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MARKET NEWS

 

Nov. 10: key option levels

 

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (14:00 GMT). 

 

Here are the key options expiring today:

 

EUR/USD: 1.2300 (large), 1.2350 (large), 1.2400 (large), 1.2500 (large), 1.2550 (large);

 

USD/JPY: 113.00 (large), 113.70/80 (large), 115.00 (large);

 

USD/CHF: 0.9650 (large);

 

AUD/USD: 0.85000 (large), 0.8600 (large), 0.8650 (large);

 

USD/CAD: 1.1200 (large), 1.1305 (large), 1.1400 (large);

 

NZD/USD:0.7600 (large).

 

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Forex Analytics

 

Danske Bank: trade signals for Nov. 10

 

Open positions*:

 

USD/CAD: Hold LONG at 1.1320, Take Profit 1.1450, Stop Loss 1.1250

 

EUR/GBP: Hold SHORT from 0.7920, Take Profit 0.7756, Stop Loss 0.7930

 

EUR/CHF: Hold SHORT from 1.2080, Take Profit 1.2006, Stop Loss 1.2075

 

GBP/JPY: Hold LONG at 181.65, Take Profit 186.60, Stop Loss 180.95

 

NZD/USD: Hold SHORT at 0.7755, Take Profit 0.7587, Stop Loss 0.7810

 

Trade ideas:

 

USD/JPY: Possibly SELL

 

EUR/USD: Look to SELL higher

 

AUD/USD: Possibly SELL higher

 

GBP/USD: SELL at 1.5950, Take Profit 1.5753, Stop Loss 1.6010

 

EUR/CAD: SELL at 1.4195, Take Profit 1.3890, Stop Loss 1.4305

 

EUR/JPY: BUY lower at 140.40

 

_________________________________________________________________

 

*Analysts at Danske Bank apply trailing stop orders

 

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AUD/USD: wave analysis (Nov. 10-16)

 

By Roman Petuchov

 

Weekly. The market is now developping a descending corrective wave that takes form of a complicated tripple three. The final descending zigzag (z) is now being built. Let's see the markup in details. 

 

audusd1.PNG

 

Daily. Initial bearish impulse A is close to its end. When the wave A will be over, the market will develop a bullish corrective wave B. Let's see the wave A in details. 

 

audusd2.PNG

 

H4. The market is forming a descending impulse wave [5] of A. This week the market will likely develop a horizontal correction (4). Afterwards the decline in a wave (5) will continue. The potential trajectory is marked on a chart. 

 

audusd3.PNG

 

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USD/JPY: wave analysis (Nov. 10-16)

 

Daily. USD/JPY keeps developing the global uptrend. The market is growing after a period of horizontal movements.

 

usdjpy1.PNG

 

H12. Here is the layout of the rising pulse V, which is close to an end. When the wave [5] of V is completed, the trend will reverse. So, let’s consider the layout of the wave [5].

 

usdjpy2.PNG

 

H4. This week USD will develop a downward corrective wave (4). When this wave is completed, the pair will continue rising in the impulse (5) and the maximum will be updated. The approximate scheme of future movements is shown at the chart.

 

usdjpy3.PNG

 

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GBP/USD: wave analysis (Nov. 10-16)

 

By Roman Petuchov

 

Weekly. The market continues developping a descending trend that could become a final part of the global bearish zigzag A-B-C.

 

gbpusd1.PNG

 

Daily. Waves [1] and [2] have already been constructed. Wave [2] took a form of a double tripple. Next week we expect the pair to decline in a new descending trend [3].

 

gbpusd2.PNG

 

H4. On the chart one could see a markup of the last part of the trend. This week the market will be forming waves 3-4-5 of (1). Beware of a correction, though. 

 

gbpusd3.PNG

 

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EUR/USD: wave analysis (Nov. 10-16)

 

By Roman Petuchov

 

Weekly. The last wave of the converging horizontal triangle B that is a simple descending zigzag is now being built. Let's see the markup in the details. 

 

eurusd1.PNG

 

Daily. We see that the descending impulse © is now being formed. Let's review this impulse. 

 

eurusd2.PNG

 

H4. In the framework of the wave 5 the price has formed waves , [ii] and [iii]. This week the market will be buiding a horizontal correction [iv]. Afterwards the decline will continue in a new bearish impulse [v].

 

eurusd3.PNG

 

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Trading plan for Nov. 11

 

EUR/USD touched the 1.2500 on the wave of short-covering, but failed to overcome this resistance for now. Technically, we see more space for a bullish retracement (major resistance lies at 1.2650), but the move should be confirmed by a daily fix above 1.2500. There are no data releases on the euro zone’s schedule on Tuesday. French banks will be closed for a holiday.

 

Daily RSI still looks supportive for the pair, but it looks like GBP/USD lacks bullish momentum. No data of high importance will be released tomorrow, though economists expect some positive developments from the UK on Wednesday. Support is at 1.5800. Resistance is at 1.5910 and $1.5950 ahead of 1.6000. The medium term outlook remains negative, but we are not in a hurry to sell. A decline below 1.5870 will confirm a top on H1.

 

USD/JPY found support at 113.85. Resistance lies at 114.70 and 115.00. Technically below the latter the risk of correction down to 113 will remain. US markets will be closed due to bank holiday, and trading may be volatile in the environment of low liquidity, though there will be not so many reasons for fluctuations. Watch the release of Japanese current account surplus – a lower reading’s expected and this may give bulls some strength.

 

AUD/USD is testing the short-term resistance line to the upside, but remains capped by the 0.8680 resistance for now. The current market structure is contradictive, so we recommend waiting for the Australian NAB Business Confidence index and HPI tonight at 00:30 GMT. Major support lies at 0.8640 and 0.8600. 

 


 

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MARKET NEWS

 

Nov. 11: MARKET VIDEOREVIEW

 


 

US Dollar is trading in a consolidative mode following the bearish correction seen on Monday. US banks are closed on holiday today. 

 

EUR/USD consolidates at 1.2400: bullish impulse on Monday failed to sustain. Next bearish targets are 1.2350 and 1.2250.  

 

GBP/USD is little changed in the $1.5840 area.

 

USD/JPY rose to the 115.30 zone. Japan’s current account surplus was bigger than expected, though consumer confidence declined. There’s once again talk that Abe may dissolve parliament, though the Prime Minister rejected such talk on Monday.

 

AUD/USD is hovering in the 0.8650/00 range. Australia released mixed data: NAB business conditions skyrocketed in October, while confidence dipped.

 

NZD/USD sits at 0.8730 ahead of the RBNZ Financial Stability report at 20:00 GMT. RBNZ Governor Wheeler will deliver a speech afterwards.

 

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MARKET NEWS

 

Nov. 11: key option levels

 

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (14:00 GMT). 

 

Here are the key options expiring today:

 

There are few options expiring today, as it’s the Veteran Day in the US:

 

USD/JPY:114.00 (large).

 

Pay attention to tomorrow’s expirations:

 

EUR/USD: 1.2500 (large), 1.2540 (large), 1.2400 (large);

 

GBP/USD: 1.5835 (large);

 

USD/JPY: 113.80 (large), 113.50 (large), 113.00 (large);

 

AUD/USD: 0.8600 (large), 0.8660 (large);

 

USD/CAD: 1.1280 (large), 1.1255 (large);

 

NZD/USD: 0.7820 (large), 0.7870 (large).

 

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Forex Analytics

 

Danske Bank: trade signals for Nov. 11

 

Open positions*:

 

USD/CHF: Hold LONG from 0.9555, Take Profit 0.9839, Stop Loss 0.9616

 

USD/CAD: Hold LONG at 1.1320, Take Profit 1.1450, Stop Loss 1.1250

 

EUR/GBP: Hold SHORT from 0.7920, Take Profit 0.7756, Stop Loss 0.7930

 

EUR/CHF: Hold SHORT from 1.2080, Take Profit 1.2006, Stop Loss 1.2075

 

GBP/JPY: Hold LONG at 181.65, Take Profit 186.60, Stop Loss 180.95

 

Trade ideas:

 

EUR/USD: SELL at 1.2472, Take Profit 1.2358, Stop Loss 1.2511

 

USD/JPY: BUY at 114.92, Take Profit, Stop Loss 114.59

 

GBP/USD: SELL at 1.5950, Take Profit 1.5753, Stop Loss 1.6010

 

EUR/CAD: SELL at 1.4195, Take Profit 1.3890, Stop Loss 1.4305

 

EUR/JPY: SELL at 143.28, Take Profit 141.72, Stop Loss 144.25

 

AUD/USD: Possibly SELL

 

NZD/USD: Possibly SELL

 

_________________________________________________________________

 

*Analysts at Danske Bank apply trailing stop orders

 

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Trading plan for Nov. 12

 

US dollar has recovered some ground after the Monday’s pullback: DXY index hovers at 87.80 as we write.

 

USD/JPY reached 116.10 as dollar bulls have managed to push the pair through resistance. A setback will be now natural: support is at 115.00 and 114.20. Yen is affected by concerns that Prime Minister Above may dissolve the parliament and call a snap election if he decides not to push ahead with the second-leg of the sales tax increase in 2015. A close above 116 will make the pair head towards 118.

 

GBP/USD is consolidating in a kind of triangle. Britain will release unemployment data at 09:30 GMT. Forecasts are pretty optimistic. Pound may drift to 1.5920 ahead of the release, and if the actual figures live up to the expectations we may see a short squeeze up to 1.5950 and even 1.6000. The markets will be also watching how the Bank of England comments on the slowing inflation (10:30 GMT). Below 1.5920 pound will be vulnerable for a slide to 1.5790.

 

NZD/USD rose to the 0.7770 area. The RBNZ’s financial stability report is released late on Tuesday. The central bank’s Governor Graeme Wheeler may signal the end of loan to value ration restriction on low-equity loans. As Wheeler has previously said, these restrictions were equivalent to 30-50 basis points of interest rate tightening. As a result, if the restrictions are abandoned, it would have the same effect as the monetary easing, so NZD/USD will slide towards 0.7650. Resistance is at 0.7840 and 0.7878.

 

AUD/USD is undertaking another attempt to overcome the 0.8650 resistance. The pair was supported by the overall JPY weakness with AUD/JPY being pushed above the 100.00 mark. However, Monday’s peak of 0.8680 remains unbeaten for now. The pair needs to test this level to the upside to get more bullish power. Australia is scheduled to release wage price index tonight at 00:30 GMT.

 

EUR/USD hovered in a narrow 1.2440/2390 range on Tuesday. The pair remains in a short-term bearish channel with the bearish prospects ahead. This week the economic calendar is rarely light with the euro zone’s industrial production data the key event to watch on Wednesday.

 


 

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MARKET NEWS

 

Nov. 12: MARKET OVERVIEW

 

EUR/USD trades in a narrow 1.2490/50 range; awaits Industrial production data at 10:00 GMT (forecast – upbeat). 

 

AUD/USD consolidates slightly below 0.8700 following the yesterday’s recovery. Australia wage price index came out in line with forecast (+0.6%).

 

NZD/USD pushed higher, reaching 0.7850. RBNZ Financial Stability report reminded the market that the central bank is still in a tightening cycle, and will continue to lift interest rates when necessary. 

 

The bears are trying to pull USD/JPY to 115.00 in a correction after it reached 116.10 on Tuesday. The pair’s overbought, so it diverged a little from the soaring stocks: Japanese stocks rose to 7-year highs on the expectations Prime Minister Shinzo Abe will postpone a planned sales tax hike in order not to damage a fragile economic recovery.

 

GBP/USD rose above 1.5920 ahead of the release of the UK unemployment data (09:30 GMT) and the Bank of England’s Inflation Report (10:30 GMT). It will be very important to see how the BoE explains slowing inflation: the reasoning will determine the prospects on the rate increases in the UK.

 

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MARKET NEWS

 

Nov. 12: key option levels

 

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (14:00 GMT). 

 

Here are the key options expiring today:

 

EUR/USD:1.2500 (large), 1.2540/50 (large), 1.2400 (large);

 

GBP/USD:1.5835 (large), 1.5900, 1.6000;

 

USD/JPY: 116.50 (large), 113.80 (large);

 

AUD/USD: 0.8600 (large), 0.8660 (large);

 

USD/CAD: 1.1360 (large), 1.1280 (large) 1.1255 (large);

 

NZD/USD: 0.7750 (large), 0.7820 (large), 0.7870 (large).

 

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Forex Analytics

 

Danske Bank: trade signals for Nov. 12

 

Open positions*:

 

EUR/USD: Hold SHORT from 1.2472, Take Profit 1.2358, Stop Loss 1.2511

 

USD/CHF: Hold LONG from 0.9555, Take Profit 0.9839, Stop Loss 0.9616

 

USD/CAD: Hold LONG at 1.1320, Take Profit 1.1450, Stop Loss 1.1295

 

EUR/GBP: Hold SHORT from 0.7920, Take Profit 0.7756, Stop Loss 0.7930

 

EUR/CHF: Hold SHORT from 1.2080, Take Profit 1.2006, Stop Loss 1.2075

 

GBP/JPY: Hold LONG at 181.65, Take Profit 186.60, Stop Loss 181.70

 

Trade ideas:

 

USD/JPY: BUY at 115.13, Take Profit 116.11, Stop Loss 114.61

 

GBP/USD: Revised SELL at 1.6000, Take Profit 1.5791, Stop Loss 1.6045

 

EUR/CAD: SELL at 1.4195, Take Profit 1.3890, Stop Loss 1.4305

 

NZD/USD: BUY at 0.7775, Take Profit 0.7881, Stop Loss 0.7735

 

AUD/USD: Possibly SELL

 

EUR/JPY: Possibly BUY

 

_________________________________________________________________

 

*Analysts at Danske Bank apply trailing stop orders

 

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EUR/USD: bullish pressure persists

 

Tatyana Norkina, FBS analyst

 

On Tuesday the buyers have once again managed to enter the space between the Tenkan and Kijun lines and the Ichimoku Cloud. The pair has fixed above the lines and approached the lower border of the Cloud. In the near term we expect a break above Senkou Span A to follow: pay attention to the Gplden cross. 

 

Break into the Cloud would open teh way for a push higher, towards the 1.2600 figure. Otherwide the downside will resume. 

 

Oscillators are giving out positive signals. MACD approaches zero, while RSI is also headed to the upside. 

 

Technical levels: support – 1.2450; resistance – 1.2490.

 

Trade recommendation:

 

1. Buy — 1.2460; SL — 1.2430; TP1 — 1.2520; TP2 — 1.2600.

 

eurusdh4-TN.png

 

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GBP/USD is at important level

 

GBP/USD approached to the bottom of the Ichimoku Cloud on Tuesday. Senkou Span A formed resistance in the 1.5940 area. For now this level has capped the pair. The break higher will ruin the current downtrend.

 

However, it might be difficult for the bulls to move past this obstacle: at the moment an incorrect Golden Cross is forming – the Kijun line (blue line) has set up for a decline. In addition, the Cloud keeps widening to the downside.

 

The oscillators look positive for now. MACD is approaching 0, while RSI is passing the channel’s middle to the upside.

 

As a result, there are 2 trade opportunities: to stay on the side of the bears if the price recoils down from the bottom of the Cloud or to join the bulls if the price settles above the Tenkan and Kijun lines.

 

Technical levels: support – 1.5890, 1.5850; resistance – 1.5940.

 

Trade recommendations:

 

1. Sell — 1.5940; SL — 1.5960; TP1 — 1.5890; TP2 — 1.5850.

 

2. Buy — 1.5890; SL — 1.5870; TP1 — 1.5940; TP2 — 1.5980.

 

gbpusdh4-TN.png

 

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Trading plan for Nov. 13

 


 

EUR/USD remains in the narrow 1.2390/2500 range after having hit a 2-year low of 1.2350 on the past week. The near-term picture remains bearish as long as the 1.2500 mark holds. Break higher could open the way for more corrective recovery to 1.2650. Decline below 1.2400 would pave the ground for more aggressive selloff with a medium-term target of 1.2200. Euro zone’s economic calendar on Thursday is empty, but the euro is expected to stay under pressure ahead of the Friday’s data.

 

The attempts of USD/JPY to rise above 116.10 were so far unsuccessful. The pair has already priced in some of the potential delay in the sales tax hike and as no news about that are expected this week, dollar can allow itself some correction. Support is at 114.70 and 113.80 and deeper down at 102.65. Watch Japanese core machinery orders and the US jobless claims.

 

GBP/USD sharply fell as the Bank of England cut its growth and inflation forecasts. The recent move up on H4 has turned out to be flag signaling that the downtrend is continuing. We are betting on the pair’s decline to 1.5790 and 1.5730. Resistance is at 1.5905.

 

AUD/USD is testing the 0.8700 mark to the upside in the US trade. The pair remains in a short-term bullish channel. Next resistance to watch lies at 0.8760/70, while support – at 0.8630 and 0.8580. Volatility will likely increase in Asian session on Thursday: speech of the RBA Assistant Governor Kent will be followed by Chinese industrial production data. 

 

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MARKET NEWS

 

Nov. 13: MARKET OVERVIEW

 

Risk sentiment was hurt by new signs of Chinese economic slowdown. China industrial output declined more than expected to 7.7 percent from a year earlier, while fixed investment growth slumped to a 13-year low. Retail sales growth has also come slightly below the forecast. Meanwhile, oil prices slipped to fresh multi-year lows on fears Saudi Arabia won’t support oil output cuts. USD/JPY consolidates below the 116.10 high

 

The dollar stands firm on the prospects of solid growth in the Unites States with EUR/USD consolidating at 1.2440. GBP/USD plummeted to a fresh 14-month low of 1.5760 as the BOE weak view on domestic inflation pushes back expectations on the timing of an interest rate rise into late 2015.

 

AUD/USD retraced down from 0.8740 amid weak Chinese figures and oil prices. What’s more, the RBA Assistant Governor Kent hinted on a possible intervention in order to lower the currency.

 

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Nov. 13: key option levels

 

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (14:00 GMT). 

 

Here are the key options expiring today:

 

EUR/USD: 1.2400 (large), 1.2420/25 (large), 1.2450 (large), 1.2500 (large);

 

GBP/USD: 1.5800 (large), 1.5850 (large);

 

USD/CHF: 0.9550 (large), 0.9600;

 

AUD/USD: 0.8625 (large), 0.8675 (large) 0.8800 (large);

 

NZD/USD: 0.7795 (large).

 

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Danske Bank: trade signals for Nov. 13

 

Open positions*:

 

EUR/USD: Hold SHORT from 1.2472, Take Profit 1.2321, Stop Loss 1.2511

 

USD/CHF: Hold LONG from 0.9555, Take Profit 0.9839, Stop Loss 0.9616

 

AUD/USD: Hold SHORT from 0.8725, Take Profit 0.8540, Stop Loss 0.8775

 

EUR/GBP: Hold SHORT from 0.7920, Take Profit 0.7756, Stop Loss 0.7930

 

EUR/CHF: Hold SHORT from 1.2080, Take Profit 1.2006, Stop Loss 1.2075

 

GBP/JPY: Hold LONG at 181.65, Take Profit 186.60, Stop Loss 181.70

 

Trade ideas:

 

GBP/USD: Revised SELL at 1.5807, Take Profit 1.5718, Stop Loss 1.5845

 

USD/CAD: SELL at 1.1350, Take Profit 1.1121, Stop Loss 1.1417

 

EUR/CAD: SELL at 1.4085, Take Profit 1.3855, Stop Loss 1.4180

 

EUR/JPY:  BUY at 142.48, Stop Loss 145.68, Take Profit 141.97

 

NZD/USD: SELL higher

 

_________________________________________________________________

 

*Analysts at Danske Bank apply trailing stop orders

 

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Trading plan for Nov. 14

 

EUR/USD remains in a short-term triangle: on Thursday the price pushed higher to 1.2470. In our view, the triangle will likely be broken to the downside. The market setup remains bearish as long as the 1.2500 resistance holds. Next resistance lies in the 1.2650/2700 area, but for now we don’t see any fundamental reasons for a sustainable growth. Euro zone is scheduled to release preliminary Q3 GDP data on Friday (6:30-10:00 GMT) and final October CPI at 10:00 GMT.

 

GBP/USD is now close to our target in the area of 1.5720 (61.8% Fibo retracement of the move from 2013). This is the key technical level to watch. A break lower will make the pair target 1.5600 and 1.5370 (76.8% Fibo). The market’s now expecting the Bank of England’s rate hike further in the future. A weekly close below 1.5980 will confirm the bearish scenario. Resistance is at 1.5905 (bottom of the weekly Ichimoku Cloud). On Friday the main news event will be US retail sales and consumer sentiment.

 

USD/JPY has been consolidative between 116 and 115. The pair has already priced in some of the potential delay in the sales tax hike and no decision on this issue is expected this week. The bulls need more drivers to push the pair above 116.10 and 116.50. US data tomorrow may more the pair a bit, but taking into account its overbought nature, something as strong as the delay in tax hike is needed to trigger another leg higher.

 

AUD/USD has been trading in a short-term bullish channel since late last week. The pair dipped to 0.8670 in Asia as the RBA Assistant Governor Kent said the regulator could intervene to the FX market if needed. However, the effect wasn’t really long-playing:  the pair pushed higher to 0.8760 later in the day. The 0.8770 area could become a new resistance: this is 61.8% Fibo from the recent decline. Support is now seen at 0.8730 and 0.8680. All eyes on the US data releases in the coming days.

 


 

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MARKET NEWS

 

Nov. 14: MARKET OVERVIEW

 

USD/JPY rose to 116.30 on a new wave of rumors that Prime Minister Abe will delay a sales tax hike as comments from the Japanese officials hint at such a possibility. In addition, the Fed’s Kocherlakota said that if inflation outlook rises, this will support a rate hike in 2015.

 

EUR/USD slid to 1.2430. The euro zone’s GDP due today: the region’s economy is expected to add 0.1% in Q3 after stagnating in the previous quarter. GBP/USD declined towards 1.5650.

 

AUD/USD slid below 0.8700. NZD/USD slid to 0.7840. Chinese Premier Li said that Chinese economy is still expected to face relatively big downward pressure next year.

 

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Nov. 14: key option levels

 

FXBAZOOKA.com - Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (14:00 GMT). 

 

Here are the key options expiring today:

 

EUR/USD: 1.2400 (large), 1.2450 (large), 1.2500 (large), 1.2510 (large), 1.2525 (large);

 

USD/CHF: 0.9800 (large);

 

USD/JPY: 116.00;

 

USD/CAD: 1.1300 (large), 1.1345, 1.1350, 1.1365 (large), 1.1400 (large), 1.1425, 1.1450, 1.1490, 1.1500;

 

AUD/USD: 0.8700 (large), 0.8775 (large), 0.8650 (large), 0.8585 (large);

 

NZD/USD: 0.7790 (large).

 

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USD/SGD: trade idea

 

Tatiana Norkina, analyst at FBS

 

An interesting business opportunity was appeared for the currency pair USD / SGD. The weakness of the American dollar in front of Singapore dollar is obvious, because bulls are unable to break up the resistance level of 1.2920 formed by lines of Tenkan, Kijun and Senkou Span A.

 

At the moment the pair has finally been сonsolidated within the four-hours clouds and the purpose of the corrective decline may become its lower limit.

 

Oscillators indicate the falling of the bullish interest. MACD can appear to be in the negative zone soon. Also RSI is moving toward the lower end of the range.

 

Technical levels: Support - 1.2880, 1.2830; resistance - 1.2920 / 30.

 

Trade recommendations:

 

1. Sell - 1.2900; SL - 1.2930; TP1 - 1.2830; TP2 - 1.2750.

 

USDSGDH4-TN.png

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EURUSD: Weekly Review (14/11)

 

Tatiana Norkina, FBS analyst

 

Daily. As we have predicted in the previous review, the currency pair consolidated above weekly support 1.2340/50. On the daily timeframe bulls stopped by Tenkan-sen line that formed the resistance at 1.2470. Ichimoku configured negatively: the cloud is bearish nature and still operates dead cross. But all the lines are currently directed sideways.

 

 

Thus oscillators show a positive trend.

 

eurusdd1.png

 

Graph. Daily EUR/USD

 

H4. On the 4-hour timeframe Ichimoku lines are also directed sideways, but the Tenkan-Sen and Kijun-sen do not nulify the golden cross. At the same time, strong resistance from the bottom of the cloud doesn't let bulls bulls go further up.

 

 

We would like to note that in this time frame MACD crept close to zero. Therefore, in the near future we do not exclude the corrective growth in the area of the 26th figure.

 

 

If the resistance of 1.2470 resists, we will wait for the new lows of two weeks ago.

 

eurusdh4.png

 

Graph. H4 EUR/USD

 

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