Daily analysis of GBP/USD for December 06, 2016

By | December 5, 2016

The pair managed to fill the bearish gap produced by the Italian Referendum’s uncertainty and currently, it’s trying to consolidate above the resistance level of 1.2732. That area should be key during this week, as it can help to cap further gains in GBP/USD, but our short-term view is still calling for more bullish bias ahead, looking for the 1.2840 level across the board.

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H1 chart’s resistance levels: 1.2732 / 1.2840

H1 chart’s support levels: 1.2625 / 1.2568

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2732, take profit is at 1.2840 and stop loss is at 1.2625.

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

Jonathon Alexander

Daily analysis of USDX for December 06, 2016 888011000 110888 The index plunged highly throughout Monday’s session and it achieved to eliminate last week’s range. We’re viewing a bearish debt consolidation listed below the 200 SMA at H1 chart and it’s discovering a. support around 99.98, where a demand zone is located. If USDX does a. breakout listed below there, we can expect weak point towards the 99.39 level,. while a rebound needs to assist the index to re-test the resistance area. of 101.74 level, which is above the 200 SMA. H1 chart’s resistance. levels: 100.68/ 101.74 H1 chart’s assistance levels: 99.98. / 99.39 Trading suggestions for today:. Based on the H1 chart, place. purchase.( long). If the USD Index, orders only. breaks with. a bullish. candlestick;. the resistance. level is at. 100.68,. take earnings is at. 101.74. and stop loss is at 99.59. The product has been provided by InstaForex Business- www.instaforex.com

By | December 5, 2016

The index plummeted strongly during Monday’s session and it
achieved to erase last week’s range. We’re watching a bearish
consolidation below the 200 SMA at H1 chart and it’s finding a
support around 99.98, where a demand zone is located. If USDX does a
breakout below there, we can expect weakness toward the 99.39 level,
while a rebound should help the index to re-test the resistance area
of 101.74 level, which is above the 200 SMA.

USDXH1.png

H1 chart’s resistance
levels: 100.68 / 101.74

H1 chart’s support levels: 99.98
/ 99.39

Trading recommendations for today:
Based on the H1 chart, place
buy
(long)
orders only if the USD Index
breaks with
a bullish
candlestick;
the resistance
level is at
100.68,
take profit is at
101.74
and stop loss is at 99.59.

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

Jonathon Alexander

Gold analysis for December 05, 2016 888011000 110888 Considering that our previous analysis, gold has been moving downward. The price evaluated the level of $1,162.26. Utilizing the market profile on 30M timespan, I discovered the other day’s point of control at the cost of$1,174.00. The rate is trading below 21SMA, which suggests weak point. Beware when buying and enjoyfor potential selling opportunities. The first downward target is set at the price of$ 1,161.40(Fibonacci expansion 100%). Fibonacci pivot points: Resistance levels: R1: 1,188.45 R2: 1,194.65 R3: 1,199.40 Support levels: S1: 1,177.50 S2: 1,172.80 S3: 1,166.50 Trading suggestions for today: Sellers are in control today, so expect offering opportunities.The material has been offered by InstaForex Business-www.instaforex.com

By | December 5, 2016

analytics58457dd138a38.png

Since our previous analysis, gold has been moving downward. The price tested the level of $1,162.26. Using the market profile on 30M time frame, I found yesterday’s point of control at the price of $1,174.00. The price is trading below 21SMA, which is a sign of weakness. Be careful when buying and watch for potential selling opportunities. The first downward target is set at the price of $1,161.40 (Fibonacci expansion 100%).

Fibonacci pivot points:

Resistance levels:

R1: 1,188.45

R2: 1,194.65

R3: 1,199.40

Support levels:

S1: 1,177.50

S2: 1,172.80

S3: 1,166.50

Trading recommendations for today: Sellers are in control today, so watch for selling opportunities.

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

Jonathon Alexander

Canadian Dollar Climbs up As Oil Rates Rally

By | December 5, 2016

The Canadian dollar advanced against the majority of major counterparts in the European session on Monday, as oil rates climbed, with recently’s landmark decision by the OPEC to cap oil production raising hopes for tightened up oil markets.

Crude for January shipment rose $0.46 to $52.14 per barrel.

Investors now concentrate on the upcoming meeting between OPEC & & non-OPEC nations on December 10 in Vienna, where the countries would settle the information on the output cuts.

Starting from January, OPEC nations are expected to lower the output by around 1.2 million barrels each day and non-OPEC nations would contribute another 600,000 barrels per day to the cuts.

The currency was underpinned by increasing European shares, as investors appeared to shrug off the outcome of the Italian referendum and subsequent resignation of Prime Minister Matteo Renzi.

The currency was lower against its significant counterparts in the Asian session, with the exception of the euro.

The loonie climbed to a 7-1/2-month high of 86.06 versus the yen, off its early 5-day low of 84.59. The loonie is likely to find resistance around the 88.00 mark.

Survey figures from Cabinet Office showed that Japan’s customer confidence declined for the second straight month in November to the weakest level in 6 months.

The seasonally adjusted customer confidence index was up to 40.9 in November from 42.3 in the previous month. In September, the reading was 43.0.

The loonie, having actually fallen to a 4-day low of 1.3357 versus the greenback at 6:15 pm ET, reversed instructions and advanced to 1.3274. If the loonie extends increase, 1.30 is perhaps seen as its next resistance level.

The loonie was trading at 0.9889 versus the aussie, reversing from an early 5-day low of 0.9939. More gains might take the loonie to a resistance near the 0.97 region.

On the flip side, the loonie held consistent against the euro, following a 5-day low of 1.4271 hit at 7:05 am ET. This might be compared with the Asian session more than 1-year high of 1.4027.

Study arises from IHS Markit showed that the euro area economic sector expanded at the fastest speed in 11 months in November however the rate of development was somewhat weaker than initially estimated.

The last composite output index increased less-than-estimated to 53.9 in November from 53.3 in October. The flash score was 54.1.

Looking ahead, Markit’s U.S. final services PMI, ISM non-manufacturing composite index and labor market conditions index for November are due in the New york city session.

The Federal Reserve Bank of St. Louis President James Bullard will discuss the United States financial outlook at the Arizona State University’s annual financial forecast luncheon in Phoenix at 2:05 pm ET.

The product has actually been offered by InstaForex Business –
www.instaforex.com

Jonathon Alexander

EUR/NZD analysis for December 05, 2016 888011000 110888 Recently, EUR/NZD has been moving upwards. The rate checked the level of 1.5131 in a high volume. Using the marketplace profile on 30M timespan, I discovered strong pattern day and selling looks extremely risky. I discovered effective test of supply and the set is trading above 21SMA. Expect buying opportunities on the dips. An upward target is set at the cost of 1.5290( Fibonacci expansion 261.8%). Fibonacci Pivot Points: Resistance levels R1: 1.5025 R2: 1.5060 R3: 1.5120 Support levels: S1: 1.4900 S2: 1.4865 S3: 1.4810 Trading recommendations for today: Look for purchasing opportunities.The product has actually been offered by InstaForex Business-www.instaforex.com

By | December 5, 2016

analytics58456e3be8ea7.png

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5131 in a high volume. Using the market profile on 30M time frame, I found strong trend day and selling looks very risky. I found successful test of supply and the pair is trading above 21SMA. Watch for buying opportunities on the dips. An upward target is set at the price of 1.5290 (Fibonacci expansion 261.8%).

Fibonacci Pivot Points:

Resistance levels

R1: 1.5025

R2: 1.5060

R3: 1.5120

Support levels:

S1: 1.4900

S2: 1.4865

S3: 1.4810

Trading recommendations for today: Watch for buying opportunities.

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

Jonathon Alexander

International macro overview for 05/12/2016

By | December 5, 2016

Global macro introduction for 05/12/2016: Information of the November 2016 UK Markit/CIPS Providers PMI report revealed better than anticipated figures. Market participants expected a minor drop from 54.5 indicate 54.2 points, however the data beat expectations of 55.2 points for the last month. The greatest gain was noted in brand-new orders: 54.9 versus 55.7 previously. All the data looks products on the surface, not just the PMI for services and production, but the remainder of the financial signs are still beating expectations. The belief is dropping lower, with politics and inflation the primary reasons behind the decline. This quote from Markit report is the ideal conclusion of the present situation: “The additional upturn in the vast services sector reveals that the pace of UK financial development stays resiliently robust in the 4th quarter, regardless of continuous unpredictability caused by Brexit”.

Let’s now take a look at the GBP/USD technical photo in the 4H time frame. The bulls have handled to break out above the technical resistance at the level of 1.2676 and it appears like they are aiming to evaluate the next technical resistance at the level of 1.2772, which is just above the 50%Fibo of the last swing down. In case of a more breakout, the next resistnace is 61%Fibo at the level of 1.2903.

analytics584564ebbef04.jpg

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

Jonathon Alexander

Technical analysis of USD/CAD for December 5, 2016 888011000 110888 General overview for 05/12/2016:The intraday resistance at the level of 1.3356 is the essential level to the benefit. The market will be trading sideways between the weekly pivot at the level of 1.3342 and intraday assistance at the level of 1.3255 if this level is not clearly violated. Please pay attention that the bullish divergence in between the price and momentum oscillator supports the bullish view.Support/ Resistance:1.3255 – Intraday Assistance1.3342 – Weekly Pivot1.3356 – Intraday Resistance1.3431 – WR11.3464 – Wave b HighTrading suggestions:Day traders ought to open buy orders just if the level of 1.3356 is clearly broken. Otherwise, the sideways cost action do not validate engaging in any trade in the meantime. The material has been providedby InstaForex Business- www.instaforex.com

By | December 5, 2016

General overview for 05/12/2016:

The intraday resistance at the level of 1.3356 is the key level to the upside. If this level is not clearly violated, the market will be trading sideways between the weekly pivot at the level of 1.3342 and intraday support at the level of 1.3255. Please pay attention that the bullish divergence between the price and momentum oscillator supports the bullish view.

Support/Resistance:

1.3255 – Intraday Support

1.3342 – Weekly Pivot

1.3356 – Intraday Resistance

1.3431 – WR1

1.3464 – Wave b High

Trading recommendations:

Day traders should open buy orders only if the level of 1.3356 is clearly violated. Otherwise, the sideways price action do not justify engaging in any trade for now.

analytics584553ffb0015.jpg

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

Jonathon Alexander