bottoms embeded in January 2009 )was thought about a substantial demand zone to be watched for a bullish recovery.However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the illustrated charts(fundamental factors). Persistence listed below the demand level at 1.3550 enhanced the bearish scenario towards the existing price levels around 1.2700(nearby bearish projection target). Keep in mind that the GBP/USD pair was caught inside the portrayed debt consolidation variety above 1.2700 until a bearish breakout took place on October 6. Daily determination listed below 1.2700 validated the bearish Flag pattern. That is why, a bearish forecast target can be located around 1.2020. Recently, a bullish recovery appeared around 1.2080. A bullish pullback is being carried out to 1.2700-1.2750. The present bullish pullback towards the rate zone of 1.2700-1.2750 ought to be considered for a valid OFFER entry. The recent bearish engulfing weekly candlestick improves this bearish situation. T/P levels should be found at 1.2300 and 1.2100. The product has been provided by InstaForex Business- www.instaforex.com

By | December 2, 2016

analytics58415d520ff0e.jpganalytics58415d5c9358c.jpg

The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for a bullish recovery.

However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).

Persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).

Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target can be located around 1.2020.

Recently, a bullish recovery was manifested around 1.2080. Therefore, a bullish pullback is being executed towards 1.2700-1.2750.

The current bullish pullback towards the price zone of 1.2700-1.2750 should be considered for a valid SELL entry.

The recent bearish engulfing weekly candlestick enhances this bearish scenario. T/P levels should be located at 1.2300 and 1.2100.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Intraday technical levels and trading suggestions for EUR/USD for December 2, 2016 888011000 110888 In January 2015, the EUR/USDpair moved below the significant need levels near 1.2100 where historical bottoms were formerly embeded in July 2012 and June 2010. Thus, a long-lasting bearish target was projected to 0.9450. In March 2015, the EUR/USD bears challenged the monthly need level around 1.0570 which had actually been formerly reached in August 1997. Later on in April 2015, a strong bullish recovery was observed around the pointed out demand level. Nevertheless, next monthly candlesticks(September, October, and November )showed a strong bearish rejection around the location of 1.1400-1.1500. Again in February 2016, the illustrated price levels around 1.1400-1.1500 served as a significant supply zone during the bullish pullback.That is why, recent bearish rejection was anticipated around the portrayed supply levels(note the regular monthly candlesticks of May, August, and October 2016). In the longer term, the level of 0.9450 will remain a projected bearish targetwhen the current monthly candlestick concerns close below the illustrated monthly demand level of 1.0570. The long-lasting outlook for the EUR/USD pair stays bearish as the regular monthly chart illustrates. Bearish perseverance listed below 1.0825 is had to boost this scenario.In September 2016, short-lived bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD set on September 16. Bearish closure below 1.1250(supply level 1) used enough downward pressure and boosted the bearish momentum towards the cost level of 1.1000( key level 1). On November 9, obvious bearish breakdown of the 1.1000 cost level happened (Shooting Star daily candlestick ). Additional bearish decline listed below 1.0825( Fibonacci Growth 100%) was expressed.The existing bearish perseverance listed below 1.0825 allowed additionaldecrease to happen towards 1.0570(demand level) where bullish rejection and a legitimate BUY entry were expected by the end of last week. Current bullish recovery was manifested on Friday.The rate level of 1.0825(Fibonacci Expansion 100%)makes up a current supply level to be watched for a SELL entry if the existing bullish pullback continues above 1.0700. On theother hand, apparent bearish closure below the portrayed need level around 1.0570 permits more decrease. Preliminary bearish target would lie around 1.0220. The product has been supplied by InstaForex Business- www.instaforex.com

By | December 2, 2016

analytics58415c4c62ad4.jpg

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the monthly demand level around 1.0570 which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, August, and October 2016).

In the longer term, the level of 0.9450 will remain a projected bearish target when the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

analytics58415c58e23cc.jpg

The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0825 is needed to enhance this scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

Bearish closure below 1.1250 (supply level 1) applied enough downward pressure and enhanced the bearish momentum towards the price level of 1.1000 (key level 1).

On November 9, obvious bearish breakdown of the 1.1000 price level occurred (Shooting Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) was expressed.

The current bearish persistence below 1.0825 allowed further decline to occur towards 1.0570 (demand level) where bullish rejection and a valid BUY entry were expected by the end of last week. Recent bullish recovery was manifested on Friday.

The price level of 1.0825 (Fibonacci Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if the current bullish pullback persists above 1.0700.

On the other hand, obvious bearish closure below the depicted demand level around 1.0570 allows further decline. Initial bearish target would be located around 1.0220.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Technical analysis of USD/CAD for December 2, 2016 888011000 110888 General overview for 02/12/2016:The bottom for the wave c (green) moved a little lower to the level of 1.3286. That implies the wave a (blue) has actually been completed. The level of 1.3355 is now functioning as an intraday resistance, so if the count is proper, the market will move greater to the golden trend line resistance around the level of 1.3500. A possible wave (b) is establishing, so this structure may get complicated and time-consuming.Support/Resistance:1.3588 – Regional High1.3583 – WR11.3482 – Weekly Pivot1.3429 – WS11.3355 – Intraday Resistance1.3323 – WS21.3286 – Intraday AssistanceTrading suggestions:As the corrective cycle is still unfolding, daytraders should open only offer deals around the level of 1.3482 as there is incomplete wave development to the disadvantage. The very first TP needs to be set at the level of 1.3233. The material has actually been offeredby InstaForex Company – www.instaforex.com

By | December 2, 2016

General overview for 02/12/2016:

The bottom for the wave c (green) moved a little lower to the level of 1.3286. That means the wave a (blue) has been completed as well. The level of 1.3355 is now acting as an intraday resistance, so if the count is correct, the market will move higher towards the golden trend line resistance around the level of 1.3500. A possible wave (b) is developing, so this structure might get complex and time-consuming.

Support/Resistance:

1.3588 – Local High

1.3583 – WR1

1.3482 – Weekly Pivot

1.3429 – WS1

1.3355 – Intraday Resistance

1.3323 – WS2

1.3286 – Intraday Support

Trading recommendations:

As the corrective cycle is still unfolding, daytraders should open only sell deals around the level of 1.3482 as there is incomplete wave progression to the downside. The first TP should be set at the level of 1.3233.

analytics584159695ba4c.jpg

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

General summary for 02/12/2016:

The impulsive cycle in wave (iii) (green) is finished, so now a bigger correction in wave (iv) (green) is expected. The pattern prepared for in wave four is a triangle, however the correction may develop into more intricate structure. No signs of any kind of a trend turnaround yet as there is still one more wave of a higher degree to be completed prior to the existing spontaneous wave progression is terminated.

Support/Resistance:122.07 – WR2

121.90 – Intraday Resistance

121.16 – WR1

120.82 – Intraday Assistance

119.23 – Weekly Pivot

118.32 – WS1

116.37 – WS2

Trading recommendations:

The TP at the level of 121.16 has been hit and all buy orders ought to be closed with revenue. Currently, the daytraders should avoid trading and await a much better trading setup to occur quickly.

analytics5841582072447.jpg

The product has been offered

by InstaForex Company –< a href='https://www.instaforex.com/?x=IHCU' > www.instaforex.com

By | December 2, 2016

General overview for 02/12/2016:

The impulsive cycle in wave (iii) (green) is completed, so now a larger correction in wave (iv) (green) is anticipated. The pattern anticipated in wave four is a triangle, but the correction might evolve into more complex structure. No signs of any kind of a trend reversal yet as there is still one more wave of a higher degree to be completed before the current impulsive wave progression is terminated.

Support/Resistance:

122.07 – WR2

121.90 – Intraday Resistance

121.16 – WR1

120.82 – Intraday Support

119.23 – Weekly Pivot

118.32 – WS1

116.37 – WS2

Trading recommendations:

The TP at the level of 121.16 has been hit and all buy orders should be closed with profit. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur shortly.

analytics5841582072447.jpg

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

GBP/USD at major resistance, time to offer

By | December 2, 2016

Price is seeing major resistance at 1.2685 (Fibonacci forecast, horizontal pullback resistance, previous swing high, Fibonacci retracement) and we anticipate a drop from this level to 1.2303.

Stochastic (21,5,3) is seeing significant resistance at 94% where we anticipate a drop from.RSI (34)is seeing significant resistance at 70 %where we anticipate a comparable drop from.Sell below 1.2685. Stop loss at 1.2894.

Take earnings at 1.2303. The product has actually been offered by InstaForex Business- www.instaforex.com

Jonathon Alexander

Eurozone PPI Rises More Than Expected In October

By | December 2, 2016

Eurozone producer prices rose for the second straight month in October, and at a faster-than-expected pace, figures from Eurostat showed Friday.

Industrial producer prices climbed 0.8 percent month-over-month in October, exceeding economists’ expectations for an increase of 0.4 percent. That was also faster than the 0.1 percent slight rise in September.

Excluding energy, producer prices edged up at a stable rate of 0.1 percent in October from a month ago. Prices in the energy sector alone grew by 2.6 percent.

On an annual basis, producer prices fell at a slower pace of 0.4 percent in October, following a 1.5 percent decline in September. It was forecast to decrease by 1.0 percent.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Euro Little Changed After Eurozone PPI

By | December 2, 2016

Following the release of Eurozone producer prices for September at 5:00 am ET Friday, the euro changed little against its major counterparts.

The euro was trading at 1.0643 against the greenback, 121.09 against the yen, 0.8442 against the pound and 1.0761 against the franc around 5:05 am ET.

The material has been provided by InstaForex Company – www.instaforex.com

Jonathon Alexander

Technical analysis of USD/CHF for December 02, 2016 888011000 110888
USDCHFH1.png

Summary: The USD/CHF set motion was mixed as it happened in a narrow sideways channel for

  • a while. There are no changes in our technical outlook. The marketplace revealed indications of instability when it reached
  • the top of 1.0191. Amidst the previous events, the cost is still moving between the levels of 1.0054
  • and 1.0191. The day-to-day resistance and assistance are seen at the levels of 1.0191 and 1.0054 respectively.
  • In consequence, it is suggested to be careful while putting orders in this location. We ought to wait till the sideways channel has actually completed.
  • On the H4 chart, the price area of 1.0191 stays a considerable resistance zone. There is a possibility that the USD/CHF pair will move
  • to the disadvantage and the fall structure does not look restorative. Resistance is seen at the level
  • of 1.0191 today. Offer listed below 1.0191 with the first target at 1.0100. In overall, we still prefer the bearish situation as
  • long as the price is listed below the level of 1.0191. Furthermore, if the USD/CHF pair has the ability to break out
  • the bottom at 1.0100, the market will decrease even more to 1.0053. On the other hand, if a breakout takes place at the resistance level of 1.0230, then this circumstance might become invalidated. Remember toposition a stop loss; it should be set listed below the 2nd assistance of 1.0260. The product has been supplied by InstaForex Company- www.instaforex.com
  • By | December 2, 2016

    USDCHFH1.png

    Overview:

    • The USD/CHF pair movement was mixed as it took place in a narrow sideways channel for a while.
    • There are no changes in our technical outlook. The market showed signs of instability when it reached the top of 1.0191.
    • Amid the previous events, the price is still moving between the levels of 1.0054 and 1.0191.
    • The daily resistance and support are seen at the levels of 1.0191 and 1.0054 respectively.
    • In consequence, it is recommended to be cautious while placing orders in this area.
    • We should wait until the sideways channel has completed. On the H4 chart, the price spot of 1.0191 remains a significant resistance zone.
    • Therefore, there is a possibility that the USD/CHF pair will move to the downside and the fall structure does not look corrective.
    • Resistance is seen at the level of 1.0191 today. So, sell below 1.0191 with the first target at 1.0100.
    • In overall, we still prefer the bearish scenario as long as the price is below the level of 1.0191.
    • Furthermore, if the USD/CHF pair is able to break out the bottom at 1.0100, the market will decline further to 1.0053.
    • On the other hand, if a breakout takes place at the resistance level of 1.0230, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.0260.

    The material has been provided by InstaForex Company – www.instaforex.com

    Jonathon Alexander

    Technical analysis of NZD/USD for December 02, 2016 888011000 110888 Introduction: The NZD/USD pair continues to move down listed below the level of 0.7178. Yesterday, the set dropped from the level of 0.7138 down around 0.7073. Today, the first resistance level is seen at 0.7136 followed by 0.7187, while everyday assistance 1 lies at 0.7021. According to the previous occasions, the NZD/USD set is still moving between the levels of 0.7136 and 0.7021. For that reason, we expect the cost to move in the variety in between 0.7136 and 0.7021. For this reason, if the NZD/USD set fails to break through the resistance level of 0.7136, the market will decrease further to the levels of 0.7050 and 0.7021. There are no modifications to our technical outlook. The predisposition remains bearish in the closest term, evaluating the 0.7021 level or lower. Because the RSI indication is still in a positive area and does not show any trend-reversal indications, this would suggest a bearish market. The pair is anticipated to drop lower to a minimum of 0.6971 with a view to evaluate the double bottom on the H4 time frame. On the contrary, if a breakout takes place at the resistance level of 0.7187(major resistance), then this scenario may become revoked. The product has actually been provided by InstaForex Company- www.instaforex.com

    By | December 2, 2016

    NZDUSDH4.png

    Overview:

    • The NZD/USD pair continues to move downwards below the level of 0.7178. Yesterday, the pair dropped from the level of 0.7138 to the bottom around 0.7073. Today, the first resistance level is seen at 0.7136 followed by 0.7187, while daily support 1 lies at 0.7021. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7136 and 0.7021. Therefore, we expect the price to move in the range between 0.7136 and 0.7021. Hence, if the NZD/USD pair fails to break through the resistance level of 0.7136, the market will decline further to the levels of 0.7050 and 0.7021. There are no changes to our technical outlook. The bias remains bearish in the nearest term, testing the 0.7021 level or lower.
      This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.6971 with a view to test the double bottom on the H4 time frame. On the contrary, if a breakout takes place at the resistance level of 0.7187 (major resistance), then this scenario may become invalidated.
    NZDUSDH1.png

    The material has been provided by InstaForex Company – www.instaforex.com

    Jonathon Alexander