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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

18.10.2016

Euro

General overview

The dollar grew against its main rivals to 7-month high on Monday. The US currency was able to extend its gains amid optimistic US data which reinforced investors’ hopes over the Fed rate hike in 2016.

Current situation

The euro partly recovered and was able to reverse the majority of its losses during the trades on Monday. The ongoing recovery could be attributed to some profit taking from bears following Friday's sell-off. Buyers pushed the EUR/USD to the resistance 1.1000. However, bulls failed to regain the level and the price slightly rolled back. The euro quotes tested the 50-EMA, around 1.1000 in the 1 hour chart. The 50-EMA acted as a barrier and rejected the price downwards. All moving averages (50, 100 и 200) are heading lower. The resistance comes in at 1.1000, the support stands at 1.0950.

MACD remained in the negative area. The MACD histogram remained at the same level which indicates the sellers’ strength. RSI indicator is holding near oversold levels.

Trading recommendations

We do not exclude that after rolling back the euro will try to retake the level 1.0950 again. Conversely, after a daily closing above the level 1.1000 the EUR/USD may extend its gains towards 1.1050.

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Pound

General overview

The pound remained under pressure amid growing concerns over the hard Brexit.

Current situation

The neutral phase that started last week is still intact. The cable gapped downwards at the open on Monday. The price jumped downwards from 1.2182 to 1.2153. The pair extended its losses after the gap and stayed in a tight range 1.2140 - 1.2200 during the course of the day. The sterling remained under bearish 50-EMA which limits its growth in the 1 hour chart. The moving averages slowed down with their decline, going downwards in the same chart. The current resistance is seen at 1.2200, the support lies at 1.2100.

MACD is in the negative area. MACD grew which indicates the sellers’ positions weakening.
RSI indicator is consolidating around the oversold levels.

Trading recommendations


We prefer to stay neutral for now. We expect further sideways trades in the coming sessions.

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Yen

General overview


The USD/JPY pair preserved its bid tone after the positive US retail sales report which pointed that the Fed is moving closer to raise the rates before the end of the year.

Current situation

The dollar/yen remained in an upward channel on Monday. The price moved away from the upper limit of the cannel and is struggling with the 104.00 support to go decline further. The dollar quotes approached the bullish 50-EMA in the 1 hour chart. The 50-EMA provides a solid support for the price. All moving averages are pointing higher. The resistance can be found at 105.00, the support comes in at 104.00.

MACD is in the positive area. The histogram remained at the same level which indicates the buyers’ strength. RSI is within the overbought area.

Trading recommendations

After breaking the 104.00 support the price will keep advancing south towards the mark 103.30. A bounce off the level will extend its gains toward the last week high at 104.61.

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AUD/USD

General overview

The Aussie softened against the dollar and lost some of its gains amid the commodity market growth.

Current situation

The AUD/USD pair was in buy mode on Monday. The price retreated from the lows posted on Friday. The Aussie moved upwards and was able to reverse some of its losses on Monday. The pair left the short-term downward channel and is trying to extend its buying momentum now. The price seems to be moving towards the resistance area at 0.7650. The AUD/USD pair bounced from the 50 and 100 EMAs which provided a bearish support for the quotes. The price bounced off the lines and moved away from them. The 50, 100 and 200 EMAs are neutral in the 4 hours chart. The resistance is at 0.7650, the support stands at 0.7600.

MACD is in the positive area. The histogram remained at the same level which indicates the buyers’ strength. The RSI oscillator moved upwards.

Trading recommendations

If the positive tone persists the AUD/USD pair may extend its near-term recovery towards 0.7650. At the same time a bearish scenario requires a close below 0.7600.

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XAUUSD

General overview

Gold prices remained unmoved on Monday, trading around 4-month lows. A stronger dollar limits the further gold recovery.

Current situation

Gold prices traded flat on Monday. The last week trading range remained intact. The XAU/USD pair made an attempt to recover in the Asian session on Monday. However, the upward momentum stopped and the price decreased and erased its recent gains. The yellow metal spent the European session at the lower end of the trading range. Gold futures remained in-between the 50 and 100 EMAs in the 1 hour chart. The moving averages extended their bearish slope. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. The RSI remained close to the oversold levels.

Trading recommendations

The neutral phase will remain intact in the nearest time. The yellow metal will move between levels 1260 and 1250. We think the price will grow towards 1260 first.

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Brent

General overview

Brent futures edged lower on Monday amid a stronger dollar and rise in US drilling rig number.

Current situation

Brent is turning bearish in the 4 hours chart. After a short-lived recovery in the Asian session the Brent price bounced downwards from the 52.00 mark on Monday. Sellers pushed the prices lower towards the immediate support 51.50 which slowed down its decline. The 50-EMA acted as a resistance and stopped the growing momentum, rejecting the price downwards in the 4 hours chart. The 50-EMA is turning neutral, the 100 and 200 EMAs maintained their bullish slope. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI oscillator moved downwards.

Trading recommendations

We believe the price will keep battling with the 51.50 level. If the level holds oil prices will bounce back to 52.50. In the scenario where sellers break the level the Brent quotes move lower towards 50.50.

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DAX

General overview

European stocks opened lower on Monday when Pearson (media group) and Marine Harvest (sea products producer) shares decline weighed on stocks.

Current situation

DAX index gapped downwards on Monday. The price jumped from the mark 10575 to 10538. The price briefly strengthened and was able to erase its losses. However, the recovery turned out to be short-lived and DAX soon turned around. Prices decreased to the 10500 level region during the European hours. The price is sandwiched between the 50-EMA on the one side and the 100 and 200 EMAs on the other. The 50-EMA acts as a resistance, the 100 and 200 EMAs provide a strong support for the index. The 50 and 100 EMAs are moving downwards, the 200 EMA is slightly bullish. The resistance is seen at 10600, the support is at 10500.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI oscillator moved downwards.

Trading recommendations

As the most probable scenario, we expect the 10500 level breakthrough and further moving downwards towards the mark at 10430.

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S&P500

General overview

Wall Street opened lower as expectations over the Fed's next monetary policy action remained a key determinant for the stocks. Investors prepared for a week full with corporate earnings reports.

Current situation

The index started the week with a recovery. S&P500 moved higher towards 2130 and was able to erase some of its losses during the Asian and European sessions on Monday. Buyers failed to retake the level and S&P500 sharply decreased at the beginning of the New York session. Prices broke upwards the 50-EMA and shortly pierced the 100-EMA in the 1 hour chart. The index failed to hold its gains and decreased back below the moving averages in the mentioned timeframe. The moving averages (50, 100 and 200) maintained their bearish slope. The resistance is seen at 2130, the support is at 2120.

MACD remained at the same level which indicates the sellers’ strength. The RSI remained within negative levels.

Trading recommendations


The price traded in a descending channel, staying close to its upper limit. A move above the range will weaken sellers’ positions. An uptrend will start as soon, as the S&P500 rises above the resistance level 2140. The index will extend its losses towards 2110 after breaking the support 2120.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

19.10.2016

Euro

General overview

The dollar weakened against its main peers as the disappointing U.S. data keep weighing on it.

Current situation

The EUR/USD pair remained in a near-term descending channel on Tuesday. The price bounced off its lower limit, approaching its upper boundary during the first part of the day. The current recovery might be bears' profit taking after last week decline. The pair faced another selling pressure at the NY open. The EUR/USD gave up its recent gains and moved below 1.1000 towards 1.0950. According to the 1 hour chart the recovery action was limited by the 100-EMA near the 1.1000 region. The price bounced from the line and moved downwards. The moving averages (50, 100 and 200) keep moving lower. The resistance comes in at 1.1000, the support stands at 1.0950.

MACD remained in the negative area. MACD decreased which confirm the sellers’ positions strength. The RSI oscillator moved downwards.

Trading recommendations

A downtrend will start as soon, as the EUR/USD pair consolidates below the level 1.1000. The level 1.0950 is the first sellers’ target.
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Pound

General overview

The pound strengthened on the back of the positive Consumer Price index in the UK.

Current situation

The sterling remained in a range during the Tuesday’s trades. The price moved from its lower limit at 1.2130 and was able to escalate up to 1.2288 where the upward momentum faded. An attempt to recover was limited by the 50-EMA in the 4 hours chart. All moving averages keep heading south in the mentioned timeframe. The current resistance is seen at 1.2300, the support lies at 1.2200.

MACD grew which indicates the sellers’ positions weakening. The RSI oscillator moved upwards.

Trading recommendations

A break above the upper limit of the range will allow recovering towards 1.2400. A break below 1.2100 will suggest further weakness.

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Yen

General overview

The dollar traded lower against the other major currencies following the weak Empire State manufacturing report which diminished expectations for another rate hike by Fed in 2016.

Current situation

The 3-week bullish trend remains intact. The price strengthened in the Asian session on Tuesday. However, the growth was stopped by the 104.00 level, where the pair met a selling interest, pushing the price lower. The USD/JPY pair bounced off the level and headed downwards to the 103.40 region where the 50-EMA lies. The 50-EMA may provide a solid support for the quotes in the 4 hours chart. The moving averages maintained their bullish slope in the same timeframe. The resistance can be found at 104.00, the support comes in at 103.00.

MACD decreased which indicates the buyers’ positions weakening. RSI is within the neutral area.

Trading recommendations

In the potential scenario, the next stop for the USD/JPY could well be around level at 103.40. If the pressure persists the price will extend its losses towards 103.00.

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NZD/USD

General overview

The kiwi strengthened due to the better-than-expected Consumer Price Index report and a weaker dollar.

Current situation

The pair had a positive day on Tuesday. The NZD/USD extended its bullish momentum, struggling with 0.7200 to move higher. The price tried to break the bearish 200-EMA which limited its growth in the 4 hours chart. The 200-EMA is neutral, the 50 and 100 EMAs are turning upwards, following the price. The resistance is at 0.7200, the support stands at 0.7120.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. The RSI is in the overbought area.

Trading recommendations

If bulls retain control and breaks above 0.7200 the NZD/USD pair will strengthen towards 0.7250. If the price fails to reclaim the level 0.7200, then this could lead to renewed selling momentum, possibly towards 0.7120.

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XAUUSD

General overview

Gold prices traded higher on Tuesday as the disappointing US inflation report pushed back expectations for another US rate hike.

Current situation

The XAU/USD remained rangebound on Tuesday. Gold prices reached the upper boundary of the range when the level 1260 dollar per ounce stopped its further recovery. The price struggled hard with the level to extend its gains, but failed. The yellow metal retreated from the daily high and continued to head lower in the North American session. The 200-EMA stopped the yellow metal strengthening in the 1 hour chart. The 200-EMA rejected the price downwards, towards the 50 and 100 EMAs. The 200-EMA is moving downwards, the 50 and 100 EMAs are neutral in the same chart. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

MACD remained in the negative area. If MACD remains within the negative territory, sellers’ positions will strengthen. The RSI left the overbought area and headed south.

Trading recommendations

If the price makes another attempt and this time breaks above the 1260 resistance area then we could see its growth towards 1270 dollar per ounce. At the same time bearish scenario requires close below 2150 dollar per ounce.

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Brent

General overview

Oil prices remained positive on Tuesday as some analysts believe that the market is not so oversupplied as it was suggested earlier.

Current situation

Brent gapped higher at the open on Tuesday. Prices jumped from 51.67 to 51.70 dollars per barrel. Brent crude oil continued with its recovery later the day. The price reached the mark 52.00 which appeared to be a pivot point. The price turned around and headed lower towards 51.50. However, the downward pressure quickly faded and the price stopped a few pips above 51.50. The 50-EMA became a barrier on its way upwards in the 4 hours chart. The line rejected the price, sending it downwards. The 50-EMA is neutral, the 100 and 200 EMAs are pointing higher. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved upwards.

Trading recommendations


Bears are attempting to control the market. If they succeed the price will break 51.50. After breaking the level bears will move towards 50.50.

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DAX

General overview

European stocks sentiment improved due to oil prices growth and as investors began preparing for the ECB meeting this Thursday.

Current situation


The DAX index ended its 4-day decline and opened on a positive note on Tuesday. The price gapped higher at the open and extended its gains towards 10656, breaking the level 10600 on its way up. Having refreshed the weekly high the index rolled back towards 10600. The price jumped over the 50 and 200 EMAs in the 4 hours chart. The 50 and 100 EMAs maintained their bearish slope, the 200-EMA is neutral. The resistance is seen at 10700, the support is at 10600.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. The RSI is within overbought area.

Trading recommendations

A daily close above 10600 will indicate a continuation of the upward movement. Buyers will push the price towards 10700. A close below 10600 may trigger a downward movement towards 10500.

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NASDAQ

General overview

Wall Street opened higher fallowing the positive Consumer Price index. Investors keep weighing up corporate earnings reports.

Current situation

NASDAQ held a bullish tone yesterday. The index continued moving higher, breaking above the previous day’s top. The price broke the level 4835 and was able to extend its gains towards 4848 where the bullish spike faded and NASDAQ rolled back. The 100-EMA stopped the upward momentum. The price bounced off the moving average and headed downwards below the 50-EMA. The 100 and 50 EMA direction is downwards. The 200-EMA is moderately bullish. The resistance is seen at 4850, the support is at 4800.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI oscillator moved upwards.

Trading recommendations

The index remained in a broad range descending channel. The price tested its upper boundary on Tuesday. A break above the line will indicate that the negative sentiment is over. In this potential scenario, buyers will lead the price to 4865.

If the price fixates below the level 4835 NASDAQ may return to a decline.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

20.10.2016

Euro

General overview

The euro strengthened against the US dollar on the back of the weak data and Fed officials’ ambiguous comments regarding the rate.

Current situation

The bearish trend remained intact in the 4 hours chart. The EUR/USD pair was decisively trading below the 1.1000 level. The market was fairly balanced during the Asian session on Wednesday. The price stayed between the marks 1.0970 and 1.1000. The euro moved down towards 1.0950 during the European trades. The euro quotes broke the 50-EMA and tested the 100-EMA in the 1 hour chart in the Asian session. The 100-EMA rejected the price downwards. The EUR/USD was in-between the 50 and 100 EMAs during the early European hours and moved below the lines ahead of the US opening. All moving averages accelerated their decline in the mentioned timeframe. The resistance comes in at 1.1000, the support stands at 1.0950.

MACD is in the negative territory. MACD decreased which confirms the strength of sellers. RSI headed towards the oversold area.

Trading recommendations


Negative technical studies maintained bearish pressure. A break below 1.0950 will suggest a further weakness towards 1.0900.

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Pound

General overview

The pound strengthened on Wednesday due to the positive labour market report. The unemployment level has remained unchanged despite the Brexit referendum results.

Current situation

The GBP/USD remained in bulls' hands on Wednesday. Bulls pushed the price towards 1.2300. The sterling was battling with the resistance 1.2300 during the day. The pound quotes broke the 50 and 100 EMAs and snapped the 200-EMA in the 1 hour chart. The 200-EMA became an initial barrier for the price which was struggling to take it out during the day. The 50-EMA crossed the 100-EMA upwards in the same chart. The moving averages (50, 100 and 200) are neutral. The current resistance is seen at 1.2300, the support lies at 1.2200.

MACD entered the positive area. MACD grew which indicates the sellers’ positions weakening. RSI approached the oversold area.

Trading recommendations

Our short-term outlook remains bullish. A break above 1.2300 risks a growth towards the resistance at 1.2400.

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Yen

General overview

The US dollar weakened against its main peers following the recent US data. Traders were cautious ahead of U.S. Building Permits release.

Current situation

The 4 hours chart for the pair presents a moderate bearish potential. The price finally broke the consolidation range and made a good break below 104.00. Sellers pushed the quotes towards 103.00. The 50-EMA stopped the downward momentum in the 4 hours chart. The moving averages (50, 100 and 200) extended their growth. The resistance can be found at 104.00, the support comes in at 103.00.

MACD entered the oversold area. MACD decreased which indicates the buyers’ positions weakening. RSI moved towards the overvalued levels.

Trading recommendations

The USD/JPY is approaching the 103.00 level. A move below the level would indicate that the immediate upward pressure eased. In this scenario, sellers will push the price further towards the 102.50 region. A bounce off the 103.00 level will return buyers in the game.

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USD/CAD

General overview

The commodity currencies like loonie strengthened following oil prices growth.

Current situation

The pair retained a neutral, short-term undertone. The USD/CAD extended its recovery and touched the daily high at 1.3128 before retreating downwards. The price spent the day within a tight range 1.3130 - 1.3080. The USD/CAD pair bounced downwards from the 200-EMA in the 4 hours chart. The 200-EMA is neutral, the 50-EMA is crossing the 100-EMA downwards. The resistance is at 1.3150, the support stands at 1.3050.

MACD decreased which confirms the strength of sellers. RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

The USD/CAD is approaching the support 1.3050. If the price breaks this support, the pair may fall further that should send this market looking for the 1.3000 mark.

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XAUUSD

General overview

Gold prices grew amid uncertainty over the timing of future Fed rate hikes.

Current situation

The gold hold the upbeat tone vs. its American peer on Wednesday. The XAU/USD finally left the range and extended its gains during the European session on Wednesday. Buyers led the price from the level 1260 towards 1270 per ounce. The bullish spike faded around the immediate resistance where prices spent the rest of the day. The pair broke the 50-EMA and approached the 100-EMA which stopped its growth in the 4 hours chart. The 50-EMA is neutral, the 100 and 200 EMAs are still moving downwards. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

MACD is in the positive area. MACD grew which indicates the sellers’ positions weakening. RSI is going north which confirms the current upward movement.

Trading recommendations

The overall outlook remains bullish, for rise towards 1270 resistance area. A successful break above the level will send prices towards the next resistance at 1280 dollar per ounce.

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Brent

General overview

A fall in U.S. crude stocks together with a planned output cut next month support oil prices.

Current situation


Brent futures remained rangebound between the current support and resistance. Bulls pushed the price from the lower end of the range towards its upper one. Buyers moved Brent futures towards 52.50 dollars per barrel where the buying momentum faded. Oil prices bounced off the level and spent the European session slightly below it. The price stays in the 50-EMA region which provides a solid resistance for oil futures. The 50-EMA is neutral, the 100 and 200 EMAs are pointing higher. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is in a neutral area.

Trading recommendations

If the 52.50 dollars per barrel level can hold Brent futures could decline to 51.50. A clear strength above this immediate resistance will pave way towards 53.50.

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DAX

General overview

European stocks opened lower as investors digested the Chinese data and European corporate earning reports.

Current situation

DAX index opened bearish yesterday. The price gapped higher at the opening and filled the gap after declining back to 10600. The level 10600 appeared to be a tough nut to crack. The price rolled back in early European trades and made another attempt to break below the level lately. Sellers again failed to reclaim the 10600 level, the price bounced off the level and moved to the 10650 region. The 50 and 100 EMAs kept moving higher with the 50-EMA crossing the 200-EMA in the 4 hours chart. The 200-EMA is neutral in the mentioned timeframe. The resistance is seen at 10700, the support is at 10600.

The MACD indicator continues consolidating within overbought levels. RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

The near term outlook will be bullish as long as the price holds above 10500.

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S&P500

General overview

American stocks opened higher on Wednesday on the back of the strong quarterly earnings.

Current situation

The index was positive yesterday despite the negative spike in early European trades. Sellers failed to retake the level 2130, the price bounced from the support and jumped to the 2135 region. The growing momentum was stopped by the 50-EMA which rejected the price downwards. The moving averages (50, 100 and 200) maintained their bearish slope. The resistance is seen at 2140, the support is at 2130.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI was neutral during the day.

Trading recommendations

The bearish tone persists. The S&P500 index may try to retake the level 2130 after a current roll back. The next level to focus on is 2120.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

21.10.2016

Euro

General overview

The EUR/USD remained unchanged after the ECB left its monetary stance unchanged.

Current situation

The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart. The moving averages (50, 100 and 200) maintained their bearish slope. The resistance comes in at 1.1000, the support stands at 1.0950.

MACD remained at the same level which confirms the strength of sellers. The RSI oscillator is consolidating within negative area.

Trading recommendations

The level 1.0950 seems the next probable bearish target. After breaking the level sellers will lead the price towards 1.0900. We do not exclude a short-term correction towards the 1.1000 resistance region.

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Pound

General overview

The pound edged lower on Thursday following worse-than-expected Retail Sales release.

Current situation

The GBP/USD pair remained near its recent highs, consolidating its gains. The pound traded flat, staying within a tight range between 1.2300 - 1.2260.The prices moved downwards from the upper limit of the range towards its lower boundary during the day. According to the 1 hour chart the price is sandwiched between the 50 and 200 EMAS. All moving averages (50, 100 and 200) are neutral in the same chart. The current resistance is seen at 1.2300, the support lies at 1.2200.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved towards the oversold area.

Trading recommendations


The GBP/USD is having difficulties to go any higher. If the pound manages to break above the current resistance it will be able to test the level 1.2400. On the other side, a break below 1.2200 will erase its recent gains and will return sellers in the game.

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Yen

General overview

The USD/JPY edged higher on growing expectations over the Fed's monetary policy action.

Current situation

The USD/JPY pair remained in a wide sideways channel in the 4 hours chart. The price reached the lower limit of the range on Wednesday and bounced upwards after testing it. Bulls were able to reverse most of its latest losses on Thursday. The pair was able to escalate up to 103.75 ahead of NY opening. In the 4 hours chart the price met a strong barrier in the 103.00 region, around the 100-EMA which rejected the pair upwards. The pair returned above the 50-EMA and stayed there during the day in the mentioned chart. The resistance can be found at 104.00, the support comes in at 103.00.

MACD is negative. However, MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold area.

Trading recommendations

After rolling back the price may take another chance to reclaim the level 103.00. If sellers manage to break the level through the price will decline towards 102.50, around the 200-EMA. Alternatively, the USD/JPY will move above 104.00.

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AUD/USD

General overview

The Australian dollar moved lower vs. its U.S peer after mixed unemployment data release on Thursday.

Current situation

The price encountered significant losses on Thursday. After touching the level 0.7730 the prices turned around and sharply fell. The pair broke the 0.7690 level and tested 0.7650 on its way down. The downward impetus faded around the daily low. The AUD/USD broke the 50-EMA in the 1 hour chart. The price is approaching the 100-EMA in the same timeframe. The 50-EMA is turning down, the 100 and 200 EMAs are still heading north. The resistance is at 0. 7690, the support stands at 0. 7650.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the overbought area and headed towards the negative levels.

Trading recommendations

If the price overcomes 0.7650 and moves downwards we will neutralize our medium term positive outlook. After breaking the current support level prices will trend towards 0.7625.

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XAUUSD

General overview

Gold prices remained near 2-week highs as speculations over Fed rate-hike continued.

Current situation

Technically, the short term picture is modestly bullish. The recovery from 1260 stalled at the 1270 level which hold onslaught of bulls. The XAU/USD pair traded in a narrow sideways range of 50 pips or less during the course of the trades. The 100-EMA limits yellow metal further strengthening in the 4 hours chart. The 50-EMA is neutral, the 100 and 200 EMAs are heading lower. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

MACD remained at the same level which confirms the strength of buyers. RSI is consolidating within positive territory.

Trading recommendations

The tone is still positive in the market. Should gold prices advance beyond the 1270 level, the rally can extend in the short term up to 1280 dollar per ounce. A move below the level will ease buyers’ positions, giving them a chance to move the price to the monthly lows.

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Brent

General overview

Oil prices moved lower on Thursday after a rally on the back of large U.S. oil inventory drawdown last week.

Current situation

Brent prices gave up its recent highs and sharply fell in the Asian session on Thursday. The ongoing decline could be attributed to some profit taking from bulls following a 3-day rally. Sellers pushed the price below 52.50 and met a barrier in the 52.00 region. The oil quotes continued with a decline during the North American session. The price broke the 50-EMA and headed lower towards the 100-EMA in the 4 hours chart. The 50-EMA is neutral in the same chart. The 100 and 200 EMAs maintained their bullish slope. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

Our near term outlook is bearish. To trigger additional downward momentum oil prices need to break 52.00 and move below 51.50.

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DAX

General overview

European stocks traded mixed on Thursday. Market participants waited for the ECB’s meeting results and Mario Draghi’s press-conference.

Current situation

The index extended its near-term upward trajectory on Thursday. DAX gapped higher at the opening and extended its gains during the Asian session yesterday. Prices touched the level 10700 and immediately rolled back, spending the day below the level. The price hovered above the moving averages on yesterday’s trades. The moving averages (50, 100 and 200) are mixed in the 4 hours chart. The 200-EMA is neutral, the 50 and 100 EMAs are pointing higher. The resistance is seen at 10700, the support is at 10600.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator continues consolidating within overbought levels.

Trading recommendations

The DAX index may attempt to reclaim the 10700 level again. If prices break the level the index will extend its gains towards 10750.

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NASDAQ

General overview

The American Stocks edged higher at opening after the third and final U.S. presidential debates. NASDAQ turned lower during the NY session ahead of U.S. fresh statistics.

Current situation

The price stayed opened above the level 4835, trading in a tight range of 50 pips on Thursday. Sellers seem to be guarding the mark 4845 as the price bounces from the level on every attempt to grow. NASDAQ eased and moved lower in the New York session. The index struggled with the 100-EMA to grow further in the 4 hours chart. After bouncing from the moving average, the price moved to the 200-EMA which acts as a support for the index. The moving averages are mixed in the 4 hours chart. The 100-EMA is neutral, the 50-EMA is going downwards, the 200-EMA is moderately bullish. The resistance is seen at 4865, the support is at 4835.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator continues consolidating within overbought levels.

Trading recommendations

A strong breakdown and close above 4845 could send prices higher towards 4865. A return below 4835 will increase selling momentum towards 4800.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

24.10.2016

Euro

General overview

The dollar traded near fresh 7-month highs on the final trading day of this week. The EUR/USD pair edged lower as the latest M. Draghi's remarks weighed on the euro, at the same time the U.S. rate hike hopes supported the US dollar.

Current situation

Bears have the ball now. Sellers pushed the euro lower, the price broke the level 1.0900 and headed towards 1.0830. The pair continues developing well below the moving averages in the 4 hours chart. The moving averages (50, 100 and 200) keep heading lower. The resistance comes in at 1.0900, the support stands at 1.0830.

MACD is negative. MACD decreased which confirms the strength of sellers. The RSI indicator is within negative territory, favoring a new move lower.

Trading recommendations

The EUR/USD pair is heading towards 1.0830. Should that level break down and the price will decline to 1.0780. We also expect a profit taking from bears after three-day sell-off. The prices may recover to 1.0950.

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Pound

General overview

The pound remained under pressure amid the return of the hard Brexit concerns. According to the U.K. Office for National Statistics Public Sector Net Borrowing grew in September.

Current situation

The pound remained vulnerable on Friday. Sellers continued to dominate and were able to push the price lower. The pair moved below 1.2300 and approached the level 1.2200 in the European session on Friday. The GBP/USD pair broke the level before the NY opening. The 50-EMA acts as a resistance and does not let the price to grow in the 4 hours chart. The pound bounced off the level and trended downwards from it. The 50, 100 and 200 EMAs continued moving lower. The current resistance is seen at 1.2300, the support lies at 1.2200.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is heading south.

Trading recommendations

A move below the 1.2200 support would suggest a resumption of the bearish trend. The prices may move lower towards 1.2100.

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Yen

General overview

According to Haruhiko Kuroda (the BoJ Governor) the regulator may extend timing for reaching its inflation target.

Current situation

The USD/JPY pair turned negative after opening on Friday. After two-day recovery the price reached the level 104.00. Buyers were unable to retake the level, the price turned around and got under selling pressure. The pair traded around 103.75 Post-European open. The USD/JPY hovered over the moving averages in the 1 hours chart. The prices touched the 50-EMA which rejected them upwards. The 50-EMA provided a temporally support for the dollar. The moving averages are moderately bullish in the same chart. The resistance can be found at 104.00, the support comes in at 103.00.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI left the overbought area and headed downwards.

Trading recommendations

If the bearish scenario prevails the USD/JPY pair will face additional selling pressure. Sellers will lead the price towards 103.50 first. After breaking the mark the pair will move to 103.00.

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NZD/USD

General overview

The NZD/USD declined as expectations for the next U.S. rate hike kept supporting the US dollar.

Current situation

Kiwi was a little changed on Friday and remained prone to more weakness. Sellers kept pushing the price lower below 0.7200. The price stalled its decline around 0.7160 in the European trade. The pair broke the 200-EMA and tested the 100-EMA in the 4 hours chart. The 100-EMA provides a solid support and does not allow its further weakness. The moving averages (50, 100 and 200) are neutral in the mentioned timeframe. The resistance is at 0.7200, the support stands at 0. 7120.

MACD decreased which indicates the buyers’ positions weakening. RSI is moving towards the oversold area.

Trading recommendations

In the event that the sellers manage to force the below 0.7160 the NZD/USD may test 0.7120. If the price bounces from the mark 0.7160 the pair may recover up to 0.7200.

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XAUUSD

General overview

Gold prices edged lower on Friday following the U.S. dollar strengthening. Meanwhile, the latest ECB’s decision supported the yellow metal.

Current situation

Gold prices traded mixed on Friday. The yellow metal traded lower the half of the day and higher the other half. Sellers moved the price to the level 1260 dollar per ounce which appeared a solid barrier for it. The pair bounced from the level and reversed some of its losses. The XAU/USD traded in the 1264 region ahead of the NY session. The 50-EMA stopped the further gold prices weakening in the 4 hours chart. The price bounced off the line and moved higher to the 100-EMA. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

A bearish continuation through 1260 should lead to a continued slide, with 1255 as the first probable target. A close below this mark will allow sellers to move lower towards 1250 dollars per ounce.

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Brent

General overview

Oil prices strengthened on Friday on Russia's output freeze commitment. Although a stronger dollar limited oil prices growth.

Current situation

Brent prices were in sell mode during the European session on Friday. The prices started the day around 51.50 and stayed under pressure during the day. Oil prices rose at the start of the NY session and closed the week bullish. The prices bounced upwards from the bullish 100-EMA and tested the 50-EMA on its way upwards in the 4 hours chart. The 50-EMA is turning downwards, the 100 and 200 EMAs maintained their bullish slope. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI bounced off the oversold area.

Trading recommendations

A consolidation above the 52.00 mark may extend bullish momentum. In the scenario where the buyers keep control Brent futures may recover back to 52.50 dollars per barrel. Otherwise, a move below 51.50 will weaken buying momentum and switch the market sentiment. In this potential scenario sellers will move the price towards 50.50 dollars per barrel.

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DAX

General overview

European stocks edged higher on Friday amid a weaker euro and strong corporate earning reports.

Current situation

The DAX index traded bearish on Friday. The prices stayed above the level 10700 during the European trades. However, the index gets under selling pressure on any up-move from the level. DAX moved below the level ahead of the New York session and returned above the level at close of trade. The moving averages are pointing higher in the 1 hour chart. The 50-EMA crossed the 100 and 200 EMAs upwards. The resistance is seen at 10800, the support is at 10700.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within positive area.

Trading recommendations

In order to take a good position we will wait for prices to break below 10700. A solid consolidation below the level will indicate a growing strength of sellers. In this potential scenario the price will drop to 10600.

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S&P500

General overview

Wall Street closed higher as Consumer Services, Technology and Consumer Goods sectors strengthened.

Current situation

S&P500 opened on a weaker note on Friday. The index continued to lose its value during the European session. Prices declined from 2135 towards 2123 during the first part of the day. S&P500 turned around at the beginning of NY session. The price returned above 2130, reversing some of its losses. The price broke the 50-EMA upwards in the 4 hours chart. The index headed towards the 100-EMA in the same time frame. All moving averages kept heading lower. The resistance is seen at 2140, the support is at 2130.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI oscillator moved upwards.

Trading recommendations

If S&P500 manages a break below 2130 and stays there we would likely be selling the index towards 2120. If the price stays above the level the index we will buy it towards 2140.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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"Fort Financial Services"- fundamental and technical analysis.

25.10.2016

Euro

General overview

The EUR/USD strengthened on the back of stronger Services PMI in the EU on Monday.

Current situation

The EUR/USD pair opened on a weaker note on Monday. The price remained near last week low during the day. The pair bounced off the border of the oversold zone and reversed some of its losses in the European session. The price grew to 1.0900 where the upward momentum faded. According to 1 hour chart the price remained below the moving averages which are all pointing lower. The resistance comes in at 1.0900, the support stands at 1.0830.

The MACD chart slightly changed from last week. MACD grew which indicates the sellers’ positions weakening. The RSI indicator continues consolidating within oversold levels.

Trading recommendations

The longer term outlook will be bearish as long as the price holds below 1.1000. The price is oversold and may recover towards 1.0950. We expect a downtrend will continue in the nearest time.

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Pound

General overview

The pound remained under pressure due to a lack of market movers and a stronger dollar.

Current situation

The neutral phase that started a week ago is still intact. The GBP/USD pair traded in the middle of the tight range between 1.2300 - 1.2200. The price recovered to 1.2250 in the European session where the upward spike faded as the pair encountered bears' resistance. The 1 hour chart shows that the pound broke the 50-EMA and pierced 100 EMAs. The price struggled with a bearish 100-EMA during the day. The 50, 100 and 200 EMAs are heading lower in the same chart. The current resistance is seen at 1.2300, the support lies at 1.2200.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is neutral.

Trading recommendations

If the GBP/USD continues its recovery we can see it advancing towards 1.2300/30 region. A move below 1.2200 will aim the pair at 1.2100.

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Yen

General overview

The yen strengthened following the positive Trade Balance report and Manufacturing PMI for October.

Current situation

The USD/JPY remained under pressure in the mid-European session. The pair again failed to break above 104.00 and returned below the level. The price was in-between the mark 103.70 and the level 104.00 on Monday. The 50-EMA provided a solid support for the pair. The price tested the line and bounce upwards in the 4 hours chart. The 50, 100 and 200 EMAs are heading upwards. The resistance can be found at 104.60, the support comes in at 104.00.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI stayed within neutral territory.

Trading recommendations

We believe buyers will keep trying to take out the level 104.00. Our outlook will remain bullish as long as the USD/JPY stays above 103.00. We do not exclude a short-term correction towards 103.00.

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USD/CAD

General overview

The U.S. dollar grew against its Canadian counterpart amid reviving hopes of a Fed rate-hike in December. Meanwhile the weak Canadian data weighed on the CAD.

Current situation

The USD/CAD traded near last week highs on Monday. The pair was neutral and stayed above 1.3330 during the day. The price is well above the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages are turning upwards. The resistance is at 1.3400, the support stands at 1.3330.

MACD is within the positive territory. MACD remained at the same level which confirms the strength of buyers. The RSI indicator is near overvalued territory, favoring a move lower.

Trading recommendations

The overall tone is bullish. Buyers may push the price higher to test 1.3400. The price may slightly soften towards 1.3250.

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XAUUSD

General overview

Gold prices slightly changed on Monday. The U.S. dollar strengthening continued weighing on the XAU/USD pair.

Current situation

Our near-term studies are negative. The XAU/USD traded in a tight range: 1262 - 1266 on Monday. Prices struggled with the 1260 level which is defended by buyers. According to 4 hours chart the price is between the 50 and 100 EMAs. The 50-EMA is neutral, the 100 and 200 EMAs slowed down their decline. The resistance is at 1270, the support comes in at 1260 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. The RSI is neutral.

Trading recommendations

A clear break below 1260 dollars per ounce will extend gold losses towards 1250. Conversely, the price may continue struggling with the 1270 level. If succeeded yellow metal will grow to 1275 dollars per ounce.

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Brent

General overview

Oil prices fell when Iraq refused to join an output freeze. A growth in the US rig count numbers weighed on oil prices as well.

Current situation

Brent prices traded flat, staying in a narrow range between 51.50 and 52.00 dollars per barrel. Sellers seemed to be guarding the mark 52.00 as the price bounced from the level on every attempt to the upside. The selling pressure increased at the start of the NY session. Brent futures broke the level 51.50 and moved lower towards 51.00. Oil futures bounced off the 50-EMA, broke the 100-EMA and headed south in the 4 hours chart. The 50-EMA direction is downwards, the 100 and 200 EMAs are moving upwards. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

MACD is in the negative area. MACD remained at the same level which confirms the strength of sellers. The RSI oscillator moved downwards

Trading recommendations

If the downward pressure persists Brent may decrease further towards 51.00. The second bears’ target is the level 50.00.

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DAX

General overview

European stocks were in buy mode yesterday. The better-than-expected Manufacturing and Services PMI releases in Germany and France supported the stocks.

Current situation

Technically, the short term picture is modestly bullish. The index extended its near-term upward trajectory on Monday. The price got under buying pressure. Buyers pushed the price from 10700 towards 10800 where the upward momentum stalled. Prices remained above the 50, 100 and 200 EMAs in the 4 hours chart. The 100-EMA is crossing the 200-EMA. All moving averages are heading higher. The resistance is seen at 10800, the support is at 10700.

MACD is in the positive area. MACD grew which confirms the strength of buyers. The RSI is in the overbought area.

Trading recommendations

A break above 10800 risks a strengthening towards the resistance at 10900.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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"Fort Financial Services"- fundamental and technical analysis.

26.10.2016

Euro

General overview

The EUR/USD was little changed on Tuesday despite strong Business Climate and Expectations in Germany.

Current situation

The euro was little changed on Tuesday. The common currency remained below the level 1.0900 during the day. The price traded in a tight range between the mark 1.0865 and the level 1.0900. The pair stayed below the 50-EMA in the 1 hour chart. The 50-EMA acted as a resistance for the price, rejecting its attempts to grow. The 50, 100 and 200 EMAs kept heading lower in the mentioned time frame. The resistance comes in at 1.0900, the support lies at 1.0830.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. The RSI is within oversold area.

Trading recommendations


The pair may extend its recovery if it breaks the level 1.0900 upwards. In this scenario the EUR/USD may grow to 1.0950. The level 1.0830 remains the next probable bearish target.

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Pound

General overview

There were no macroeconomic releases in the UK. The BOE's Governor Carney speech was the main event on Tuesday.

Current situation

Sellers continued to dominate in the market on Tuesday. The GBP/USD pair remained under pressure in a narrow range, trading a few pips above 1.2100. The pair was sandwiched between 50 and 100 EMAs in the 1 hour chart. The 100-EMA provided a solid resistance and limited the pound further recovery. The 50, 100 and 200 EMAs slowed down their decline. All moving averages are pointing lower. The current resistance is seen at 1.2200, the support is at 1.2100.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is within the neutral area.

Trading recommendations


We prefer to sell now. After breaking 1.2200 the price will move towards 1.2100.

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Yen

General overview

The improved investors’ appetite for riskier assets weighed on the yen, maintaining its strong ask tone.

Current situation

The USD/JPY pair looked very bullish yesterday. The pair remained in an ascending channel, trading close to its two-week highs. The USD/JPY extended its gains and grew from 104.11 to 104.60. The price is above the moving averages in the 4 hours chart. The moving averages maintained their bullish slope. The resistance can be found at 104.60, the support comes in at 104.00.

The MACD histogram grew which indicates the buyers’ strength. RSI oscillator stayed near overbought area levels.

Trading recommendations

The USD/JPY pair approached the overbought area where the price turned around last time. The price will remain under buying pressure until it holds above 103.60. We expect a short-term decline back to the 104.00 - 103.70 support area.

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AUD/USD

General overview

The dollar strengthened across the board after stronger Manufacturing PMI data and the Fed officials’ remarks. The dollar is strong amid growing expectations that the Fed would hike the rates in December.

Current situation

The AUD spiked upwards in the Asian session on Tuesday. The price jumped from the level 0.7600 up to 0.7625. Buyers failed to break the level 0.7625, the price turned around and decreased, erasing its previous gains. The price bounced upwards from the 200-EMA in the 4 hours chart. The AUD/USD pair broke the 50 and 100 EMAs in the same chart and hovered above them during the day. The resistance is at 0.7650, the support can be found at 0.7625.

MACD is in the negative area. MACD grew which indicates the sellers’ positions weakening.
RSI returned to the oversold area.

Trading recommendations

Buyers may try to retake 0.7650. If the level holds the Aussie may return to 0.7600. If succeeded buyers will lead the price to 0.7675.

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XAUUSD

General overview

Gold futures edged higher on Tuesday, however, its gains were limited by a stronger dollar. The U.S dollar strengthened after the Fed officials’ hawkish remarks regarding a rate hike in December.

Current situation

The XAU/USD pair traded flat on Tuesday. The price remained between 1270 and 1260 dollars per ounce during the day. Gold prices struggled to find support around 1260. Sellers failed to break the level and the yellow metal bounced upwards and recovered to the upper boundary of the range. The pair bounced from the 50-EMA and headed towards the 100-EMA in the 4 hours chart. The 50-EMA is neutral, the 100 and 200 EMAs slowed down their decline. The resistance is at 1270, the support comes in at 1260 dollars per ounce.

The MACD histogram grew which indicates the buyers’ strength. RSI oscillator stayed in overbought area levels, favoring a new move lower.

Trading recommendations

After breaking through the current resistance, the XAU/USD will most likely move up to around the 1280 level. Conversely, if the resistance 1270 holds a move towards 1260 dollars per ounce could be the next step.

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Brent

General overview

Oil prices strengthened on Tuesday on expectations of a planned output cut by the OPEC.

Current situation

After a sharp drop on Monday oil prices recovered on Tuesday. The price grew from the level 50.50 to 51.81 overnight. Buyers failed to move the price higher, Brent returned to selling on the back of profit taking. The price bounced from the bullish 50-EMA which acted as a resistance for it. The 100 and 200 EMAs maintained their bullish slope in the 4 hours chart. The 50-EMA is neutral in the same chart. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

MACD is in the negative area. MACD remained at the same level which confirms the strength of sellers. The RSI is within neutral area.

Trading recommendations

If Brent maintains its bearish momentum oil prices will drop below 51.50. A cut through here will aim at the 50.50 level.

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DAX

General overview

European stocks maintained their bullish tone. The increase in earning of Randstad and Orange supported the markets.

Current situation

DAX gapped higher at the open on Tuesday. Prices jumped from 10757 to 10785. The index extended its gains after the gap. The price tested the level 10800, set a new daily high at 10834 and rolled back below the level. The price hovered above the moving averages in the 4 hours chart. The moving averages (50, 100 and 200) kept heading north. The resistance is seen at 10800, the support is at 10700.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. The RSI is within overbought area.

Trading recommendations


The index will remain under pressure unless it breaks and holds above 10800. After breaking the level the market would look a little stronger with the level 10900 as a target area.

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S&P500

General overview

Wall Street little changed in the NY session on Tuesday, traders awaited for corporate earnings reports, including Apple.

Current situation

The index extended its gains on Tuesday. The price was able to escalate to 2150 Post-European open. Buyers failed to take out the level, the price rolled, erasing its latest gains. The index broke the 100-EMA and moved upwards to the 200-EMA where the line stopped its further recovery. The 50-EMA is turning upwards, the 100 and 200 EMAs maintained their bearish slope. The resistance is seen at 2140, the support is at 2130.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

The index may extend its losses towards 2140. A clear break below the level may send the price looking for the 2130 level test.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

27.10.2016

Euro

General overview

The euro strengthened on the back of the positive PMI Composite and IFO reports in EU and Germany.

Current situation

The EUR/USD spent the day on a positive note. The pair slightly grew in the Asian session on Wednesday and extended its gains during the European hours. The price was able to escalate to 1.0950 where a bullish spike faded. The 50-EMA stopped the upward impetus in the 4 hours chart. The moving averages kept heading lower. The resistance comes in at 1.0950, the support lies at 1.0900.

MACD remained in the negative area. MACD grew which indicates the sellers’ positions weakening. The RSI is approaching the overbought area.

Trading recommendations

If the price makes another attempt and this time breaks above the 1.0950 resistance area then we could see it growing towards 1.0980. A return below 1.0900 will send the EUR/USD to 1.0850.

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Pound

General overview

The pound moved higher following the positive Mortgage Approvals release on Wednesday.

Current situation

The pound slightly strengthened against the US dollar on Wednesday. The price rallied from the mark 1.2154 to 1.2245. However, buyers failed to push the price higher during the European hours. The price briefly broke the level 1.2200 and returned below the level ahead of the NY opening. The 50-EMA stopped the growing momentum. The moving averages are pointing lower in the 4 hours chart. The current resistance is seen at 1.2200, the support is at 1.2100.

MACD is in the negative area. MACD remained at the same level which confirms the strength of sellers. RSI is within the overbought area.

Trading recommendations

The inability to move the price higher points to sellers’ presence. A move below 1.2200 will signal the return of sellers who will try to move the GBP/USD lower towards 1.2150.

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Yen

General overview

The dollar is strong across the board amid increasing bets that the Fed hike rare in December. However, cautious sentiment around equity market supported the yen, stabilizing the USD/JPY pair.

Current situation

The USD/JPY pair remained around recent lows. The price found a solid support around 104.00 and spent the day above it. The upward trend remained intact. The price is still in an ascending channel, staying close to its lower limit. The 50-EMA stopped the downward impetus in the 1 hour chart. The 50-EMA is neutral, the 100 and 200 EMAs maintained their bullish slope. The resistance can be found at 104.60, the support comes in at 104.00.

MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI is within the neutral area.

Trading recommendations

If the pair remains in an upward channel the price may reverse its losses and grew to 104.60. A move below 104.00 will signal about buyers’ weakness and may give sellers a chance to move the price lower,

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NZD/USD

General overview

The dollar moved from 9-month high on Wednesday. Despite the latest decline the dollar is strong on expectations of Fed rate-hike by the end of 2016.

Current situation

After one week decline the pair regained its lost ground and jumped to weekly high levels. Buyers moved the price to the mark 0.7180 where the growing momentum faded. The price encountered a solid resistance in the face of the 200-EMA which rejected it downwards in the 4 hours chart. The pair was between the 200 and 100 EMAs ahead of the NY opening. The moving averages kept moving lower. The resistance is at 0.7200, the support can be found at 0.7120.

MACD is in the positive area. MACD decrease which indicates the buyers’ positions weakening. RSI moved upwards.

Trading recommendations

Bears will retain control if the price bounces downwards from the 200-EMA. Sellers will lead the price towards 0.7120. After breaking the level the price may drop to 0.7080.

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XAUUSD

General overview

Gold prices strengthened on Wednesday amid US dollar weakening across the board. The dollar moved from the 9 week highs increasing demand for the yellow metal.

Current situation

After a short-lived rally gold prices stopped above 1270 dollars per ounce, hovering above the level the whole day. Buyers seem to be unable to move the price higher. The pair is turning around and is about to decline now. The price is struggling with the 100-EMA to move lower. The 100-EMA is neutral, the 200-EMA is moving lower, the 50-EMA is turning upwards in the 4 hours chart. The resistance is at 1280, the support comes in at 1270 dollars per ounce.

MACD is in the positive area. MACD decrease which indicates the buyers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

Failure to hold above 1270 risks a decline towards 1260 dollars per ounce.

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Brent

General overview

Oil prices fell on Wednesday amid fading hopes that the OPEC members would come to an agreement with the output deal.

Current situation

Brent oil futures extended losses from the previous sessions on Wednesday. The price broke the level 50.50 and continued to lose its value. After breaking the level Brent futures moved lower and approached the next support area around 49.50. Oil futures approached the 200-EMA which may act as a support for them. The 200-EMA maintained its bullish direction, while the 50 and 100 EMAs are turning downwards. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.

MACD is in the negative area. MACD decrease which confirms the strength of sellers. The RSI is within oversold area.

Trading recommendations

In the 4 hours chart, the technical picture favors a downward extension. After breaking 49.50 Brent oil futures might extend its losses towards 48.50. We do not exclude taking profit from bears after a recent decline.

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DAX

General overview

European stocks traded on a weaker note on Wednesday. Investors continued weighing up the latest corporate earnings report.

Current situation

The index suffered a short lived downward movement. DAX had a sharp drop below the support level of 10700. After breaking the mentioned level the prices moved lower and rapidly approached the level 10600. The price struggled with the 50-EMA to grind lower. The moving averages in the 4 hours chart maintained their bullish slope. The resistance is seen at 10700, the support is at 10600.

MACD is in the positive area. The histogram decrease which indicates the buyers’ positions weakening. RSI moved downwards.

Trading recommendations

DAX may extend its losses towards 10600. Should this mark be reached successfully, an extension towards 10550 could be observed further. A recovery due to profit-taking towards 10700 is possible.

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NASDAQ

General overview

Wall Street opened lower on Wednesday as Apple disappointing earnings and weaker oil prices dragged the shared down. The market will be focused on Boeing and Coca-Cola Company earnings reports in the coming sessions.

Current situation

The sentiment remained negative in the market. The bearish momentum was strong enough to push the price lower on Wednesday. The NASDAQ index broke 4865 and headed towards 4835. The price is approaching the neutral 100-EMA which may slow down its weakening. The 100 and 200 EMAs are neutral, while the 50-EMA is heading higher. The resistance is seen at 4865, the support is at 4835.

MACD is in the positive area. The histogram decrease which indicates the buyers’ positions weakening. RSI oscillator is heading north.

Trading recommendations

The level 4835 remains the key support area to watch for. A bearish continuation through 4835 should lead to a continued slide, with 4800 as the first probable target. On the other hand, a return above 4865 will neutralize our near term negative outlook.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

28.10.2016

Euro

General overview

There were no major events on the schedule in the EU. The market was focused on Initial Jobless Claims and Durable Goods Orders releases.

Current situation

The EUR/USD pair was weak during the Asian hours on Thursday. The price touched the level 1.0900 where the downward momentum faded. The pair bounced off the level and was able to strengthen, reversing some of its losses in the European tardes. According to 1 hour chart the price is above 100-EMA which provides a solid support for the euro. The 50 and 100 EMAs are neutral, while the 200-EMA is heading south. The resistance comes in at 1.0950, the support lies at 1.0900.

MACD grew which indicates the sellers’ positions weakening. RSI is neutral.

Trading recommendations

The level 1.0900 limits the euro weakening. Should that level break down and the EUR/USD may move to 1.0850. A daily close above 1.0950 will ease the downward pressure and will allow the common currency to strengthen towards 1.1000.

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Pound

General overview

The better-than-expected GDP report temporally supported the pound. The sterling was able to strengthen across the board. However, the US dollar quickly reversed its losses, limiting the further pound gains.

Current situation

The GBP/USD remained within a narrow range not far from the 1.2200 support level during the day on Thursday. Its latest recovery was stopped around the mark 1.2150 which knocked-off the rate downwards. The pound spent the night at the 1.2200 handle and slightly strengthened in the mid-European session. The GBP/USD weakened in the North American session. The sterling bounced from the 50-EMA, around 1.2200 in the 1 hour chart. The GBP/USD moved upwards and broke the 200-EMA in the same chart. The 50 and 100 EMAs are neutral, while the 200-EMA is moving downwards. The current resistance is seen at 1.2300, the support is at 1.2200.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI moved towards the oversold area.

Trading recommendations

If the GBP weakness persists the GBP/USD pair will get below 1.2200. In this scenario, sellers will move the price towards 1.2100. A move above 1.2300 would ease the downward pressure. Buyers will be able to push the price to 1.2350.

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Yen

General overview

The dollar remains around three-month highs against the yen. The US treasury yields strengthening and expectations over the Fed rate-hike support the US dollar across the board.

Current situation

The dollar grew above the yen on Thursday. The USD/JPY reversed all its losses which it had suffered the other day. The price remained in an upward channel. The pair bounced off its lowest limit and moved towards 105.00 during the course of the day. The price developed well above the moving averages which are all pointing higher in the 4 hours chart. The resistance can be found at 105.00, the support comes in at 104.50.

MACD has formed signal to rise. The RSI indicator continues consolidating within overbought levels.

Trading recommendations

To retain bullishness for further gain to 105.00 the USD/JPY needs to hold above 104.50. On the other hand, a daily close below 104.50 would risk the 104.00 level.

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USD/CAD

General overview

The current crude oil correction kept on weighing on CAD. Besides, the BoC dovish comments last week weakened near-term Canadian dollar perspectives.

Current situation

The USD/CAD bullish perspective remained intact on Thursday. The pair stayed almost unchanged around 1.3400 which appeared to be a critical barrier for the pair. The price slightly moved lower ahead of the NY opening. The USD/CAD stayed above the moving averages with a bullish 50-EMA providing support for the price in the 1 hour chart. The pair seems to be struggling with the 50-EMA to move lower now. All moving averages (50, 100 and 200) are pointing higher in the mentioned time frame. The resistance is at 1.3400, the support can be found at 1.3330.

The MACD indicator continues consolidating within overbought levels. RSI stuck within overvalued area.

Trading recommendations

A break above 1.3400 will allow the dollar to extend its gains towards 1.3470. A break below 1.3330 should send this market looking for the 1.3250 level.

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XAUUSD

General overview

Gold strengthened on Thursday as the uncertainty over the timing of future rate hike and the upcoming the United States presidential election of 2016 support the safe-heaven demand. Besides, gold prices extended their gains after disappointing U.S. durables goods data.

Current situation

Gold prices slightly changed during the day, remaining around 1270 dollars per ounce. The price was inactive after a sharp decrease on Wednesday. The XAU/USD slightly grew from 1265 to 1270, reversing a minor portion of its recent losses. The pair tested the level 1270 ahead of the NY session. Yellow metal remained between the 100 and 50 EMAs in the 4 hours chart. The 50 and 100 EMAs are neutral, while the 200-EMA is pointing lower. The resistance is at 1270, the support comes in at 1260 dollars per ounce.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI stayed within neutral area.

Trading recommendations

The pair may return to monthly high at 1275 after a daily close above the level 1270 dollars per ounce. A close below 1265 will retain the downward pressure.

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Brent

General overview

The persisting political instability in Venezuela combined with stronger Asian demand slowed down oil prices weakening, providing them temporal support.

Current situation

Brent oil prices had a positive day on Thursday. After a sharp decline the other day the price moved upwards, erasing its previous losses. The price moved higher on the back of profit taking. Besides, several fundamental factors supported the demand for Brent futures. Prices accelerated their growth at the NY opening. Brent oil futures broke the level 50.50 and extended their gains towards 51.50. The price bounced from the 200-EMA in the 4 hours chart. The 200-EMA is neutral, the 100 and 50 EMAs are pointing lower. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

MACD is in the negative area. MACD grew which confirms the sellers’ positions weakening. The RSI bounced off the oversold area.

Trading recommendations

If the immediate upward pressure persists Brent futures might extend the recovery towards 51.50.

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DAX

General overview

European stocks edged lower despite positive earnings reports from Deutsche Bank and Barclays. The commodity sectors weakening led losses in Europe.

Current situation

DAX enjoyed a mixed session through trade on Thursday. The index was growing during the Asian hours and turned lower post-European open. Prices were able to strengthen to 10778 where sudden downward impetus sent prices below the current support 10700. Buyers did not have strength to recover, the benchmark got under selling pressure on any up-move above the level. The price failed to take out the 50-EMA which provided a strong resistance for it. The 50-EMA rejected the DAX index downwards, the price got under 100-EMA which provided additional resistance for the price. The resistance is seen at 10700, the support is at 10600.

MACD is in the positive area. The histogram decrease which indicates the buyers’ positions weakening. RSI was neutral during the day.

Trading recommendations

The level 10800 seems the next probable bullish target. A daily close below 10700 might force the DAX index to resume its downward trajectory.

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S&P500

General overview

The U.S stocks traded higher during the day and turned lower at the beginning of the New York session. The stocks turned lower despite strong quarterly earnings report in the healthcare and technology sectors.

Current situation

The index trade higher during the Asian and European sessions on Thursday. The benchmark turned lower at the beginning of the NY session. The price broke the level 2140 and set a daily high at 2143 when the price turned down and dropped below the level. After breaking the level S&P500 extended its losses and moved towards 2130. Prices bounced off the 200-EMA, turned around and broke the 100 and 50 EMAs on its way downwards. All moving averages are pointing lower in the 4 hours chart. The resistance is seen at 2140, the support is at 2130.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI oscillator is within neutral area.

Trading recommendations

The S&P500 now seems to be heading towards its immediate support near 2130. A solid break below the level will send the market towards 2120.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

31.10.2016

Euro

General overview

Investors were cautious ahead of the US GDP and did not hurry to trade on Friday. The weak Eurozone data weighed on the euro. Despite the positive GDP the EUR/USD remained under pressure. The dollar fell by the end of Friday trades when FBI discovered new emails relating to Hillary Clinton case.

Current situation

The price modestly recovered during the past Asian session and traded slightly above 1.0900 during the European hours on Friday. The pair reached the mark 1.0926 and immediately rolled back Post-European open. The pair rallied upwards in the middle of the European session. The EUR/USD broke 1.0950 and advanced towards 1.1000. The moving averages extended their decline in the 4 hours chart. The price broke the 50-EMA and tested the 100-EMA in the same chart. The resistance comes in at 1.1000, the support lies at 1.0950.

MACD moved into the positive area. MACD grew which indicates the sellers’ positions weakening. The RSI moved upwards.

Trading recommendations

The pair now seems to be heading towards its immediate resistance near 1.1000. If the upwards pressure persists buyers will break the level. After broking the level bulls may lead the price towards 1.1050. We do not exclude a roll back towards 1.0950.

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Pound

General overview


There were no major events on the UK schedule on Friday. The stronger-than-expected GDP in the UK supported the pound. Meanwhile the dollar slightly weakened on the back of the mixed U.S. statistics.

Current situation

The pound remained under pressure in its intraweek trading range. The price stayed below the level 1.2200 on Friday. Sellers pushed the price lower and tested the level 1.2100 later the day. After testing the level the GBP/USD pair bounced from it and returned to the 1.2200 region. The moving averages keep heading lower in the 4 hours chart. The current resistance is seen at 1.2200, the support is at 1.2100.

MACD is in the negative area. MACD decreased which confirms the strength of the sellers’. RSI is within the oversold area.

Trading recommendations

Despite a recovery the price returned some of its losses by the end of the week. Should the GBP/USD break the level 1.2200 the pair may extend its gains towards 1.2250. Sellers might try to push the prices lower. Their primary goal is the level 1.2100.

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Yen

General overview

The yen traded steady on Friday following Japanese consumer prices data which came in largely as expected.

Current situation

USD/JPY edged higher on Friday. Buyers tested the level 105.50, but failed to break it. The price bounced downwards after testing the mark. Sellers broke 105.00 and tested the level 104.50. The moving averages are still pointing higher in the 4-hours chart. The resistance can be found at 105.00, the support comes in at 104.50.

MACD is in the positive area. MACD remained at the same level which confirms the strength of buyers. RSI is in the overbought area.

Trading recommendations

Sellers seem to have returned in the game. If the price maintains its bearish tone sellers will break 104.50 and will break through 104.00.

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AUD/USD

General overview

The Aussie traded lower on Friday as home sales in Australia did not meet traders’ expectations and moved from the previous month's pace.

Current situation

The price maintained its bearish tone in the European session on Friday. The AUD/USD tested the level 0.7570 in the middle of the European trades. After testing the level the pair continued heading lower and refreshed the weekly low at 0.7562. However, the downward pressure eased right after the test, the AUD rolled back and erased a minor part of its losses. The price broke the 200- EMA on its way downwards, but soon returned back. The 100 and 200 EMAs are neutral, the 50-EMA is turning downwards in the 4 hours chart. The resistance is at 0.7600, the support can be found at 0.7570.

MACD is in the negative area. MACD decrease which indicates the buyers’ positions weakening. The RSI is within oversold area.

Trading recommendations

We recommend going short with the first target – 0.7570. When the price consolidates below the first target it may go to the level 0.7540.

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XAUUSD

General overview

Gold prices strengthened as disappointing Initial Jobless Claims and Durable Goods releases rose uncertainty over the timing of future rate hike

Current situation

The bearish scenario prevailed the first part of the day. Gold prices met a barrier in the 1270 region which limited its further gains. Gold futures bounced from the level and moved lower, staying around 1265 ahead of the US opening. The yellow metal bounced from 1265 in the New York session, the price jumped to 1270 dollars per ounce. After breaking the level gold prices tested 1280. The yellow metal broke the 50 and 100 EMAs in the 4 hours chart. The 50 and 100 EMAs are neutral, the 200-EMA kept heading lower. The resistance is at 1280, the support comes in at 1270 dollars per ounce.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market.

Trading recommendations

The pair now seems to be heading towards its immediate resistance near 1280. After breaking 1280 the level 1290 will come back to the radar.

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Brent

General overview

Brent futures traded lower on Friday due to uncertainty over OPEC output agreement.

Current situation

Brent oil futures bearish trend remained intact. Oil prices remained in a near-term descending channel and stayed around 50.50 in the European session on Friday. Brent futures tried to recover after a sharp drop on Thursday. However, the recovery was weak and was caused by profit taking. Oil prices moved lower ahead of the North American session and tested the level 49.50 by the end of the trades. The 100 and 50 EMAs are moving downward, the 200-EMA is pointing higher. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.

MACD is in the negative area. MACD declined which confirms the sellers’ positions strengthening. The RSI is within oversold area.

Trading recommendations

We suppose the Brent oil prices will go to 49.50 first. Having overcome the first target the price might advance towards 48.50.

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DAX

General overview

European stocks closed lower on Friday, reaching one week low. According to corporate earnings reports Novo Nordisk Gemalto shares lost about 10%.

Current situation

DAX gapped lower at the open and continued moving lower after the gap on Friday. The index extended its losses towards 10600 during the day. The 50-EMA crossed the 100-EMA downwards in the 4 hours chart. The 100 and 200 EMAs are neutral, while the 50-EMA is heading south. The resistance is seen at 10700, the support is at 10600.

MACD is in the negative area. MACD declined which confirms the sellers’ positions strengthening. The RSI is within oversold area.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 10600.

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NASDAQ

General overview

Despite the positive GDP Q3 the U.S shares closed the week bearish. FBI reopened Hillary Clinton probe after finding new emails related to her closed investigation.

Current situation

Sellers continued to dominate in the market. NASDAQ index broke the level 4800 on its way downwards. After breaking the level the index continued to lose its value and refreshed the weekly low at 4788. After setting a new low the price rolled back in the 4835 region. However, buyers failed to stay there and the quotes returned back to 4800. The moving averages are neutral in the 4 hours. The resistance is seen at 4835, the support is at 4800.

MACD is in the negative area. The histogram remained in the same level which confirms the strength of the sellers’. RSI oscillator is within oversold area.

Trading recommendations

The level 4800 seems the next probable bearish target. The level 4770 is the second sellers’ target.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

01.11.2016

Euro

General overview

The dollar recovered on Monday after a sharp drop last week caused by renewed FBI interest to Hillary Clinton.

Current situation

The euro gave up its recent gains and moved lower on Monday. Sellers pushed the price from 1.0992 towards 1.0950 where the pair met a barrier and slowed down its decline for a while. The EUR/USD broke the level ahead of NY opening and moved towards 1.0900. The moving averages extended their decline in the 4 hours chart. The price bounced from the 100-EMA and moved towards the 50-EMA. The resistance comes in at 1.1000, the support lies at 1.0950.

MACD is in the positive area. MACD decrease which indicates the buyers’ positions weakening. The RSI moved downwards.

Trading recommendations

The bearish trend remained intact. A downtrend will start as soon, as the pair drops below the support level 1.0900.

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Pound

General overview

According to the latest news Mark Carney will serve a full term through 2021. The news slightly supported the sterling which decline afterwards. The published statistics did not support the pound which continued to move lower.

Current situation

The GBP/USD remained in a flat on Monday. The price moved lower from last week high and returned into the range. The pound erased the Friday’s recovery gains amid renewed dollar buying interest. The moving averages keep heading lower in the 1 hour chart. The price broke the 50 and 100 EMAs and advanced lower in the same chart. The current resistance is seen at 1.2200, the support is at 1.2100.

MACD is in the negative area. MACD decreased which indicates the sellers’ positions strengthening. RSI remained close to the oversold area.

Trading recommendations

If the downward pressure persists we cannot rule out the chance that the pair would try to retake the level at 1.2100. If succeeded, sellers will push the GBP/USD pair towards 1.2050.

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Yen

General overview

The BoJ started its two-day meeting on Monday. Markets expect the regulator to maintain its policy unchanged. The dollar remained around multi-week highs amid uncertainty around the US election.

Current situation

The USD/JPY remained in bulls' hands on Monday. The price trended higher, reversing some of its last week losses. Traders pushed the price upwards towards 105.00 which appeared a strong barrier on its way upwards as a result the level slowed down the USD/JPY recovery. The moving averages maintained their bullish slope. The price broke the 50-EMA and tested the 100-EMA in the 1 hour chart. The pair failed to move lower and bounced upwards from the 100-EMA in the same chart. The resistance can be found at 105.50, the support comes in at 105.00.

The MACD histogram grew which is a buy signal. RSI remained within the overbought levels.

Trading recommendations

If the current buy mode persists the pair might extend its recovery towards 105.50. A daily close below 105.00 will ease the upward momentum. The pair may weaken towards 104.50.

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NZD/USD

General overview

The kiwi is neutral ahead survey of inflation expectations which will be published this Wednesday.

Current situation

The NZD/USD remained near last week lows on Monday. The pair spent the day above the 0.7120 level. The moving averages are neutral in the 1 hour chart. The currency pair stayed above the 200-EMA which provided a solid support for the price. The resistance is at 0.7200, the support can be found at 0.7120.

MACD remained at the same level which confirms the strength of sellers. RSI remained within neutral area.

Trading recommendations

If the bearish scenario prevails we will be selling the pair if the price drops below 0.7050.

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XAUUSD

General overview

Gold prices moved lower on Monday staying around 4-week high ahead of the Fed meeting results and amid rising uncertainty over U.S. election. Moreover, a growing dollar weighed on the yellow metal quotes.

Current situation

The XAU/USD pair opened on a weaker note on Monday. The yellow metal failed to extend its gains after Friday’s rally. Last week upward momentum lost is strength and the XAU/USD pair turned to the downside. The price approached the level 1270 dollars per ounce in the middle of the European trades and stayed there ahead of the NY session. Buyers failed to reclaim the 200-EMA which rejected the pair downwards. The price moved towards the 100-EMA and stopped a few pips above the moving. The resistance is at 1280, the support comes in at 1270 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. RSI remained within oversold area.

Trading recommendations

If the downward pressure persists the price will move below 1270 dollars per ounce. A successful break below the level will open the way towards 1260. If the 1270 level holds gold prices will return to 1280 dollars per ounce.

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Brent

General overview

Oil prices traded lower on Monday as OPEC members failed to agree on measures to freeze its output.

Current situation

Brent oil futures held on their recent lows during the Asian session on Monday. Prices gapped lower at the open and filled the gap Post-European opening. Brent futures spent the first part of the day around the level 49.50 dollars per barrel and faced further downside pressure ahead of the NY opening. The price made a good break below 49.50 and advanced towards 48.50 where the downward impetus faded. The 50 and 100 EMAs are pointing lower in the 4 hours chart. The 200-EMA maintained its bullish slope in the same chart. The price broke the 200-EMA and continued moving lower. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

MACD decreased which confirms the strength of the sellers’. The RSI is in the oversold area.

Trading recommendations

Brent futures met a barrier around 48.50 dollars per barrel. We await a break below the level to trigger another leg lower. Sellers may drag the price towards 48.00 and lower to 47.50.

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DAX

General overview

European stocks traded lower on Monday as Oil & Gas sector decline weighed on the stocks.

Current situation

The index gapped higher at the open on Monday and filled the gap Post-European opening. Prices spent the day in the middle of the tight range. The 100 and 200 EMAs are neutral in the 1 hour chart, the 50-EMA is pointing lower. The price tested the 50-EMA, but failed to move higher. The index got under selling pressure on any up-move towards 10700. The resistance is seen at 10700, the support is at 10600.

MACD is in the negative area. MACD remained at the same level which confirms the strength of sellers. RSI is neutral.

Trading recommendations

If DAX remains in red figures we will be selling the benchmark if the price drops below 10600.

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S&P500

General overview

American Stocks remained neutral on Monday as traders were cautious ahead of the Fed monetary policy decision. Investors also kept an eye on developments in the U.S. presidential election and particularly to Hillary Clinton probe.

Current situation

The index traded mixed on Monday. Prices moved higher in the Asian session, as a result the benchmark was able to erase its previous losses. The market switched the tone to bearish when buyers failed to reclaim the level 2130. The S&P500 turned around and moved lower. The price stopped a few pips above 2120 where it spent the rest of the day. The moving averages (50, 100 and 200) are pointing lower in the 4 hours chart. The price bounced downwards in the 1 hour chart and moved lower. The resistance is seen at 2130, the support is at 2120.

MACD is in the negative area. The histogram remained in the same level which confirms the strength of the sellers’. RSI approached the oversold area.

Trading recommendations

We suppose the index will go to 2120 first. Having overcome the first target the price might advance towards 2110.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

02.11.2016

Euro

General overview

The U.S. dollar weakened across the board ahead of Fed, U.S. jobs data and election.

Current situation

The euro recovered its lost ground on Monday and maintained its bid tone on Tuesday. After a brief phase of consolidation seen during the Asian session the EUR/USD pair accelerated its growth and headed towards 1.1000. The EUR/USD pair broke the level post-European open. The 50-EMA is turning upwards, the 100 and 200 EMAs maintained their decline in the 4 hours chart. The price touched the 200-EMA which stopped its upward momentum in the mentioned timeframe. The resistance comes in at 1.1050, the support lies at 1.1000.

The MACD histogram grew which indicates the buyers’ strength. The RSI oscillator stayed near overbought area levels, favoring a new move higher.

Trading recommendations

We maintain short-term bullish outlook for the pair. The euro might extend its gains towards 1.1050.

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Pound

General overview

UK's Manufacturing PMI which came in below our estimates failed to support the pound. However, the British pound maintained its bid tone after Mark Carney's announcement to remain the BoE's governor until June 2019.

Current situation

The sterling strengthened on Monday and preserved its recent gains on Tuesday, staying around trading range’s upper limit. Buyers failed to reclaim the 1.2300 level, the price rolled back after touching the resistance. The pair spent the rest of the day above the 1.2200 level. The moving averages keep heading lower in the 4 hours chart. The price broke the 50-EMA and met a barrier around the 100-EMA which stopped its bid momentum. The current resistance is seen at 1.2300, the support is at 1.2200.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is within the overbought area.

Trading recommendations

If bulls preserve their control the GBP/USD pair will take out the level 1.2300. A stronger dollar will ease the upward momentum, sending the pound below 1.2200.

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Yen

General overview

As expected the Bank of Japan left its monetary policy on hold. Besides, the regulator cut its inflation forecasts. The published news slightly impacted the pair.

Current situation

The upward momentum seems to have run out of steam. The USD/JPY gave up its recent highs, trading around the 105.00 major level during the European hours. Sellers seem to be guarding 105.00 as the price bounces from the level on every attempt to the upside. The moving averages are turning lower in the 1-hour chart. The price broke all moving averages and moved lower in the same chart. The resistance can be found at 104.50, the support comes in at 104.00.

MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI is within the oversold area.

Trading recommendations

A break below 104.50 suggests further weakness of the USD/JPY pair. Sellers may lead the price to the 104.50 handle where USD/JPY may bounce off.

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AUD/USD

General overview

The Aussie strengthened when the RBA kept its rate unchanged at 1.5% on Tuesday. The regulator also predicted the Australian economy to grow near potential over the next year.

Current situation

The Aussie rallied against the U.S. dollar on Tuesday. The price jumped from 0.7600 to 0.7675. After testing the level 0.7675 the upward momentum faded and the price rolled back. The price broke 0.7625 and 0.7650 on its way upwards. The 50, 100 and 200 EMAs are turning upwards in the 1 hour chart. The 50-EMA crossed the 100 and 200 EMAs upwards in the same chart. The resistance is at 0.7675, the support can be found at 0.7650.

The MACD histogram grew which indicates the buyers’ strength. RSI is within the overbought area.

Trading recommendations

The pair is heavily overbought. We expect some profit taking from bulls after the recent rally. The price may roll back to 0.7650.

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XAUUSD

General overview

Gold prices moved higher on Tuesday ahead of the Fed meeting and amid uncertainty over the U.S. presidential elections.

Current situation


Gold prices had a positive day on Tuesday. The pair started the day around 1275 dollars per ounce. Buyers pushed the prices to the 1280 level first which was not able to resist pressure of bulls and was immediately broken. The yellow metal extended its gains after the level break, advancing towards 1290 ahead of the NY opening. The 50 and 100 EMAs are turning upwards in the 4-hours chart, the 200-EMA is heading lower. The resistance is at 1290, the support comes in at 1280 dollars per ounce.

The MACD histogram grew which indicates the buyers’ strength. The RSI is in the overbought area.

Trading recommendations


We maintain a bullish outlook in the short term. The XAU/USD pair now seems to be heading towards its immediate resistance near 1290.

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Brent

General overview

Brent oil futures reverted their recent losses, staying around one month low on Tuesday. Growing skepticism over the ability of OPEC to reach an agreement on an output freeze weighed on oil prices.

Current situation

Oil prices gapped higher at the open on Tuesday. The price jumped from 48.31 to 48.58 through the level 48.50 dollars per barrel. Brent prices were able to extend their gains after the gap. However, the upward impetus soon faded and the price returned to the broken level. The 50 and 100 EMAs extended their decline in the 4 hours chart. The 200-EMA maintained its bullish slope in the same timeframe. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

MACD remained at the same level which confirms the strength of sellers. The RSI remained within oversold area.

Trading recommendations

If the bullish scenario prevails the price might extend its recovery towards 49.50. A break of 48.50 may trigger the next leg of move lower towards 47.50.

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DAX

General overview

European stocks edged lower when Shell and BP earnings reports headed different ways. Shell shares added 3,1%, while BP shares fell.

Current situation

DAX index moved lower on Tuesday. The price had a sharp drop below 10700 in the Asian session. Prices weakened towards 10600 during the European hours and broke the level in early US trades. The index extended its losses after the break advancing towards 10500. The 50 and 100 EMAs extended their growth in the 4 hours chart, the 200-EMA is neutral. The price broke the 50 and 100 EMAs and approached the 200-EMA at the beginning of the New York session. The resistance is seen at 10600, the support is at 10500.

MACD is in the negative area. The indicator decreased which confirms the strength of the sellers. RSI oscillator headed towards the oversold area.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 10500.

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NASDAQ

General overview


Current situation

The index had a negative day on Tuesday. The price stayed in red figures, maintaining its bearish tone during the day. Sellers broke the level 4800 post-European open and approached 4770 in the NY session. Prices bounced off the 50-EMA in the 1 hour chart and headed away from the moving. The 50 and 100 EMAs accelerated their decline, crossing the moderately bearish 200-EMA in the mentioned timeframe. The resistance is seen at 4800, the support is at 4770.

MACD decreased which confirms the strength of sellers. RSI moved towards the oversold area.

Trading recommendations

We suppose the index will go to 4770 first. Having overcome the first target the price might advance towards 4740.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

03.11.2016

Euro

General overview

The dollar fell to the three-week low amid growing uncertainty over the US presidential election. The mixed reports from Germany slowed down the further euro growth.

Current situation

The common currency extended its near-term bullish momentum yesterday. The EUR/USD found a strong resistance at the level of 1.1100 which slowed down its further strengthening. The pair traded at a fresh 3-week high, just below the 1.1100 level during the European hours. The price broke the 200-EMA and trended north in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards in the same timeframe. The resistance comes in at 1.1100, the support lies at 1.1050.

The MACD histogram grew which indicates the buyers’ strength. The RSI indicator continues consolidating within overbought levels.

Trading recommendations

If the positive momentum remains intact the euro next stop could well be at the 1.1100-1.1150 region.

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Pound

General overview

The pound strengthened on the back of the positive Construction PMI in the UK on Wednesday.

Current situation

Fresh buying pressure around the British Pound boosted GBP/USD to fresh highs. Traders pushed the sterling higher on Wednesday. The pair was able to escalate to 1.2300 where the upward momentum faded for a while. The pound broke the level ahead of the NY opening. The moving averages keep heading lower in the 4 hours chart; however, the 50-EMA is becoming more neutral. The price bounced off the 50-EMA and headed towards 1.2300, testing the moving ahead of the NY opening. The current resistance is seen at 1.2400, the support is at 1.2300.

MACD has formed signal to rise. RSI is going upwards which confirms the strength of buyers.

Trading recommendations

We await a break above 1.2300 to trigger another leg higher. A daily close above 1.2300 would risk 1.2400.

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Yen

General overview

The dollar remained under pressure on Wednesday as election uncertainty weighed on the markets.

Current situation

The pair failed to retake the 105.00 level. The price encountered a strong sellers’ resistance around the level which caused its sharp decline. The pair remained in red figures on Wednesday as the downside momentum prevailed. Sellers pushed the price lower from 104.00 towards 103.00. The USD/JPY pair broke 103.50 on its way to 103.00. The price broke the 100-EMA and tested the 200-EMA in the 4 hours chart. The moving averages are turning downwards. The resistance can be found at 103.50, the support comes in at 103.00.

MACD decreased which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

If the downward pressure persists the 102.50 level will come back to the radar. We cannot rule out the chance that the USD/JPY pair would try to get to the resistance region 103.50-103.80.

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NZD/USD

General overview

The kiwi strengthened due to positive New Zealand’s labor market report. Besides, the latest inflation expectation report supported the NZD as well.

Current situation

The NZD/USD pair maintained its strong bid tone on Wednesday. Buyers were able to push the price higher to 0.7300 through 0.7250. The price hovered above the moving averages in the 4 hours chart. The 50 and 100 EMAs are turning upwards, while the 200-EMA keeps heading lower. The resistance is at 0.7300, the support can be found at 0.7250.

MACD is within the positive area. RSI moved upwards and reached the overbought levels.

Trading recommendations

The NZD/USD pair needs to break 0.7300 to retain its bullishness for further gain to 0.7350. Alternatively, when we break the level 0.7250 the support 0.7200 comes back into play.

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XAUUSD

General overview

The uncertainty around US presidential election retuned risk-aversion to the marker increasing demand for the safe-heaven assets like gold.

Current situation

Gold prices extended their gains on Wednesday, breaking out of the ascending channel pattern. The pair broke 1290 dollars per ounce and approached the level 1300 at the beginning of the North American session. The upward momentum had run out of steam by the moment the price approached the level. The price remained well above the moving averages in the 4 hours chart. The moving averages are turning north. The resistance is at 1290, the support comes in at 1280 dollars per ounce.

The MACD histogram grew which indicates the buyers’ strength. RSI is in the overbought area.

Trading recommendations

A break above 1300 dollars per ounce will strengthen buyers’ positions. In this potential scenario the XAU/USD may reach 1310.

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Brent

General overview


Oil prices edged lower on Wednesday after surprising U.S. stocks growth which underlined the market's supply glut.

Current situation

After a short-lived recovery on Tuesday Brent oil prices turned lower, extending their losses on Wednesday. The price remained in a descending channel, trading close to its lower trendline line. Sellers broke the 48.50 and tested the 47.50 on Wednesday's trades. The price remained below the moving averages in the 4 hours chart. The 50 and 100 EMAs are moving lower, the 200-EMA is just turning downwards. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.

MACD remained at the same level which confirms the strength of sellers. The RSI is within oversold levels.

Trading recommendations

We will place short orders only if we see a solid move below 47.50. However, we consider that scenario as an alternative as oil prices are heavily oversold. We expect a near-term correction caused by profit-taking.

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DAX

General overview

European stocks moved lower on the growing concerns over the U.S. presidential elections. Negative A.P. Moller-Maersk earnings report weighed on the stocks as well.

Current situation

DAX index gapped higher at the open on Wednesday. However the price did not extend a bid tone and immediately turned lower after the gap. The index filled the gap in early Europe trades. Sellers moved prices lower towards 10400 and tested the level in the North American session. The DAX index stayed below the moving averages (50, 100 and 200) during the day. The moving averages are turning downwards. The resistance is seen at 10500, the support is at 10400.

The MACD indicator continues consolidating within oversold levels. The RSI indicator is near undervalued territory, favoring a new move lower.

Trading recommendations

A move below 10400 will open the way towards 10350.

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S&P500

General overview

American stocks traded lower on Wednesday. The uncertainty over the outcome of the upcoming U.S. presidential election made traders seek safe-haven assets.

Current situation

The index remained under pressure, staying around 2100 during the day. The price briefly recovered during the European trades and turned lower in early American trades. The 50, 100 and 200 EMAs extended their bearish slope in the 4 hours chart. The price remained well below the moving averages. The resistance is seen at 2110, the support is at 2100.

MACD remained at the same level which confirms the strength of sellers. The RSI is within oversold levels.

Trading recommendations

If the index holds its bearish tone S&P500 will keep heading lower. A clear break below 2100 will send the price towards 2090.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

04.11.2016

Euro

General overview

The dollar was able to reverse some of its losses on Thursday. The dollar strengthened due to profit taking, the EUR/GBP sharp drop and decline of election concerns.

Current situation

The trend is objectively bullish as bulls have the ball now. The EUR/USD pair remained in an ascending channel on Thursday, hovering around 1.1100 in the European session. The pair became slightly bearish post-European open when the price retreated from the recent highs. Sellers pushed the euro below 1.1100 trying to regain control. The pair edged lower and approached the level 1.1050 at the beginning of the New York session. The moving averages are turning upwards in the 4 hours chart. The resistance comes in at 1.1100, the support lies at 1.1050.

MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI is within the overbought area.

Trading recommendations

A clear break below the lower limit of an ascending channel 1.1050 will indicate that the upward movement is over, then the following downward movement could bring price to 1.1000 area. A further strengthening is possible if the price moved above 1.1125.

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Pound

General overview

A better-than-expected UK’s Services PMI supported the pound on Thursday. Later the day sterling extended its rally when the BoE kept its rates on hold.

Current situation

The GBP/USD opened on a positive note and remained in bulls' hands during the day. The pound was in the middle of another bullish development during the European hours. Traders pushed the pound higher, the pair now seems to be heading towards its immediate resistance near 1.2500. After breaking the 100-EMA the price continued advancing north towards the 200-EMA and reached the moving ahead of the NY opening. The current resistance is seen at 1.2500, the support is at 1.2400.

MACD is in the positive area. The MACD histogram grew which indicates the buyers’ strength. RSI is within the overbought area.

Trading recommendations

If the bullish views remain intact the pair might extend its recovery towards 1.2500.

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Yen

General overview

The yen was has been in demand this week as a safe-heaven currency. A weaker dollar supported the demand for the Japanese currency.

Current situation

The USD/JPY remained near an oversold critical line. The pair is still in a short-term descending channel. The price slightly recovered in the Asian session and extended its gains during the European hours on Thursday. The ongoing recovery could be attributed to some profit taking from sellers after the recent sharp decrease. Buyers pushed the price towards its immediate resistance 103.50, reversing minor part of its recent losses. The USD/JPY pair approached the 200-EMA ahead of NY opening. The 200-EMA is slowly turning downwards, while the 50 and 100 EMAs are already moving lower. The resistance can be found at 103.50, the support comes in at 103.00.

MACD is in the negative area. MACD decreased which indicates the sellers’ strength. RSI is within the oversold area.

Trading recommendations

We expect the dollar further recovery and its test of 103.50. On the other side, a return below 103.00 will open the door for a move lower towards the 102.50 level.

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USD/CAD

General overview

The Canadian dollar was neutral against its American counterpart on Thursday. The dollar remained weak after the disappointing US labor data. Moreover, oil price undertone keeps weighing on CAD.

Current situation

The neutral phase that started last week is still intact. The USD/CAD is staying around its weekly lows around 1.3360. The price moved back and forth between 1.3400 and 1.3350. The moving averages are neutral in the 1 hour chart. The pair was going lower until it met a barrier around the 200-EMA. The moving rejected the price which returned to the 50 and 100 EMAs region. The resistance is at 1.3400, the support can be found at 1.3330.

MACD indicator is at the centerline. If the histogram remains within the positive territory, that will indicate buyers’ growing strength. If MACD gets into the negative area sellers will take control over the market. The RSI is within neutral area.

Trading recommendations

We will preserve bullish outlook as long as the price holds above it 1.3330.

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XAUUSD

General overview

Gold prices remained mostly positive after Fed’s decision to keep rates unchanged. The uncertainty on uncertainty over the U.S. election outcome keeps weighing on the dollar.

Current situation

Gold prices surged on Thursday morning and were able to break the resistance 1300 when the price suddenly turned around and sharply dropped. The yellow metal moved towards 1290 and broke the level in the middle of the European session. After breaking the level prices moved lower and tested the mark 1285. The XAU/USD pair approached the neutral 200-EMA in the 4 hours chart. The 50 is crossing the 100 EMA upwards, both lines are going north. The resistance is at 1300, the support comes in at 1290 dollars per ounce.

MACD is in the positive area. MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area and moved downwards.

Trading recommendations

If the bearish tone prevails the XAU/USD pair will move towards 1280 dollars per ounce.

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Brent

General overview

Oil prices recovered on Thursday following the news of an attack on a Nigerian oil pipeline.

Current situation

Oil prices enjoyed mixed trades on Thursday. Brent oil gapped upwards at the open and the price continued to grow afterwards. Crude oil futures were able to reach the level 47.50 which stopped their further recovery post-European opening. The price slightly rolled back afterwards and spent the rest of the day a few pips below the level 47.50. The 200-EMA is still going upwards, while the 50 and 100 EMAs a moving downwards. The 50-EMA is crossing the 200-EMA downwards. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

MACD is in the negative area. MACD remained at the same level which confirms the strength of sellers. The RSI is in the oversold area.

Trading recommendations

All eyes are right now at the resistance level 47.50 dollars per barrel. A break above the level will ease the downward pressure, opening the way towards 48.50. If the level holds oil prices will extend their losses towards 46.50 and 45.50 dollars per barrel.

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DAX

General overview

European stocks remained neutral on Thursday after a two-day decline. The latest corporate earnings reports and growth of banking sector supported the Eurozone stocks.

Current situation

The index gapped higher at the open on Thursday. However, the index failed to extend its gains and edged lower immediately after the gap. DAX was under pressure during the night session and slightly recovered post-European open. The 10400 level is a current barrier which limits DAX further recovery. The price continues developing well below the moving averages. The moving averages extended their decline in the 4 hours chart. The resistance is seen at 10400, the support is at 10300.

The MACD decreased which confirms the strength of sellers. RSI oscillator is in oversold area.

Trading recommendations

Buyers are making attempts to break through 10400. If they succeed we will see the index rise towards 10500 resistance area.

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NASDAQ

General overview

American stocks traded mixed on Thursday after disappointing Initial Jobless Claims report. Moreover, the stocks are under pressure amid a growing uncertainty surrounding the US presidential race outcome.

Current situation

The index preserved its undertone, holding onto recent lows. NASDAQ made an attempt to recover. Prices grew from 4700 towards 4740. However, the benchmark was able to reach the mark 4730 when the upward impulse faded, the price returned to the 4700 region. The moving averages maintained their bearish slope in the 1 hour chart. The price almost reached the 50-EMA when the index came across a selling pressure. The resistance is seen at 4740, the support is at 4700.

MACD is in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI oscillator is within oversold area.

Trading recommendations

The index now seems to be heading towards its immediate resistance near 4740.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

07.11.2016

Euro

General overview

According to ADP survey the U.S economy added less jobs than expected, Unemployment Rate coincided with the forecast while Average Hourly Earnings slightly grew. The market was little impressed by the latest U.S. data as a result the EUR/USD remained onto its recent highs. The dollar remained under pressure amid political uncertainty in the country.

Current situation

The EUR/USD traded around the 1.1100 resistance area during the European hours on Friday. The price moved lower and hit a low of 1.1079 in the middle of the European session. However, this move lacked momentum and prices returned to 1.1100. The pair extended its gains in the NY session. The 4 hours chart shows that the euro keeps hovering above the 200-EMA. The 200-EMA is neutral, while the 50 and 100 EMAs are heading higher with the 50-EMA surpassing the 100-EMA upwards. The resistance is seen at 1.1150, the support could be found at 1.1100.

MACD and RSI present modest bearish slopes. MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area, heading south.

Trading recommendations

Technical indicators are now giving bearish signals. The price may retreat from its weekly highs and move towards its immediate support at 1.1050. After breaking above 1.1100 the EUR/USD may extend its gains towards 1.1150.

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Pound

General overview

According to the High Court’s decision the UK Government needs to get Parliamentary approval before starting the UK’s exit from the EU. This news supported the pound, boosting its upward momentum.

Current situation

The pound continued reversing its losses, staying around 1-month high on Friday. GBP bulls met a barrier at 1.2500, struggling hard to break it during the day. Buyers managed to break the level in the North American session. The GBP/USD pair trended higher, approaching 1.2600. The price broke the bearish 200-EMA and headed away from the moving. The 50 and 100 EMAs are slowly turning upwards in the 4 hours chart. The current resistance is seen at 1.2600, the support is at 1.2500.

The MACD histogram grew which indicates the buyers’ strength. The RSI indicator is near overvalued territory, favoring a new move higher.

Trading recommendations

GBP/USD may have some difficulties to go any higher. Taking into account that the pair is overbought we do not exclude a correctional phase towards 1.2350. On the other hand, a solid close above 1.2500 will increase the current bid tone, sending prices towards 1.2600.

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Yen

General overview

The USD/JPY pair was able to partly recover on Friday when a renewed risk-off wave hit the American and European stocks.

Current situation


The pair continued to stay in negative ground, trading around Thursday’s lows on Friday. USD/JPY presented a modest bearish tone as the price got under selling pressure on any up-move above 103.00. USD bulls encountered resistance around 103.20 where the 200-EMA lies. The 200-EMA rejected all bulls’ attempts to develop a recovery, holding prices under pressure. The 50 and 100 EMAs accelerated their decline, while the 200-EMA presented a modestly bearish slope. The resistance can be found at 103.50, the support comes in at 103.00.

Technical indicators are now giving weak bearish signals. MACD grew which indicates the sellers’ positions weakening. The RSI indicator continues consolidating within undervalued levels.

Trading recommendations

If the pair manages to consolidate above 103.00 the next target for this pair is the resistance level of 103.50. A daily close below the level might force the USD/JPY to resume its downward trajectory.

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AUD/USD

General overview

The Aussie weakened right after the RBA decision to keep Inflation Expectations around 1.5-2.5%. The Australian Bureau of Statistics expects to keep inflation on low levels for a while, planning to rise it lately.

Current situation

The AUD/USD remained under pressure around 0.7675, bouncing from the level on any attempt to the upside. The level seems to be well defended by sellers who tried to push the price lower at the beginning of the New York session. The AUD sharply dropped and tested 0.7650, however, this move did not have a leg, the price returned to the 0.7675 region. The pair broke the 50-EMA and tested the 100-EMA in the 1 hours chart. The 100-EMA rejected the price above the 50-EMA. The moving averages maintained their bullish slope in the same chart. The resistance is at 0.7675, the support can be found at 0.7650.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

If bears take over the market the price will decline to 0.7650. A move lower will open the way for 0.7625 testing.

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XAUUSD

General overview

Gold prices remained around weekly highs as uncertainty over the US Presidential election results supported the yellow metal. Traders were cautious ahead of the U.S. data and refrained from creating fresh positions on Friday.

Current situation

Gold prices extended their side trading, staying around fresh weekly highs. The XAU/USD traded in a tight range between 1295 - 1305 dollars per ounce. The yellow metal remained above the moving averages in the 4 hours chart. The 200-EMA is turning upwards, while the 50 and 100 EMAs accelerated their growth. The 50-EMA crossed the 100-EMA upwards in the 4 hours chart. The resistance is at 1310, the support comes in at 1300 dollars per ounce.
MACD remained at the same level which confirms the strength of buyers. The RSI indicator continues consolidating within overbought levels.

Trading recommendations

In the scenario where buyers keep control the pair moves towards 1310. However, the yellow metal is oversold and we do not exclude a short-term correction to 1290 dollars per ounce.

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Brent

General overview

Crude oil prices remained around recent lows as supply glut persisted on Friday.

Current situation

Crude oil futures remained under pressure. After a brief recovery during Asian session sellers pushed the price lower on Friday. Oil prices fell to 45.50 dollars per barrel where they spent the rest of the day. The price is below the moving averages in the 4 hours chart. The 200-EMA is neutral/bearish while the 50 and 100 EMAs are going downwards. The 50-EMA surpassed the 100-EMA in the same chart. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

MACD decreased which confirms the strength of sellers. The RSI oscillator is consolidating within negative area.

Trading recommendations

The level 45.50 limited Bren oil further losses. A cut through here will open the door for a move lower towards the 44.50 level

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DAX

General overview

European stocks bearish trend remained intact on Friday. Growing uncertainty over the results of the US elections continued to weigh on market sentiment.

Current situation

DAX index was in a recovery mode on Friday. The index traded mixed with half the exchanges trading higher and the other half lower. The index escalated to 10282 where the upward momentum faded, the price dropped back to 10200. The price remained below the moving averages in the 4 hours chart. The moving averages are turning downwards. The resistance is seen at 10300, the support is at 10200.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator is consolidating within negative are.

Trading recommendations

We believe the DAX is going to recover. Buyers may lead the index towards 10350.

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S&P500

General overview

Wall Street closed in red figures as Consumer Goods and Technology sectors dragged shares lower.

Current situation

The downwards trajectory remained intact on Friday. The index stayed around monthly lows at 2080. Buyers made an attempt to push the price higher and were able to reach the 2090 level. However the bullish spike faded soon and the benchmark returned to 2080. The price remained below the moving averages which extended their decline in the 4 hours chart. The resistance is seen at 2090, the support is at 2080.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator is consolidating within negative are.

Trading recommendations

S&P500 is having difficulties to go any lower. If the support 2080 holds prices will recover to 2090. Alternatively sellers will push the price to 2070.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

09.11.2016

Euro

General overview

The EUR/USD strengthened ahead of the US elections. The pair ignored weak Industrial Production and Trade Balance in Germany. Markets froze, awaiting for US election results.

Current situation

The weak daily closing on yesterday’s trades diminished the possibility for further euro strength. The EUR/USD remained under pressure, trading around weekly lows on Tuesday. Traders tried to develop an upward movement post-European open after a brief consolidation in the Asian session. Their attempt to reclaim the 1.1050 level failed, the price just pierced the level and returned below it afterwards. According to 4 hours chart the 200-EMA which stands around the 1.1050 region acted as a resistance, holding euro attempts to grow. The moving averages (50, 100 and 200) are neutral in the same chart. The resistance is seen at 1.1050, the support could be found at 1.1000.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is neutral.

Trading recommendations

We believe that the EUR/USD further strengthening is unlikely in the near term. If the pair fixates below 1.1050 sellers may drive the price lower towards 1.1000. However, a daily close above the current resistance will open the way to 1.1100.

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Pound

General overview

The pound showed mixed trades on Tuesday, growing on the back of better-then-expected Manufacturing Production report the first part of the day and weakened amid a stronger dollar later the day.

Current situation

Technically, the sterling remained under pressure on Tuesday, trading in a narrow range. After an Asian flat the GBP/USD tried to rally. The price jumped from 1.2400 to 1.2436 where a bullish spike faded and the pound slightly rolled back. The pair got under selling pressure ahead of the NY open and moved below 1.2400. The 4 hours chart showed that the price struggled with a neutral 200-EMA which limits its further gains. A failure here sent the market downside. The 50-EMA is crossing the 100-EMA in the same chart, both moving lines are neutral. The current resistance is seen at 1.2400, the support is at 1.2300.

MACD decreased which indicates the buyers’ positions weakening. RSI is consolidating within positive territory.

Trading recommendations

We preserve a negative outlook for the GBP/USD pair. A close below 1.2400 may trigger losses towards 1.2300.

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Yen

General overview

According to Taro Aso (Finance Minister) the BoJ will have to respond to any markets moves if the US elections results cause an unexpected yen strengthening.

Current situation

The USD/JPY traded in its intraweek trading range the first part of Tuesday. The market seemed fairly balanced amid lack of market movers. Buyers consolidated their gains, holding the price in a tight range 104.30 - 104.50. The bulls jumped back on the renewed bids around 104.50 ahead of the New York session. After breaking the level prices moved upwards, approaching 105.00. The price moved away from the 50, 100 and 200 EMAs in the 4 hours chart. The resistance can be found at 105.00, the support comes in at 104.50.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a move higher.

Trading recommendations

If the upward pressure persists a move towards 105.00 is on the cards. After reaching the first target bulls will lead the pair to October highs at 105.50.

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USD/CAD

General overview

The CAD mowed lower following oil prices recovery on the one side and the US dollar strengthening on the other.

Current situation

The neutral phase that started last week is still intact. The price remained in a narrow range between 1.3360 - 1.3400 on Tuesday. The pair declined to the lowest range end struggling with the 50-EMA to break lower on yesterday's trades. The pair tested the 50-EMA which provided a solid support for the price in the 4 hours chart. The moving averages maintained their bullish slope in the mentioned timeframe. The resistance is at 1.3400, the support can be found at 1.3300.

The MACD histogram decreased which indicates the sellers’ growing strength. RSI is going south which confirms the current downward movement.

Trading recommendations

We expect the pair to remain in red figures. Should the USD/CAD pair break below the current support it may extend its weakness towards 1.3250.

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XAUUSD

General overview

Gold prices got under pressure on Tuesday on expectations of US election results.

Current situation

The market sentiment remained negative on Tuesday. Sellers met a solid barrier around 1280 and were unable to drive the price lower. After testing 1280 the price bounced off the level, hovering above it during the day. Gold prices stayed around the 50 and 200 EMAs in the 4 hours chart. Both lines present a strong resistance, holding its further gains. The moving averages (50, 100 and 200) are neutral in the same chart. The resistance is at 1290, the support comes in at 1280 dollars per ounce.

MACD decreased which confirms the strength of sellers. The RSI indicator was holding near oversold levels during the day.

Trading recommendations

If a downward pressure persists the XAU/USD pair may break the current support downwards. A bearish continuation through 1280 should lead to a continued slide, with 1270 dollars per ounce as the first probable target.

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Brent

General overview

Oil prices got under pressure on Tuesday amid the U.S. election and weak Chinese imports data.

Current situation

Brent oil prices recovered in the Asian session on Tuesday. Prices were able to escalate to 46.50 where the upward momentum faded. After testing the level oil prices rolled back. Bears took control and moved the price lower during the North American hours. Oil prices reached 48.50 post-America open. According to the 1 hour chart the price broke the 50-EMA and tested the 100 EMA in the European session. Brent futures failed to take out the line and bounced downwards, returning to the 50-EMA region. The moving averages maintained bearish tone in the same chart. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

The MACD histogram decreased which indicates the sellers’ strength. RSI moved downwards.

Trading recommendations

Inability to reclaim 46.50 suggests oil prices further weakness. Sellers will move prices lower to 45.50 and 44.50 dollars per barrel.

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DAX

General overview

European stocks traded mix as investors were cautious awaiting for US President race results. Besides, a weaker Chinese imports data weighed on the stocks sentiment.

Current situation

DAX remained near weekly highs on Tuesday. Prices tried to extend their upward trajectory but failed to maintain their bid tone. After reaching 10483 the benchmark turned around and sharply dropped to 10400, bouncing upwards tight after that. The 100-EMA limited the index recovery in the 1 hour chart. The line rejected DAX downwards. The 100 and 200 EMAs direction is downwards, while the 50-EMA is neutral. The resistance is seen at 10500, the support is at 10400.

If MACD remains within the negative territory, sellers’ positions will remain strong. RIS was neutral on yesterday’s trades.

Trading recommendations

If bulls retain control the index may grow to 10500. A clear break below 10400 will indicate DAX further weakness towards 10350 and 10300.

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NASDAQ

General overview

Wall Street remained cautious on Tuesday as investors waited for the U.S. presidential elections outcome.

Current situation

The index traded neutral yesterday. Investors held the price around its recent gains. The benchmark remained in a tight range, moving back and forth during the course of the trades. NASDAQ stayed around the bearish 50-EMA, struggling with the line to move higher. All moving averages maintained their bearish slope in the 4 hours chart. The resistance is seen at 4770, the support is at 4740.

The MACD histogram grew which indicates the buyers’ growing strength. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

If the 4770 level breaks, the price may fall further that should send this market looking for the 4740 and 4715 levels. A close above the level will trigger gains towards 4800.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

10.11.2016

Euro

General overview

The empty EU calendar was not able to provide any market moving news. The pair was affected by external factors. The dollar fell on the back of Trump’s victory.

Current situation

The euro/dollar strengthened overnight, reaching its highest level since September 8th. The pair jumped to 1.1300, breaking a bunch of levels on its way upwards. After testing the level prices gave up their fresh highs and pulled back, falling to opening price. The EUR/USD pair was holding around 1.1050 post-European open, consolidating its gains. The price broke the 1.1050 level and extended its losses towards 1.0950 in the North American session. The moving averages remained neutral in the 4 hours chart. The resistance is seen at 1.1100, the support could be found at 1.1050.

The MACD histogram decreased which is a sell signal. RSI stayed in a neutral area.

Trading recommendations

We expect the dollar to remain under pressure and lower levels will probably attract buying interest. The main buyers’ goal is the level 1.1100. Once we break above the 1.1100 level, we think that the 1.1150 level will be next. Anyway the pair is heavily oversold and needs to return its status quo which means a recovery. The EUR/USD may return to 1.1050 in the nearest-term.

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Pound

General overview

The Donald Trump's victory knocked down the US dollar, sending it to the monthly lows.

Current situation

The pound traded mixed on Wednesday. Prices rallied in the Asian session, reaching the monthly highs at 1.2550. However, after snapping the level the pair reversed and sharply fell to opening prices where it stayed awaiting for fresh drivers. The 200-EMA limited the pound strengthening so far. The GBP/USD just tested the moving which rejected it downwards. Prices returned below the 200-EMA and stayed between the mentioned moving and neutral 50 and 100 EMAs in the 4 hours chart. The current resistance is seen at 1.2500, the support is at 1.2400.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

We believe that the US dollar will remain under pressure on the back of a Trump victory. Buyers may try to recover their positions, climbing to the 1.2500 level first.

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Yen

General overview

The dollar weakened across the board when Donald Trump was elected as the 45th US President.

Current situation

The USD/JPY pair sharply fell overnight, reaching September lows. However, the sell-off lost its legs around 101.16 where the pair turned around and rallied to the 103.50 region where the upward impetus ran out of steam, the price got under selling pressure again. However, the pair extended its gains during the North American hours. Prices moved higher, broke the level 104.00 and headed to 104.50. The pair traded around the 200-EMA ahead of NY in the 4 hours chart opening. The 200-EMA provided a solid resistance, limiting the dollar further growth. The moving averages are turning downwards, following the price. The resistance can be found at 103.50, the support comes in at 103.00.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

If the downward tone remains intact the dollar will keep losing ground. Sellers will lead the price downwards towards the level 102.50. A technical correction towards 104.00 is expected the near-term. A daily close below the mentioned level will open the way towards 103.50.

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AUD/USD

General overview

A weak Consumer Confidence in Australia together with mixed data from China were not able to affect the AUD/USD pair which was mostly influenced by the dollar weakening on the back of Donald Trump's victory.

Current situation

The AUD/USD showed a strong sell-off in the Asian session on Wednesday. After refreshing monthly highs at 0.7776 the pair fell towards its fresh lows at 0.7570. The pair met a barrier around 0.7570, bouncing upwards immediately after the level test. The AUD/USD pair maintained its bid tone ahead of NY opening, struggling with 0.7675 to move higher. The moving averages are neutral in the 4 hours chart. The resistance is at 0.7675, the support can be found at 0.7650.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

We believe the Aussie will remain in the red zone in the short-term. After breaking the current support sellers will drive the price towards 0.7625.

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XAUUSD

General overview

Gold prices got under buying pressure amid as Donald Trump shocked markets by winning the U.S. presidential race. However, Donald Trump’s winning speech afterwards comforted markets and returned risk appetite back.

Current situation

Gold prices were bale to strengthen last night, reaching its highest levels since September 26th. Buyers were able to push the price to 1335, but failed to hold onto gains. The pair sharply fell and stopped at 1300, coming across with buyers’ resistance. The yellow metal remained around the mentioned level, consolidating its gains ahead of the NY opening. The moving averages were neutral in the 4 hours chart. The resistance is at 1300, the support comes in at 1290 dollars per ounce.

The MACD histogram grew which indicates the buyers’ strength. RSI bounced from the overbought area.

Trading recommendations

If bulls retain control the XAU/USD pair will grow to 1310-1315. A daily close below 1300 will put on hold bulls’ plans. In this scenario sellers will drag gold prices to 1280 through 1290 dollars per ounce.

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Brent

General overview

Oil prices faced selling pressure on yesterday’s trades as investors escaped risky-assets.

Current situation

Brent oil futures extended their losses in the Asian session on Wednesday. Sellers pushed prices lower, refreshing monthly lows at 44.50. The price was unable to move lower and retreated almost immediately, reversing some of its losses. Buyers led oil quotes to 46.50 where the upward momentum faded and the price slightly rolled back. The moving averages slightly changed since Tuesday. The 50 and 100 EMAs keep moving downwards while the 200-EMA is neutral in the 4 hours chart. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

Should oil prices remain below 46.50 the 45.50 support level will come back into play. Conversely, any move above the immediate resistance would increase chances of testing the 47.50 mark.

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DAX

General overview


European stocks sharply fell on Wednesday after Trump's surprise victory in the US Presidential elections.

Current situation

DAX index gapped lower at the open on Wednesday. Prices fell from 10500 to 10000. The mark 10000 appeared to be a local bottom, the price turned around and rallied towards the opening prices. The index manages to fill the gap in the NY session. After reaching the level 10500 the benchmark extended its gains towards 10600. The price tested the 200-EMA struggled with the 200-EMA in the 4 hours chart during the NY session. The 50-EMA broke the 100 and 200 EMAs downwards in the same chart. All moving averages keep heading lower. The resistance is seen at 10600, the support is at 10500.

The MACD histogram grew which indicates the buyers’ strength. RSI is going upwards which confirms the strength of buyers.

Trading recommendations

Should the index recover ground and advance beyond the 10500 level, the rally can extend in the short term up to 10600.

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SP500

General overview

Wall Street opened lower on Wednesday as Republican Donald Trump was elected 45th U.S. President.

Current situation

The index opened lower yesterday and was able to refresh monthly lows. The lowest price level was marked at 2028 which appeared a firm barrier to overcome. Prices bounced upwards, extending their recovery during the day. The benchmark rallied breaking a number of levels on its way upwards. The price reached the opening prices during the North American session. The S&P500 index broke the 50 and 100 EMAs and tested the 200-EMA in the 4 hours chart. The 50, 100 and 200 EMAs are moving downwards. The resistance is seen at 2140, the support is at 2130.

MACD is in the positive area. MACD has formed signal to rise. RSI is going upwards which confirms the strength of buyers.

Trading recommendations

The index will remain in the downward channel until it holds below 2140. If the benchmark remains below the mentioned level sellers will lead the price towards 2120 and 2110. A clear break above the channel resistance will indicate that the downward movement had completed. Buyers will lead the index to 2150 and 2160.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

11.11.2016

Euro

General overview

The uncertainty regarding Trump's economic policy eased on Thursday after fresh talks that the new administration will promote higher economic growth and inflation.

Current situation

The EUR/USD remained under pressure on Thursday, holding onto recent lows. The euro retained a neutral, short-term undertone. After a sharp drop on Wednesday the currency pair found a support around 1.0900. Prices bounced from the level and reversed minor part of their losses, heading to 1.0950 in the Asian session. Buyers failed to reclaim the level which limited their recovery. The euro spent the first part of the day around 1.0950. The EUR/USD pair declined and broke the level 1.0900 ahead of NY session. The moving averages are heading lower in the 4 hours chart. The 50-EMA is crossing the 100 EMA downwards in the same chart. The resistance is seen at 1.0900, the support could be found at 1.0850.

MACD remained in the negative area. The RSI indicator was holding near oversold levels, favoring a move lower.

Trading recommendations

If a bearish tone prevails EUR/USD will extend its losses towards 1.0800.

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Pound

General overview

The pound traded under pressure amid a new oil selling wave and a neutral sentiment in European banks.

Current situation

GBP/USD was neutral yesterday. The pound bounced from 1.2400 and reversed a minor portion of Wednesday’s losses heading towards 1.2500 in the European session. However, buyers failed to extend their gains, prices turned around and returned to the 1.2400 support area. The price tested the 200-EMA in the 4 hours chart. The 200-EMA acted as a barrier on its way upwards. The GBP/USD pair is sandwiched between the 200-EMA and 50 and 100 EMAs in the mentioned timeframe. All moving averages are neutral. The current resistance is seen at 1.2500, the support is at 1.2400.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator continued consolidating within overbought levels.

Trading recommendations

The pound modestly bounced from oversold readings, but it is far from suggesting an upward continuation. If the pair keeps recovering it may retest the level 1.2500. A cut below 1.2400 will suggest a temporally upward momentum easing and open the way towards 1.2300.

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Yen

General overview

The increased demand for risky assets weighed on the yen. The upbeat US labor market report and renewed speculation over the Fed rate hike supported the dollar yesterday.

Current situation

The USD/JPY pair traded around recent highs on Thursday. Prices rebounded from 105.00 and moved towards 106.00 breaking 105.50 on its way after a brief weakening in the Asian session. Sellers seemed to be guarding the level 106.00 as the quotes bounced from the level on every attempt to the upside. Bulls managed to break the level any way. After the break the pair trended upwards breaking 106.50 and testing 107.00 ahead the NY session. The pair hovered above the moving averages in the 4 hours chart. The moving averages 50, 100 and 200 are turning upwards. The resistance can be found at 107.00, the support comes in at 106.50.

The MACD histogram grew which indicates the buyers’ strength. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

After breaking the level 106.50 the pair may extend its gains to 107.00. If the level 107.00 holds it may reject prices towards 105.50.

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NZD/USD

General overview

The kiwi weakened against the dollar when the RBNZ cut its benchmark interest rate.

Current situation

The kiwi had a negative day on Thursday. Sellers pushed the price lower after a brief consolidation phase around 0.7300. The pair broke the level 0.7250 and tested 0.7200 in early US trades. Prices broke the 50 and 100 EMAs and tested the 200-EMA in the 4 hours chart. The moving averages are turning downwards in the same chart. The resistance is at 0.7250, the support can be found at 0.7200.

Technical readings are negative. MACD decreased which indicates the buyers’ positions weakening. RSI headed towards the oversold area.

Trading recommendations

The market is in bears’ hands. Strong bearish sentiment is driving the pair towards 0.7200. The next level to focus on is 0.7150.

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XAUUSD

General overview

Renewed interest towards risky assets weighed on gold prices on Thursday.

Current situation

The XAU/USD traded mixed on Thursday. Gold prices managed to recover on yearly trades and tested the level 1290. Buyers failed to take out the level, prices bounced downwards, broke the level 1280 and moved lower ahead of the US opening. Gold prices broke the 200 and 100 EMAs and stopped at the 50-EMA in the 4 hours chart. The resistance is at 1280, the support comes in at 1270 dollars per ounce.

MACD decreased which confirms the strength of sellers. RSI is going downwards which confirms the strength of sellers.

Trading recommendations

We believe the bearish tone will remain intact. As the most probable scenario, we consider further moving downwards towards the level at 1270. A close below 1270 will trigger losses towards 1260.

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Brent

General overview

Oil prices remained under pressure amid Donald Trump's surprise victory and increase in U.S. crude inventories last week. Brent futures slightly recovered amid risk appetite growth. Investors were cautious ahead of a key OPEC meeting on November 30.

Current situation

Brent futures traded flat staying around recent high at 46.50 on Thursday. Oil prices failed to extend their rebound as sellers seemed to be guarding the level 46.50. Brent got under selling pressure on any up-move upside. Brent oil prices moved lower in early US trades. Sellers led prices from the immediate resistance towards 45.50. Brent futures bounced downwards from the 50-EMA in the 4 hours chart. The 50 and 100 EMAs are heading lower while the 200-EMA is neutral. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

MACD remained at the same level which confirms the strength of sellers. RSI moved towards the undervalued levels.

Trading recommendations

The nearest sellers' target remains the support level 45.50. A break below this mark risks a decline towards the support at 44.50.

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DAX

General overview

Shares in European banks remained onto recent highs as investors accepted Trump victory. Markets began to think that Donald Trump and his future economical policy may be not bad for financial stocks as they thought before.

Current situation

The DAX price gapped higher at the open on Thursday. Buyers jumped from 10650 to 10800 but failed to extend their recovery. Prices turned around and moved lower filling the gap after declining back to 10650. Traders continued to advance south heading towards its immediate support at 10600. The index hovered above the moving averages in the 4 hours chart. The moving averages are neutral. The resistance is seen at 10700, the support is at 10600.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a move lower.

Trading recommendations

The index is oversold and is likely to test the level 10600. After breaking the level a downward movement will be continued towards 10500.

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NASDAQ

General overview

Wall Street traded higher on Thursday as investors hoped that the Donald Trump's fresh plans may boost the economy in the short run.

Current situation

NASDAQ traded onto fresh highs on Thursday. Prices extended their gains in the Asian session. The price was able to escalate to 4865 where it met sellers’ resistance. The index failed to move higher and rolled back towards 4835. The price moved towards the 200-EMA in the hours chart. The moving acts as a support for the price. The moving averages 50, 100 and 200 are neutral. The resistance is seen at 4865, the support is at 4835.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a move lower.

Trading recommendations

The price is expected to decline towards 4835. Should that level be reached successfully the further extension towards 4800 is possible.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

14.11.2016

Euro

General overview

The euro got support on the back of the Wholesale Price Index in Germany which met traders' expectations. The dollar was supported by talks that Donald Trump may become not so bad President and his new policy may boost inflation.

Current situation

The euro maintained its bearish tone and is now decisively trading below the 1.0900 mark. After a short lived recovery during the Asian hours sellers pushed the price lower dragging it towards 1.0850. Traders struggled hard to break the level but failed to do it on Friday. The daily high was marked at 1.0920 while the lowest price was at 1.0839. The 1 hour chart showed that the price touched the 50-EMA and bounced off the line immediately after testing it. All moving averages are pointing lower in the mentioned timeframe. The resistance is seen at 1.0900, the support could be found at 1.0850.

Technical indicators are now giving bearish signals. MACD decreased which confirms the strength of sellers. The RSI oscillator consolidated within negative area.

Trading recommendations

We await a break below 1.0850 to trigger another leg lower. A break below will increase chances of testing the 1.0800 mark.

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Pound

General overview

The pound got temporally support from some UK politicians who would vote against Brexit unless new referendum on leaving the EU is held.

Current situation

The GBP/USD pair opened on a positive note on Friday. The pound was stronger trending upwards during the day. After a brief consolidation phase in the Asian session buyers continued pushing the sterling higher. They broke 1.2600 and approached 1.2700 post-European open. Buyers were unable to lead prices further, the pair turned around and retreated from fresh session highs. The sterling broke the 200-EMA which has been limited its growth attempts for a week. The 200-EMA remained neutral while the 50 and 100 EMAs are turning upwards in the 4 hours chart. The current resistance is seen at 1.2700, the support is at 1.2600.

Technical indicators retained bullish signals. The MACD histogram grew which indicates the buyers’ strength. The RSI indicator continued consolidating within overbought levels.

Trading recommendations

A break above 1.2500 eased the current downward pressure. The market will remain in bulls' hands until it stays above the mentioned level. The level 1.2700 will be next in our focus. If buyers fail to hold onto gains the pair may return into its previous range 1.2500 - 1.2400.

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Yen

General overview

The dollar maintained its bid tone across the board on hopes that Trump's policies will boost inflation and Fed will hike the rate.

Current situation

A failure to take out the level 107.00 made prices pull back. The pair retreated from the recent highs and moved downwards. Sellers broke the level 106.50 and approached the level 106.00 in the mid-European session. The ongoing weakening could be attributed to some profit taking from bulls following Wednesday’s rally. However, sellers failed to retake the level, prices bounced upwards and closed the day around 106.50. USD/JPY traded above moving averages in the 4 hours chart. The moving averages are turning upwards in the same timeframe. The resistance can be found at 107.00, the support comes in at 106.50.

The indicators remained within positive territory. MACD slightly moved back which indicates the buyers’ positions weakening. RSI bounced from the overbought area.

Trading recommendations

We believe the dollar selling will be continued on the back of profit taking. Prices will move towards 105.50 first and after breaking the level may extend their losses towards 105.00.

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USD/CAD

General overview

The dollar kept the upbeat tone unchanged vs. its Canadian peer on Friday as investors became more optimistic regarding Donald Trump presidency. Lower oil prices weighed on the Canadian dollar as well.

Current situation

The greenback extended its near-term bullish momentum on Friday. Buyers pushed prices higher, trending towards 1.3540. The lowest point was mark at 1.3453 while the daily high is at 1.3546. The pair moved away from the moving averages in the 4 hours chart. The 50, 100 and 200 EMAs maintained their bullish slope. The resistance is at 1.3540, the support can be found at 1.3470.

The technical indicators kept heading north within positive territory. The MACD histogram grew which confirms buyers’ strength. The RSI indicator was within overbought readings.

Trading recommendations

A consolidation above 1.3470 will strengthen a buying momentum. If the pair stays above the level buyers will lead the price to 1.3540. A cut here will open the way to 1.3600.

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XAUUSD

General overview

The improved market sentiment over Trump presidency effect on the U.S. economy weighed on gold prices on Friday.

Current situation

Gold prices stayed around a fresh one-month low on Friday during the Asian hours. The yellow metal remained under pressure amid the bid sentiment around the dollar. The price traded between levels 1250 and 1260 dollars per ounce in the European session. The pair made a good break lower in the NY session. Sellers broke a bunch of levels heading towards fresh monthly low. The XAU/ISD closed the week around 1220. The price continues developing well below the moving averages. The moving averages are heading lower in the 4 hours chart. The resistance is at 1220, the support comes in at 1230 dollars per ounce.

Technical indicators retain bearish signals. MACD remained at the same level which confirms the strength of buyers. The RSI indicator continued consolidating within oversold levels.

Trading recommendations

The precious metal is expected to recover in the short term. Gold will strengthen as soon, as the pair rises above the resistance level 1240. If buyers return they may lead prices to 1260 dollars per ounce.

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Brent

General overview

Oil prices remained under pressure on Friday amid supply glut concerns which will remain unless OPEC limits production.

Current situation

Brent futures lost further ground on Friday. Prices remained in a near-term descending channel. Sellers pushed prices below 45.50 extending their losses to the 44.50 mark. The moving averages slightly changed from Friday pointing to further weakening. The resistance is at 45.50, the support comes in at 44.50 dollars per barrel.

The indicators recommend short positions. The MACD histogram decreased which indicates the sellers’ strength. RSI approached the oversold area.

Trading recommendations

Brent will remain under pressure until it stays 46.50. Only a move above 46.50 will ease the downward pressure giving buyers’ a chance to recover towards 48.50.

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DAX

General overview

European shares traded mixed on Friday despite the improved sentiment after the US Presidential elections, focus begins to turn back to Brexit.

Current situation

DAX traded mixed on Friday. Prices stayed in a narrow range between levels 10700 and 10600. The index oscillated between those levels, but couldn't break any of them. DAX touched several times the 50-EMA but bounced upwards from the moving. The moving averages maintained a neutral tone. The resistance is seen at 10700, the support is at 10600.

The indicators were in extreme overbought levels. MACD remained at the same level which confirms the strength of buyers. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

A break below 10600 would indicate that immediate upward pressure eased. In this scenario bears will drive prices to 10500.

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S&P500

General overview

Wall Street traded lower on Friday as lower oil prices weighed on the Oil & Gas sector while Johnson & Johnson и Pfizer decline led Healthcare sector lower.

Current situation

S&P500 traded in a red zone on Friday. The index retreated from its fresh monthly high, sellers pushed prices lower. The benchmark broke the 2160 level and approached 2150 ahead of the NY opening. The moving averages 50, 100 and 200 are neutral. The resistance is seen at 4865, the support is at 4835.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

A break below 2150 will strengthen sellers’ positions. Bears may move the index towards 2130.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

14.11.2016

Euro

General overview

The euro got support on the back of the Wholesale Price Index in Germany which met traders' expectations. The dollar was supported by talks that Donald Trump may become not so bad President and his new policy may boost inflation.

Current situation

The euro maintained its bearish tone and is now decisively trading below the 1.0900 mark. After a short lived recovery during the Asian hours sellers pushed the price lower dragging it towards 1.0850. Traders struggled hard to break the level but failed to do it on Friday. The daily high was marked at 1.0920 while the lowest price was at 1.0839. The 1 hour chart showed that the price touched the 50-EMA and bounced off the line immediately after testing it. All moving averages are pointing lower in the mentioned timeframe. The resistance is seen at 1.0900, the support could be found at 1.0850.

Technical indicators are now giving bearish signals. MACD decreased which confirms the strength of sellers. The RSI oscillator consolidated within negative area.

Trading recommendations

We await a break below 1.0850 to trigger another leg lower. A break below will increase chances of testing the 1.0800 mark.

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Pound

General overview

The pound got temporally support from some UK politicians who would vote against Brexit unless new referendum on leaving the EU is held.

Current situation

The GBP/USD pair opened on a positive note on Friday. The pound was stronger trending upwards during the day. After a brief consolidation phase in the Asian session buyers continued pushing the sterling higher. They broke 1.2600 and approached 1.2700 post-European open. Buyers were unable to lead prices further, the pair turned around and retreated from fresh session highs. The sterling broke the 200-EMA which has been limited its growth attempts for a week. The 200-EMA remained neutral while the 50 and 100 EMAs are turning upwards in the 4 hours chart. The current resistance is seen at 1.2700, the support is at 1.2600.

Technical indicators retained bullish signals. The MACD histogram grew which indicates the buyers’ strength. The RSI indicator continued consolidating within overbought levels.

Trading recommendations

A break above 1.2500 eased the current downward pressure. The market will remain in bulls' hands until it stays above the mentioned level. The level 1.2700 will be next in our focus. If buyers fail to hold onto gains the pair may return into its previous range 1.2500 - 1.2400.

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Yen

General overview

The dollar maintained its bid tone across the board on hopes that Trump's policies will boost inflation and Fed will hike the rate.

Current situation

A failure to take out the level 107.00 made prices pull back. The pair retreated from the recent highs and moved downwards. Sellers broke the level 106.50 and approached the level 106.00 in the mid-European session. The ongoing weakening could be attributed to some profit taking from bulls following Wednesday’s rally. However, sellers failed to retake the level, prices bounced upwards and closed the day around 106.50. USD/JPY traded above moving averages in the 4 hours chart. The moving averages are turning upwards in the same timeframe. The resistance can be found at 107.00, the support comes in at 106.50.

The indicators remained within positive territory. MACD slightly moved back which indicates the buyers’ positions weakening. RSI bounced from the overbought area.

Trading recommendations

We believe the dollar selling will be continued on the back of profit taking. Prices will move towards 105.50 first and after breaking the level may extend their losses towards 105.00.

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USD/CAD

General overview

The dollar kept the upbeat tone unchanged vs. its Canadian peer on Friday as investors became more optimistic regarding Donald Trump presidency. Lower oil prices weighed on the Canadian dollar as well.

Current situation

The greenback extended its near-term bullish momentum on Friday. Buyers pushed prices higher, trending towards 1.3540. The lowest point was mark at 1.3453 while the daily high is at 1.3546. The pair moved away from the moving averages in the 4 hours chart. The 50, 100 and 200 EMAs maintained their bullish slope. The resistance is at 1.3540, the support can be found at 1.3470.

The technical indicators kept heading north within positive territory. The MACD histogram grew which confirms buyers’ strength. The RSI indicator was within overbought readings.

Trading recommendations

A consolidation above 1.3470 will strengthen a buying momentum. If the pair stays above the level buyers will lead the price to 1.3540. A cut here will open the way to 1.3600.

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XAUUSD

General overview

The improved market sentiment over Trump presidency effect on the U.S. economy weighed on gold prices on Friday.

Current situation

Gold prices stayed around a fresh one-month low on Friday during the Asian hours. The yellow metal remained under pressure amid the bid sentiment around the dollar. The price traded between levels 1250 and 1260 dollars per ounce in the European session. The pair made a good break lower in the NY session. Sellers broke a bunch of levels heading towards fresh monthly low. The XAU/ISD closed the week around 1220. The price continues developing well below the moving averages. The moving averages are heading lower in the 4 hours chart. The resistance is at 1220, the support comes in at 1230 dollars per ounce.

Technical indicators retain bearish signals. MACD remained at the same level which confirms the strength of buyers. The RSI indicator continued consolidating within oversold levels.

Trading recommendations

The precious metal is expected to recover in the short term. Gold will strengthen as soon, as the pair rises above the resistance level 1240. If buyers return they may lead prices to 1260 dollars per ounce.

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Brent

General overview

Oil prices remained under pressure on Friday amid supply glut concerns which will remain unless OPEC limits production.

Current situation

Brent futures lost further ground on Friday. Prices remained in a near-term descending channel. Sellers pushed prices below 45.50 extending their losses to the 44.50 mark. The moving averages slightly changed from Friday pointing to further weakening. The resistance is at 45.50, the support comes in at 44.50 dollars per barrel.

The indicators recommend short positions. The MACD histogram decreased which indicates the sellers’ strength. RSI approached the oversold area.

Trading recommendations

Brent will remain under pressure until it stays 46.50. Only a move above 46.50 will ease the downward pressure giving buyers’ a chance to recover towards 48.50.

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DAX

General overview

European shares traded mixed on Friday despite the improved sentiment after the US Presidential elections, focus begins to turn back to Brexit.

Current situation

DAX traded mixed on Friday. Prices stayed in a narrow range between levels 10700 and 10600. The index oscillated between those levels, but couldn't break any of them. DAX touched several times the 50-EMA but bounced upwards from the moving. The moving averages maintained a neutral tone. The resistance is seen at 10700, the support is at 10600.

The indicators were in extreme overbought levels. MACD remained at the same level which confirms the strength of buyers. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

A break below 10600 would indicate that immediate upward pressure eased. In this scenario bears will drive prices to 10500.

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S&P500

General overview

Wall Street traded lower on Friday as lower oil prices weighed on the Oil & Gas sector while Johnson & Johnson и Pfizer decline led Healthcare sector lower.

Current situation

S&P500 traded in a red zone on Friday. The index retreated from its fresh monthly high, sellers pushed prices lower. The benchmark broke the 2160 level and approached 2150 ahead of the NY opening. The moving averages 50, 100 and 200 are neutral. The resistance is seen at 4865, the support is at 4835.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

A break below 2150 will strengthen sellers’ positions. Bears may move the index towards 2130.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

15.11.2016

Euro

General overview

The euro slightly retreated from eleven month lows amid mixed Eurozone data staying in the red in the light of Donald Tramp victory.

Current situation

The euro gapped lower at the open when prices jumped from 1.0850 to 1.0830 on Monday. The euro did not fill the gap and continued moving downwards, trading in a near-term descending channel. The pair met a barrier around 1.0800 which slowed down its downward trajectory during the Asian hours. After a brief consolidation phase the EUR/USD managed to break the level and extended its losses towards 1.0750. Sellers tested the level and set a daily low at 1.0727 post-European open. After testing 1.0750 the common currency temporally rolled back above the broken level. Sellers broke the level and moved prices lower in the NY session. The prices are well below the moving averages in the 4 hours chart. The moving averages direction is downwards. The resistance is seen at 1.0750, the support could be found at 1.0700.

According to the technical indicators the EUR/USD is oversold and holds within negative levels. The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

A break below 1.0700 will trigger the next leg of move for the pair. In this scenario sellers will push prices lower and may test the level 1.0650. To ease the downward pressure the EUR/USD pair needs to return to 1.0850.

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Pound

General overview

There were no macroeconomic releases in the UK on Monday. Risk-off sentiment made risky retreat keeping the pound into fresh lows. The weak Chinese Industrial Production and Retail Sales weighed on the British pound as well.

Current situation

The pound gapped lower at the open on Monday. Prices dropped from 1.2594 to 1.2564 and almost filled the gap in the mid-Asia. The market reached the mark 1.2591 where a new wave of selling interest turned them around. Sellers moved the price lower and were able to test 1.2500 ahead of European opening. The pair pierced the level, recorded a daily low at 1.2450 and immediately rolled back. The neutral 200-EMA stopped the sellers’ downward impetus. The 50-EMA is crossing the 100-EMA upwards. Both lines keep heading higher. The current resistance is seen at 1.2600, the support is at 1.2500.

Technical indicators are now giving bearish signals. MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area and headed south.

Trading recommendations

The market seems to have switched its tone to bearish. The ongoing decline may be attributed to some profit taking from bulls after last week rally. A solid break below 1.2500 will increase chances of testing the 1.2400 mark. A move lower will neutralize the current positive scenario sending the pair to 1.2300.

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Yen

General overview

The yen got under selling pressure after Bank of Japan Governor Haruhiko Kuroda's speech. Despite the positive GDP for Q3 domestic demand is too weak to support the Japanese currency.

Current situation

Fresh buying pressure around the U.S. dollar boosted USD/JPY to fresh highs. The price remained in an ascending channel, trading around its upper end. Buyers were able to test the level 108.00 where prices stayed till the end of the European session. Buyers broke the level and extended their gains in the NY session. The pair is well above the moving averages in the 4 hours chart. The 50, 100 and 200 EMAs accelerated their growth. All lines are pointing higher. The resistance can be found at 108.50, the support comes in at 108.00.

Technical indicators keep heading north within positive territory. The histogram grew which is a buy signal. RSI is consolidating within positive territory.

Trading recommendations

The greenback needs to break 108.00 to retain bullishness for further gain to 108.50. Sellers will do their best to return the market. The 106.50 level is their first target.

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AUD/USD

General overview

The Australian currency slightly changed on Monday trading around monthly low as a weak Chinese data weigh on the AUD.

Current situation

The Aussie fell to the lowest in 4 weeks on Friday. The price left the near-term ascending channel and dropped below 0.7600. The market is in bears' hands now. The Australian currency found some temporal support around 0.7540 and remained confined within a trading range around the level. The pair went back and forth during the course of the session on Monday. Buyers failed to lead the price above 0.7560, at the same time sellers were unable to push prices below 0.7520. The price remained below the moving averages in the 4 hours chart. The 50-EMA crossed the 100 and 200 EMAs downwards in the mentioned timeframe. All moving averages are going downwards. The resistance is at 0.7570, the support can be found at 0.7540.

The technical indicators headed sharply lower within negative territory. MACD remained at the same level which confirms the strength of sellers. The RSI oscillator is consolidating within negative area.

Trading recommendations

If the downward trajectory remains intact we could see the pair extending down to the 0.7500 region during the next days. A bounce off the current support level may give bulls a chance to reverse some losses towards 0.7580.

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XAUUSD

General overview

Gold prices remained under pressure trading around 5 month low being under pressure as U.S. elections results continued weighing on market sentiment. Majority of investors believe that the Fed will hike the rate in December that weighed on the market sentiment as well.

Current situation

Gold prices bounced off the border of the oversold zone on Monday. Sellers failed to extend decline below 1210 dollars per ounce and buyers took a chance to reverse some losses. The yellow metal broke the level 1220 and almost reached 1230 where the buying momentum lost its leg. The price faced another downside pressure and returned below 1220. Traders tested 1210 at the beginning of the New York session. Prices traded below the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages are moving south. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

MACD is in the negative territory. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

If risk-on sentiment remains intact gold prices will weaken further. A firm break below 1220 handle would open the door for testing the levels 1210 and 1200 dollars per ounce.

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Brent

General overview

Oils prices traded onto fresh lows on Monday amid renewed glut concerns and growing number of the US drilling rigs. Moreover, investors doubt that the OPEC members will come to an agreement with the output freeze.

Current situation

Oil prices remained around their lowest mark in three months. Black gold resumed its decline after brief consolidation above 44.50 on Monday. Sellers broke the level 44.50 dollars per barrel mid-Europe and extended two straight sessions of losses towards the mark 44.00. Sellers were unable to move oil futures lower and spent the rest of the day around the fresh lows. Brent oil prices remained below the moving averages in the 4 hours chart. The resistance is at 44.50, the support comes in at 43.50 dollars per barrel.

MACD is in the negative territory. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI oscillator is consolidating within negative area.

Trading recommendations

The price eyes strong support at 43.50 loss of which would trigger further weakness towards 42.50 dollars per barrel.

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DAX

General overview

Shares in European banks traded higher on Monday amid financial and mining sectors rise.

Current situation

DAX prices gapped higher at the open on Monday. Prices jumped and tested 10800 but failed to reclaim the level. The index bounced off the resistance and moved lower. Traders manage to test the 10700 support level which seems to be guarded by bulls as prices bounce off the level on every attempt to downside. The benchmark prices are above the moving averages in the 4 hours chart. The moving averages maintained their moderately bullish slope. The resistance is seen at 10700, the support is at 10600.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within positive levels.

Trading recommendations

If sellers break the level 10700 they will be able to extend their losses towards 10600 and further out to 10500.

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NASDAQ


General overview

The Nasdaq Composite fell on Monday amid Apple, Facebook and Microsoft shares decline. Moreover, the US stocks are affected by a selloff in the global bond markets as investors still weigh up Trump victory and his future policies.

Current situation


The Nasdaq Composite opened lower on Monday. The index remained under heavy selling pressure during the day. Traders broke the level 4740 and tested 4710 in the NY session. Prices bounced off the 100-EMA in the 4 hours chart and moved lower. NASDAQ broke the 50-EMA post-American open. The moving averages headed lower in the same chart. The resistance is seen at 4740, the support is at 4710.

Technical indicators are now giving bearish signals. MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is going south which confirms the current downward movement.

Trading recommendations

4710 seems the next probable bearish target. A daily close below the level would risk 4680.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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16.11.2016

Euro

General overview

The euro strengthened on Tuesday despite a weaker GDP in Germany. The single European currency strengthened on the back of stronger-than-expected Economic Sentiment in Euroland.

Current situation

The pair remained in the red figures on yesterday's trades. The EURUSD touched an 11-month low on Monday before pulling back yesterday. The euro regained lost footing versus its American counterpart on Tuesday. Prices bounced off the border of the oversold zone and were able to escalate to 1.0800. The common currency just tested the mentioned level and rolled back post-Europe open. The pair broke the 50-EMA in the 1 hour chart. All moving averages kept moving lower. The resistance is seen at 1.0800, the support could be found at 1.0750.

The indicators remained in extreme oversold levels. MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold area.

Trading recommendations

A break above 1.0800 will extend the current rebound. In this scenario the EUR/USD pair may test the 1.0850 level and fill the Monday's gap. If bears retain control prices may fall to 1.0650.

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Pound

General overview

The strong UK Producer Price Index failed to support the pound which softened after a decline UK October's inflation figures.

Current situation

The pound remained under pressure and continued its slide on Tuesday. GBP/USD traded within a tight range during the Asian hours and moved lower ahead of the European opening. The price accelerated its decline and was able to test the 1.2400 level in the mid-European session. The pair broke the 200-EMA and tested the 100-EMA during the European hours. The moving averages were neutral in the 4 hours chart. The current resistance is seen at 1.2500, the support is at 1.2400.

The technical indicators headed lower within positive territory. MACD decreased which indicates the buyers’ positions weakening. RSI is going downwards which confirms the growing strength of sellers.

Trading recommendations

We believe bears will keep control over the market during the next days. A close below the support at 1.2400 could see GBP/USD extend its declines down to 1.2300.

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Yen

General overview

The greenback holds steady around 14-year high as the increasing bets of an eventual Fed rate-hike action support the dollar across the board.

Current situation

Traders held the pair onto fresh high, staying in a tight range between levels 108.00 and 108.50 in the yearly trades on Tuesday. Buyers tried to push prices higher but they met sellers’ resistance on every attempt to the upside. Bulls finally broke the level and trended higher in the NY session. The USD/JPY pair stayed above the moving averages in the 4 hours chart. The moving averages maintained their bullish slope. The resistance can be found at 108.50, the support comes in at 108.00.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator is near overvalued territory, favoring a move lower.

Trading recommendations

We believe a minor technical correction is on the way. A move below 108.00 will put on hold bulls’ plans. A daily close below the level will favor an advance down to the 107.50 region. A move lower will target the market at 107.00 and 106.50.

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NZD/USD

General overview

The New Zealand currency strengthened on Tuesday as markets calmed down after the recent earthquake and Donald Trump victory.

Current situation

The overall picture remained firmly bearish. Prices traded around the 0.7100 region during the course of the day. Buyers tried to develop an upward correction, however, prices came under renewed selling pressure around 0.7150 at the beginning of the Asian session. The pair returned to the 0.7100 region where it spent the rest of the day. The 1 hour chart shows that the price is currently struggling with a bearish 50-EMA which acts as a resistance for it. The 50, 100 and 200 EMAs accelerated their declines. All moving averages kept heading lower. The resistance is at 0.7150, the support can be found at 0.7100.

MACD grew which indicates the sellers’ positions weakening. RSI left the undervalued area heading north.

Trading recommendations

The pair has a chance to strengthen while it stays above 0.7100. The level 0.7150 is the probable bulls’ target. However, further weakening towards 0.7070 is not ruled out.

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XAUUSD

General overview

Gold prices upside momentum was limited by growing speculations over a possible Fed rate-hike in December.

Current situation

Gold prices were range-bound-to higher on Tuesday. The yellow metal stayed between 1230 and 1220 dollars per ounce during the course of the trades. The pair tried to grow, however, its recovery stalled at 1230. Prices just tested the level and bounced from it. The XAU/USD pair spent the rest of the day in the middle of the range. The price remained below the main moving averages which are all pointing lower in the 1 hour chart. The precious metal struggled to take out 50-EMA barrier during the day. The resistance is at 1230, the support comes in at 1220 dollars per ounce.

The technical indicators maintained their bearish momentum within negative territory. MACD slightly grew which indicates the sellers’ positions weakening. The RSI indicator continued consolidating within oversold levels.

Trading recommendations

In order to recover some strength, the XAU/USD needs to rise and hold above 1230 - 1235 dollars per ounce. On a wider perspective the gold could gain momentum, if it recovers above the 1250 area.

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Brent

General overview

Oil prices strengthened on hopes that the OPEC members will come to an agreement with an output cut.

Current situation

Market’s positive mood persisted, oil prices extended their short-term upward trajectory yesterday. Prices bounced off the oversold level at 43.50 and headed north. Brent futures broke the level 44.50 and continued moving higher afterwards. The bulls briefly slowed down approaching the 45.50 region. However a new buying interest around the level fueled their positive sentiment. The benchmark broke the level and extended its gains. According to the 1 hour chart prices broke the 50-EMA and tested the 100-EMA which rejected them downwards mid-European session. After rolling back buyers attacked the moving again and broke it upwards this time. Prices moved to the 200-EMA after breaking the level which stopped their further strengthening. The moving averages kept heading lower in the same chart. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. RSI moved upwards heading away from the oversold levels.

Trading recommendations

Brent oil futures looked positive yesterday. When the price consolidates above the level 45.50 the resistance 46.50 will come back into play.

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DAX

General overview

European stocks traded higher on Tuesday following the energy shares growth. Mining shares sharply fell weighing on shares in European banks.

Current situation

Bears are attempting to control the market now. The index struggled with 10700 to move lower during the day. Buyers seemed to be guarding the level holding prices around it. The 1 hour chart showed that the 50-EMA stopped the DAX index further losses. The 50-EMA is neutral while the 100-EMA crossed upwards the 200-EMA in the same chart. The resistance is seen at 10700, the support is at 10600.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within positive levels tending to move lower.

Trading recommendations

In the event that the sellers manage to force below 10700 we could see prices testing the level 10600 in the nearest time. On the other side a bid tone maintains while the index stays above 10700. Buyers may extend their gains towards 10800.

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S&P500

General overview

Wall Street opened higher being supported by energy stocks growth. Investors keep an eye on Trump's new policies and key appointments to his administration.

Current situation

The index traded flat as the neutral phase that started last week was intact. Prices stayed in a wide range between levels 2150 and 2170. Sellers are gaining more control limiting buyers' attempt to take out 2170. The benchmark bounces off the level on any up-move to it. S&P500 stayed around the 50-EMA in the 1 hour chart. The 50-EMA provides a solid support limiting the index further losses. The 50-EMA is neutral while the 100 and 200 EMAs are pointing higher. The resistance is seen at 2170, the support is at 2160.

MACD decreased which indicates the buyers’ positions weakening. RSI moved downwards.

Trading recommendations

After a daily close below 2150 we could see the pair extending down to the 2140 region during the next days.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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17.11.16

Fundamental and technical analysis

Euro

General overview

The euro softened on the back of strong dollar and lack of drivers from the Eurozone. Moreover, investors keep pricing in the Fed possibility to hike rates in December.

Current situation

The EUR/USD failed to hold to gains and turned negative after the opening on Wednesday. The euro continued to grind lower and tested 1.0700 at the London open. The price touched the 50-EMA and bounced downwards in the 1 hour chart. All moving averages continued moving lower. The resistance is seen at 1.0750, the support could be found at 1.0700.

Technical indicators retained bearish signals. MACD remained in the negative area. The RSI oscillator consolidated within negative area.

Trading recommendations

We believe the euro will maintain its bearish momentum in the short-term. The 1.0700 level is likely to be broken soon and the level 1.0650 appears to be the next intraday support and probable bearish target.

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Pound

General overview

Mixed employment data in the UK weighed on the pound. Average Earnings including Bonus fell together with Claimant Count Change while Unemployment Rate grew.

Current situation

As for the technical outlook the pair held a bullish tone during the Asian and European hours on Wednesday. The pound was hovering above 1.2400 trying to extend its recovery. The level 1.2500 appeared to be a strong barrier on its way upwards. After testing the level prices rolled back and reached 1.2400 ahead of the NY session. The price kept struggling with the 200-EMA ahead of London opening. The line limited its further gains in the 4 hours chart. The moving averages are neutral in the same chart. The current resistance is seen at 1.2500, the support is at 1.2400.

Technical indicators are neutral now. MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI indicator was holding near overbought levels, favoring a move lower.

Trading recommendations

Failure to hold above 1.2500 risks a slide to 1.2400. After breaking 1.2400 the level 1.2300 will come back to the radar.

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Yen

General overview

The USD/JPY continued with gains due to risk-on sentiment. Nikkei 225 reached the highest since February supporting the safe heaven yen. The U.S. dollar is strong across the board amid renewed hopes that the Fed will hike the rate this year.

Current situation

The pair trades in an upward channel. The U.S. dollar was hovering near multi month highs against its Japanese counterpart on Wednesday. The dollar climbed higher and reached the mark 109.50 in the mid-European session. Traders failed to extend their gains, the price turned around and retreated back to 109.00. The USD/JPY pair traded well above the moving averages in the 4 hours chart. The moving averages 50, 100 and 200 accelerated their growth. The resistance can be found at 110.00, the support comes in at 109.00.

The technical indicators retained bullish signals. MACD remained at the same level which confirms the strength of buyers. RSI consolidated within positive territory.

Trading recommendations

The price seems to be heading towards its immediate resistance at 110.00. Should this mark be reached successfully, a further extension towards 110.50 could be observed further. A break below 109.00 will ease the upward pressure. The USD/JPY may soften to 108.00 and lower to the mark 107.50.

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USD/CAD

General overview

The USD/CAD strengthened on Wednesday amid oil prices decline.

Current situation

The pair is in an ascending channel, trading around its lower boundary. A two day decline was stopped when prices met a barrier around 1.3400. Prices bounced from the oversold area and trended upwards during the course of the day. The US dollar broke the level 1.3470 in late European trades. After breaking the level the USD/CAD extended its gains heading towards 1.3540. The bullish spike faded after testing the 1.3500 mark. The USD/CAD pair came across a selling pressure and returned to opening prices. The price bounced off the 50-EMA in the 4 hours chart. The moving averages extended their growth in the same chart. The resistance is at 1.3470, the support can be found at 1.3400.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI bounced from the oversold area and headed north.

Trading recommendations

The pair is turning bullish now. A consolidation above 1.3470 will strengthen buyers' positions. Bulls may lead prices towards 1.3540.

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XAUUSD

General overview

Gold prices traded higher on Wednesday however its gains are limited due to renewed expectations that the Fed will hike rates in December.

Current situation

A consolidation phase remained intact on Wednesday. Buyers managed to reverse just a minor part of their losses before the recovery action stalled around 1230 dollars per ounce. An attempt to reclaim the 1230 level failed during the European trades. The yellow metal rolled back immediately after the level test. According to the 1 hour chart the pair failed to break the 50-EMA. The moving appeared to be a solid barrier which rejected the yellow metal downwards. The moving averages pointed lower in the mentioned timeframe. The resistance is at 1230, the support comes in at 1220 dollars per ounce.

The technical indicators headed lower within negative territory. MACD remained at the same level which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

The price came across fresh selling offers around 1230 dollars per ounce. A failed test of the barrier may renew the selling interest sending prices to 1210 through 1220.

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Brent

General overview

Oil prices hold onto gains despite the U.S. crude inventories increase.

Current situation

Oil prices retreated from 2 week high on Wednesday. The benchmark met a barrier around 47.50 where buyers lost strength and turned around. Traders pushed Brent futures down and tested 46.50 dollars per barrel in the mid-Europe trades. The ongoing weakening could be attributed to some profit taking from bull following two day rally. Brent oil prices bounced from the 100-EMA and moved lower. The price is sandwiched between the 50 and 100 EMAs in the 4 hours chart. The moving averages direction is downwards. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

The indicators bounced from oversold level. MACD decreased which indicates the buyers’ positions weakening. RSI moved downwards.

Trading recommendations

Buyers are unable to climb above 47.50 for now. Bears took control over the market and drove prices lower. Should the Brent prices lose ground and advance below 46.50, the decline can extend in the short term to 45.50 first. The second sellers' target lies at 44.50 dollars per barrel.

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DAX

General overview

European shares traded higher amid mining stocks strengthening alongside with Wire Card and Bouygues shares.

Current situation

The index traded in a wide range between 10700 and 10800 during the first part of the day. Sellers seemed to be getting more control as weak buyers failed to retake the 10800 mark. The index sharply moved below 10700 and tested 10600 post-European open. The price tested the 50-EMA in the 4 hours chart. The moving briefly slowed down the index decline. The moving averages presented modest bullish slopes. The resistance is seen at 10700, the support is at 10600.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area and moved south.

Trading recommendations

The overall picture is bearish now. Firm break below 10700 handle would open the way to 10600 and further out to 10500.

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NASDAQ

General overview

Wall Street moved lower on Wednesday amid oil prices decrease.

Current situation

The market sentiment switched to a bearish one. The benchmark recovery lost legs just above 4770. The index turned around and softened right after piercing the level. NASDAQ now seems to be heading towards its immediate support near 4740. A failure test of the 100-EMA caused a sell-off and the index weakening. The price is in-between the 100 and 50 EMAs in the 4 hours chart. The lines act as a resistance and a support for the benchmark. The resistance is seen at 4770, the support is at 4740.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is moving downwards.

Trading recommendations

The further upmove is expected to face stiff barrier around the current resistance. The index is overbought and the move below 4740 shall ease the buying pressure. Sellers will try to drive prices to the level 4710.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

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TradeFort
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18.11.2016

Euro

General overview

The Eurozone CPI for October matched the estimates while CPI monthly reading fell short-of expectations. The dollar slightly softened but remained onto fresh highs. The dollar continued getting support from market expectations for a December Fed rate-hike and possible improvements in economic growth.

Current situation

The market sentiment was negative on Thursday. The EUR/USD remained in a descending channel, close to its lower boundary. The price was quite during the Asian trades around recent lows at 1.0700. The euro bounced from 1.0700 and moved higher in the European session. The upward momentum ran out of steam when approached the level 1.0750, as a result the common currency moved back. The moving averages maintained their bearish slope in the 1 hour chart. The euro broke the 50-EMA and tested the 100-EMA in the same chart. The resistance is seen at 1.0750, the support could be found at 1.0700.

The technical indicators maintained bearish momentum within negative territory. The MACD and RSI indicators continued consolidating within oversold levels.

Trading recommendations

A failure to hold above 1.0700 risks a slide to 1.0650. At the same time a further strengthening will not be possible until the pair breaks above 1.0750.

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Pound

General overview

The pound strengthened on the back of better-than-expected Retail Sales.

Current situation

The British currency was range-bound-to lower during the Asian hours on Thursday. The GBP/USD strengthened ahead of the Europe opening. The price spiked and tested the upper limit of the range. However the pair rolled back when the advance lost upward momentum. Prices bounced upwards from the 50-EMA in the 4 hours chart. The upward trajectory was stopped by the 200-EMA. The moving averages are still neutral. The current resistance is seen at 1.2500, the support is at 1.2400.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator consolidated within negative area.

Trading recommendations

The pound needs fresh drivers to leave the current range. A break above 1.2500 will open the way towards 1.2550. A daily close below 1.2400 would risk 1.2350.

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Yen

General overview

The yen retreated from the daily highs after the BoJ’s decision to buy unlimited amount of JGBs.

Current situation

Fresh buying pressure around the U.S. dollar boosted USD/JPY to fresh highs. After refreshing highs at 109.76 prices rolled back and returned to the nearest support region. The pair was under pressure struggling hard with the 109.00 level to go lower on Thursday. The pair bounced from the support 109.00 and trended higher ahead of the NY opening. The price tested and bounced upwards from the 50-EMA in the 1 hour chart. The 50-EMA became a solid barrier which limited the dollar further weakness. All moving averages were pointing higher. The resistance can be found at 110.00, the support comes in at 109.00.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator was holding near overbought levels.

Trading recommendations

The overall outlook is neutral/bullish. A firm break below 109.00 handle would open the way towards 108.00. Nevertheless, we would be buying the pair until it stays above 109.00.

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AUD/USD

General overview

The Aussie edged lower on Thursday on the back of weaker jobs data.

Current situation

The AUD/USD slightly strengthened in the Asian session on Thursday. Prices were able to escalate to 0.7500 where a bid tone lost its legs. The price weakened and returned to opening prices in the mid-Asia. Sellers struggled with buyers to break the 0.7470 level during the European session. The AUD/USD pair finally broke the level ahead of the NY opening. After breaking 0.7470 the Aussie continued to lose its value. The pair remained well below the moving averages in the 4 hours chart. The moving averages extended their decline. The resistance is at 0.7470, the support can be found at 0.7435.

The MACD histogram decreased which is a sell signal. RSI remained within oversold levels.

Trading recommendations

After a daily close below 0.7470 we could see the pair extending down to the 0.7435 region during the next days.

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XAUUSD

General overview

Gold prices gained on yesterday's trades when the dollar moved from the 14 years high. Besides, the markets took a breath awaiting for J.Yellen's testimony.

Current situation

Gold prices remained flat on Thursday. The trading range narrowed and prices traded between 1225 and 1230 dollars per ounce during the day. The yellow metal slightly grew from the lower limit of the range to its upper one. However its recovery stalled after testing the 1230 level. According to 1 hour chart the pair broke the 50-EMA and tested the 100-EMA. The 100-EMA slowed down the XAU/USD pair acting as a resistance. The 50-EMA is neutral in the mentioned timeframe while the 100 and 200 EMAs maintained their bearish slopes. The resistance is at 1230, the support comes in at 1220 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. The RSI oscillator consolidated within negative levels.

Trading recommendations

A break above 1230 will suggest further extension towards 1240. Conversely, a strong breakdown and close below 1220 could send prices lower towards 1210 dollars per ounce.

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Brent

General overview

Oil prices turned higher on Thursday after Saudi Energy Minister Khalid al-Falih's testimony that he was optimistic over OPEC preliminary oil freeze deal which was reached in September.

Current situation

Brent had a positive day on Thursday. Bulls maintained control extending their near-term upward trajectory. A fresh buying interest around 46.50 pushed the benchmark higher. Oil prices rallied and reached the level 47.50 ahead of the NY session. The benchmark started the day between the 50 and 100 EMAs in the 4 hours chart. Brent futures were able to test the 100-EMA ahead of the New York session. The 50-EMA is neutral while the 100 and 200 EMAs kept moving lower. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

The histogram grew which is a buy signal. RSI remained within overbought levels.

Trading recommendations

If Brent futures break 47.50 the level 48.50 may become an attractive target for bulls.

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DAX

General overview

European stocks traded higher focusing on Yellen's speech. The mining stocks added while the financial stocks were on the downside. South African Investec company jumped to 6-month high after its latest corporate earning report.

Current situation

The index gapped higher at the open on Thursday. Traders were unable to develop an upward trajectory which immediately faded after the gap. Prices turned lower and dropped to 10600 where they stayed before the North American session. The 50-EMA stopped the downward impetus rejecting prices upwards. The moving averages are neutral in the 4 hours chart. The resistance is seen at 10700, the support is at 10600.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

The DAX index will remain in bulls’ hands while the benchmark holds above 10600. Only a clear break below the level will ease the current bid sentiment. In this scenario sellers will lead prices to 10500. A failure to break the current support level will suggest an upward continuation towards 10800.

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S&P500

General overview


Wall Street opened neutral awaiting for Federal Reserve Chair Janet Yellen's speech.

Current situation

After refreshing monthly highs at 2184 the index rolled back. S&P500 softened to the mark 2170 which stopped its decline. The index remained onto fresh highs staying between 1270 and 1280 on Thursday. The 1 hour chart showed that the price stayed around the 50-EMA which limited its downside extension. The moving averages maintained bullish slope. The resistance is seen at 2180, the support is at 2170.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator was near overvalued territory.

Trading recommendations

A strong break and close above 2180 could send prices higher towards 2190. However, the benchmark is overbought and we do not exclude a large correction towards 2150.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.
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TradeFort
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"Fort Financial Services"- fundamental and technical analysis.

21.11.2016

Euro

General overview

The euro moved higher on Friday following Mario Draghi's promises to maintain stimulus until euro land inflation becomes self-sustainable. Despite the current weakness the dollar was supported by the strength of the US economy and Yellens' hawkish testimonials which reinforced market expectations that the FED would hike the rate next month.

Current situation

The pair has been under intense selling pressure since last week. The bearish trend remained intact on Friday. The price fell overnight and tested the level 1.0600 for the first time since December 2015. The EUR/USD found a temporal bottom around 1.0600 and stayed there in a consolidation phase during the European hours ahead of the US opening. The euro posted new yearly low at 1.0580 and bounced upwards, erasing its recent losses. The price moved lower in the North American session. The price was developing well below the moving averages which accelerated their decline in the 4 hours chart. The resistance is seen at 1.0600, the support could be found at 1.0550.

MACD remained at the same level which confirmed the strength of sellers. The RSI indicator remained within oversold readings.

Trading recommendations

A break below 1.0600 might force the pair to resume its downward trajectory towards 1.0550. We do not rule out and a short-term correction on profit-taking. Buyers may raise prices to 1.0700.

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Pound

General overview

Broad based US dollar weakness together with Ben Broadbent's supportive remarks did save pound from softening on Friday.

Current situation

The U.S. currency maintained control of the flows. The GBP/USD started the day around 1.2400, the pair slightly recovered overnight. Traders were able to push prices to the 1.2430 mark where the upward momentum faded. Sellers pushed prices lower in mid-Europe. The GBP/USD broke 1.2400, headed lower and tested 1.2300 during the NY hours. According to 1 hour chart the pair broke all moving averages and trended lower. The current resistance is seen at 1.2400, the support is at 1.2300.

MACD entered the negative area. If MACD remains within the negative readings, sellers’ positions will strengthen. RSI returned to the oversold area.

Trading recommendations

If the sterling remains under pressure we expect a breakout of the 1.2300 level. On the other side, in order to recover some strength, GBP/USD needs to rise back and hold above 1.2400.

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Yen

General overview

The dollar slightly eased but remained in the green on Friday supported by strong US economy which made progress towards the Fed’s goals. The expectations that the Fed will hike interest rates in December gave the US dollar additional support.

Current situation

Market’s positive mood persisted, the pair extended its near-term upward trajectory on Friday. The dollar refreshed the multi year highs overnight. The pair remained in an ascending channel, staying around its upper boundary. The upward trajectory was stopped below 111.00 when the upward impulse lost its strength. The price traded above the moving averages which maintained their bullish slope. The resistance can be found at 111.00, the support comes in at 110.00.

The technical indicators stayed within positive readings. MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

The USD/JPY pair needs to stay above 110.00 to maintain its bullishness. Buyers may extend their gains if they break the level 111.00. In this scenario, the price will climb to 112.00. To ease the bulls' strength sellers need to push prices below 109.00.

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NZD/USD


General overview

The NZD strengthened on Friday following the US dollar broad weakness amid some profit taking from the sellers' part. However, the current recovery appeared to be limited as the kiwi remained under pressure amid the divergence between the Fed and RBNZ policy path.

Current situation

Sellers continued to dominate on Friday. The NZD traded at multi month lows, maintaining a gloomy trend. The NZD/USD met a barrier at 0.7000 which rejected prices upwards. Buyers partly erased their losses when the price moved higher and approached the level 0.7050 post-Europe open. However, buyers failed to reclaim the level, the price just pierced the level and dropped back. The kiwi remained below the moving averages in the 4 hours chart. The 50-EMA crossed the 100 and 200 EMAs which accelerated their decline. The resistance is at 0.7050, the support can be found at 0.7000.

The indicators recovered from oversold levels, but remained within bearish territory. The MACD histogram decreased which indicates the sellers’ strength. RSI remained within oversold region.

Trading recommendations

If the bearish tone persists we expect a breakout of the level 0.7000 and an extension of the downward trajectory. After breaking the level sellers may extend their gains advancing towards 0.6950. An uptrend will start as soon, as the pair rises above the resistance level 0.7100. However, we stay bearish until then.

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XAUUSD

General overview

Gold prices remained in the red staying around its lowest level since late May. Expectations regarding the Fed rate hike next month together with a stronger dollar weighed on the metal.

Current situation

Gold prices extended their weakness on Friday. After breaking the level 1210 dollars per ounce the pair found a descent support at 1200. Having touched the level the yellow metal bounced and returned to 1215. The bullish spike faded soon and the precious metal moved lower. The 1 hour chart shows that the XAU/USD remained below the moving averages which kept moving lower. The resistance is at 1210, the support comes in at 1200 dollars per ounce.

The indicators recommend short positions. The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator consolidated within negative area.

Trading recommendations

To trigger additional downward momentum gold prices need to break the 1200 level. Sellers will aim at 1190 right after the break. As the precious metal is heavily oversold we do not rule out a correction. Besides, the pair refreshed its monthly lows around the strong psychological level which may reject prices upwards. To ease the downward pressure buyers need to break above 1230 dollars per ounce.

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Brent

General overview


Oil prices remained slightly strengthened on Friday amid prospect of a potential output cut.

Current situation

Oil prices extended their losses during the Asian session on Friday. After breaking 46.50 prices moved lower and stopped a few pips above 45.50 dollars per barrel. Having touched the level the benchmark bounced off and reversed a minor part of its losses. The upward impetus stalled at 46.84 when the benchmark softened and returned below 46.50. The 100-EMA stopped oil recovery. The line rejected oil futures downwards which fell to the 50-EMA. The price remained in-between the 50 and 100 EMAs during the NY hours. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

A break above 46.50 would open the way to 47.50. If the price overcomes 45.50 dollars per barrel we will neutralize our short term positive outlook. Inability to break above 46.50 will send this market downwards.

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DAX

Current situation

DAX started the last day of the week around 10700. The index slightly grew and strengthened to the 10744 mark. Having refreshed the daily high prices dropped below the level 10700 and softened to 10645 afterwards. According to 1 hour chart the benchmark traded around the 50 and 100 EMAs. The 50, 100 and 200 EMAs were neutral. The resistance is seen at 10700, the support is at 10600.

MACD decreased which indicates the buyers’ positions weakening. RSI was neutral.

Trading recommendations

We expect the market to become bearish soon. A firm break below 10600 handle could trigger fresh weakness for attack at 10500.

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NASDAQ

General overview

Wall Street opened higher on Friday due to tech stocks continued recovery. The possible rate hike in December supported the stocks as well.

Current situation

NASDAQ Composite was unmoved at the open on Friday. The benchmark managed to defend 4830 mark. Prices stayed at 4830 during the day and moved lower in the NY session. The index hovered about the 200-EMA in the 4 hours chart. The 200-EMA presented a moderate bearish slope. The 50-EMA moved upwards crossing the 100-EMA. The resistance is seen at 4830, the support is at 4800.

MACD remained at the same level which confirms the current buyers' strength. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

NASDAQ is oversold and we expect a move lower. The index needs to break below 4800 to neutralize the current bid tone.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

22.11.2016

Euro

General overview

The euro slightly gained on the back of broad based dollar retracement. However, investors stood still awaiting for Draghi’s remarks in the evening. Moreover, growing political risks in Italy and France kept on weighing on the single European currency.

Current situation

The price seems to have met a strong barrier around 1.0550. The euro bounced off the level and regained some of its lost footing versus its American counterpart on Monday. Despite the current positive sentiment the European currency remained in the red and we consider the current rebound as corrective. The pair remained in a descending channel and bounced from its lower limit. Buyers struggled with sellers to take out the level 1.0650 ahead of the NY opening. According to the 1 hour chart prices broke the 50-EMA at the Europe open. All moving averages are heading lower. The resistance is seen at 1.0650, the support could be found at 1.0600.

Technical indicators continued to recovery from oversold levels, but within bearish territory. MACD grew which indicates the sellers’ positions weakening. Besides, we noted a bullish divergence of MACD in the 1 hour chart. The RSI indicator lost downward strength and headed north.

Trading recommendations

A minor dollar retracement triggered some profit taking move following the pair's recent decline. A further dollar weakness may extend the current euro recovery. The pair will maintain its bid tone if it consolidates above 1.0650. In the event that buyers manage to force the above 1.0650 the EUR/USD may extend its upside towards 1.0700.

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Pound

General overview

The pound was unmoved on the back of the empty calendar on Monday. In the light of this the dollar dynamics will remain the key driver for the GBP/USD pair in the short-term. Meanwhile, the dollar became more optimistic after Donald Trumps’ elections victory hoping that his fiscal policy will support economy growth expectations.

Current situation

The pound remained inactive trading in a tight range 1.2320 – 1.2370 during the Asian session on Monday. The sellers found a temporally support at 1.2300 and took a breath consolidating their gains. The sterling spiked upwards in the mid-Europe and tested 1.2400 ahead of the NY opening. The price tested the 50 and 100 EMAs in the 4 hours chart. The 50, 100 and 200 EMAs presented a moderate bearish slope. The current resistance is seen at 1.2500, the support is at 1.2400.

The indicators remained within negative territory and slightly changed from previous week readings. MACD remained at the same level which confirms the strength of sellers. The RSI indicator remained within oversold readings.

Trading recommendations

A clear strength above the immediate resistance may pave way for continuation of the pair's upward trajectory towards 1.2450 where the 200-EMA stands and may limit its upside tone. If a gloomy trend remains intact sellers will push the pair further and may refresh lows at 1.2200.

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Yen

General overview

The yen posted losses on Monday amid a weaker Merchandise Trade Balance release. The dollar finds buying interest amid rising bets for an eventual Fed rate-hike action.

Current situation

Even though the USD/JPY pair was unable to climb higher and retreated almost immediately after testing 111.00 the pair remained in the green figures on Monday. The price remains in an upward channel and slightly moved from its upper boundary. The price hovered above the moving averages in the 4 hours chart. The moving averages direction is upwards. The resistance can be found at 111.00, the support comes in at 110.00.

MACD decreased which indicates the buyers’ positions weakening. We also noted a bearish divergence of MACD in the 1 hour chart. The RSI indicator remains within overbought readings.

Trading recommendations

A failure to break 111.00 may lead to the dollar softening and its decline to 110.00. A break below the level will suggests further weakness towards 109.00.

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USD/CAD

General overview

The Canadian dollar traded lower on Monday as growing oil prices weighed on commodity currencies like CAD. A weak wholesale Sales report weighed on the CAD as well.

Current situation

The pair remained in a long term upward channel on Monday. Traders made an attempt to break the channel lower limit but failed. The bearish spike faded at 1.3434 and the price returned to 1.3470 post Europe open. Sellers took another chance to reclaim the level in the North American session. The pair tested the 50-EMA in the 4 hours chart. The moving presented a strong support for the price. The 50, 100 and 200 EMAs maintained their bullish slope in the same chart. The resistance is at 1.3540, the support can be found at 1.3470.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was neutral.

Trading recommendations

The longer term outlook will be bullish as long as the price holds above the 1.3400 support area. If a bid tone remains intact the pair may strengthen to 1.3540. A break below 1.3470 will ease the buying pressure. A move lower will neutralize it.

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XAUUSD

General overview

Gold prices recovered on Monday however a precious metal remained in the red amid revived hopes of a Fed rate-hike in December. Markets are waiting for Trump's fiscal policy, expecting a new boost of economic activity.

Current situation

Technically, market sentiment remained negative on Monday. Gold prices met a barrier around 1200 dollars per ounce. Sellers lost strength and the pair was able to recover. The price reversed direction and escalated to 1215 post-Europe open. The yellow metal broke the 50-EMA and approached the 100-EMA in the 1 hour chart. The 100-EMA slowed its further recovery holding it a few pips below the moving. All moving averages kept pointing lower. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold area.

Trading recommendations

The price may extend its gains if it breaks above 1220. A break above the level may send prices to 1230. If the market fails to maintain its positive sentiment the precious metal will weaken to 1200 dollars per ounce.

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Brent

General overview

Oil prices rose on Monday amid renewed hopes that OPEC members will agree to freeze oil production at the meeting in Vienna.

Current situation

Market’s positive mood persisted on Monday. Oil prices gapped higher at the open, prices jumped from 46.84 to 47.26 dollars per barrel. Brent continued strengthening after the gap and broke 47.50 in mid-Europe. After breaking the level crude oil price extended its gains towards 48.50. The benchmark bounced upwards from the 100-EMA during the European hours. After breaking the moving the price advanced towards the 200-EMA. The 50-EMA is turning upwards while the 100 and 200 EMAs kept heading lower. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

A strong breakdown and close above 47.50 could send prices higher towards 48.50. However, Brent is overbought and we do not exclude a large correction towards 45.50.

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DAX

European stocks traded in the green ahead of Draghi' remarks. The stocks turned positive when Draghi said that the regulator will implement all possible measures if necessary.

Current situation

DAX kept the rangebound stance unchanged. The price remained between 10700 and 10600 during the Monday's trades. The benchmark softened and tested 10600 in the Asian session and reversed its losses during the European hours. The 100-EMA appears to be a hard barrier to take out. Despite the downward pressure the index bounced any time it touched the moving. The 100-EMA is neutral while the 200-EMA is pointing higher, the 50-EMA crossed the 200-EMA upwards and tested the 100-EMA in the 4 hours chart. The resistance is seen at 10700, the support is at 10600.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

Sellers struggled hard to push prices lower. Nevertheless the 10600 level is a hard obstacle on their way downwards. If succeeded they will drive DAX to 10500. A bid tone remains intact while the price is above 10600. Buyers will keep attacking 10700.

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S&P500

General overview

Wall Street opened in a flat, awaiting for (Fed) vice chair Stanley Fischer's remarks.

Current situation

The index preserved its short term bid tone on Monday. The price traded in a tight range a few pips above 2180. S&P500 traded above the moving averages in the 4 hours chart. The 50-EMA accelerated its growth while the 100 and 200 EMAs presented a modestly bullish slope. The resistance is seen at 2200, the support is at 2180.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator has lost upward strength consolidating within overbought levels.

Trading recommendations

The upward trajectory lacked momentum. Traders seem to be unable to climb higher. We expect a move lower. A firm break below 2180 handle could trigger fresh weakness for attack at 2160.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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"Fort Financial Services"- fundamental and technical analysis.

23.11.2016

Euro

General overview

The dollar is still strong expecting a rate action by the Fed next month. Moreover, markets are waiting for new fiscal measures from Trump’s administration hoping them to boost the economy.

Current situation

The correction phase is still intact. The price traded below 1.0650 the whole day. Buyers failed to reclaim the level, the price bounced downwards every time it tested the level. The euro faced another wave of selling pressure ahead of the NY opening. Sellers pushed the price to 1.0600 and tested the level already in the North American session. According to the 1 hour chart the euro broke the 50-EMA and touched the 100-EMA. The 100-EMA stopped the euro recovery and rejected it downwards. The price moved down and returned below the 50-EMA. All moving averages are heading lower. The resistance is at 1.0650, the support comes in at 1.0600.

MACD decreased which confirmed the current strength of sellers. RIS remained within oversold levels.

Trading recommendations

The euro inability to break 1.0650 increases chances to the downside movement. A failure to reclaim the level may lead to a drop towards 1.0500.

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Pound

General overview

The pound got under pressure on Tuesday despite the positive Industrial Trends Survey. The sterling weakened amid the dollar growing strength.

Current situation

GBP/USD's selling pressure is back. The pound successfully tested 1.2500 but failed to retake the level. The price reversed its direction and sharply dropped ahead of the Europe opening. Sellers drove prices lower and tested 1.2400 in the New York session. The pound touched the 200-EMA in the 4 hours chart. The pair failed to hold above the moving and faced its rejection afterwards. The GBP/USD declined and snapped the 50 and 100 EMAs ahead of the NY opening. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD decreased which confirmed the current strength of sellers. RIS moved towards the oversold levels.

Trading recommendations

We prefer to sell while we see the pound below 1.2500. After breaking 1.2400 bears will be focused at 1.2300.

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Yen

General overview

The yen strengthened after the earthquake news. However, the Japanese currency weakened afterwards following Kuroda’s remarks that the Japanese economy steadily keeps recovering.

Current situation

The yen stayed within a narrow flat trading around multi-month highs on Tuesday. The price remained between 111.00 and 110.50 during the day. The USD/JPY traded well above the moving averages in the 4 hours chart. All moving averages maintained their bullish slope. The resistance is highlighted at 112.00, the support comes in at 111.00.

MACD decreased which points to buyers’ positions weakening. RSI consolidated within overbought area.

Trading recommendations

If the USD/JPY remains bullish our next short-term target is 112.00. After breaking the level we may see the pair extending its rise towards 113.00.

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AUD/USD

General overview

The Australian dollar strengthened on the back of Assistant Governor Kent upbeat speech on Tuesday. Moreover, high commodity prices helped the AUD/USD to recover.

Current situation

The AUD extended its recovery and broke the psychological 0.7400 barrier. Buyers had no strength to push prices higher and stayed around their recent high during the day. The price broke the 50-EMA and tested the 100-EMA in the 1 hour chart. The 50-EMA is neutral, while the 100 and 200 EMAs maintained their bearish slope. The resistance is at 0.7400, the support comes in at 0.7350.

MACD grew which points to sellers’ positions weakening. RSI consolidated within oversold area.

Trading recommendations

Despite the recent growth the overall structure is firmly bearish. If the level 0.7400 holds the pair may soften to the multi-month lows at 0.7300. Should the pair consolidate above the level and the AUD may extend its gains to 0.7450.

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XAU/USD

Current situation

Gold prices recovery showed some signs of fatigue. Its inability to reclaim the 1220 barrier returned sellers to the market. The price bounced from the level and edged lower towards 1210 dollars per ounce. The upward trajectory was stopped by the 100-EMA in the 1 hour chart. Having faced rejection around the 100-EMA prices moved lower and returned below the 50-EMA in the same chart. The resistance exists at 1220, the support stands at 1210 dollars per ounce.

MACD decreased which confirms sellers’ strength. RSI moved to the oversold area.

Trading recommendations

The overall outlook remains bearish for a further decline below 1210. After breaking 1210 the level 1200 dollars per ounce will come back to the radar.

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Brent

General overview

Oil prices edged lower ahead of API inventory data in the NA session on Tuesday. Nevertheless, oil stays well supported by renewed hopes on final agreement between OPEC members over the output cut in December.

Current situation

Oil prices stayed around fresh monthly highs on Tuesday. Buyers failed to extend the gap and after breaking 50.50 dollars per barrel turned downwards. The price sharply dropped below the level and hit 49.50 ahead of the NY session. The moving averages are turning upwards in the 4 hours chart. The resistance lies at 50.50, the support comes in at 49.50 dollars per barrel.

MACD decreased which points to buyers’ positions weakening. RSI consolidated within overbought levels.

Trading recommendations

A close above 50.50 dollars per barrel may generate fresh bullish signals for further advance towards 51.50. We do not rule out some profit-taking after the recent rally. If buyers will have difficulties to go higher the price may reversed its direction and drop to the 48.50 support area.

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DAX

General overview

European stocks traded in the green amid growing oil prices.

Current situation

The index gapped higher at the open on Tuesday. After the jump the benchmark extended its gains. DAX30 moved to 10770 where buyers lost their legs. The price had to roll back and declined to 10700. The index traded above the moving averages in the 4 hours chart. The 100 and 200 EMAs are neutral while the 50-EMA headed north. The resistance exists at 10800, the support stands at 10700.

MACD grew which indicates the buyers’ positions strength. RSI consolidated within neutral territory.

Trading recommendations

A move above the 10800 level will favor an advance up to the 10900 region. A failed test of the 10800 barrier may cause profit-taking and a fall towards 10600.

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NASDAQ

General overview

Wall Street edged higher hitting record highs on the back of Trump's promises to cut tax, to increase spending on infrastructure and healthcare industries.

Current situation

NASDAQ opened higher and was able to escalate through 4865 to 4883. After refreshing the weekly high the price rolled back and returned to below 4865. The benchmark remained above the moving averages in the 4 hours chart. The 100 and 200 EMAs are neutral while the 50-EMA headed north crossing the 100-EMA upwards. The resistance is at 4900, the support comes in at 4865.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remains within overbought readings.

Trading recommendations

We do not rule out further extension towards 4900. A bounce from the overbought levels may cause it drop to 4835.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

24.11.2016

Euro

General overview

The euro weakened on the back of stronger dollar. The dollar was strong ahead of FOMC minutes. Besides, the possible rate hike by the Fed supports the US currency.

Current situation

The euro continued to lose its value on Wednesday. The price slightly recovered and tested the level 1.0650 in the Asian session. The downward pressure increased ahead of the Europe opening when the price sharply dropped towards 1.0600. The pair broke the 50 and 100 EMAs in the 1 hour chart. The lines appeared to be a tough nut to crack and the pair faced rejection just after testing the moving averages. The 50-EMA is neutral while the 100 and 200 EMAs maintained their bearish slope in the mentioned timeframe. The resistance is at 1.0600, the support comes in at 1.0550.

The MACD histogram decreased which indicates the sellers’ strength. RSI advanced south which confirms the current downward movement.

Trading recommendations

Bears will remain in the driver's seat until the level 1.0650 holds. The level 1.0550 we see as the next intraday support and probable bearish target. Conversely, a break above 1.0650 will trigger the next leg of upward move for the pair.

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Pound

General overview

A stronger dollar weighed on the pound which is still weak amid the Brexit concerns.

Current situation

Sellers continued to dominate on Wednesday. Traders approached the support 1.2400 overnight and broke below it with Europe opening. After breaking the level sellers drove the price lower towards its immediate support at 1.2300. According to the 4 hours chart the price bounced off the 100-EMA and move towards the 200-EMA. The 50 and 100 EMAs are turning downwards while the 200-EMA is neutral in the 4 hours chart. The resistance lies at 1.2400, the support comes in at 1.2300.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator moved downwards.

Trading recommendations

If the GBP/USD pair consolidates below 1.2400 we expect its further extension towards 1.2300.

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Yen

General overview

Japanese stocks were closed amid Labor Thanksgiving Day. The market was under external factors influence.

Current situation

The ascending channel pattern is still intact. After reaching the level 111.00 buyers took a pause and continued moving higher in the mid-European session. The pair broke the level 111.00 and jumped to 112.00. Having tested the level the price trended towards 113.00. The price spent the day above the 50-EMA in the 1 hour chart. The 50-EMA is neutral while the 100 and 200 EMAs are heading higher. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI stayed within overbought readings.

Trading recommendations

Inability to extend further gains may increase risks for a much-needed correction. In this scenario sellers may lead prices towards 109.00 through 110.00. If the upward pressure persists we will see the level 113.00 test soon.

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NZD/USD

General overview

Kiwi weakened following the dollar strengthening. The dollar edged higher in the light of the latest US data which had showed the US economy growing strength.

Current situation

We maintain a short-term bearish outlook for the pair. Sellers seem to be guarding 0.7100 level rejecting prices downwards on every attempt to an upside. The NZD retreated from the daily high and declined to the nearest level 0.7050 post-Europe open on Wednesday. The level slowed down the downward momentum for a while and was broken afterwards. Sellers pushed the price to 0.7000. The 50-EMA rejected the price in the 4 hours chart. The moving averages direction is downwards. The resistance is at 0.7050, the support comes in at 0.7000.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI was in a neutral area.

Trading recommendations

The NZD/USD pair will maintain negative tone until its stays below 0.7100. After breaking 0.7050 the level 0.7000 will come back to the radar. Should the kiwi bounce of 0.7050 the price may extend its gains towards 0.7100.

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XAU/USD

General overview

The dollar strengthened amid strong Durable Goods Orders and Housing Price Index. The latested US data weighed on the yellow metal prices.

Current situation

In terms of technicals the bearish trend remained intact. Markets were calm ahead of the bunch of U.S. data. Gold prices were not able to record any meaningful recovery on Wednesday and continued consolidating within a narrow band near last week lows. A new sellers’ attack pushed prices lower. The XAU/USD broke 1200 and tested 1190 ahead of NA opening. The price spent the day below the moving averages in the 4 hours chart. The moving averages kept moving lower. The resistance exists at 1200, the support stands at 1190 dollars per ounce.

The chart slightly changed from yesterday. The indicators MACD and RSI still recommend short positions.

Trading recommendations

A breakout of 1210 would aim us for 1200. A daily close above 1220 may generate fresh bullish signal for further advance towards 1230 dollars per ounce.

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Brent

General overview

Oil prices stuck around three weeks highs being unable to extend their gains amid growing concerns that OPEC members will not agree to cut oil production.

Current situation

Oil prices remained in an ascending channel, trading near its lower boundary. After refreshing weekly highs Brent futures retreated as buyers took a breath before going higher. The benchmark extended its recovery climbing upwards with a timid pace. The price approached 49.50 ahead of the NY session. The price stayed around the 200-EMA during the day. The 200-EMA moved downwards, the 50-EMA crossed the 100-EMA upwards. The resistance lies at 49.50, the support comes in at 48.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remains within overbought readings.

Trading recommendations

The longer term outlook will be bullish as long as the price holds above 48.50. A move below the level would indicate that immediate upward pressure eased. Sellers will drag prices towards 47.50. Meanwhile, a move higher may extend current gains towards 50.00.

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DAX

General overview

European stocks positive sentiment switched to negative one amid growing concerns over banking crisis in Italy.

Current situation

DAX encountered significant losses on Wednesday. Prices retreated from the weekly highs and moved lower. The benchmark broke 10700 and approached 10600 in the mid-European session. DAX broke the 50-EMA and approached the 100-EMA in the 4 hours chart. The 100-EMA presented a solid support and may slow down downward trajectory. The 50-EMA pointed higher, while 100 and 200 EMA were neutral. The resistance exists at 10700, the support stands at 10600.

MACD decreased which indicates the buyers’ positions weakening. RSI headed downwards which confirms the strength of sellers.

Trading recommendations

If pressure persists the 10600 level will remain the key support area to watch for. A break below will open the way towards 10500.

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S&P500

General overview

Wall Street opened lower as health sectors lad shares lower.

Current situation

The index remained onto historical highs on Wednesday. The upward impetus faded above 2200, the price moved lower and stopped a few pips below the level. The index traded well above the moving averages in the 4 hours chart. All moving averages maintained bullish slope. The resistance is at 2220, the support comes in at 2200.

MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed near overbought levels, favoring a move lower.

Trading recommendations

As the index is overbought we expect a short term correction. The price may return to the 2180 region.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

25.11.2016

Euro

General overview

The euro edged higher on the back of the Business Climate report in Germany. Besides the dollar retracement amid Thanksgiving day helped the euro to strengthen.

Current situation

The EUR/USD had a positive day on Thursday. The price remained in a descending channel. The pair rebounded from its recent lows and regained some lost footing versus its American counterpart. Traders pushed the euro higher and broke 1.0550 ahead of the European opening. The current rebound we consider corrective. The price remained below the moving averages in the 1 hour chart. The 50, 100 and 200 EMAs extended their decline in the same chart. The resistance is at 1.0600, the support comes in at 1.0550.

MACD remained at the same level which confirms the strength of sellers. RSI bounced off the oversold area.

Trading recommendations

The EUR/USD pair might extend its recovery if it breaks 1.0600. After breaking the level the price will move towards 1.0650. A failure here will return sellers who will push prices towards 1.0500.

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Pound

General overview

The pound strengthened amid a dollar correction and a better-than-expected UK's Mortgage Approvals for October.

Current situation

The pound bounced off 1.2400 and reversed some of its early losses during the European hours on Thursday. The pair broke upwards the 50 and 100 EMAs which offered the pound an immediate support. The moving averages are mixed in the 4 hours chart. The 200-EMA is neutral while the 100-EMA is heading upwards and the 50-EMA is directed downwards. The resistance lies at 1.2500, the support comes in at 1.2400.

The technical indicators turned flat. MACD indicator was at the centerline. RSI stayed within neutral readings.

Trading recommendations

A dollar correction together with some UK positive data could support sterling for a short time. A further recovery towards 1.2500 is expected.

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Yen

General overview

The yen weakened against the dollar amid upbeat US data and the latest Fed's minutes which supported optimism regarding the possible Fed rate hike in December.

Current situation

The USD/JPY extended its gains on Thursday. A new buying interest pushed prices higher. The pair broke the 113.00 level and refreshed multi month high at 113.47. The price remained above the moving averages in the 4 hours chart. The moving averages maintained their bullish slope. The resistance is highlighted at 113.00, the support comes in at 112.00.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator was holding near oversold levels.

Trading recommendations

A break above 113.00 will open doors for the pair to refresh yearly highs. After breaking the level traders may move prices towards 114.00. Pairs’ inability to extend its upward trajectory may lead to a roll back and decline to 111.00.

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USD/CAD

General overview

The Canadian dollar weakened amid the oil prices decrease and due to a stronger dollar.

Current situation

The USD/CAD was unable to break 1.3540 and retreated from the level right after its test. The USD fell on profit-taking. Sellers pushed prices towards 1.3470. The pair touched the 50-EMA in the 4 hours chart. The 50-EMA is neutral while the 100 and 200 EMAs continued with their growth. The resistance is at 1.3540, the support comes in at 1.3470.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI bounced from the overbought area.

Trading recommendations

If the price breaks 1.3470 it may come under new wave of selling pressure. Should the USD/CAD bounce from the current support the price will return to its recent high at 1.3540.

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XAU/USD

General overview

Gold prices are under pressure amid a stronger dollar. The dollar remains bullish amid strong expectations for a U.S. rate hike in 2016.

Current situation

Gold prices recovered and moved from February lows on Thursday. The 1180 level appeared to be a strong barrier which rejected the price. The XAU/USD recovered to 1190 dollars per ounce post-European open and struggled with the level the rest of the day. The moving averages slightly changed since yesterday. The resistance exists at 1190, the support stands at 1180 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. RSI indicator is near undervalued territory.

Trading recommendations

Gold prices recovery will remain limited as long as the price holds below the 1200 region. A move higher may ease the current downward pressure and will open the way towards 1210 dollars per ounce.

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Brent

General overview

Oil prices hold still amid uncertainty about OPEC final decision about its production cut.

Current situation

Oil prices remained within narrow range on Thursday. The price stayed between 49.00 and 49.50 during the day. Brent was around the 200-EMA in the 4 hours chart which presented a solid resistance for the price. The 200-EMA moved downwards while the 100 and 50 EMAs turned upwards in the mentioned timeframe. The 50-EMA crossed the 100-EMA upwards. The resistance lies at 49.50, the support comes in at 48.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI consolidated within positive territory.

Trading recommendations

A sharp breakout above 49.50 could spark a further growth towards 50.50 in the coming days. On the other hand a move below 48.50 will neutralize our near term positive outlook.

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DAX

General overview

European stocks sentiment remained positive amid Donald Trump’s plans to rise fiscal spending and cut taxes. Besides, healthcare sector led shares higher.

Current situation

DAX bounced off 10600 level on Thursday. Traders moved the benchmark to 10700 but failed to reclaim the level. The price just pierced the level and rolled back. DAX30 spent the day around the 50-EMA which limited its further recovery. The 50-EMA direction is upwards while the 100 and 200 EMAs are neutral in the 4 hours chart. The resistance exists at 10700, the support stands at 10600.

MACD traded to the downside. RSI was neutral on yesterday's trades.

Trading recommendations

A break above 10700 will trigger the next leg of move for the index towards 10800. If buyers fail to regain the level the price may bounce off and move to 10600.

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NASDAQ

Current situation

The index slightly changed on yesterday’s trades. The price stayed in a tight range around 4850. The price stayed above the moving averages. The 200-EMA is neutral in the 4 hours chart. The 50-EMA crossed the 100 and 200 EMAs upwards. The 50 and 100 are heading higher. The resistance is at 4865, the support comes in at 4830.

MACD decreased which indicates the buyers’ positions weakening. RSI stayed within neutral area.

Trading recommendations

The near-term upward trend remained intact. A break above 4865 will rise prices to 4884 and 4900. A move below 4830 will reinforce sellers’ positions. If they start to challenge this 4830 area it is likely to break.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

28.11.2016

Euro

General overview


The euro strengthened against the dollar despite the empty calendar in Eurozone.

Current situation

The pair had a positive day on Friday. The euro bounced from the multi-months low and recovered. The pair pushed away from 1.0550 towards 1.0600 post-European open. After a brief pause around the level the price extended its recovery toward 1.0623 but failed to move higher. The price broke the 50 and 100 EMAs and headed towards the 200-EMA in the 1 hour chart. The 200-EMA acted as a resistance and rejected the price. The moving averages maintained their bearish slope. The resistance is at 1.0600, the support comes in at 1.0550.

MACD grew which indicates the sellers’ positions weakening. RSI bounced from the oversold area.

Trading recommendations

If the pair stays above the 1.0600 level the price may recover further and test 1.0650. A move higher may neutralize the current selling pressure. The EUR/USD may extend its gains to 1.0700. Otherwise, sellers’ return will send this market to the new lows at 1.0500.

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Pound

General overview

Pound was little changed on Friday despite positive UK GDP data release.

Current situation

The GBP/USD remained confined within a trading range between 1.2400 and 1.2500 on Friday. Nevertheless the pressure persisted and the price stayed at the lower limit of the band on Friday. The price stayed around the 50 and 100 EMAs in the 4 hours chart. The 100 and 200 EMAs were neutral while the 50-EMA went upwards. The resistance lies at 1.2500, the support comes in at 1.2400.

The indicators MACD and RSI slightly changed from Friday and remained neutral.

Trading recommendations

The overall picture is bearish. We expect from price a move lower. Sellers’ first target is the level 1.2400. After breaking the level sellers may lead the pair to 1.2300.

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Yen

General overview

The dollar jumped to the eight month high against the yen due to US bond yields growth during the Asian session after Thanksgiving day off.

Current situation

The ascending channel remained intact. The price bounced from its upper limit around 114.00 and edged lower. The downward momentum lost its leg at the lower limit of the band around 113.00. The price just touched the level at the beginning of the European session and stayed around it till the end of the day. According to the 1 hour chart the price met barrier at the 50-EMA which presented a strong support for it. After touching the moving the price remained around it. The moving averages maintained their bullish slope in the mentioned timeframe. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area.

Trading recommendations

The USD/JPY will leave the upward channel if it moves below 112.00. Sellers need to drive prices below 111.00 to neutralize the current upward pressure. Otherwise a move above 113.00 will return a positive sentiment sending prices for the 114.00 level test.

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AUD/USD

General overview

Positive sentiment around base metals, especially ore hellped the Aussie to strenghen on Friday.

Current situation

The pair extended its near-term upward trajectory and formed a higher high on Friday. The Australian dollar pierced the level 0.7450 but failed to reclaim it. The price edged lower right after the test and stayed around 0.7450 till the NY session open. The pair retreated from the daily high and returned to the 0.7400 region during the NA session. The price struggled with the bearish 50-EMA in the 4 hours chart. Even though the price broke the moving the 50-EMA slowed down its growth. The moving averages extended their declines in the 4 hours chart. The resistance is at 0.7450, the support comes in at 0.7400.

MACD entered the positive area. RSI grew and approached the overbought levels.

Trading recommendations

A break above 0.7450 might force the pair to resume its upward trajectory towards 0.7500. On the other hand if the AUD/USD stays below 0.7450 the price may move down and negate its recent gains. In this scenario sellers will lead prices to 0.7350 and 0.7300.

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XAU/USD

General overview

Gold prices showed a limited growth amid dollar broad base retracement.

Current situation

Gold prices remained in the red despite Friday’s recovery. Gold grew above the U.S. dollar on Friday. The price climbed from 1170 to 1190 where the upward impetus faded. The price moved below the level 1190 and stayed there during the European hours. The yellow metal faced a downward pressure in the NY session. The 1 hour chart showed that the price struggled with a bearish 50-EMA and lost the game. The 50-EMA rejected the price which bounced downwards. The moving averages kept heading lower. The resistance exists at 1190, the support stands at 1180 dollars per ounce.

MACD slightly grew which indicates the sellers’ positions weakening. RSI indicator was near undervalued territory.


Trading recommendations

We expect a new move lower towards 1170.

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Brent

General overview

Oil prices moved lower amid dollar positive tone. Moreover, investors remain cautious ahead of OPEC agreement announcement regarding output cut.

Current situation

Oil prices turned bearish on Friday. The price retreated from the weekly high and moved below 48.50 approaching the level 47.50 post NY open. The benchmark pushed away from the 50-EMA in the 4 hours chart. The price approached the bullish 50-EMA and tested it in the mid-American session. The 100-EMA is neutral in the same chart. The resistance lies at 48.50, the support comes in at 47.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI oscillator moved downwards.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 47.50. If bears retain control the price will move lower towards 46.50. In order to recover some strength, Brent needs to rise back and hold above 48.50.

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DAX

General overview

European stocks moved lower on Friday amid energy stocks decline following oil prices weakening.

Current situation

DAX30 traded in a tight range between 10700 and 10670 on Friday. The index headed lower and touched the lower band of the range in the NY session. The benchmark stayed around the 50-EMA in the 4 hours chart. All moving averages were neutral in the mentioned timeframe. The resistance exists at 10700, the support stands at 10600.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was neutral.

Trading recommendations

The index seems to have some difficulties to move above 10700. The price bounced from the level any time it tries to break it. If buyers succeed DAX30 may strengthen further to 10800. To ease the current buying momentum the price needs to get below 10600.

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S&P500

General overview

American stocks hit record highs on Friday supported by consumer staples and technology stocks. The market was thin and closed early amid Black Friday.

Current situation

S&P500 was in buy mode on Friday. The index traded with slight gains and was able to grow above previous day’s top. The price bounced from the bullish 50-EMA in the 1 hour chart. The 50, 100 and 200 EMAs extended their growth. The resistance is at 2220, the support comes in at 2200.

MACD traded to the downside while RSI consolidated within positive territory.

Trading recommendations

We remain bullish near-term and believe that this is essentially a “buy only” market at the moment. We expect further extension to 2220 now.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

29.11.2016

Euro

General overview

All eyes were on Mario Draghi’s speech on Monday. Investors expected to hear from the regulator new guidelines regarding the further economy course and the potential consequences following the Brexit vote.

Current situation

Bears seem to have returned to the game. Last week recovery lost its strengthened around 1.0700. The pair retreated from its recent highs and returned below 1.0650 post-Europe open. Sellers drove the price towards the level 1.0600 during the European hours. The price broke the 200-EMA downwards and met a barrier around the 50 and 100 EMAs in the 1 hour chart. The 200-EMA pointed lower while the 100-EMA turned neutral and the 50-EMA turned higher. The resistance is at 1.0650, the support comes in at 1.0600.

MACD grew which indicates the sellers’ positions weakening. RSI turned south.

Trading recommendations

A return below 1.0650 put on hold bulls’ plans. The bearish momentum is getting strength now. A bearish continuation through 1.0600 should lead to a continued slide towards 1.0550 as the first probable target.

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Pound

General overview

The pound edged lower on Monday amid EUR/GBP cross strength.

Current situation

The pound bounced off the upper limit of its sideway channel on Monday. The price sharply fell towards 1.2400 in late Europe trades. After testing the level 1.2400 the price slowed down struggling with the level ahead of the NY opening. The sterling broke the 50-EMA and was stopped by the 100-EMA in the 4 hours chart. All moving averages were neutral in the mentioned timeframe. The resistance lies at 1.2500, the support comes in at 1.2400.

The MACD histogram decreased which indicates the sellers’ strength. RSI moved towards the oversold readings.

Trading recommendations

If the bearish tone persists we expect a breakout of the level 1.2400 and move towards 1.2300.

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Yen

General overview

The dollar weakened against the yen as the uncertainty regarding the future events (OPEC meeting, Non-farm Payrolls and referendum in Italy) made investors close their deals.

Current situation

The price remained in an upward channel on Monday. The USD/JPY stayed around its lower limit, making timid steps to recover during the Asian session. The pair accelerated its growth during the European hours. The pair recovered to 113.00 ahead of the NA session. According to the 1 hour chart the price broke the 100-EMA upwards in the mid-Europe session. The price approached and tested the 50-EMA in the late Europe session. The 100 and 200 EMAs kept heading higher while the 50-EMA turned neutral in the same chart. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD grew which indicates the buyers’ positions strength. RSI moved higher.

Trading recommendations

We favor a return to the growth this week. The first bulls' target is the level 113.00. Should this mark be reached successfully, a further extension towards 114.00 could be observed further.

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NZD/USD

General overview

The New Zealand dollar fell against its American counterpart amid oil prices drop and dollar’s return in the driver’s seat.

Current situation

After touching the level 0.7100 the kiwi stopped its growth. Buyers lost their legs around the level and gave place to sellers. Bears drove the pair to 0.7050 and touched the level ahead of the NA session. The NZD/USD hovered about the 50-EMA in the 4 hours chart. The 50-EMA was neutral and presented a solid support for the price. The 100-EMA crossed the 200-EMA and both lines kept heading lower. The resistance is at 0.7100, the support comes in at 0.7050.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI bounced off the overbought area and headed towards the oversold readings.

Trading recommendations

A daily close below 0.7050 will ease the current upward momentum. A loss of 0.7050 may trigger further weakness towards 0.7000.

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XAU/USD

General overview

The risk on sentiment weighed on gold prices marking them move away from the recent highs. Moreover market participants preferred to stay out of deals ahead of the upcoming risks events later in the week.

Current situation

The price failed to advance beyond 1200 dollars per ounce and retreated almost immediately after testing the level. Sellers managed to lead the price from 1200 to 1190 which was broken in the mid-Europe session. Having broken the level the yellow metal continued advancing south. After breaking the 50-EMA the price met a barrier around the 100-EMA in the 1 hour chart. The 100-EMA rejected the precious metal downwards. The price spent the second part of the day between the 100 and 50 EMAs. The resistance exists at 1190, the support stands at 1180 dollars per ounce.

MACD traded to the downside while the RSI stayed neutral/negative.

Trading recommendations

Inability to break above 1200 points to buyers’ weakness. A downtrend will start as soon, as the pair drops below the support level 1190. A move lower may generate negative signals and risk further easing towards 1170 dollars per ounce.

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Brent

General overview

Despite the yesterday’s growth Brent futures remained in the red as markets still doubt over OPEC output deal.

Current situation

Oil prices gapped lower at the open on Monday. The price jumped from 46.85 to 46.00. After touching the level 46.00 the benchmark bounced upwards and filled the gap in the mid-Europe session. Brent tested and broke the level 47.50 ahead of the NY session opening. The price broke the bullish 200-EMA upwards in the 4 hours chart. After crossing the 100-EMA the 50-EMA extended its decline while the 100-EMA is changing its upward direction to the downward one. The resistance lies at 48.50, the support comes in at 47.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. RSI bounced from the oversold levels and advanced higher.

Trading recommendations

A failure to break below 46.50 may lead to a renewed buying interest. A fresh bullish pressure may push the price to the mark 48.00. A consolidation above the mark will neutralize the current downward momentum sending the market towards 48.50.

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DAX

Current situation

DAX gapped lower at the open on Monday. The price jumped from 10700 to 10680 and continued advancing south after the gap. The benchmark extended its losses towards 10600 in the European session. After snapping the level the price bounced and remained above the level ahead of the NY opening. The price bounced off the 50-EMA and tested the 100 and 200 EMAs in the 4 hours chart. The resistance exists at 10600, the support stands at 10500.

MACD entered the negative area. RSI advanced south which confirms the current downward movement.

Trading recommendations

A sharp breakout below 10600 could spark a further incline towards 10500 in the coming days.

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NASDAQ

Current situation

NASDAQ gapped lower at the open on Monday. After the gap the index stayed in a flat, trading range-bound-to lower. Sellers tried to leave a flat post-Europe open but failed and the price returned in the range. NASADQ hovered above the 50-EMA in the 4 hours chart. The 50 and 100 EMAs maintained their bullish slopes while the 200-EMA remained neutral. The resistance is at 4865, the support comes in at 4830.

MACD decreased which indicates the buyers’ positions weakening. RSI traded to the downside.

Trading recommendations

We believe the benchmark will maintain its bearish tone in the near-term. A clear break below 4830 would indicate that the bearish phase has resumed. After the break sellers will aim at 4800.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

30.11.2016

Euro

General overview

The dollar strengthened against the euro on the back of the weak Eurozone data. Business Climate, Economic Sentiment and Services Sentiment in Eurozone came out worse-than-expected weighing on the single currency.

Current situation

The EUR/USD pair spent Tuesday in a quite consolidation. The recent rally was stopped around psychological barrier 1.0700 which rejected prices downwards. Having faced fresh selling pressure the euro sharply dropped to the 1.0550 support region where the pair showed a minor recovery and was able to reverse some losses. The recovery action lost strength around 1.0600 where the pair spent the rest of the European session. Sellers moved prices lower in the NY session. The price continued developing well below the moving averages. The price grew and snapped the 50 and 200-EMAs in the 1 hour chart in yearly trades. After testing the level the pair bounced downwards and broke the 100-EMA. All moving averages pointed lower. The resistance is at 1.0600, the support comes in at 1.0550.

MACD indicator is at the centerline. If the histogram returns into the negative territory that will indicate sellers’ growing strength. RSI remained within neutral readings.

Trading recommendations

Technical indicators kept giving bearish signals. We believe that bears may remain in the driver's seat in the short-term and may drive pair lower towards 1.0500.

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Pound

General overview

The pound strengthened on Tuesday following the upbeat Mortgage Approvals and Consumer Credit releases.

Current situation

The pound continued its sideways trades on Tuesday. The pair began the day around 1.2400 and spiked ahead of the European trades. The rally was limited by the upper band of the range around 1.2500 which stopped bulls' attack. The price broke the 50 and 100-EMAs in and stayed above them in the 4 hours chart. The 50, 100 and 200 EMAs remained neutral. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. RSI remained within neutral territory.

Trading recommendations

We assume that the pound will remain in the latest range in the short-term. A move below or above the range is likely to show its further continuation. Below 1.2400, GBP/USD will likely target 1.2300 support. Conversely, the pair needs the 1.2500 resistance retest before the price can rally towards 1.2600.

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Yen

General overview

The USD/JPY pair recovered on Monday due to disappointing Overall Household Spending report in Japan.

Current situation

Bulls seemed to have returned in the game on Tuesday. The pair bounced off the lower limit of the ascending channel and extended its near-term upward trajectory. Having bounced off 112.00 the price trended to 113.00 and tested the level ahead of the NY session. After breaking the level the dollar accelerated its growth and headed towards 114.00. The price continued developing well above the moving averages in the 1 hour chart. The pair grew and broke the 50 and 100 EMAs in the mentioned timeframe. The moving averages are pointing higher. The resistance is highlighted at 114.00, the support comes in at 113.00.

The MACD histogram grew which indicates buyers’ strength. RSI traded to the upside.

Trading recommendations

If the bullish tone persists we expect a breakout of the level 113.00. A consolidation above the level will favor an advance up to the 114.00 region.

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USD/CAD

General overview

The greenback kept the upbeat tone unchanged vs. its Canadian peer on Tuesday. The dollar was supported by the US GDP. Moreover, all commodity currencies were under pressure due to oil prices decline.

Current situation

The bullish sentiment in USD remained intact yesterday. The price still trades in the near term upward channel. The USD/CAD bounced off the lower boundary of the channel around 1.3400 and advanced towards 1.3470 during the European hours. The pair struggled hard with the level to extend its gains ahead of the New York session. The price pushed away from the 200-EMA in the 4 hours chart. The pair grew and snapped the 50 and 100 Day EMAs in the same chart. The moving averages are pointing higher. The resistance is at 1.3470, the support comes in at 1.3400.

MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold readings.

Trading recommendations

Bulls kept focusing at the 1.3470 barrier on Tuesday. A daily close above the level may risk 1.3540. Alternatively, a failed test of the level shall send this market back to the 1.3400 handle.

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XAU/USD

General overview

Gold prices softened on Tuesday amid strong expectations for a U.S. rate hike next month. Besides, a stronger dollar and the upbeat strength of the US economy keep weighing on the yellow metal.

Current situation

Gold prices have been under pressure since Monday. The price stayed in a short-term descending channel and bounced off its upper limit on yesterday's trades. Sellers pushed prices below 1190 and drove them towards 1180 during the day. The price stayed below the 50, 100 and 200 moving averages in the 1 hour chart. The pair tested the 100-EMA and bounced downwards breaking the 50-EMA on its way down. All moving averages kept pointing lower. The resistance exists at 1190, the support stands at 1180 dollars per ounce.

The MACD histogram decreased which indicates the sellers’ strength. The RSI returned to the overvalued territory, favoring a new move lower.

Trading recommendations

Gold approached the 1180 support area. If it starts to challenge this region it is likely to break it. In this scenario sellers will drag prices towards 1170.

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Brent

General overview

The uncertainty over OPEC decision regarding the output freeze weighed on oil prices yesterday.

Current situation

The recent recovery lost momentum around 48.50. The level rejected oil prices downwards right after the level test. Brent continued to grind lower yesterday. The benchmark broke the 47.50 handle in the mid-Europe session and continued weakening afterwards. The price tested the 46.50 support ahead of the NY session. According to the 4 hours chart the price faced recovery rejection around the 200-EMA. The benchmark turned lower right after the moving average test. Oil prices broke the 50 and 100 EMAs on their way down. The 200-EMA kept heading lower while the 50 and 100 EMAs are neutral in the mentioned timeframe. The resistance lies at 47.50, the support comes in at 46.50 dollars per barrel.

The MACD histogram decreased which indicates the sellers’ strength. RSI moved towards the oversold levels.

Trading recommendations

A close below 46.50 will trigger additional losses towards 45.50. We do not exclude a brief consolidative phase and a short-lived recovery towards 47.00.

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DAX

General overview

European stocks traded mixed on Tuesday amid the uncertainty from OPEC and ahead of the referendum in Italy.

Current situation

After recent sideways trades the DAX index moved lower in the beginning of the week. The tone was negative in the market on Tuesday. The index extended its losses in the yearly trades. After posting the lowest point at 10533 the price rolled back and was able to recover the minor pat of its losses. The benchmark stayed around 10600 flirting with the level till the end of the day. The price stayed in the 100 and 200 EMAs region on yesterday’s trades. The 100 and 200 EMAs were neutral while the 50-EMA pointed lower. The resistance exists at 10600, the support stands at 10500.

The MACD histogram decreased which indicates the sellers’ strength. RSI remained within neutral territory, but moved downwards.

Trading recommendations

Once we consolidate below the 10600 level, we think that the 10500 handle will be next. We do not rule out a recovery towards 10650.

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SP500

General overview

Wall Street opened neutral as post-election rally appeared to have run out of steam. Investors waited for fresh market movers to set up their direction.

Current situation

The market remained neutral on yesterday's trades. The price hovered above the 2200 handle bouncing from the level on every attempt to the downside. The index continued developing well above the moving averages which extended their growth. The benchmark stayed around the 50-EMA in the 4 hours chart which provided it a solid support. The resistance is at 2220, the support comes in at 2200.

MACD decreased which indicates the buyers’ positions weakening. RSI headed downwards which confirms the strength of sellers.

Trading recommendations

The nearest bulls' target remains the resistance level 2220. At the same time a break below 2200 would open the way to 2180

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

01.12.2016

Euro

General overview

The euro strengthened on Wednesday amid upbeat Eurozone data. Retails Sales in Germany showed growth, Unemployment Rate coincided with traders’ expectations. However, a strong US unemployment data together with Personal Income report erased all its gains.

Current situation

The EUR/USD pair traded around recent highs on Wednesday. Bulls made an attempt to reclaim the level 1.0650 in the yearly trades but failed as the level was well defended by sellers. The price pushed away from the level and dropped below 1.0600. The pair broke the 50-EMA and hovered about it during the European hours in the 4 hours chart. The moving averages maintained their bearish slope. The resistance is at 1.0600, the support comes in at 1.0550.

The MACD histogram decreased which indicates the sellers’ strength. RSI trended downwards.

Trading recommendations

A break of 1.0650 may trigger the next leg of upward move for the pair, buyers may lead prices to 1.0700. If the level holds sellers may push prices towards 1.0550.

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Pound

General overview

The empty UK calendar turned investors’ focus to the US data and OPEC meeting results. The US Employment data supported the dollar and weighed on the pound.

Current situation

Traders kept the price in a flat on Wednesday. The GBP/USD pair comfortably traded around 1.2500, being unable to set short-term direction during the first part of the day. Sellers pushed the price lower in the mid-Europe session. The pound sharply dropped to the lower limit of the range. The GBP/USD stayed above the moving averages in the 4 hours chart. The moving averages were neutral. The resistance lies at 1.2500, the support comes in at 1.2400.

Technical indicators MACD and RSI remained flat.

Trading recommendations

Inability to break 1.2500 put bulls' plans on hold. The price may bounce of the level and reach 1.2400 in the coming sessions.

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Yen

General overview

The yen weakened against the dollar amid weaker-than-expected Industrial Production release. Moreover, the upbeat US statistics supported the greenback.

Current situation

The dollar was stronger on Wednesday, trading near local high against the yen. After recovering from 112.00 the pair faced a solid barrier at 113.00 and struggled hard to break it during the European session. Bulls broke the level ahead of the NY opening and trended towards 114.00. The price broke the 50 and 100 EMAs in the 1 hour chart and stayed above them during the day. The 50, 100 and 200 EMAs were pointing higher. The resistance is highlighted at 114.00, the support comes in at 113.00.

The MACD histogram grew which indicates buyers’ strength. RSI moved upwards.

Trading recommendations

A failure to break above 113.00 risks a slide to 112.00. A move below 112.00 may ease the current buying pressure, opening the way to further losses towards 111.00 and 110.00. A consolidation above 113.00 will risk the 114.00 resistance.

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AUD/USD

General overview

The Australian dollar weakened against the US dollar following weak Building Permits release.

Current situation

The pair gave up recent highs and moved away from 0.7500. The level seems to be well defended by sellers as the price had bounced off the level second time. The AUD/USD weakened to 0.7450 during the European hours and broke the line in the New York session. The price bounced off the 100-EMA in the 4 hours chart. The 100 and 200 EMAs headed south while the 50-EMA turned upwards in the mentioned timeframe. The resistance is at 0.7450, the support comes in at 0.7400.

The technical indicators headed south within bullish territory. MACD decreased which indicates the buyers’ positions weakening. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

The level 0.7400 limited pair’s downward trajectory. After the level break we may see the pair extending its losses towards 0.7350. To develop an upward momentum the pair needs to overcome the 0.7500 barrier. If buyers break the level we may see the Aussie growing to 0.7550.

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XAU/USD

General overview

Gold weakened on the back of the upbeat US data and due to expectations of the rate hike action by the Fed in December.

Current situation

Gold prices remained confined within a trading range around 1190 in the European session. An attempt to take out the level failed. After refreshing a daily high at 1193 the price moved below the level where it spent the rest of the day. The price broke the 50 and 100 EMAs in the 1 hour chart in early trades. However, the yellow metal failed to extend its gains and returned below the lines post-Europe open. The moving averages maintained their bearish slope. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

The indicators slightly changed from yesterday. MACD remained in the negative area. RSI moved downwards.

Trading recommendations

Any move above the immediate resistance would increase chances of testing the 1200 level. A failed test of the 1190 barrier may cause a further extension towards 1180 and 1170.

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Brent

General overview

OPEC members agreed to cut the output for the first time since 2008.

Current situation

The tone was positive in the market on Wednesday. The price gapped higher at the open and maintained its bullish momentum during the day. Brent futures broke 47.50, 48.50, 49.50 and tested 50.50 in the mid-Europe session. Bulls lost their strength around 50.50 where the benchmark slowed down and rolled back. The price pushed away from the 50-EMA and advanced north breaking the 100 and 200 EMAs on its way. The resistance lies at 50.50, the support comes in at 49.50 dollars per barrel.

Technical indicators are now giving bullish signals. MACD is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI headed north which confirms the current upward momentum.

Trading recommendations

Brent oil prices may roll back after the recent rally. The benchmark may return below 49.50 to consolidate its gains.

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DAX

General overview

Shares in European banks strengthened on Wednesday following Energy and Chemical stocks growth.

Current situation

The index gapped higher at the open on Wednesday. The benchmark slightly grew after the gap, breaking above previous day’s top. The price tested the 50-EMA in the 4 hours chart. The moving stopped its further extension and rejected the price downwards. The 100 and 200 EMAs were neutral while the 50-EMA headed lower. The resistance exists at 10700, the support stands at 10600.

MACD grew which indicates the sellers’ positions weakening. RSI advanced towards the overbought readings.

Trading recommendations

We do not believe the DAX index to continue with its gains in the short-term unless, of course, it breaks above 10700. We expect a break below 10600 and further extension towards 10500.

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NASDAQ

Current situation

NASDAQ had a negative day on Wednesday. The index started the day in a flat and faced fresh downward pressure during the European session. The price was struggling with the 4865handle to go lower. According to the 4 hours chart the price tested the bullish 50-EMA. The 50 and 100 EMAs headed higher while the 200-EMA remained neutral. The resistance is at 4900, the support comes in at 4865.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

We expect the downward pressure to persist. A break below 4865 will open the way to 4830 and 4800.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

02.12.2016

Euro

General overview

Manufacturing PMI in EU showed upbeat results while the same PMIs in Germany and France disappointed markets. The dollar ignored the downbeat US labor market data and maintained its upward trajectory on the back of growing oil prices.

Current situation

The pair had a positive day on Thursday. Having found a local bottom around 1.0600 the common European currency bounced to 1.0625. The price hovered above the 1.0600 handle during the European hours, maintaining its neutral stance. The price grew and broke the 50-EMA on its way upwards in the 4-hours chart. The pair remained below the 100 and 200-EMAs in the same chart. The 50-EMA was neutral while the 100 and 200 EMAs maintained their bearish slopes. The resistance is at 1.0650, the support comes in at 1.0600.

MACD indicator was at the centerline. RSI remained within neutral territory.

Trading recommendations

The indicators recommend short positions. If a selling pressure persists the pair risks further easing towards 1.0550.

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Pound

General overview

The pound edged higher on Thursday despite a weak Manufacturing PMI. The sterling strengthened amid a backdrop of USD weakness.

Current situation

The bullish views are getting more popular in the market. The pound extended its recovery after pushing away from 1.2400 handle. The pair broke 1.2500 in yearly trades and continued advancing upwards afterwards. Buyers climbed above the level 1.2600 ahead of the NY opening. The price bounced off the 50 and 100 EMAs and jumped upwards in the 4 hours chart. All moving averages presented moderately bullish slope in the mentioned timeframe. The resistance lies at 1.2700, the support comes in at 1.2600.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

The price is expected to roll back after yesterday’s rally. We believe the GBP/USD pair may return to 1.2500 in the coming sessions.

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Yen

General overview

The dollar grew to 9 month high against the yen on the back of the strong US data. However, the yen got a minor support from Japanese Manufacturing PMI.

Current situation

The bullish views remained intact on Thursday. The pair stayed around its recent highs during the day. The upward momentum faded around 115.00. Being well defended by bulls the level rejected prices to the 114.00 support region. The moving averages slightly changed since yesterday. The resistance is highlighted at 115.00, the support comes in at 114.00.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator remains within overbought readings.

Trading recommendations

The overall outlook remained bullish, for a rise towards 115.00 resistance area. After breaking the level the pair has all chances to advance further and test 116.00.

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NZD/USD

General overview

The New Zealand dollar remained under pressure amid its American counterpart strength. The US dollar strengthened after strong unemployment data which increased chances of the Fed rate hike this month. Markets took a wait and see position ahead of the today's NFP release.

Current situation

After a recent rally the NZD sharply dropped to the 0.7100 region and remained neutral during the day. The NZD/USD pair traded flat being stuck in a phase of downside consolidation. An attempt to take out the level 0.7100 failed, the price had to roll back. The pair stayed between the 50 and 100 EMAs in the 4 hours chart. The 200-EMA was neutral, the 100 EMAs pointed lower while the 50-EMA edged higher. The resistance is at 0.7100, the support comes in at 0.7050.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory, but advanced south which confirms the current downward movement.

Trading recommendations

A move below 0.7100 will confirm the strength of sellers. The price is expected to aim at 0.7050 after the 0.7100 level break.

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XAU/USD

General overview

Gold prices slightly recovered after a recent decline to 10-month low. A weak dollar retracement helped the yellow metal to reverse some losses. However gold recovery was limited due to strong expectations of the Fed hike action in December.

Current situation

Daily technical studies remained bearish. Gold met a barrier around 1160 and bounced off it. The price recovered to the 1180 region where the upwards momentum lost its strength ahead of the Europe opening. Gold prices suffered a short lived downward movement and moved to 1170 in the mid-Europe trades. According to the 4 hours chart the price continued developing well below the moving averages which maintained their bearish slope. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator continued consolidating within oversold levels.

Trading recommendations

We expect to see renewed bearish pressure. The next level to focus on is 1160.

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Brent

General overview

Traders believe that the OPEC deal will not cut oil output as the USA may draw more supplies from its storage tanks to support market's demand.

Current situation

The trend is objectively bullish now. Oil prices extended their buying momentum in yearly trades on Thursday. Prices reached 52.50 where traders took a pause after a recent rally. The benchmark was flirting with the level the whole day trying to take it out. The 50-EMA broke the 200-EMA and headed north in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. RSI was consolidating within positive territory.

Trading recommendations

We expect some profit-taking after the resent rally. The price may roll back to the 51.50 support region.

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DAX

General overview

DAX traded lower on Thursday as traders remained cautious ahead of the Italian referendum on Saturday. European stocks were slightly supported by growing oil prices.

Current situation

DAX remained under pressure and traded lower on Thursday. Prices broke the level 10600 and dropped to 10550 where sellers took a pause. Sellers began pushing the price lower in the North American session. The benchmark broke the 200 and 100 EMAs and headed lower in the 4 hours chart. The 100 and 200 EMAs remained neutral while the 50-EMA turned lower. The resistance exists at 10600, the support stands at 10500.

The MACD histogram decreased which is a sell signal. RSI moved downwards.

Trading recommendations

After a close below the support at 10500 we could see DAX extend its declines down to 10400.

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SP500

General overview

Wall Street opened higher as growing oil prices lifted shares of energy companies.

Current situation

The bearish views seem to become more popular. Inability to refresh weekly high at 2212 weighed on the benchmark. S&P500 opened lower and extended it weakness overnight on Thursday. Traders pushed prices below 2200, the benchmark moved lower but remained around 2200 during the NY session. The 50-EMA broke the 200-EMA and headed north in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards. The resistance is at 4900, the support comes in at 4865.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI remained within neutral territory.

Trading recommendations

The price eyes a strong support at 2200 loss of which would trigger further weakness towards 2180.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

02.12.2016

Euro

General overview

Manufacturing PMI in EU showed upbeat results while the same PMIs in Germany and France disappointed markets. The dollar ignored the downbeat US labor market data and maintained its upward trajectory on the back of growing oil prices.

Current situation

The pair had a positive day on Thursday. Having found a local bottom around 1.0600 the common European currency bounced to 1.0625. The price hovered above the 1.0600 handle during the European hours, maintaining its neutral stance. The price grew and broke the 50-EMA on its way upwards in the 4-hours chart. The pair remained below the 100 and 200-EMAs in the same chart. The 50-EMA was neutral while the 100 and 200 EMAs maintained their bearish slopes. The resistance is at 1.0650, the support comes in at 1.0600.

MACD indicator was at the centerline. RSI remained within neutral territory.

Trading recommendations

The indicators recommend short positions. If a selling pressure persists the pair risks further easing towards 1.0550.

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Pound

General overview

The pound edged higher on Thursday despite a weak Manufacturing PMI. The sterling strengthened amid a backdrop of USD weakness.

Current situation

The bullish views are getting more popular in the market. The pound extended its recovery after pushing away from 1.2400 handle. The pair broke 1.2500 in yearly trades and continued advancing upwards afterwards. Buyers climbed above the level 1.2600 ahead of the NY opening. The price bounced off the 50 and 100 EMAs and jumped upwards in the 4 hours chart. All moving averages presented moderately bullish slope in the mentioned timeframe. The resistance lies at 1.2700, the support comes in at 1.2600.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

The price is expected to roll back after yesterday’s rally. We believe the GBP/USD pair may return to 1.2500 in the coming sessions.

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Yen

General overview

The dollar grew to 9 month high against the yen on the back of the strong US data. However, the yen got a minor support from Japanese Manufacturing PMI.

Current situation

The bullish views remained intact on Thursday. The pair stayed around its recent highs during the day. The upward momentum faded around 115.00. Being well defended by bulls the level rejected prices to the 114.00 support region. The moving averages slightly changed since yesterday. The resistance is highlighted at 115.00, the support comes in at 114.00.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator remains within overbought readings.

Trading recommendations

The overall outlook remained bullish, for a rise towards 115.00 resistance area. After breaking the level the pair has all chances to advance further and test 116.00.

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NZD/USD

General overview

The New Zealand dollar remained under pressure amid its American counterpart strength. The US dollar strengthened after strong unemployment data which increased chances of the Fed rate hike this month. Markets took a wait and see position ahead of the today's NFP release.

Current situation

After a recent rally the NZD sharply dropped to the 0.7100 region and remained neutral during the day. The NZD/USD pair traded flat being stuck in a phase of downside consolidation. An attempt to take out the level 0.7100 failed, the price had to roll back. The pair stayed between the 50 and 100 EMAs in the 4 hours chart. The 200-EMA was neutral, the 100 EMAs pointed lower while the 50-EMA edged higher. The resistance is at 0.7100, the support comes in at 0.7050.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory, but advanced south which confirms the current downward movement.

Trading recommendations

A move below 0.7100 will confirm the strength of sellers. The price is expected to aim at 0.7050 after the 0.7100 level break.

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XAU/USD

General overview

Gold prices slightly recovered after a recent decline to 10-month low. A weak dollar retracement helped the yellow metal to reverse some losses. However gold recovery was limited due to strong expectations of the Fed hike action in December.

Current situation

Daily technical studies remained bearish. Gold met a barrier around 1160 and bounced off it. The price recovered to the 1180 region where the upwards momentum lost its strength ahead of the Europe opening. Gold prices suffered a short lived downward movement and moved to 1170 in the mid-Europe trades. According to the 4 hours chart the price continued developing well below the moving averages which maintained their bearish slope. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator continued consolidating within oversold levels.

Trading recommendations

We expect to see renewed bearish pressure. The next level to focus on is 1160.

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Brent

General overview

Traders believe that the OPEC deal will not cut oil output as the USA may draw more supplies from its storage tanks to support market's demand.

Current situation

The trend is objectively bullish now. Oil prices extended their buying momentum in yearly trades on Thursday. Prices reached 52.50 where traders took a pause after a recent rally. The benchmark was flirting with the level the whole day trying to take it out. The 50-EMA broke the 200-EMA and headed north in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. RSI was consolidating within positive territory.

Trading recommendations

We expect some profit-taking after the resent rally. The price may roll back to the 51.50 support region.

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DAX

General overview

DAX traded lower on Thursday as traders remained cautious ahead of the Italian referendum on Saturday. European stocks were slightly supported by growing oil prices.

Current situation

DAX remained under pressure and traded lower on Thursday. Prices broke the level 10600 and dropped to 10550 where sellers took a pause. Sellers began pushing the price lower in the North American session. The benchmark broke the 200 and 100 EMAs and headed lower in the 4 hours chart. The 100 and 200 EMAs remained neutral while the 50-EMA turned lower. The resistance exists at 10600, the support stands at 10500.

The MACD histogram decreased which is a sell signal. RSI moved downwards.

Trading recommendations

After a close below the support at 10500 we could see DAX extend its declines down to 10400.

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SP500

General overview

Wall Street opened higher as growing oil prices lifted shares of energy companies.

Current situation

The bearish views seem to become more popular. Inability to refresh weekly high at 2212 weighed on the benchmark. S&P500 opened lower and extended it weakness overnight on Thursday. Traders pushed prices below 2200, the benchmark moved lower but remained around 2200 during the NY session. The 50-EMA broke the 200-EMA and headed north in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards. The resistance is at 4900, the support comes in at 4865.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI remained within neutral territory.

Trading recommendations

The price eyes a strong support at 2200 loss of which would trigger further weakness towards 2180.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

05.12.2016

Euro

General overview

The euro edged lower on Friday amid Germany bonds market weakness. Moreover, traders were cautious ahead of US unemployment data and Italian referendum. Nonfarm Payrolls disappointed markets with its mixed figures. The number of jobs grew while the unemployment rate fell in the country.

Current situation

The market remained positive on Friday. The euro met a barrier around 1.0700 and bounced off the level after two-day rally ahead of the European opening. The pair declined and tested 1.0650 post-Europe open and stayed at the level ahead of the NY opening. A new buying interest pushed prices towards 1.0700. The 4 hours chart showed that the price grew and tested the 100-EMA in the European session. EUR/USD bounced off the moving and surged lower ahead of the NY opening. The price was between the 50 and 100 EMAs during the New York session. The resistance is at 1.0700, the support comes in at 1.0650.

The MACD histogram grew which indicates buyers’ strength. The RSI remained within overbought readings.

Trading recommendations

We expect the pair to maintain its bearish tone. A break below 1.0600 might force the euro to resume its downward trajectory towards 1.0500. Alternatively, we do not rule out a short term growth towards 1.0750.

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Pound

General overview

The pound moved higher on Friday amid better-than-expected UK’s Construction PMI. However its growth was limited by the US labor market mixed data.

Current situation

After refreshing November high at 1.2700 the pound softened to the 1.2600 support area where buyers found a solid support to take a breath. Traders made another attempt to buy sterling in the NY session. The pair bounced off the level 1.2600 and trended upwards to the recent highs. The price continued developing well above the moving averages which all pointed higher. The resistance lies at 1.2700, the support comes in at 1.2600.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

If the current resistance breaks, the price may grow further that should send this market looking for the 1.28 level. A return below 1.2600 will question buyers' strength and may cause a sell-off to the 1.25 - 1.24 region.

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Yen

General overview

The dollar did not take advantage of a weaker yen and softened on Friday.

Current situation

The USD/JPY pair remained in an upward channel. Buyers seem to be consolidating their gains, accumulating strength for a new upward impetus. The price moved away from the upper limit of the channel and headed towards 113.00 on Friday. The moving averages slightly changed from Friday. The price stayed above the moving averages which all pointed higher. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD decreased which indicates the buyers’ positions weakening. RSI moved from the overbought levels.

Trading recommendations

Once we break above the 114.00 level, we think that the 115.00 level will be next. However, inability to refresh highs may cause a sell-off towards 112.00.

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USD/CAD


General overview

The mixed U.S. unemployment data weighed on the dollar across the board giving additional upward momentum to its Canadian peer. Moreover, oil prices retracement from 16-month high helped the USD/CAD to retake 1.33 level and to extend losses.

Current situation

USD/CAD opened on a weaker note and maintained a gloomy tone on Friday. After a brief consolidation phase during the European hours traders pushed the price towards 1.3260. The pair met a barrier around the level and rolled back immediately after the test. The price broke the 200-EMA on its way downwards in the 4 hours chart. The 200-EMA kept heading higher, while 50 and 100 EMAs pointed lower. The resistance is at 1.3330, the support comes in at 1.3260.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

The level 1.3260 slowed down dollar weakness. A cut through here will aim at the 1.3190 level. Conversely, if the level 1.3260 holds and reject prices the dollar may recover towards 1.3400.

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XAU/USD

General overview

Despite the dollar retracement across the board Gold remained unmoved on Friday as risk on sentiments prevailed.

Current situation

Gold prices struggled for a direction on Friday staying between the current support and resistance. The price moved back and forth between 1180 - 1170 during the day. The pair continued developing well below the moving averages. The price broke 50-EMA and stopped half way towards the 100-EMA in the 1 hour chart. The moving averages maintained their bearish slope. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD was in the negative territory. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI was in a neutral area.

Trading recommendations


We prefer to stay neutral for now. We expect further sideways trades in the coming days.

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Brent

General overview

Oil prices moved lower on Friday amid profit-taking and doubts that the recent OPEC agreement will be able to rein in a global glut.

Current situation

Oil prices traded mixed on Friday. The price moved lower in the European session and found some support above 52.50 dollars per barrel. The price bounced off the level and edged higher during the NY hours. The benchmark returned to 16-month high post-US open. The price hovered above the 50, 100 and 200 EMAs in the 4 hours chart. The 200-EMA was neutral while the 50 and 100 EMAs moved higher. The resistance lies at 55.50, the support comes in at 53.50 dollars per barrel.

MACD remained at the same level which confirms the strength of buyers. RSI consolidated within positive territory.

Trading recommendations

If a positive mood persists oil prices will extend their upward momentum towards 55.50. At the same time a firm break below 53.50 handle would open the way to 50.50 dollars per barrel.

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DAX

General overview

European stocks traded higher on Friday despite the uncertainty over the Italian referendum. Oil prices steady growth and the U.S. dollar retracement supported stocks in the EU.

Current situation

DAX gapped lower on Friday. The price jumped from 10480 to 10470 in early Asian trades. The index extended its losses after the gap and reached 10400 post-Europe open. The benchmark tested the level 10400 and bounced off the level right after the test. The price rallied to 10500 and filled the midnight gap ahead of NY opening. The price broke the 100 and 200 EMAs in the 4-hours char on its way downwards. The 100 and 200 EMAs were neutral while the 50-EMA headed lower. The resistance exists at 10600, the support stands at 10500.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator bounced off the oversold territory.

Trading recommendations


If bulls take control the DAX index is expected to rise towards 10600.

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NASDAQ

General overview

Despite the disappointed US labor data the US stocks traded higher on Friday getting firm support from oil prices strength.

Current situation

The index opened lower on Friday but was able to reverse some of its losses during the day. The price met a barrier around 4710 which rejected the benchmark upwards. The price grew and broke 4740 during the NY session. After the break NASDAQ Composite extended its gains towards 4740. The index remained below moving averages in the 4 hours chart. The 100 and 200 EMAs remained neutral while the 50-EMA turned lower. The resistance is at 4770, the support comes in at 4740.

MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold area.

Trading recommendations

A further recovery towards 4770 will neutralize the current downward pressure. If a positive tone persists the benchmark will extend its recovery towards 4800

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
6.12.2016

Euro

General overview

The euro fell to the 20-month low following the Italian referendum. The majority of Italian people voted against the Matteo Renzi’s constitutional reforms making him resign.

Current situation

The euro gapped lower at the open on Monday. The price jumped from 1.0655 to 1.0625 and extended its losses after the gap. The EUR/USD broke 1.0600, 1.0550 and tested 1.0500 where the downward impetus faded. The pair bounced off the level and reversed its early losses. The EUR/USD returned to opening price in the mid-Europe and extended its bid tone later the day. The pair broke 1.0700 ahead of the NY opening and trended further. According to the 4 hours chart that the price broke the 50 and 100 EMAs on its way upwards. 50-EMA was neutral while 100 and 200-EMAs pointed lower in the same chart. The resistance is at 1.0750, the support comes in at 1.0700.

MACD formed signal to rise. The RSI bounced off the oversold area.

Trading recommendations

In the scenario where the buyers keep control the pair will advance to the level 1.0750. The level 1.0800 is the next buyers’ target.

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Pound

General overview

The pound strengthened on Monday on the back of a dollar retracement and due to UK’s upbeat Services PMI from Markit.

Current situation

The pound gapped lower at the weekly opening. However, the downward impulse was short-lived, the pound filled the gap in the mid-Asia and extended its gains. From a technical point of view GBP/USD retained its upward trajectory. The price stood firm above 1.2700 in the European session. Buyers seemed not to have enough strength to climb higher which suggest a minor correction. The price hovered above the moving averages in the 4 hours chart. The 50-EMA crossed the 100-EMA upwards. The 50, 100 and 200 EMAs maintained their bullish slope. The resistance lies at 1.2700, the support comes in at 1.2600.

MACD remained at the same level which confirms the strength of buyers. RSI tested overvalued level and remained around it.

Trading recommendations

We preserve a bullish outlook for a rise towards 1.2800 resistance area. A return below 1.2700 will ease the current upward pressure. The price may correct to 1.2600.

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Yen

General overview

The yen was under pressure after the recent upbeat US labor market data. The Italian referendum and risk-on sentiment did not give the yen a chance to recover on Monday.

Current situation

The yen extended its losses versus the dollar on Monday. The USD/JPY returned to multi-month highs during the early trades, the pair jumped from 113.00 to 114.00. The upward momentum faded above the 114.00 level where the price remained till the NA session. The US traders pushed prices higher and advanced towards 115.00. According to the 4 hours chart the price bounced off the 50-EMA upwards and continued developing well above the moving averages. The resistance is highlighted at 115.00, the support comes in at 114.00.

MACD remained at the same level which confirms the strength of buyers. RSI moved north which confirms the current upward momentum.

Trading recommendations

A bullish tone prevails in the 4 hours chart. Once we break above 114.00, we think that the 115.00 level will be next.

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AUD/USD

General overview

The Australian dollar was able to reverse some of its prevous losses versus the US dollar following the recovery in commodity prices and upbeat Services PMI in China.

Current situation

We preserve a short-term bearish outlook for the pair. The AUD/USD hovered above 0.7400 after a pullback from a recovery high at 0.7467 on Monday. Traders pushed prices higher in the NA session. The pair broke 0.7450 and headed higher. The price bounced off the 100-EMA downwards and stayed between the 50 and 100 EMAs in the 4 hours chart. The 100 and 200-EMAs pointed lower while the 50-EMA was neutral. The resistance is at 0.7450, the support comes in at 0.7400.

MACD indicator was in the central line. RSI remained within neutral territory.

Trading recommendations

The technical picture presents a bearish tone. We suppose the pair will go to 0.7400 first. Having overcome the first target the price might advance towards 0.7350.

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XAU/USD

General overview


The political uncertainty in Europe pushed gold prices upwards. However its recovery was short-lived as the dollar positions remained strong amid strong expectations over the Fed rate hike action this month.

Current situation

Last week upward momentum faded around 1190. The level rejected prices to fresh multi-month lows on Monday. The precious metal dropped below 1170 and stopped a few pips above 1160 dollars per ounce. The pair slightly recovered and traded around 1165 in the early NY session. A new selling pressure weighed on gold prices at the beginning of the North American session. The yellow metal tested 1160 struggling with the level to edge lower. The price bounced off the 50-EMA downwards and continued developing well below the moving averages in the 4 hours chart. All moving averages pointed lower. The resistance exists at 1170, the support stands at 1160 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. RSI was in the oversold area.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. As the most probable scenario, we consider further moving downwards towards the level at 1160. A move lower will open the way towards 1150 and 1140.

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Brent

General overview

Brent oil prices refreshed 16-month tops and broke above the mark 54.50 amid OPEC decision to cut production.

Current situation

Fresh buying pressure around oil prices boosted Brent futures to fresh highs. The benchmark ignored the downward gap at the daily opening. Oil prices bounced off 53.50 dollars per barrel and trended higher breaking 54.50 ahead of Europe opening. The price barely touched the level 55.50 and remained below it hovering over fresh highs for the first time since July 2015. Brent hovered above the moving averages in the 4 hours chart. The 200-EMA was neutral while the 50 and 100 EMAs maintained their bullish slope. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator remained within overvalued readings.

Trading recommendations

The technical picture presents a bullish tone. Once we break above 55.50 dollars per barrel, we think that the 56.50 level will be next.

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DAX

General overview

European stocks traded higher on Monday as investors ignored Italian referendum results. The growing euro stocks supported stocks as well.

Current situation

DAX gapped lower at the open on Monday. The price almost reached 10400 when reversed its direction and rallied upwards. The benchmark broke several levels on its way upwards and slowed down around 10700. After posting a daily high at 10737 DAX moved below 10700. The price rallied and broke all moving averages in the 4 hours chart. The 100 and 200 EMAs were neutral while the 50-EMA turned lower. The resistance exists at 10700, the support stands at 10600.

The MACD histogram grew which indicates the buyers’ strength. RSI headed north.

Trading recommendations


A bullish tone prevails in the 4 hours chart. All eyes are right now at the resistance level 10700. A break above will strengthen buyers’ positions. In this potential scenario the price may extend its gains towards 10800.

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SP500

General overview

Wall-Street edged higher on Monday as US stocks continued a post-election rally, getting support from firm oil prices and gains in financial stocks.

Current situation

The index returned to its upbeat tone on Monday. After bouncing from 2180 the price moved higher. Traders broke the level 2200 in the mid-Europe session. The price grew higher in the NY session. The 4 hours chart presented that the price broke 100-EMA and tested 50-EMA on its way upwards. All moving averages maintained their bullish slope. The resistance is at 2220, the support comes in at 2200.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI bounced off the oversold area.

Trading recommendations

We believe the benchmark will maintain its bullish tone in the short-term. Once we break above 2200, we think that the 2220 level will be next.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
07.12.2016

Euro

General overview

Positive GDP in Eurozone together with Factory Orders in Germany supported the single currency on Tuesday. After Renzi's resignation a temporary government will probably work instead in Italy. A new Italian Government is likely to be elected in February.

Current situation

The EUR/USD switched its tone to negative on Tuesday. Buyers took a pause after an impressive rally on Monday and consolidated their gains. After posting a session high at 1.0785, the pair turned lower and erased some of its recent gains. EUR/USD broke 1.0750 and headed towards 1.0700 ahead of the NY session. According to the 4 hours chart the price tested 200 EMA and bounced downwards immediately after the test. The 200 and 100 EMAs pointed lower, while 50 EMA moved higher. The resistance is at 1.0750, the support comes in at 1.0700.

The MACD histogram moved lower which indicates buyers’ weakening. The RSI indicator left overvalued readings.

Trading recommendations

A break below 1.0750 suggests further weakness of the pair. As the most probable scenario, we consider further moving downwards towards the levels 1.0700 and 1.0650.

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Pound

General overview

Despite the empty macroeconomic calendar the pound maintained its bid tone on Tuesday.

Current situation

The pound extended its bullish momentum and refreshed two-month highs on Tuesday. Having broken 1.2700 the pair was able to grow to 1.2770 where the price stayed during the day. The GBP/USD pair hovered above the moving averages in the 4 hours chart. Moving averages all pointed higher. The resistance lies at 1.2800, the support comes in at 1.2700.

MACD remained at the same level which confirms the strength of buyers. We also noted MACD divergence in the 1 hour chart. RSI stayed within overvalued levels.

Trading recommendations

If the pound retains its bid tone we suppose the pair will grow to 1.2800. Conversely, a downtrend will start as soon, as the pair drops below the support level 1.2700. In this scenario sellers will drive prices to 1.2600.

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Yen

General overview

The pair was neutral on Tuesday amid a lack of any serious releases in Japan. The USA published some minor reports: Trade Balance and Factory Orders.

Current situation

Overall structure was firmly bullish on Tuesday. The USD/JPY remained in an ascending channel, trading close to its lower limit. The dollar wasn’t able to post fresh gains versus the yen but refused to give up. The pair extended its consolidation phase under fresh highs at 114.80 and spent the day around 114.00. The price tested and bounced off the 50-EMA in the 4 hours chart. The moving averages maintained their bullish slope in the same timeframe. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator stayed neutral.

Trading recommendations

The overall outlook remains bullish, for rise towards the 115.00 resistance area. A failure here will send this market to 113.00 and further out to 112.00. A move below 112.00 will ease the current buying pressure.

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AUD/USD

General overview

The Australian dollar weakened following the RBA decision to leave the rate unchanged. Moreover, the regulator pointed to a possible near-term economic slowdown in the country.

Current situation

After facing rejection near the 0.7500 mark, the pair came under renewed selling pressure on Tuesday and reversed all of its gains recorded in the previous session. The AUD returned to 0.7450 region where it spent the European session. The price made a timid attempt to recover ahead of the NY session. According to the 4 hours chart the price bounced upwards from the 50 and 100 EMAs. The 50 EMA crossed the 100 EMA upwards. The 100 and 200 EMAs maintained their bearish slope, while the 50 EMA pointed higher. The resistance is at 0.7500, the support comes in at 0.7450.

MACD entered the positive area. RSI remained within neutral territory.

Trading recommendations

The pair may extend its recovery if it stays above 0.7450. Traders may push prices higher towards 0.7500. The 0.7500 resistance area appeared to be a tough nut to crack, prices have bounced a number of times from it. A new failure here will reject the AUD/USD pair to 0.7450. If buyers succeed the Australian dollar will extend gains towards 0.7550.

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XAU/USD

General overview

Gold was down and stayed near 10-month low as the expectations for a possible Fed interest rate hike continued to weigh on the yellow metal.

Current situation

Gold prices maintained their neutral stance on Tuesday. Having bounced from 1160 the precious metal jumped to 1170. The pair stayed confined within a tight trading range between 1170-1175 dollars per ounce during the day. XAU/USD remained below the moving averages in the 4 hours chart. All moving averages pointed lower. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. RSI remained within neutral territory.

Trading recommendations

We would be selling the pair only if the price drops below 1170. In this scenario the potential target is at 1160 dollars per ounce.

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Brent

General overview

Oil prices moved lower on profit taking after a strong last week rally. Traders focused their attention on how OPEC will implement its deal to cut output.

Current situation

Oil prices retreated from yearly highs amid some profit-taking. The price moved lower and broke 54.50 dollars per barrel post-Europe open. After breaking the level the benchmark extended its losses towards 53.50 which tested ahead of the NA opening. The price hovered above the moving averages in the 4 hours chart. The 200 EMA was neutral while the 50 and 100 EMAs maintained their bullish slope. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought levels and moved downwards.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator was holding near overvalued level and headed south.

Trading recommendations

If a gloomy trend retains Brent will break 53.50 in the upcoming sessions. Having overcome the first target the price might advance towards 52.50 and 51.50 dollars per barrel.

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DAX

General overview

European stocks opened flat experiencing pressure amid oil prices decline.

Current situation

The index gapped lower at the open on Tuesday. The price slightly weakened after the gap and posted the daily lowest point at 10661. DAX reversed its direction at the beginning of the European session. Prices strengthened above 10700 and set a daily high 10751. The 4 hours chart showed that the price is above the moving averages. All moving averages were neutral during the day. The resistance exists at 10800, the support stands at 10700.

MACD traded to the upside. The RSI indicator remains within overvalued readings.

Trading recommendations

If the price fixates below the support 10700, it may continue the downward trend in the short term. The potential targets are 10600 and 10650. A move higher will keep buyers’ in the driver’s seat and will extend gains towards 10750.

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NASDAQ

General overview

Wall Street opened lower on Tuesday as energy stocks weighed on. NASDAQ got some support in early trades from technology shares growth.

Current situation

The index showed mixed trades on Tuesday. NASADAQ made slightly higher in the early trades trying to reclaim 4800. The upward impetus lost its strength around the level. Having faced a rejection here the index moved lower and returned to the opening price. The benchmark remained under pressure during the NY hours struggling hard to break 4770. The price tested 200 EMA but failed to break it in the 4 hours chart. The 200 and 50 EMAs pointed lower while the 100 EMA was neutral. The resistance is at 4800, the support comes in at 4770.

MACD grew which indicates the sellers’ positions weakening. The RSI was within the neutral area.

Trading recommendations

We suppose the NASDAQ index will turn lower. As the most probable scenario, we consider a break below 4770 and bearishness extension towards 4740 and 4710.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014

"Fort Financial Services"- fundamental and technical analysis.

08.12.2016

Euro

General overview

Markets stayed unmoved yesterday anticipating European Central Bank’s policy meeting.

Current situation

The euro opened green against the dollar on Wednesday. However, the single currency was not able to reverse all its losses it had suffered the other day. The trades were low volatile during the European session amid lack of market movers. The EUR/USD pair spent the first part of the day above 1.0700. According to the 4 hours chart the price stayed below the 200-EMA. The 200 and the 100-EMAs pointed lower, while the 50 EMA moved higher and touched the 100-EMA. The resistance is at 1.0750, the support comes in at 1.0700.

MACD remained within the positive territory. The RSI indicator remained within overvalued readings.

Trading recommendations

The level 1.0750 seems the next probable bullish target. A cut through here will turn attention to the 1.0800 level.

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Pound

General overview

The pound weakened following the downbeat data: Manufacturing and Industrial production reports came in worse-than-expected.

Current situation

The pound extended its downward correction on Wednesday. After a brief consolidation around 1.2670 the sterling dropped lower and tested the 1.2600 handle ahead of the Europe open. Sellers met a barrier around the 1.26 region where they took a pause gaining strength to break lower. The price fell and tested the 50 EMA in the 4 hours chart. The 50, 100 and 200 moving averages kept heading higher. The resistance lies at 1.2700, the support comes in at 1.2600.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 1.2500.

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Yen

General overview

The lack of market movers and a strong dollar kept weighing on the yen holding it around multi-month lows.

Current situation

The bullish market structure remained intact on Wednesday. After hitting 10-month high at 114.82 the pair had been showing non-volatile trades trying to stabilize above the 114.00 handle. The 4 hours chart showed that the price bounced off the 50 EMA upwards. All moving maintained their bullish slope. The resistance is highlighted at 115.00, the support comes in at 114.00.

MACD histogram decreased, but remained in the positive territory. RSI indicator was neutral.

Trading recommendations

The pair now seems to be heading towards its immediate resistance near 115.00. Alternatively, we will place sell orders if the USDJPY does a breakout at the level of 114.00.

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NZD/USD

General overview

Reserve Bank governor Graeme Wheeler provided no significant surprise in his speech in a parliament. Meanwhile the NZD edged lower amid dairy prices growth.

Current situation

From a technical point of view the NZD/USD pair remained neutral. After a short-lived sell-off on Tuesday the NZD tried to correct on Wednesday. The pair found a solid support around 0.7100 and bounced off the level reversing the major part of its previous losses. The kiwi recovery was stopped around 0.7140 in the mid-Europe session. The price grew and tested the 200 EMA in the 4 hours chart. The 50 EMA crossed the 100 EMA upwards. The 100 and 200 EMAs were neutral, the 50-EMA pointed higher. The resistance is at 0.7150, the support comes in at 0.7100.

The MACD histogram grew which indicates buyers’ strength. RSI went upwards which confirms the strength of buyers.

Trading recommendations

A break above 0.7150 risks a growth towards the resistance at 0.7200. Should this mark be reached successfully, a further extension towards 0.7250 could be observed further.

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XAU/USD

General overview

Gold moved higher on Wednesday. Still its gains were limited by a strong dollar which was supported by expectations for a rate hike by the Fed next week.

Current situation

Gold attempted to recover on Wednesday albeit remained around 10-month low. The price recovered from 1165 and was able to break 1170 post-Europe open. However, the upward impetus stalled at 1178 where the pair spent the rest of the European session. The price grew and tested the 50-EMA in the 4 hours chart. The 50, 100 and 200 EMA maintained their bearish slope. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD traded to the upside. RSI remained within neutral territory.

Trading recommendations

We expect the yellow metal further weakness. A break below 1170 will suggest further weakness towards 1160 dollars per ounce.

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Brent

General overview

Oil prices stabilized on Wednesday still markets are full of doubts that the OPEC deal will end global oversupply.

Current situation

From a technical point of view Brent stayed in the green despite its recent weakness. Oil prices recovered some losses in the European session. The benchmark found a firm support around the 53.50 handle and bounced off the level. The price moved higher and posting the daily high at 54.18. The price turned lower ahead of the NY session. According to the 4 hours chart the price hovered above the 50, 100 and 200 moving averages. The 200 EMA was neutral while the 50 and the 100 EMAs pointed higher. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

The MACD histogram decreased which is a sell signal. The RSI headed downwards which confirmed the strength of sellers.

Trading recommendations

We would be selling Brent oil if the price drops below 53.50. After breaking the level traders may push prices to 52.50 and 51.50.

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DAX

General overview

European stocks traded higher on Wednesday amid mining and financial sectors growth.

Current situation

The index gapped higher at the open on Wednesday. The price extended its gains after the gap. Traders pushed prices higher and broke 10900. According to the 4 hours chart the price hovered above the moving averages. The 50, 100 and 200 EMAs were neutral in the same chart. The resistance exists at 11000, the support stands at 10900.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remained within overvalued readings.

Trading recommendations

A downtrend will start as soon, as the index drops below the support level 10900. DAX may fall on profit-taking. The benchmark may ease to 10800.

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SP500

General overview

Wall Street opened flat on Wednesday. Traders took wait-and-see position ahead of the ECB meeting.

Current situation

The index traded lower on Wednesday. The price rallied at the daily open. After refreshing weekly high at 2213 the price reversed its direction and dropped to 2207. The price continued moving lower during the NY session. The 4 hours chart showed that the price continued developing well above the moving averages. The 200 EMA was neutral, while the 100 EMA and 50 EMAs pointed higher. The resistance is at 2220, the support comes in at 2200.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. The RSI indicator remained within overvalued readings.

Trading recommendations

We recommend going short with the first target – 2200. When the price consolidates below the first target, the benchmark may go to the level 2180.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

09.12.2016


Euro

General overview

The ECB left its key interest rates unchanged and extended QE program till April 2017.

Current situation

The euro traded mixed on Thursday. EUR/USD extended its vertical rise and broke 1.0750 in yearly trades. The pair kept on growing after that and tested the level 1.0800 in the European session. The level did not stop buyers which pushed prices higher towards 1.0850. However, the pair unexpectedly reversed it direction ahead of the NY opening. The common European currency bounced from 1.0850 and dropped towards 1.0650 during the US hours. The price bounced off the 200 EMA in the 4 hours chart. The 50 EMA crossed the 100-EMA upwards. The 200 and the 100 EMAs maintained their bearish slope while the 50-EMA pointed higher. The resistance is at 1.0650, the support comes in at 1.0600.

The MACD histogram decreased which indicates the sellers’ strength. RSI bounced off the overbought area and headed south.

Trading recommendations

A move below 1.0700 will neutralize our medium term positive outlook. The EUR/USD pair may decline to 1.0550.

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Pound

General overview

Positive Housing Price Balance for November supported the pound. Moreover, the UK currency took advantage of a weaker dollar and continued with a recovery.

Current situation

The bullish market structure remained in place yesterday. The pound returned to a growth and reversed some of its losses which it had suffered early in the week. GBP/USD pushed away from 1.2600 in Asian session and tested the level 1.2700 at the Europe opening continuing its upward trajectory afterwards. The level 1.2700 appeared to be a firm barrier to break. Prices bounced off the level and moved south erasing all daily gains. From a technical point of view the pound bounced off the 50-EMA in the 4 hours chart. The 50, 100 and 200 EMAs maintained their bullish slope. The resistance lies at 1.2600, the support comes in at 1.2500.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved downside.

Trading recommendations

After breaking 1.2700 the level 1.2800 will come back to the radar. However, inability to climb higher will ease the upward pressure and may send this market to test 1.26 and 1.2550.

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Yen

General overview

The yen weakened versus the US dollar amid a negative GDP in the country. Buying pressure around the dollar after the ECB left unchanged its monetary policy sent the pair upwards.

Current situation

The USD/JPY traded mixed on Thursday. Sellers pushed the price lower and tested the level 113.00 in the Asian session. After touching 113.00 prices rolled back and spent the European session hovering above the level. A fresh buying interest drove prices upwards in the North American session. The dollar broke 114.00б but failed to extend its gains to 115.00. The 4 hours chart showed that the price bounced off the 50-EMA. The moving averages maintained their bullish slope. The resistance is highlighted at 115.00, the support comes in at 114.00.

The MACD histogram grew which indicates buyers’ strength. RSI moved upwards.

Trading recommendations

All eyes are right now at the resistance level 114.00. A cut through here will turn attention to the 115.00 mark.

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USD/CAD

General overview

The Canadian dollar ignored positive New Housing Price Index and Building Permits released and edged lower on the back of a growing US dollar.

Current situation

The USD/CAD continued to advance south on Thursday. After breaking the level 1.3260 the US dollar extended its losses towards 1.3190. The price stopped a few pips above the level and started a consolidation phase. The price continued developing well below the moving averages in the 4 hours chart. The 50 and 100 EMAs crossed the 200 EMA downwards. The 200 EMA was neutral while the 50 and 100 EMAs pointed lower. The resistance is at 1.3260, the support comes in at 1.3190.

MACD traded to the downside. The RSI indicator remained within oversold readings.

Trading recommendations

The market may become bullish if the USD/CAD pair consolidates above 1.3250.

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XAU/USD

General overview

Gold moved lower after the ECB meeting on Thursday. The European regulator decision to leave its policy unchanged boosted the US dollar buying interest, thus weakening gold prices.

Current situation

Gold traded in a familiar range between 1175 and 1180 on Thursday. The price gapped higher at the open and moved higher from the lower band of the range. Buying interest faded around the level 1180 dollars per ounce which rejected prices downwards. The precious metal rolled back and stayed in the middle of the range before NY opening. According to the 4 hours chart the price tested and immediately bounced off the 50-EMA. The 50, 100 and 200 EMAs kept heading lower. The resistance exists at 1180, the support stands at 1170 dollars per ounce.

MACD traded to the downside. RSI remained within neutral territory.

Trading recommendations

We will stay neutral while the XAU/USD pair remains in the current range.

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Brent

General overview

Oil prices ignored bigger-than expected drop in the US stockpiles. Prices remained stable, however, traders doubt that the recent OPEC deal will be enough to balance the market.

Current situation

After an Asian consolidation oil prices moved higher on Thursday. The price slightly grew and reversed the minor part of its losses. The benchmark approached 53.50 post-Europe open. The price stayed below the 50 and 100 EMAs in the 1 hour chart. The 200 EMA headed higher, the 100-EMA was neutral while the 50 maintained its bearish slope in the same chart. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI was neutral.

Trading recommendations

A close above 53.50 may generate fresh bullish signal for further advance, which could extend to multi-month peaks at 55.50. If the benchmark stays below the level it may extend its bearish pressure towards 51.50.

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DAX

General overview

European stocks hit three-month high on Thursday amid cautious ECB plans to extend its QE program.

Current situation

Market’s positive mood persisted on Thursday. DAX continued moving higher yesterday. The benchmark broke 11100 and extended its buying trajectory towards 11200 where the upward impetus faded. The 4 hours chart showed that the price continued developing well above the moving averages. All moving averages turned higher. The resistance exists at 11200, the support stands at 11100.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remains within overvalued readings.

Trading recommendations

After a close above the resistance at 11100 the price may extend its growth to 11200.

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NASDAQ

General overview

As expected the ECB left its policy unchanged. The regulator's decision supported the US shares. Moreover the positive US labor market data fueled shares buying momentum.

Current situation

The index spent the day in a consolidation range hovering above 4835. Traders tried to reclaim the 4865 but failed. The price just touched the level and rolled back to the opening prices. According the 4 hours chart the price was above the moving averages. The 50 and the 200 EMAs were neutral, while the 100-EMA pointed higher and crossed the 50-EMA upwards. The resistance is at 4865, the support comes in at 4835.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator remained within overvalued readings.

Trading recommendations

We hold the view that NASDAQ will struggle to climb north above 4865. A daily close above the level risks growth towards 4900.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

12.12.2016

Euro

General overview

The dollar strengthened after the ECB meeting when the regulator decided to leave its monetary policy unchanged.

Current situation

The euro's weakness is back. The single European currency dropped from fresh monthly highs and erased all its previous gains. The EUR/USD pair continued moving south on Friday. Sellers broke the level 1.0600 and drove prices lower advancing towards 1.0550 in the European session. The pair broke the level during the NY hours. According to the 4 hours chart the price bounced off the 200 EMA downwards. The pair broke the 50 and 100 EMAs and continued developing well below the moving averages. The 200 and the 100 EMAs maintained their bearish slope while the 50 EMA turned neutral. The resistance is at 1.0600, the support comes in at 1.0550.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI indicator remained within oversold readings.

Trading recommendations

If the price fixates below the support 1.0600, it may continue its downward trend in the short term. The sellers’ potential targets are 1.0550 and 1.0500.

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Pound

General overview

The pound strengthened amid positive Goods Trade Balance and Total Trade Balance on Friday.

Current situation

The pound recovered some ground in early trades on Friday. Buyers moved prices upwards and tested the level 1.2600 in the mid-Europe session. After testing the level the upward impetus faded and the sterling rolled back below the level. The 4 hours chart showed that the GBP/USD bounced off the 50 EMA. All moving averages maintained their bullish slope. The resistance lies at 1.2600, the support comes in at 1.2500.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI was neutral.

Trading recommendations

A break below 1.2600 will suggest a further weakness of the GBPUSD pair. After the break sellers may lead prices to 1.2500.

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Yen

General overview

The yen weakened versus the US dollar amid the US treasury yields strengthening which increased the dollar demand.

Current situation

The pair had a positive day on Friday. The dollar extended its near-term upward trajectory. A fresh buying interest helped bulls to overcome 114.00. After breaking the level the pair extended its gains and headed towards 115.00. The USD/JPY broke the level in the New York session. The price bounced from the 50 EMA upwards in the 4 hours chart. The moving averages kept heading higher in the mentioned timeframe. The resistance is highlighted at 115.00, the support comes in at 114.00.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

A break above 115.00 risks a growth towards the resistance at 116.00. Should this mark be reached successfully, a further extension towards 117.00 could be observed further.

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AUD/USD

General overview


The Australian dollar traded mixed amid Australian and Chinese data. Home Loans figures decreased in Australian and Chinese PMI came in better-than-expected.

Current situation

AUD/USD traded higher during the European hours on Friday. However, a short-lived rally lost its strength around 0.7500. The level appeared to be a strong barrier and rejected prices downwards. The Aussie bounced off the level 0.7500 and moved towards 0.7450. The price bounced off the 50 EMA and headed to the 200 EMA where it faced a downward rejection. The 200 and the 100 EMAs pointed lower while the 50 EMA was neutral. The resistance is at 0.7500, the support comes in at 0.7450.

MACD traded to the downside. The RSI indicator remained within neutral readings.

Trading recommendations


If the AUD/USD pair failed to extend its gains, bulls will retreat as well. A bounce from 0.7500 may lead to a fresh weakness towards 0.7450. A move lower will extend sellers’ gains towards 0.7350.

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XAU/USD


General overview

Gold weakened on the back of a dollar strengthening after the ECB's desicion on Thursday. The US treasury yields growth weighed on the precious metal as well.

Current situation


Gold prices remained in a descending channel. Gold traded lower and touched the lower limit of the downward channel on Friday. The level 1160 dollars per ounce appeared to be a tough nut to break. The level rejected prices three times before. The price bounced from the 50-EMA and continued developing well below the moving averages in the 4 hours chart. All moving averages pointed lower. The resistance exists at 1170, the support stands at 1160 dollars per ounce.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI moved downwards.

Trading recommendations

If the price fixates below the support 1170, it may continue the downward trend in the short term. The potential sellers’ targets are 1150 and 1140 dollars per ounce.

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Brent

General overview

Oil prices kept growing on Friday ahead of the weekend's conference of OPEC and non-OPEC oil producing countries.

Current situation

Brent extended its bounce off a correction low at 52.79 dollars per barrel on Friday. After breaking the level 53.50 buyers extended their gains and tested 54.50. Brent oil prices erased almost all its losses which it had suffered on Monday. The price was above the moving averages in the 4 hours chart. The 200 EMA remained neutral while the 50 and the 100 EMAs pointed higher. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

The MACD histogram grew which confirmed buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

A break above 54.50 will open the way towards 55.50. A failure here will send markets to 52.50 dollars per barrel.

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DAX

General overview

European stocks edged higher getting support from the health care sector on Friday. The ECB's latest policy decision supported European shares as well.

Current situation

The index gapped lower at the daily open. However the downward impetus did not have legs, the price changed its direction and continued to advance north. Traders broke 11200 and refreshed multi-month highs at 11237. According to the 4 hours chart the price continued hovered above the moving averages. The 50, 100 and 200 EMAs turned higher in the mentioned timeframe. The resistance exists at 11300, the support stands at 11200.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remains within overvalued readings.

Trading recommendations

The overall outlook remains bullish, for rise towards 11300 resistance area.

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S&P500

General overview

Wall Street traded higher amid Healthcare and Technology shares growth.

Current situation

The index maintained its strong bid tone and set new all-time highs on Friday. The price pushed away from 2240 and climbed to 2260 in the NA session. The price continued developing well above the moving averages in the 4 hours chart. The moving averages kept heading higher. The resistance is at 2260, the support comes in at 2240.

MACD traded to the upside. The RSI indicator remained within overvalued readings.

Trading recommendations

If buyers keep control the S&P500 will break 2260. A daily close above the level will risk 2280.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

13.12.2016

Euro

General overview

The euro strengthened amid a dollar weakness and risk-off sentiment in the market. Traders took wait-and-see mode ahead of the Fed meeting on Wednesday.

Current situation

Technically, the pair remained towards the downside on Monday. The price bounced from 1.0525 and rallied towards 1.0600. Buyers broke the level and extended their recovery towards 1.0650. The 4 hours chart showed that the price tested the 100-EMA. Meanwhile, the moving averages maintained their bearish slope. The resistance is at 1.0650, the support comes in at 1.0600.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator entered the neutral territory.

Trading recommendations

If a bearish tone prevails we would be selling the pair when the price drops below 1.0600. Sellers may lead prices towards 1.0500. Meanwhile, the euro may continue with its recovery if its stays above 1.0600.

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Pound

General overview

The dollar weakened across the board. Still, the greenback stays at recent highs amid the 100% confidence that the FED will hike the rates.

Current situation

The pound remained weak against the US dollar, but found sufficient support around 1.2600 handle which limited its downside volatility. We believe some buying interest exists around 1.2550 region. Buyers made an attempt to recover and broke the level 1.26 but failed to extend their gains and hovered above the broken level till the NY opening. The price tested the 50-EMA in the 4 hours chart. The price remained between the 50 and the 100 EMAs in the same chart. All moving averages maintained their bullish slope. The resistance lies at 1.2700, the support comes in at 1.2600.

MACD remained at the same level which confirms the strength of sellers. RSI headed upwards.

Trading recommendations

If the price fixates below the support 1.2600, it may continue the downward trend in the short term. The sellers’ potential targets are 1.2500 and 1.2400.

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Yen

General overview

The risk-on sentiment amid OPEC oil output deal and the firm expectations of the Fed rate-hike action weighed on the safe-heaven yen on Monday. Even the upbeat Machinery Order in Japan did little to support the national currency.

Current situation

The USD/JPY maintained its bid tone on Monday. The price bounced from 116.00 and returned to the 115.00 handle region. According to the 4 hours chart the price hovered above the moving averages which kept heading higher. The resistance is highlighted at 116.00, the support comes in at 115.00.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remains within overvalued readings.

Trading recommendations

All eyes are right now at the resistance level 116.00. A cut through here will turn attention to the 117.00 level.

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NZD/USD

General overview

The NZD strengthened after Bill English was sworn in as New-Zealand's new Prime Minister. The new assignment eased the political fears in the country. Moreover oil output OPEC deal boosted the investors' sentiment and helped the New Zealand dollar to recover.

Current situation

After posting a session low at 0.7115 the New Zealand dollar grew reversing its early losses. Traders broke the level 0.7150 in early trades and headed towards 0.72 which tested in the NA session. The 4 hours chart showed that the price bounced off the 50 EMA and broke 200 EMA upwards. The 200 and 50 EMAs were neutral while the 100 EMA pointed higher. The resistance is at 0.7200, the support comes in at 0.7150.

MACD traded to the upside. RSI moved towards overbought readings.

Trading recommendations

If the price overcomes 0.72 and fixates above 0.7220 we will neutralize our medium term negative outlook. The NZD may extend its gains to 0.7250. A failure here will put on hold bulls’ plans. In this scenario the price may return to 0.71.

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XAU/USD

General overview

Gold stayed around 10-month low as upcoming Fed decision regarding the rate-hike kept on weighing.

Current situation

Gold prices continued to move lower in the yearly trades on Monday. Having posted the session low at 1150 dollars per ounce the price reversed the minor part of its losses. The XAU/USD broke 1160 at the start of the NY session and advanced higher. The price continued developing well below the moving averages in the 4 hours chart. The moving averages maintained their bearish slope. The resistance exists at 1170, the support stands at 1160 dollars per ounce.

MACD entered the negative area. If MACD remains within the negative readings, sellers’ positions will strengthen. The RSI indicator remained within oversold readings.

Trading recommendations

The technical picture presents a bearish tone. We suppose the price will go to 1150 first. Having overcome the first target the yellow metal might advance towards 1140 dollars per ounce.

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Brent

General overview

Oil prices grew after OPEC and non-OPEC members reached an agreement to cut oil production on Saturday.

Current situation

Oil prices kept the ongoing rally intact on Monday and posted fresh multi-month highs at 57.24 dollars per barrel. The price faced some downward rejection around 57.50 and rolled back after touching the level. Brent prices moved lower and spent the European hours and the start of the NY session around 56.50. The benchmark hovered above the moving averages in the 4 hours chart. The 200 EMA was neutral while the 50 and the 100 EMAs maintained their bullish slopes. The resistance lies at 57.50, the support comes in at 56.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator held within overvalued readings.

Trading recommendations

An uptrend will start as soon, as the price fixates above the support level 56.50 dollars per barrel. As the most probable scenario, we consider further moving upwards towards the levels 57.50 and 58.50. However, the benchmark is overbought and we expect some profit taking action which may reduce pace of the rally. Brent oil prices may return to the 54.50 region.

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DAX

General overview

European shares traded mixed on Monday amid oil prices rally and the news that Monte dei Paschi bank got the EU approval for restructuring.

Current situation

DAX kept its upbeat tone unchanged flirting with 11200 resistance. An attempt to extend gains in the early trades faded above 11200 when the prices faced a selling pressure and dropped below the level. The benchmark made another attempt to regain the level during the American session. The price continued developing well above the moving averages in the 4 hours chart. The moving averages pointed higher in the mentioned timeframe. The resistance exists at 11200, the support stands at 11100.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator remained within overvalued readings.

Trading recommendations

The technical picture presents a bullish tone, for rise towards 11300 resistance area.

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NASDAQ

General overview

DAX recorded fresh highs on Monday while NASDAQ traded lower. Wall Street held still ahead of the Fed meeting this Wednesday.

Current situation

NASDAQ Composited opened lower and surged to 4865 post-Asia open. Sellers met a barrier in the 4865 region which made prices slightly roll back after touching the handle. According to the 4 hours chart the price hovered above the moving averages. The 50 and the 200 EMAs were neutral while the 100 EMA pointed higher. The resistance is at 4900, the support comes in at 4865.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator remained within overvalued readings.

Trading recommendations

The technical picture presents a bullish tone. A close above 4865 will extend gains towards 4900.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

14.12.2016

Euro

General overview

The euro weakened amid unchanged Economic Sentiment in Germany as investors expected its growth.

Current situation

From a technical point of view the sentiment remained bearish on Tuesday. The pair is still inside of a descending channel pattern. The euro maintained its softer tone, but hovered above 1.0600 support. Sellers seem to be gaining more overall control as the dollar was able to recover some of its Monday's sharp losses. The greenback retreated from weekly highs and tried to break 1.0600 handle during the day. The pair failed to reclaim the level and bounced off it ahead of the NY opening. The price bounced off the100 EMA downwards in the 4 hours chart. The 200 EMA pointed lower while the 50 and the 100 EMA were flat. The resistance is at 1.0650, the support comes in at 1.0600.

MACD traded to the downside. The RSI indicator was neutral.

Trading recommendations


The downtrend is likely to continue. We suppose the pair will go to 1.0600 first. Having overcome the first target the price might advance towards 1.0550 and 1.0500.

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Pound

General overview

The pound strengthened on better than expected Consumer Price Index. Retail Price Index came in better than expected as well while PPI disappointed investors.

Current situation

The British currency has been trading bullish this week. After retaking the major 1.26 handle the pound extended its advance to fresh 1-week highs at 1.27. Buyers met sellers’ resistance around the level and struggled hard to break it through. The 4 hours chart showed that the price bounced off the 100 EMA and broke the 50 EMA. All moving averages maintained their bullish slope. The resistance lies at 1.2700, the support comes in at 1.2600.

The MACD histogram grew which indicates buyers’ strength. RSI remained within overvalued readings.

Trading recommendations

If the current positive tone persists the pound has the potential to reach 1.2740. Conversely, a decline below 1.2650 will deny chances of an upward extension. As the most probable scenario, we expect a decline towards the 1.2600 handle.

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Yen

General overview

The US and Japanese calendars were empty. Markets wait for the Fed’s meeting results expecting to hear confirmations about the rate-hike action by the Fed.

Current situation

The four-week up-trend remained intact on Tuesday. Despite the overall positive sentiment bears still managed to push the pair lower on Monday. The dollar paused its strong uptrend after finding resistance in the 116.00 area. The USD/JPY pair retreated to its immediate support 115.00 region where stayed during the day on Tuesday. According to the 4 hours chart the price continued developing well above the moving averages. The 50, 100 and 200 EMAs maintained their bullish slope. The resistance is highlighted at 116.00, the support comes in at 115.00.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator left overvalued readings.

Trading recommendations

The bullish market structure remains in place and the trend is not expected to change. Nevertheless we expect a pullback or consolidation in the short term. All eyes are right now at the resistance level 116.00. A cut through here will turn attention to the 117.00 level.

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USD/CAD

General overview

The recent oil prices rally supported the Canadian dollar while the US dollar showed choppy trades.

Current situation

The bearish downward structure from November highs remained in place on Tuesday. The price traded around the lower limit of the downward channel. The US dollar seems to have found quite decent support around 1.3100 after five consecutive sessions with losses. The pair spent the European session in a tight range trying hard to retake the level. Sellers managed to break the level ahead of the NY session. The price continued developing well below the moving averages in the 4 hours chart. The moving averages pointed lower. The resistance is at 1.3120, the support comes in at 1.3050.

MACD traded to the downside. The RSI indicator remained within oversold readings.

Trading recommendations

A break below 1.3120 will strengthen sellers’ positions who may extend their gains to 1.3070 -1.3050. Meanwhile, an uptrend will start as soon, as the pair rises above the resistance level 1.3120.

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XAU/USD

General overview

Gold prices returned to a downside expecting the FOMC decision over the rate hike. The chances that the Fed will change its rates are high weighing on the yellow metal.

Current situation

Gold traded lower in the Asian session on Tuesday. The price reversed its direction after finding a solid barrier at 1157 post-Europe open. The price climbed above 1160 dollars per ounce reversing a minor part of its recent losses. The upward impetus lost its strength above the just broken level. The price rolled back to 1160 at the start of the NY session. The price remained below the moving averages which all pointed lower in the 4 hours chart. The resistance exists at 1170, the support stands at 1160 dollars per ounce.

MACD traded to the downside. The RSI indicator remained within oversold readings.

Trading recommendations

XAU/USD needs to regain at least the 1170 zone to ease the immediate bearish pressure. However we do not believe it is going to happen. We assume the price will break 1160 handle and will test 1150 dollars per ounce again in the short-term.

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Brent

General overview

The oil prices rally exhausted on Tuesday as investors doubt the recent OPEC agreement will be enough to reduce oil glut. Oil price slightly grew while awaiting fresh weekly crude stockpiles report.

Current situation

After a roll back to 55.50 oil prices stabilized in Europe. Brent bounced from the level, however, the recovery lost steam around 56.50. Brent oil prices softened and broke 55.50 in the North American session. The price declined and returned to the session lows. The benchmark hovered above the moving averages in the 4 hours chart. The 200 EMA remained flat while the 50 and the 100 EMAs maintained their bullish slope. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator left overvalued readings.

Trading recommendations

If the price fixates below the support 55.50, it may continue the downward trend in the short term. The potential targets are 54.50 and 53.50.

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DAX

General overview

European stocks edged higher as strong Chinese data and upbeat corporate earnings report boosted a risk-on sentiment.

Current situation

Bulls continued to dominate on Tuesday. DAX extended its gains when after the 11200 level break moved to 11300. The benchmark tested the level 11300 in the NY session. The index failed to break the level at once and rolled back after its test. The 4 hours chart showed that the price hovered above the 50, 100 and 200 EMAs. The moving averages pointed higher. The resistance exists at 11300, the support stands at 11200.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remained within overvalued readings.

Trading recommendations

A move below the current support would suggest a resumption of the downward movement. As the most probable scenario, we consider further easing towards the level at 11100.

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SP500

General overview

Wall Street edged higher on Tuesday amid the FOMC meeting start. Investors are waiting for the Fed results and expected rate-hike.

Current situation

The index strengthened further on Tuesday, sending prices to fresh all-time highs. After trading in a tight range during the Asia and early Europe the benchmark made attempts to reclaim 2260 in the NY session. S&P500 pierced the level and set a daily high at 2273 in the beginning of the US session. The price continued developing well above the moving averages in the 4 hours chart. The moving averages maintained their bullish slope. The resistance is at 2260, the support comes in at 2240.

MACD grew which indicates the buyers’ positions strengthening. The RSI indicator remained within overvalued readings.

Trading recommendations

If we see a close above 2260 we will keep buying. As the most probable scenario, we consider further moving upwards to 2300.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

15.12.2016

Euro

General overview

Euro traded mixed versus the US dollar as traders remained cautious ahead of the FOMC meeting yesterday. We wait for Germany Manufacturing PMI from Markit later the day.

Current situation

The EUR/USD pair opened Wednesday’s session on a bullish note. Traders pushed prices to the 1.0650 level in the early trades but failed to regain it. A fresh bout of selling pressure returned prices to 1.0600. The pair continued trading flat staying in the tight range during the European session and made an attempt to grow in the NY session. The 4 hours chart showed that the price tested the 50 and the 100 EMAs. The EUR/USD continued staying well below the moving averages in the mentioned timeframe. The 200 EMA pointed lower while the 50 and the 100 EMA were neutral. The resistance is at 1.0650, the support comes in at 1.0600.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI indicator was neutral.

Trading recommendations

The euro is likely to break below 1.0500 and aim towards 1.0450 region. Meantime, a daily close above 1.0650 may prolong buying interest to 1.0700.

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Pound

General overview

The pound showed mixed trades on Wednesday. The price went up and down amid the EUR/GBP cross activity and upbeat Unemployment data in the country. Moreover the dollar softened amid weak U.S Retail Sales. Today we expect the BoE decision regarding the rate and minutes publication right after that.

Current situation

Bullish market sentiment remained unchanged on Wednesday. However, a lack of upward momentum together with a fresh selling interest sent prices below the recent high at 1.27. The pound moved lower in the early trades and stopped around the 1.2650 mark in the mid-Europe session. However, bulls were able to reverse their losses and returned prices to the session highs to the 1.27 region. The price bounced off the 50 EMA in the Europe session in the 4 hours chart. All moving averages pointed higher in the same chart. The resistance lies at 1.2700, the support comes in at 1.2600.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

We would be selling the pair only if the price drops below 1.2600. The potential sellers’ target is the 1.2500 handle. Otherwise, we will keep buying towards 1.2770.

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Yen

General overview

The BoJ published better-than-expected Tankan Large Manufacturing index on Wednesday and Foreign bond investment in early trades on Thursday.

Current situation

The pair traded in extended narrow consolidation under fresh high at 116.11 on Wednesday. The US dollar was unmoved staying in a tight range during the day. The 4 hours chart showed that the price hovered above the moving averages. The 50, 100 and 200 EMAs pointed higher. The resistance is highlighted at 116.00, the support comes in at 115.00.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought readings and headed south.

Trading recommendations

A fresh buying interest will send the USD/JPY pair towards the recent highs at 116.11. A cut here will open the way towards 116.50. We do not rule out a pull back to 114.00.

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AUD/USD

General overview

The Australian Consumer Confidence index has showed downbeat results since April 2016 which is now welcome news for the Australian dollar.

Current situation

Market’s positive mood persisted on Wednesday. The Australian dollar extended its gains continuing advancing north during the Asian and European sessions. The AUD/USD pair broke the level 0.75 and headed towards 0.7520 in the mid-Europe session. According to the 4 hours chart the price tested the 200 EMA post-Europe open. The AUD continued developing well above the 50 and the 100 EMAs which pointed higher. The 200 EMA pointed lower in the same chart. The resistance is at 0.7550, the support comes in at 0.7500.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within the overbought levels.

Trading recommendations

Sustained break above 0.7500 region is seen as minimum requirement needed to confirm bullish resumption. In this scenario, buyers may lead prices towards 0.7550. Otherwise, a fresh selling interest will return the pair below 0.75.

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XAU/USD

General overview

Gold strengthened on Wednesday as investors were in a wait-and-see mode ahead of the Fed’s meeting results publication.

Current situation

Gold prices maintained their bearish market structure on Wednesday. The yellow metal showed a minor recovery bounce and traded with minor gains. Bulls broke the level 1160 dollars per ounce and posted a session high above it. However, they were unable to push prices higher than 1165 during the European hours. The precious metal continued developing well below the moving averages in the 4 hours chart. The moving averages maintained their bearish slope. The resistance exists at 1170, the support stands at 1160 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers. RSI left the oversold readings and moved to the neutral area.

Trading recommendations

A bearish tone prevails in the 4 hours chart. If the price fixates below the 1160 handle, Gold may continue a downward trend in the short term. The sellers’ potential targets are the marks 1150 and 1140 dollars per ounce.

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Brent

General overview

Oil prices weakened after bearish API crude stockpiles report. Brent oil prices extended losses during the day ahead of EIA inventory data and Fed meeting results.

Current situation

Oil markets traded in the red on Wednesday. Brent futures gave up their latest gains for the first time in 4 days. Prices broke 55.50 and extended losses on yesterday’s trades. After posting a session low at 54.70 the benchmark started a consolidation phase and hovered above 54.50 till the late US session. The price continued developing well above the moving averages in the 4 hours chart. The 200 EMA was neutral while the 50 and the 100 EMAs kept heading higher. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI moved away from overvalued levels.

Trading recommendations

We suppose the benchmark will go to 54.50 first. Having overcome the first target the price might advance towards 53.50. Conversely, Brent will break 55.50 and will extend its upward trajectory to 56.50.

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DAX

General overview

DAX edged lower as traders stayed away from trading awaiting for the FOMC meeting results.

Current situation

The index gapped lower at the daily open on Wednesday. Sellers extended their gains, however, they gains were limited. The downward momentum faded at the mark 1233 where the price slightly grew. According to the 4 hours chart the price was above the moving averages which all pointed higher. The resistance exists at 11300, the support stands at 11200.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

A downtrend will start as soon, as the DAX index drops below the support level 11200. The potential sellers’ targets are 11100 and 11000.

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NASDAQ

General overview

Wall Street took a pause ahead of the Fed meeting results ignoring the mixed US data.

Current situation

NASDAQ traded mostly sideways on Wednesday. The index traded range-bound-to higher, remaining confined within a trading range around 4940 during the European session. The benchmark continued developing well above the moving averages in the 4 hours chart. The moving averages maintained their bullish slope. The resistance is at 4980, the support comes in at 4940.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels.

Trading recommendations

A downtrend will start as soon, as the benchmark drops below the support level 4940. We recommend going short with the first target – 4900. When the price consolidates below the first target it may go to the level 4865.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

16.12.2016

Euro

General overview

The euro slightly strengthened in early trades amid upbeat Eurozone Manufacturing PMI release. However, a stronger dollar did not give the single currency a chance to recover. A fresh selling interest sent buyers knock-out.

Current situation

The euro ignored oversold conditions on daily studies and continued moving lower against the background of a US dollar strengthening. The price stayed a while around 1.0500 during the Asian hours on Thursday. The pair faced further downside pressure and moved lower post-Europe open. Sellers broke 1.0500 and tested 1.0450 in the mid-Europe session. The EUR/USD pair accelerated its decline, broke the level 1.0450 and tested 1.0400 ahead of the NY opening. According to the 4 hours chart price bounced off the 50 EMA downwards. The euro moved away from the moving averages which all pointed lower. The resistance is at 1.0450, the support comes in at 1.0400.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations


The price maintained its bearish tone in the 4 hours chart. As the most probable scenario, we consider further moving downwards towards levels 1.0400 and 1.0350.

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Pound

General overview

The pound ignored UK's Retail Sales and made lower in the yearly trades. BoE's members unanimously voted to leave interest-rates and QE program unchanged.

Current situation

The bearish scenario prevailed on Thursday. Sellers extended their gains after a short pause around 1.25. A renewed selling pressure helped them to break the level and the upward trend line in the mid-Europe. The pair left the upward channel and made lower heading towards 1.24 ahead of the NY opening. The 4 hours chart showed that the price broke the 50 and the 100 EMAs downwards and tested the 200 EMA in the mid-Europe session. The 100 and the 200 EMAs maintained their bullish slope while the 50 EMA turned lower. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI indicator remained within oversold readings.

Trading recommendations

The bearish tone will persist as long as the pound remains below 1.25. If the price fixates below the 1.25 resistance, the GBP/USD pair may continue the downward trajectory in the short term. The potential sellers’ target is the 1.2400 handle.

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Yen

General overview

The Dollar successfully outperformed the yen after the Fed hiked its rates on Wednesday.

Current situation

The USD/JPY maintained its buy mode on Thursday. Buyers managed to climb over the 117.00 level reconfirming the four-week up-trend. After a short uncertainty in the yearly trades bulls pushed the price higher and broke 118.00 in the mid-Europe session. Buyers struggled to consolidate above the level the second part of the day. The price continued developing well above the moving averages in the 4 hours chart. The resistance is highlighted at 118.00, the support comes in at 117.00.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remained within overvalued readings.

Trading recommendations


A break above 118.00 suggests that a medium-term upmove will remain intact. Once we consolidate above 118.00, we think that the 119.00 level will be next.

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NZD/USD

General overview

The New Zealand dollar softened after the Fed raise its key benchmark interest-rate by 25 bps points. A strong dollar usually weighs on higher-yielding currencies - like the Kiwi.

Current situation

The kiwi sharply fell on Wednesday and extended its losses on Thursday. The downward impetus slowed down around 0.7100. However, after a brief pause sellers gathered some steam and broke below the level. The NZD continued losing its value post-Europe open and touched 0.7050 ahead of the NY opening. The 0.7050 support area appeared to be a tough nut to crack, the sellers had to give up and moved back to consolidate their gains. The 4 hours chart showed that the price broke all moving averages which remained neutral yesterday. The resistance is at 0.7100, the support comes in at 0.7050.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI indicator held within oversold readings.

Trading recommendations


After a daily close below 0.7050 we could see the pair extending down to the 0.70 region during the next days.

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XAU/USD

General overview

Gold dropped to its lowest in more than 10 months on expected reaction after US rate hike and Fed’s plans to hike rates three times in 2017.

Current situation

The bearish market structure remained in place on Thursday. After a brief pause around 1140 a fresh bout of selling pressure sent the yellow metal to fresh lows. The XAU/USD pair moved lower and tested 1130 dollars per ounce post-Europe open. The price struggled hard to break the level in the North American session. According to the 4 hours chart the price continued developing well below the moving averages. The moving averages pointed lower in the same chart. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD decreased which confirms the strength of sellers. The RSI indicator held within oversold readings.

Trading recommendations

According to technical studies the road is wide-open for further weakness. In the event that the sellers manage to force the below 1130 the price may soften to 1120 and 1110 dollars per ounce.

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Brent

General overview

Oil prices maintained a gloomy trend on Thursday's trades after the FOMC changed the rate and planned three more hikes the next year.

Current situation

Brent oil prices are about to leave the upward channel where they have been about a month. A short-lived recovery led the benchmark to 54.50 where a fresh selling interest sent prices downwards. The black oil prices sharply dropped and tested 52.50 at the start of the NY session. The price bounced off the 50 EMA in the 4 hours chart. The 50 EMA turned neutral while the 100 and the 200 EMAs maintained their bullish slope. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI moved to the downside.

Trading recommendations


We believe that this is essentially a “sell only” market at the moment. A break below 53.50 risks a decline towards the support 52.50.

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DAX


General overview

European stocks were mostly higher on Thursday getting support from the Fed’s decision to hike the rate. The corporate earnings reports support the markets as well.

Current situation

DAX maintained its bullish structure intact yesterday. Prices stayed around 11300 trying to break it through. DAX has made some significant gains this week, however, buyers seem to have run out of steam and remained flat-out during the day. The 4 hours chart showed that the price hovered above the moving averages. The moving averages maintained their bullish slope. The resistance exists at 11300, the support stands at 11200.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remained within overvalued readings.

Trading recommendations

Inability to move higher points to bulls’ weakness. Is this just a pause before a new rally or a pivot point we will see soon. A downtrend will start as soon, as the index drops below the support level 11200. A break below the level will suggest a further weakness towards 11100. On the other hand a break above will extend the benchmark gains to 11300.

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S&P500

Current situation

The index retreated from the recent highs and traded sideways on Thursday. The benchmark got under selling pressure on any up-move towards 2260. The price continued developing well above the moving averages in the 4 hours chart. The moving averages kept heading higher. The resistance is at 2260, the support comes in at 2240.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

We would be going short only if the price stays below 2260. The potential seller’s targets are 2240 and 2220.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

19.12.2016

Euro

General overview

Eurozone Trade Balance decreased in October. Export volume declined while the import volume grew after the recent euro fall.

Current situation

The euro slightly recovered on Friday. Traders were able to reverse some of the recent losses when they pushed the price to 1.0450. However, buyers failed to reclaim the level, the upward impetus faded and the price returned below the level. The 4 hours chart showed that the 50 EMA crossed the 100 EMA downwards. All moving averages pointed lower. The resistance is at 1.0450, the support comes in at 1.0400.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

A failure to break higher keeps the market under pressure and we expect further weakness. The potential sellers’ targets are 1.0400 and 1.0350.

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Pound

General overview


Last week BoE's meeting did not surprise markets. The regulator left the rate unchanged at 0.25%. The pound was able to strengthen on the back of the greenback corrective phase after its recent rally on Friday.

Current situation

The pound grew and reversed early losses on Friday. The ongoing recovery could be attributed to some profit taking from bears following last week sharp sell-off. The recovery was weak as despite the some retracement the dollar remained strong across the board. The price tested the 200 EMA in the 4 hours chart. The 100 and the 200 EMAs maintained their bullish slope while the 50 EMA pointed lower. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator remained within oversold readings.

Trading recommendations

We recommend going short with the first target - 1.2400. When the price consolidates below the first target the pair may trend to the level 1.2300. A break above 1.25 may cause a further dollar weakening. The sterling may extend its recovery to 1.2550.

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Yen

General overview

Japanese calendar lacked economic data or events on Friday. Traders’ attention was focused on today's BoJ meeting. The regulator expected to leave the rate unchanged. However, Kuroda's remarks had some effect on the yen.

Current situation

The USD/JPY pair remained in bulls' hands. The price traded around 10 month high consolidating below 118.00 on Friday. According to the 4 hours chart the price hovered above the moving averages. The moving averages maintained their bullish slope. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remained within overvalued readings.

Trading recommendations

The price maintained its bullish tone in the 4 hours chart. Once we break above 118.00, we think that the 119.00 level will be next. On the other hand a move below 117.00 may neutralize the upward pressure for a while. The pair may test 115.00 in this case.

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USD/CAD

General overview

The dollar weakened amid US housing starts decline on Friday. Oil prices upbeat data supported the Canadian dollar at the same time.

Current situation

The US dollar tried to extend its gains on Friday. Buyers led prices from 1.3330 to 1.3400 where the pair met a solid barrier and slowed down. After touching the level prices turned lower and erased their previous gains. The 4 hours chart showed that the price broke the 50 and the100 EMAs upwards and tested the 200 EMA. The 200 and the 100 EMA pointed lower while 50 EMA turned higher. The resistance is at 1.3400, the support comes in at 1.3330.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator held within overbought readings.

Trading recommendations


The pair now seems to be heading towards its immediate support at 1.3330. Once we break below it, we think that the 1.3260 level will be next. The pair is overbought and we do not rule out a correctional action towards 1.32.

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XAU/USD


General overview

Gold prices bounced off the 10-month lows, however, a roll back is expected to be limited after the Fed rate hike last week.

Current situation

Gold traded within narrow consolidation above fresh low at 1122 on Friday. Prices bounced off 1120 and advanced to the 1140 resistance region where the recovery stalled and the pair declined back to 1130 dollars per ounce. The price continued developing well below the moving averages in the 4 hours chart. The moving averages kept heading lower. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator remained within oversold readings.

Trading recommendations

A break above 1140 may extend recovery to 1150 dollars per ounce. A return below 1130 will increase bearish pressure. The price may weaken to 1120 and 1110 dollars per ounce.

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Brent

General overview

Oil prices returned to 17-month highs when oil produces stated they were ready to keep their promise to pull back on output.

Current situation

Oil prices closed the week in the green. The benchmark regained some lost footing on Friday. Brent futures broke 54.50 and extended their recovery to 55.50 dollars per barrel. The price broke the 50 EMA in the 4 hours chart. The 50 EMA remained neutral while the 100 and 200 EMAs maintained their bullish slope. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI moved to upside.

Trading recommendations

The level 55.50 dollars per barrel limits oil prices further extension. A daily close above the level risks the further recovery to 56.50 and 57.50. In the event that the sellers manage to force the below 53.50 Brent futures may weaken to 51.50 dollars per barrel.

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DAX

General overview

European stocks closed in the green as Pharmaceuticals, Chemicals and Transportation sectors led shares higher.

Current situation

DAX gapped higher at the daily open. After the gap the benchmark extended its gains and climbed above 11400. After posting a daily high at 11450 a buying pressure eased, the index returned to 11400. The price continued developing well above the moving averages in the 4 hours chart. The moving averages pointed higher. The resistance exists at 11400, the support stands at 11300.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remained within overvalued readings.

Trading recommendations


A clear strength above the current resistance will pave way for continuation of the DAX's upward trajectory towards 11500. A strong breakdown and close below 11200 could send prices lower towards 11100.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

21.12.2016

Euro

General overview

Markets ignored upbeat Producer Price in Germany following the US dollar strengthening after Yellen's hawkish remarks on Monday.

Current situation

The euro continued its decline on Tuesday. The EUR/USD attempted a brief recovery in the early trades, but lost steam slightly above 1.0400 as a renewed risk-on wave returned negative sentiment to the market. The currency pair returned below 1.0400 and advanced towards 1.0350 ahead of the NY opening. The single European currency tested the level in the NY session. The 4 hours chart showed that the price extended its decline below the moving averages which kept heading lower. The resistance is at 1.0400, the support comes in at 1.0350.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

After a daily close below 1.0350 we could see the pair extending down to the 1.0300 region during the next days. The level 1.0250 is the next sellers' possible target.

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Pound

General overview

The dollar returned control over the market amid the US policy tightening in 2017.

Current situation

The Asian recovery failed to break the 1.24 hurdle on Tuesday. After posting a daily high at 1.2408 the recovery stalled in the mid-Asia session. Trading volumes increased during the European hours and a fresh selling interest weighed on the sterling sending the currency to fresh lows towards 1.2300. The price remained below the 50, 100 and 200 EMAs in the 4 hours chart. The 50 EMA crossed the 100 EMA downwards. The 100 and the 200 EMAs were neutral while the 50 EMA pointed lower. The resistance lies at 1.2400, the support comes in at 1.2300.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 1.2200. Sellers, however, need to break the 1.23 handle first.

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Yen

General overview

The yen weakened amid the latest news from Japan. The BoJ decided to leave the policy unchanged planning to expand its monetary base until inflation exceeds 2%. Moreover, according to the regulator the Japan's economy continued its recovery.

Current situation


USD/JPY rallied on Tuesday following BOJ’s unchanged monetary policy decision. Buyers once again took over control and sent the rate back towards daily tops. Bulls drove the US dollar from 117.00 to 118.00 in the Europe session. The currency pair tested the level ahead of the NY session opening. According to the 1 hour chart the price bounced off the 100 EMA ahead of the Europe opening. The US dollar broke the 50-EMA on its way upwards and moved away from the moving averages. The 100 and the 200 EMAs kept heading higher while 50 EMA pointed lower in the same chart. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD remained at the same level which confirms the strength of buyers. RSI went upwards which confirms the strength of buyers.

Trading recommendations


In the scenario where the buyers keep control the price climbs above 118.00 and moves towards 119.00.

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NZD/USD

General overview

J.Yellen’s comments late-Monday regarding stronger jobs market, coupled with fresh expectations of Fed tightening next year supported the US dollar and weighed on higher-yielding currencies - like the Kiwi.

Current situation

The kiwi extended its bearish slide and fell below 0.6900 in the mid-Europe session on Tuesday. After breaking the level sellers extended their gains towards 0.6850. The price traded below the moving averages in the 4 hours chart. The 50 EMA crossed the 200 and the 100 EMAs downwards. All moving averages maintained their bearish slope. The resistance is at 0.6900, the support comes in at 0.6850.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

After breaking 0.6900 the NZD/USD pair will go to 0.6850 first. Having overcome the first target the price might advance towards 0.6800.

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XAU/USD

General overview

Gold weakened on Tuesday amid reinforced expectations over the Fed further policy tightening and regulators plans to hike the rate three more times in 2017.

Current situation

A fresh risk-on sentiment helped sellers to return control. The recent minor-recovery was stopped around the 1140 hurdle. Bears took initiative and pushed the XAU/USD pair towards 1130 dollars per ounce. The 1 hour chart showed that the price bounced off the 100 EMA and broke the 50 EMA downwards. The 100 and the 200 EMAs pointed lower while the 50 EMA was neutral. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

The MACD histogram decreased which is a sell signal. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

The yellow metal seems to be battling with the 1130 support level. A break below this mark risks a decline towards 1120 and 1110 levels.

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Brent

General overview

Oil prices grew on Tuesday on expectation that OPEC will materialize its output cut deal in 2017. Traders wait for API report on weekly oil inventories in the US.

Current situation

Brent oil prices had a positive day on Tuesday. Sellers' attempt to reclaim 54.50 failed. The price bounced off the level and trended to 55.50. The benchmark broke the level in the NA session. According to the 4 hours chart the price bounced off the 50 EMA. The moving averages pointed higher. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

The MACD histogram slightly changed from yesterday. MACD traded to the upside. RSI moved north which confirms the current upward momentum.

Trading recommendations

The technical picture presents a bullish tone. All eyes are right now at the resistance level 55.50
A cut through here will turn attention to the 56.50 level.

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DAX

General overview

European stocks traded mixed on Tuesday after acts of terrorism in Germany. However corporate earning reports supported stock markets.

Current situation

The index was in buy mode on Tuesday. After a brief consolidation around 11400 buyers pushed the price higher and extended their gains to 11500. The price continued developing well above the moving averages in the 4 hours chart. The moving averages pointed higher. The resistance exists at 11500, the support stands at 11400.

MACD decreased which indicates the buyers’ positions weakening. RSI consolidated within positive readings.

Trading recommendations

The benchmark maintained its bullish tone and approached 11500 hurdle in the 4 hours chart. Once we break above 11500, we think that the 11600 level will be next.

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NASDAQ

General overview

US stocks traded in the green after Yellen’s hawkish comments. Moreover, investors expected a new bunch of corporate earning reports.

Current situation

The bullish market structure remained in place on Tuesday. The index extended its upside impulse in the European session. Traders moved prices higher and posted a daily high at 4963. The 1 hour chart showed that the price tested the 50 and the 100 EMAs in the early trades. The price bounced off the moving averages afterwards. The 50 EMA crossed the 100 EMA upwards in the same chart. The 50 and the 100 EMAs were neutral while the 200 EMA pointed higher. The resistance is at 4980, the support comes in at 4940.

The MACD histogram grew which is a buy signal. RSI indicator was within undervalued territory, favoring a new move higher.

Trading recommendations

The bullish trend remains intact. After a close above 4963 the index risks to test 4980. After testing the level NASDAQ Composite may extend its bullishness to 5020.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

23.12.2016

Euro

General overview

The dollar ignored positive US data on Thursday. Durable Goods Orders beat traders' expectations. Gross Domestic Product Price for Q3 came in a line with expectations while the Annualized GDP showed better-than-expected results.

Current situation

The euro strengthened further in the European session on Thursday, sending EUR/USD to fresh weekly highs. The pair broke the level 1.0450 in the early trades and made an attempt to reach its immediate resistance near 1.0500. However, bulls failed to reclaim the level and the major currency pair returned to 1.0450 ahead of the NY opening. The 1 hour chart showed that the price broke the 50 and the 100 EMAs upwards and tested the 200-EMA in the same chart. The 50 and the 100 EMA were neutral while the 200 EMA pointed lower. The resistance is at 1.0450, the support comes in at 1.0400.

MACD grew which indicates the sellers’ positions weakening. RSI went upwards which confirms the strength of buyers.

Trading recommendations

Despite of near-term oversold conditions, the euro is unlikely to show any meaningful recovery. All eyes are right now at the resistance level 1.0450. A cut through here will turn attention to the 1.0500 level. Inability to break higher will turn the market downwards.

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Pound

General overview

The pound remained rangebound awating for GDP release on Friday.

Current situation

GBP/USD remained under pressure on Thursday. The pair hovered not far from its recent lows in the 1.2300 region. The price remained below the moving averages in the 4 hours chart. The 50 EMA crossed the 200 EMA downwards. The 100 and the 200 EMAs averages were neutral while the 50 EMA pointed lower in the same chart. The resistance lies at 1.2400, the support comes in at 1.2300.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator remained within oversold readings.

Trading recommendations

If the pound maintains its bearish tone a break below 1.2300 will suggest further decline towards 1.2250, en route 1.2200.

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Yen

General overview

Japanese markets were closed amid the Emperor's Birthday celebration.

Current situation

A medium-term uptrend remained intact on Thursday. Bulls managed to reverse some of their recent losses and pushed the price from 117.00 to 118.00 in the early trades. The recovery was stalled around 117.70 where the pair stopped and stayed almost unmoved till the end of the European session. According to the 1 hour chart the price broke the 50 and the 100 EMAs. The currency pair remained between the 50 and 100 EMAs on the one side and the 200-EMA on the other. The 200 EMA kept heading higher while the 50 and the 100 EMAs were flat in the same chart. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD decreased which indicates the buyers’ positions weakening. RSI was near neutral territory.

Trading recommendations

We believe the USD/JPY pair will remain in a consolidation as the market became thinner ahead of Christmas weekend. Nevertheless, our outlook is still bullish, for a break through 118.00 resistance, towards 119.00 area, en route 120.00.

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AUD/USD

General overview

Expectations over a faster US economic growth coupled with Donald Trump's aggressive fiscal spending program and hawkish Fed's outlook for 2017 make investors stay away from higher-yielding currencies, including the Australian Dollar.

Current situation

The bearish scenario prevailed on Thursday. The AUD/USD pair moved lower after two-day narrow consolidation. Sellers drove the Aussie from 0.7250 to 0.7200 during the European hours. The level 0.7200 stopped sellers. After touching the level prices rolled back. The Aussie bounced off the 50 EMA and moved downwards in the 1 hour chart. The moving averaged maintained their bearish slope in the same chart. The resistance is at 0.7250, the support comes in at 0.7200.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator remained within oversold readings, favoring a new move lower.

Trading recommendations

The technical picture presents a bearish tone. As the most probable scenario, we consider further moving downwards towards the levels at 0.7150 and 0.7100.

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XAU/USD

General overview

Gold remained unmoved on Thursday as trading volumes decline ahead of Christmas week-end.

Current situation

Gold remains bearish overall, with bias at the downside. The yellow metal showed little movement on Thursday and stayed in a narrow range between 1130 and 1135 dollars per ounce. According to the 1 hour chart the prices touched and bounced off the 50-EMA. The 50 and the 200 EMAs maintained their bearish slope while the 100 EMA was neutral in the same chart. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD remained at the same level which confirms the strength of sellers’. The RSI indicator held within oversold readings.

Trading recommendations

We will stay out of trading waiting for fresh signals. A clear break of either side of the current consolidation range is needed to signal fresh direction.

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Brent

General overview

Oil remained under pressure amid the US inventories rise. Moreover, may investors preferred to cut their long positions ahead of the upcoming holidays.

Current situation

Bren prices settled lower on Thursday. After a short consolidation during the Asian hours sellers pushed the price lower. They broke the resistance at 54.50 and headed towards 53.50 dollars per barrel. The downside movement was slow ahead of the US statistics and due to the thin market ahead of the Christmas holidays. The price broke 50-EMA and tested the 100-EMA in the 4 hours chart. The moving averages kept heading higher. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator left neutral territory and moved south.

Trading recommendations

To trigger additional downward momentum towards 53.50 the price needs to fixates below the level 54.50.

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DAX

General overview

The European equity market was neutral as markets became thinner ahead of Christmas holidays.

Current situation

DAX showed calm trades on Thursday. The benchmark slightly changed during the course of trades. The price remained in-between 11500 and 11400. The 1 hour chart showed that the price tested the 50-EMA. The moving averages maintained their bullish slope in the same chart. The resistance exists at 11500, the support stands at 11400.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator turned lower and moved towards neutral readings.

Trading recommendations

We won't trade until we see a break of the current consolidation structure.

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NASDAQ

Current situation

The index traded mostly sideways on Thursday. The price stayed in a tight range between 4940 and 4950. The benchmark tested the 50-EMA in the 4 hours chart. NASDAQ remained above the 50, 100 and 200 EMAs which kept heading higher. The resistance is at 4980, the support comes in at 4940.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.
Trading recommendations

If the price drops below the support 4940, NASDAQ risks to test 4900.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

27.12.2016

Euro

General overview

The euro got support from the Euroland positive data. Consumer Confidence Survey in Germany coincided with the forecasts. Consumer Spending in France grew while GDP remained unchanged.

Current situation

The euro extended its recovery in holiday-quiet European session on Friday. However, its progress was subdued as most investors moved away to celebrate Christmas, leaving thin liquidity in the market. According to the 1 hour chart the price was between the 200-EMA and the 50-EMA. The 100 and the 200-EMAs maintained their bearish slope while the 50-EMA pointed higher. The resistance is at 1.0450, the support comes in at 1.0400.

MACD indicator is at the centerline. If the histogram returns the negative territory, that will indicate sellers’ growing strength. If MACD enters into the positive area the buyers will take control over the market. RSI remained within neutral territory.
Trading recommendations

The technical picture presents a bearish tone. We recommend going short with the first target – 1.0400. Should the price consolidate below the first target EUR/USD may decline to the 1.0350 handle. Alternatively, the euro may maintain its bid tone if manages to reclaim 1.0450. In this scenario buyers will climb to 1.0500.

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Pound

General overview

The pound ignored GDP for Q3 and Current Account upbeat data remaining under pressure on Friday.

Current situation

The GBP/USD remained in a bearish channel on Friday. A break below 1.23 reaffirmed the bearish sentiment in the market. Sellers made a sharp drop below 1.23 and posted a daily low at 1.2250 post-Europe open. The 4 hours chart showed that the price continued developing well below the moving averages. The moving averages kept heading lower. The resistance lies at 1.2300, the support comes in at 1.2200.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator remained within oversold readings.

Trading recommendations


If the price gets below 1.2250 a new wave of selling pressure may drag the pound below 1.22. The next sellers' target is 1.2160 support area where the pair may hang around for a while before eventually dropping to 1.2100 round figure mark.

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Yen

General overview

The Japanese market was closed on Friday amid The Emperor's Birthday celebration. Meanwhile investors kept closing their positions ahead of Christmas holidays.

Current situation

USD/JPY is in a phase of downside consolidation. The pair traded with mild bearish tone. The market remained light on the last trading day of pre-Christmas week amid lack of liquidity. The price tested the 50-EMA in the 4 hours chart but failed to move lower. The price remained above the moving averages which kept pointing higher. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was neutral.

Trading recommendations

The bearish scenario prevailed on Friday. The pair now seems to be heading towards its immediate support near 117.00. After the handle break the next level to focus on is 119.00. A failure to break lower shall send this market upwards to 118.00 and 118.50.

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NZD/USD

General overview

The kiwi slowed down its decline amid the recent positive data: Current Account and Gross Domestic Product showed upbeat figures in the country.

Current situation

The pair remained around 0.6900 handle flirting with the level during the day. According to the 1 hour chart the price tested the 50-EMA. The price was well below the moving averages which kept heading lower in the same chart. The resistance is at 0.6950, the support comes in at 0.6900.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator remained within oversold readings. RSI moved north which confirms the current upward momentum.

Trading recommendations

We expect an upward correction which will start as soon as the pair rises above the resistance level 0.6950. A cut through here will turn attention to the 0.7000 level.

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XAU/USD

General overview

Gold prices posted some gains on Friday. However, Friday’s trades were subdued amid Christmas holidays. The overall picture is bearish and the metal remains around 10-month lows. A strong dollar and planned rate hikes in 2017 keep weighing on gold.

Current situation

Some fresh bids helped the metal to retake 1130 level. The XAU/USD pair extended its recovery amid renewed weakness seen in the dollar. The price tested the 50-EMA in the 1 hour chart. The moving averages turned out to be a solid barrier which held bulls’ recovery. The 50 and the 100-EMAs were neutral while 200-EMA pointed lower in the same chart. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. The RSI entered the neutral territory.

Trading recommendations

Despite the recent recovery a bearish tone prevailed in the 4 hours chart. Bears may break the level 1130 in the short-term and move prices to 1120 dollars per ounce.

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Brent

General overview

Oil prices ignored reports of rising Chinese oil demand and weakened amid a thin market on Friday. Investors kept cutting positions before week-end.

Current situation

Brent returned in the red zone on Friday. An attempt to recover faced a rejection around 55.22 dollars per barrel. The benchmark declined in the early trades and tested to 54.50 in the European session. The price broke the 50-EMA and tested the 100-EMA in the 4 hours chart. The 50-EMA was neutral while the 100 and the 200-EMAs maintained their bullish slope. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. The RSI indicator was within neutral territory.

Trading recommendations

We expect a downward correction which will start as soon as Brent drops below the support level 54.50.

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DAX

General overview

European shares traded higher on Friday despite a thin market ahead of the Christmas holiday.

Current situation

DAX gapped higher at the daily open on Friday. The price jumped to 11500 level, but failed the reclaim it. The index faced some rejection and retreated back to 11400. After testing the level the benchmark rolled back and erased the half of its daily losses. The price broke the 50-EMA and tested the 100-EMA in the 1 hour chart. All moving averages maintained their bullish slope. The resistance exists at 11500, the support stands at 11400.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved south.

Trading recommendations

DAX is likely to resume its downward movement in the short term. Sellers need to break below 11400 first. After breaking the level sellers may lead prices to 11300.

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SP500

General overview

Wall Street traded mixed on Friday despite gains in the Healthcare, Consumer Goods and Financials sectors.

Current situation

The index was in a buy mode in the early trades on Friday. S&P500 grew and touched 2260 post-Europe open. Having tested the level the price moved lower and posted a daily low at 2254. The benchmark grew after that and returned to 2260 hurdle by the end of the trades. The price broke the 50-EMA and was flirting with the line afterwards in the 4 hours chart. All moving averages kept heading higher. The resistance is at 2260, the support comes in at 2240.

MACD indicator is at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. RSI remained within neutral territory.

Trading recommendations

As the most probable scenario now, we consider further moving downwards towards the level at 2240.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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"Fort Financial Services"- fundamental and technical analysis.

28.12.2016

Euro

General overview

The dollar strengthened on Tuesday when some traders decided to take their chance to trade before New Year holidays.

Current situation

The pair maintained a neutral stance trading around Friday's closing levels on Tuesday. The euro struggled around 1.0450 during the day. The 4 hours chart showed that the price tested the 50-EMA. All moving averages maintained their bearish slope. The resistance is at 1.0450, the support comes in at 1.0400.

MACD indicator is at the centerline. If the histogram returns the negative territory, that will indicate sellers’ growing strength. If MACD enters into the positive area the buyers will take control over the market. RSI remained within neutral territory.

Trading recommendations

An advance beyond 1.0450 will help buyers to extend their gains towards 1.0500. On the other hand the price could fall to 1.0350 if sellers return control.

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Pound

General overview

The dollar strengthened versus the pound on Tuesday due to low volatility as British markets were closed amid Christmas celebration.

Current situation

The pound was in a consolidation during the first part of Tuesday. The pair was hanging below 1.2300 before a fresh selling interest weighed on the major. Traders pushed the pair lower towards last week low at 1.2227. According to the 1 hour chart the price bounced off the 50-EMA downwards. The moving averages kept heading lower in the same chart. The resistance lies at 1.2300, the support comes in at 1.2200.

MACD declined which indicates the sellers’ positions strengthening. The RSI indicator remained within oversold readings.

Trading recommendations

If the bearish tone persists we expect a breakout of the level 1.2200 in the short-term. If the pair manages to make a breakout the next sellers’ target for this pair is the support level of 1.2100.

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Yen

General overview

The yen ignored a bunch of Japanese inflation data staying around its recent lows on Tuesday. The BoJ published National Consumer Price Index, Unemployment Rate and Overall Household Spending.

Current situation

The overall bullish structure remained intact on Tuesday. USD/JPY traded sideway yesterday amid low liquidity due to Christmas holidays. The price was flirting with the 50-EMA in the 4 hours chart. The pair was between the 50 and the 100-EMAs during the day. The 50, 100 and 200 EMAs pointed higher. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI remained within neutral territory.

Trading recommendations

USD/JPY is having difficulties to go any higher. The pair now seems to be heading towards its immediate support near 116.00. Meanwhile, we believe the pair will continue a weak trading until the end of the week.

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USD/CAD

General overview

Canadian markets were closed in observance of Boxing Day. Meanwhile, last week's GDP and CPI releases seem to have renewed speculations that the Canadian regulator may ease its monetary policy further in the nearest time.

Current situation

Buyers are still in control holding the pair around 6 week highs. The U.S. dollar reversed some of its losses when traders moved the price from 1.3500 to 1.3540. The upward momentum faded around the current hurdle as buyers met sellers' resistance. USD/CAD remained above the moving averages in the 4 hours chart. We note that the 50-EMA crossed the 100 and the 200-EMA upwards. The 100 and the 200-EMA were neutral while the 50 EMA pointed higher. The resistance is at 1.3540, the support comes in at 1.3470.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remained within overvalued readings.

Trading recommendations

A failure to break above 1.3540 may lead to a downward correction which will start as soon, as the pair drops below the support level 1.3470. The potential sellers’ target is 1.3400. If buyers succeed to make higher the pair may extend their gains to 1.3589.

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XAU/USD

General overview

Gold prices grew in the light market ahead of the New Year holidays.

Current situation

Gold prices were able to recover on Tuesday. The price started the day with a slow growth from last week lows. The pair accelerated ahead of the Europe opening when the yellow metal spiked through 1140 towards 1150 dollars per ounce. After testing the level prices moved back and returned to 1140 at the start of the NY session. According to the 4 hours chart the price broke the 50-EMA and tested the 100-EMA. XAU/USD stayed between the 50 and the 100-EMAs during the day. All moving averages pointed lower. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. The RSI indicator remained within overvalued readings.

Trading recommendations

The overall outlook remains bearish, for decline towards 1130 handle area. Buyers need to hold above 1140 to extend their bullishness.

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Brent

General overview

Oil prices traded higher on Tuesday on expectations over the first output cut deal between OPEC and non-OPEC members in 15 years which will begin on Sunday.

Current situation

Sellers failed to regain 54.50 level on Tuesday. Having faced rejection the price turned around and returned to a growth. Brent was slowly moving upwards towards 55.50 dollars per barrel during the European session on Tuesday. The benchmark tested the level at the beginning of the New York session. The 4 hours chart showed that the price bounced off the 100-EMA and broke the 50-EMA upwards. The price advanced away from the moving averages. The 100 and the 200-EMAs pointed higher while the 50-EMA was neutral in the same chart. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. The RSI indicator left the neutral territory upwards.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. In the scenario where the buyers keep control the benchmark will break above 55.50 and advance towards 56.50, en route 57.50 dollars per barrel.

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DAX

General overview

European shares inched higher on Tuesday after Christmas holidays. Meanwhile Parmalat shares were on the upside when France's Lactalis launched a buyout offer for shares in Italian group Parmalat.

Current situation

The index traded range-bound to higher, staying in a tight range above 11400 on Tuesday. The price tested the 50-EMA in the 1 hour chart. DAX was above the moving averages which kept heading higher in the same chart. The resistance exists at 11500, the support stands at 11400.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remained within overvalued readings.

Trading recommendations

The bullish trend remained intact. A break above 11500 would open the way to 11600.

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NASDAQ

General overview

Wall Street futures opened higher getting support from energy stocks.

Current situation

After a consolidation around 4940 during the day the index rallied towards 4980 at the beginning of the NY session. The benchmark kept growing higher after the break and headed towards 5020. According to the 4 hours chart the price bounced from the 50-EMA. The moving averages maintained their bullish slope. The resistance is at 5020, the support comes in at 4980.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator left the neutral territory and headed upside.

Trading recommendations

A bullish tone prevailed in the 4 hours chart. After a close above the resistance at 4980 the price may extend its growth to 5020.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

29.12.2016

Euro

General overview

The dollar strengthened across the board on Wednesday. The dollar is strong on the back of the recent U.S. upbeat data, Fed's plans to hike the rate in 2017 and Trump’s pledges to rise fiscal spending to revive the US economic growth.

Current situation

The pair erased its recent gains on Wednesday. A fresh bout of selling sent the euro to the mark at 1.0450 in the early European trades. After breaking the level sellers took a breath gathering steam to push the price lower. Bears extended their gains in the North American session when the pair broke below 1.0400. The price broke all the moving averages downwards in the 1 hour chart. The 50 and the 100-EMAs are turning downwards while the 200-EMA is still heading north in the same chart. The resistance is at 1.0400, the support comes in at 1.0350.

MACD remained at the centerline. RSI left the neutral territory and advanced south which confirms the current downward readings.

Trading recommendations

The euro remains exposed to downside. If the price consolidates below 1.0450, it may resume its decline with the target at 1.0400, en route 1.0350.

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Pound

General overview

Renewed fears of a hard Brexit coupled with the recent UK's data (Mortgage Approvals came in worse-than-expected) weighed on the pound.

Current situation

An attempt to reclaim 1.23 failed. The price bounced from the level and headed south. Downside risks remain high now as the dollar attracts fresh buying interest across the board. Meanwhile, GBP/USD approached the immediate support at 1.22 ahead of the NY opening. The 1 hour chart showed that the price bounced from the 100-EMA and headed south breaking the 50-EMA on its way downwards. The moving averages maintained their bearish slope in the same chart. The resistance lies at 1.2300, the support comes in at 1.2200.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator remained within oversold readings.

Trading recommendations

A convincing move below 1.22 is likely to trigger additional downside pressure. Sellers may drag the pound lower towards 1.2150.

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Yen

General overview

The dollar strengthened versus the yen on the back of the mixed data from Japan. Industrial Production grew less than it was expected. On the other side Retail Trade figures beat all investors’ expectations.

Current situation

The dollar rebounded from its recent low at 117.00 and slowly trended upwards on Wednesday. A fresh buying interest around the greenback supported the pair sending it to fresh multi-month highs. According to the 1 hour chart the price broke the 50-EMA upwards. The 50, 100 and 200 EMAs kept pointing higher. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD was at the centerline. RSI left the neutral territory and moved north which confirms the current upward momentum.

Trading recommendations

The pair now has the potential to post more gains but first buyers need to retake the 118.00 hurdle. After breaking the level the way towards 119.00 will be opened.

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AUD/USD

General overview

The Australian dollar remained under pressure on expectations of the Fed's policy tightening in 2017 and due to the recent US upbeat data.

Current situation

An attempt to extend bullishness above 0.7200 failed. The pair was unable to climb higher and retreated almost immediately after posting a daily high at 0.7220. The Aussie found fresh offers above the level 0.7200 when sellers dragged AUD/USD below the level. The pair continued moving lower after the break approaching the recent lows at 0.7159. The price bounced off the 50-EMA downwards and headed away from the moving averages in the 4 hours chart. The moving averages kept pointing lower in the mentioned timeframe. The resistance is at 0.7200, the support comes in at 0.7150.

The MACD histogram decreased which indicates the sellers’ strength. RSI turned south which confirms the current downward momentum.

Trading recommendations

The bearish trend remained intact on Wednesday. If the price fixates below the support 0.7200, it may continue its downward trajectory in the short term. The potential sellers’ targets are 0.7150 and 0.7100.

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XAU/USD

General overview

Gold remained under pressure versus the U.S dollar on Wednesday. However, trades were low volatile amid the upcoming holidays.

Current situation

Gold traded above the 1140 level on Wednesday morning. Buyers, however, failed to keep control over the market which turned negative in the European session. Sellers drove the pair downwards through 1140 and stopped at the mark 1136 dollars per ounce. The price tested the 50-EMA in the 1 hour chart. The 50 and the 100-EMAs crossed the 200-EMA upwards in the same chart. The resistance exists at 1140, the support stands at 1130 dollars per ounce.

MACD traded to the upside. The RSI indicator left the overvalued territory.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. We would be selling the XAU/USD pair only if the price stays below 1140. Then 1130 seems the next probable bearish target.

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Brent

General overview

Brent extended its gains on Wednesday as markets hopes the OPEC members will keep to their agreement to cut production next year.

Current situation

Brent held a bullish tone on Wednesday. The benchmark extended its rally. Buyers pushed the price to the 56.50 hurdle. Oil prices failed to retake the level in the European session. After rolling back they tried again in the North American one. The price retested the level at the beginning of the NY session but failed to make higher. According to the 4 hours chart the price kept hovering above the moving averages which all pointed higher. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move lower.

Trading recommendations

The overall outlook remains bullish, for a rise towards 57.50 dollars per barrel resistance area.

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DAX

General overview

European shares traded mixed on Wednesday. FTSE was back after a long week-end holidays. The index grew as mining sector led shares higher.

Current situation

DAX struggled to attempt fresh gains on Wednesday. Attempts to develop an upward impetus faded and the benchmark traded modestly flat around 11470 level. The 1 hour chart showed that the price tested the 50-EMA. The 50-EMA was neutral while the 100 and the 200-EMAs maintained their bullish slope in the same chart. The resistance exists at 11500, the support stands at 11400.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator remains within overvalued readings.

Trading recommendations

We will place buy orders if the price does a breakout at the resistance level of 11500. The index might extend the recovery towards 11600. On the other hand a move below 11400 may generate negative signal and risk further easing towards 11300.

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S&P500

Current situation

A correction during the European session lost its steam around 2267. The sentiment turned negative and the price dropped lower at the beginning of the NY session. Sellers broke the level 2260 and advanced further heading towards 2240. The price broke the 50-EMA in the 4 hours chart. After the break the benchmark headed towards the 100-EMA which appeared to be a solid support for the index. The 50-EMA turned neutral while the 100 and the 200-EMAs kept heading higher in the same chart. The resistance is at 2260, the support comes in at 2240.

MACD indicator was at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. The RSI indicator remained within overvalued readings.

Trading recommendations

After a close above the resistance at 2280 the price may extend its growth to 2300. However, bearish views are more popular now. Sellers may drag the price lower if the fixate below 2260. The level 2240 is the first sellers’ target, en route 2220.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

11.01.2017

Euro

General overview

The euro strengthened the other day after EU's Investor Confidence upbeat data. However, the dollar managed to reverse some losses on Tuesday amid the recent Fed representatives’ remarks who supported the rate hike actions in 2017. Traders are in wait and see mode now awaiting for Trump’s conference which is set for January 11th. There were no relevant macroeconomic releases scheduled in the EU for Tuesday

Current situation

The euro momentum began fading after piercing the level 1.0600 during the early hours on Tuesday. Having posted the daily high at 1.0626 the EUR/USD pair retreated and returned below 1.0600 post-European session open. Sellers kept pushing the single European currency downwards ahead of the NY opening. According to the 4 hours chart the price continued developing well above the 200-EMA which acted as a support for the currency pair. The 100 and the 200-EMAs were flat while the 50-EMA kept pointing higher. The resistance is at 1.0600, the support comes in at 1.0550.

The technical indicators aim modestly lower within positive territory. MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed within undervalued territory.

Trading recommendations

We expect to see renewed bearish pressure in the short-term. A break below 1.0550 may suggest further weakness of the EURUSD pair. The level 1.0500 may become the next bearish target.

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Pound

General overview

The pound stabilized on Tuesday after Theresa May’s recent remarks. Moreover, hard-Brexit concerns continue weighing on the investors’ sentiment. Investors’ attention now turns to Manufacturing Production and Industrial Production releases.

Current situation

Bears kept the market in control tightening their grip. After a brief consolidation in the Asian session the pound extended its weakness on Tuesday. Sellers pushed the pair lower and reached 1.2100 with London opening. The spot was in a consolidation phase ahead of the NY session opening. The price stays well below the moving averages in the 4 hours chart. The moving averages maintained their bearish slope. The resistance lies at 1.2200, the support comes in at 1.2100.

The technical indicators turned lower. The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator remained within oversold levels.

Trading recommendations

The pound is short term oversold and may reverse some losses. We do not rule out a minor recovery to 1.2200 which is a good chance to open short positions. Despite the oversold readings we do not see any signs the pair may change its current course any time soon. A move below 1.2100 will return sellers in the driver’s seat pushing the GBP/USD pair to 1.2000.

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Yen

General overview

Consumer Confidence in Japan coincided with the forecast. The yen ignored the report and weakened versus the dollar before Trump's conference.

Current situation

Sellers managed to lead the price lower in the early trades on Tuesday. The price touched the level 115.00 and immediately bounced off it trading with mild bearish bias afterwards. The US dollar spent the first part of the day at 116.00. The ongoing recovery could be attributed to some profit taking from bears amid risk aversion. The price bounced off the 200-EMA in the 4 hours chart. The 200-EMA pointed higher while the 50 and the 100-EMAs were flat. The resistance is highlighted at 116.00, the support comes in at 115.00.

The technical indicators are pointing lower and suggest further easing. The MACD histogram decreased which indicates the sellers’ strength. The RSI was within oversold readings close to the neutral territory.

Trading recommendations

The technical picture presents a bullish tone. A break above 116.00 suggests further growth towards 117.00. Alternatively, the dollar's inability to recover today could cause a drop towards the 114.00 handle.

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AUD/USD

General overview

The Australian dollar weakened on Tuesday amid downbeat Retail Sales release. Moreover, disappointing releases of Chinese CPI weighed on the Aussie.

Current situation

An attempt to advance beyond 0.7350 failed on Tuesday. Buyers climbed up to 0.7385 where the pair came across fresh offers and dropped to 0.7350. After testing the level sellers continued battling with it trying to push the price lower. The 4 hours chart showed that the price tested the 200-EMA in the early trades. The 200-EMA slowed down bulls’ advance being a tough nut to crack acting as a resistance for the spot. The 100 and the 200-EMAs were neutral while the 50-EMA kept pointing higher in the mentioned timeframe. The resistance is highlighted at 0.7400, the support comes in at 0.7350.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator consolidated within undervalued readings.

Trading recommendations

The bearish trend remained intact. If the price fixates below the support 0.7350, it may continue the downward trend in the short term. The potential sellers’ targets are 0.7300 and 0.7250.

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XAU/USD

General overview

Gold prices hit 6-week highs amid broad base dollar retracement due to growing uncertainty over the Fed rate hike in 2017. The first Trump’s conference in 2017 attracts investors’ attention now.

Current situation

Gold extended its near-term bullish momentum and rose to its highest level since early December on Tuesday. Buyers led the price from 1180 to 1187 dollars per ounce where the advance lost upward momentum. A light selling interest weighed on the pair pushing it to 1182. The price hovered above the moving averages in the 4 hours chart. The 50-EMA kept pointing higher and crossed the 200-EMA upwards. The 100 and the 200-EMAs were neutral. The resistance exists at 1190, the support stands at 1180 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI indicator remained within undervalued territory.

Trading recommendations

We hold the view that gold prices will drop below the 1180 handle. The next level to focus on is 1170 dollars per ounce.

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Brent

General overview

Oil prices recovered some ground on Tuesday on hopes that OPEC and non-OPEC members will cut oil output. The ongoing dollar weakness also aids the recovery in the black gold. Meanwhile investors await for API stockpiles data.

Current situation

Brent seems to have found a solid support at 54.50 dollars per barrel. The benchmark bounced off the level after testing it. Oil prices managed to reverse a minor portion of their losses overnight. Brent recovered to 55.50 where it spent the whole European session. The 4 hours chart showed that the price broke the 50 and the 100 EMAs downwards. The 50 and the 100-EMAs were flat while the 200-EMA pointed higher. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD entered the negative area. If MACD remains within the negative readings, sellers’ positions will strengthen. The RSI indicator was within the oversold territory.

Trading recommendations

Now bears keep focus at 54.50 dollars per barrel. We think that further weakening to 53.50 is not ruled out.

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DAX

General overview

European stocks slightly edged higher amid corporate earnings reports and commodity currencies strengthening. The recovery was limited amid concerns over Italian banks.

Current situation

DAX extended its consolidative pattern on Tuesday trading comfortably between 11600 and 11500, being unable to set short-term direction. Buyers moved the price to the upper boundary of the range in the Asian session. After touching the level the benchmark moved back and stopped around 11550 post-European open. The price hovered above the moving averages in the 4 hours chart. The price tested the 50-EMA and continued developing well above the moving averages in the 4 hours chart. The moving averages maintained their bullish slope in the same chart. The resistance exists at 11600, the support stands at 11500.

The MACD histogram decreased which is a sell signal. RSI was within the neutral area and headed upwards.

Trading recommendations

We expect the index to remain in the current range. A clear break of either side is needed to signal fresh direction.

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S&P500

General overview

US stocks were neutral at open amid oil prices flat.

Current situation

Sellers met a barrier at 2260 which rejected the price upwards. The benchmark was able to reverse a minor portion of yesterday’s losses and grew up to 2265 where the upward momentum lost its legs in the mid-European session. The price broke the 100-EMA upwards in the 1 hour chart. The 50 and 200-EMAs were flat while the 100-EMA pointed higher in the mentioned timeframe. The resistance is at 2280, the support comes in at 2260.

MACD decreased which indicates the buyers’ positions weakening. RSI was within the neutral area.

Trading recommendations

The price maintained its bullish tone in the 4 hours chart. A recovery above the 2280 level will favor an advance up to the 2300 region.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

12.01.2017

Euro

General overview

The euro turned bearish on yesterday's trades. The EU and US calendars were light. All investors’ attention focused on upcoming US President Donald Trump's speech.

Current situation

The euro continued moving lower yesterday. Traders pushed the price to 1.0550 where EUR/USD developed a short-term consolidation in the early trades. The pair ran through fresh offers on European open and accelerated its decline afterwards. Sellers broke below 1.0550 and dragged the single European currency to 1.0500. The price broke the 200-EMA downwards and tested the 50-EMA in the 4 hours chart. The 100 and the 200-EMAs remained flat while the 50-EMA kept moving higher. The resistance is at 1.0550, the support comes in at 1.0500.

MACD decreased which indicates the buyers’ positions weakening. RSI oscillator left undervalued territory and headed south.

Trading recommendations

We believe the selling interest in the short term will remain intact. A breakout of 1.0500 would aim for next sellers’ target at 1.0450 and 1.0400.

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Pound

General overview

The pound lost further ground on Wednesday. Concerns of 'hard Brexit' continued attracting fresh selling pressure around the Cable. Moreover, the mixed UK data failed to provide any sufficient support for the British pound: Industrial and Manufacturing Production came in positive while Trade Balance and Goods Trade Balance came in the red. Investors were also focused on BOE Governor Mark Carney's testimony before the Parliament during the US session.

Current situation

The Cable failed to sustain the Asian recovery which stalled around 1.2200. After touching the level the price bounced off it and weakened to 1.2100 after London's opening. Having touched the level the GBP/USD pair rolled back reversing some of its losses. The spot bounced downwards off the 50-EMA in the 1 hour chart. The price continued developing well below the moving averages afterwards. The 200-EMA was neutral while the 50 and the 100-EMAs pointed lower in the same chart. The resistance lies at 1.2200, the support comes in at 1.2100.

The MACD histogram returned into the negative area, that indicates sellers’ growing strength. The RSI indicator was within oversold readings.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. We would keep selling the Cable if the price drops below 1.2100, en route to 1.2000.

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Yen

General overview

The dollar was able to reverse a minor portion of its recent losses awaiting for the Donald Trump's first news conference since the election.

Current situation

The pair traded sideways staying contained to a range of 50 pips or less during the Asian session on Wednesday. Buyers were able to regain more room in the early European trades. The spot climbed up to 116.43 where the upward momentum lost its legs. The price continued hovering above the 200-EMA in the 4 hours chart. The 100-EMA limited the upside for the spot. The 200-EMA kept pointing higher while the 50 and the 100 EMAs moved lower in the mentioned timeframe. The resistance is highlighted at 117.00, the support comes in at 116.00.

MACD grew which indicates the sellers’ positions weakening. The RSI left oversold readings and headed north.

Trading recommendations

A close above 117.00 will generate fresh bullish signal for further advance, which could extend to the 118.00 hurdle. Conversely, a move below 115.00 would revive bearishness towards 114.00.

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NZD/USD

General overview

The NZD/USD edged lower amid a stronger dollar. Meanwhile, oil prices weakening weigh on commodity currencies – like the kiwi.

Current situation

The NZD/USD pair turned positive on Wednesday. An overnight rebound lifted the kiwi out of the red. The New Zealand dollar broke 0.7000 in the Asian session and headed towards 0.7050 in European trades. However, the upward momentum faded soon. After posting a daily high at 0.7020 the NZD returned to 0.7000 handle. The price was between the 50 and the 200-EMAs in the 4 hours chart. The 50-EMA headed north crossing the 100-EMA upwards. The 100 and the 200-EMAs were flat in the same chart. The resistance is highlighted at 0.7000, the support comes in at 0.6950.

MACD traded to the downside. The RSI indicator left the overvalued readings and entered the neutral area.

Trading recommendations

We expect the NZDUSD pair to return to the support 0.6950 in the short-term. In this scenario the spot may continue its decline towards 0.6900.

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XAU/USD

General overview

Gold stayed bullish heading into Trump’s new conference scheduled later on the day.

Current situation

Gold maintained its bid tone trading in the green zone on Wednesday. The upmove, however, lacked momentum around 1190 where the precious metal faced sellers' resistance. The 4 hours chart showed that the price continued developing well above the moving averages. The 50 and the 100-EMAs pointed higher while the 200-EMA remained flat. The resistance exists at 1190, the support stands at 1180 dollars per ounce.

MACD remained at the same level which confirmed the strength of buyers. RSI indicator consolidated within undervalued territory.

Trading recommendations

We consider a possible correction towards the support 1180. Should the metal breaks the level down the pair may extend its losses towards 1170 dollars per ounce.

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Brent

General overview

Oil prices managed to reverse a minor portion of their losses in the early trades on Wednesday. However, the recovery was limited due to doubts over OPEC deal non-compliance.

Current situation

Oil prices found strong support at the level of 53.50 dollars per barrel. Being unable to break the handle the benchmark rolled back. The ongoing recovery could be attributed to some profit taking from bears following Tuesday's sharp sell-off. Brent oil prices were calm during the Asian session and accelerated their growth in the European one. The price was struggling with the 200-EMA which provided a solid support for the Brent in the 4 hours chart. The 100 was neutral, the 200-EMAs moved upwards while the 50-EMA headed south in the same chart. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator remained within the oversold territory.

Trading recommendations

We believe the market is overbought and vulnerable to a further downward correction. Brent may suffer more losses if the benchmark breaks below 53.50. Sellers may drag the price towards 52.50 dollars per barrel.

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DAX

General overview

European financial stocks edged higher despite cautious sentiment in the market amid Donald Trump's press-conference.

Current situation

Traders kept the price in a near-term directionless mode in the Asian session Wednesday. DAX extended its consolidative pattern staying in the familiar range between 11600 and 11500 levels. The index started the day from the upper limit of the range. Staying around 11600 in the Asian session the benchmark sharply dropped to 11520 at the start of the European session. After touching the level 11500 the benchmark reversed its direction and jumped back to the 11600 hurdle. The price bounced off the 50-EMA in the 4 hours chart. The moving averages pointed higher in the same chart. The resistance exists at 11600, the support stands at 11500.

MACD indicator was at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. RSI left the neutral area and headed north.

Trading recommendations

Any move below the immediate support would increase chances of testing the 11500 mark, en route to 11400. Alternatively, a bullish momentum is likely to be regained if the benchmark breaks above 11600.

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NASDAQ

General overview

Wall Street futures were flat at the open on Wednesday as investors looked forward to Trump’s first press conference since his election victory later in the day. Traders did not hurry to build up fresh positions preferring wait and see mode.

Current situation

After posting fresh multi months highs at 5044 the index rolled back and returned to 5020 where buyers took a breath consolidating their recent gains. Another attempt to grow took place in the early trades on Wednesday. Buyers managed to reverse their early losses and moved the benchmark to 5030. According to the 4 hours chart the price continued developing well above the moving averages. The moving averages kept pointing higher in the mentioned timeframe. The resistance is at 5060, the support comes in at 5020.

MACD remained at the same level which confirms the strength of buyers. RSI consolidated within the positive area.

Trading recommendations

We prefer to stay bearish for now. If we see a close below 5020 we will sell. Our next level to focus on is 4980.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
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"Fort Financial Services"- fundamental and technical analysis.

20.01.2017

Euro

General overview

The ECB left its rates unchanged: the deposit rate remained at -0.4% and the interest one at 0.0%. Moreover, the US dollar strengthened amid upbeat data. The Initial Jobless Claims came in green. Housing Starts showed strong figures as well. Investors’ attention now turns to Trump's inauguration which will take place on Friday.

Current situation

The downward trajectory lost its legs just below 1.0650 when sellers met a solid barrier which rejected the pair upwards. The euro reversed majority of its losses on Thursday. The spot broke 1.0650 ahead of the European session opening and headed towards 1.0700. However, the upward impetus soon faded, the recovery stalled above 1.0650. A fresh selling interest dragged the pair downwards. The spot broke 1.0650 and tested 1.0600 at the US session opening. The EUR/USD pair presented a neutral-to-bullish stance during the European hours. The 4 hours chart showed that the price stayed above the moving averages. The 100-EMA crossed the 200-EMA upwards. The 50 and the 100-EMAs pointed higher while the 200-EMA remained flat in the same chart. The resistance is at 1.0700, the support comes in at 1.0650.

MACD decreased which indicates the buyers’ positions weakening. RSI was within neutral territory.

Trading recommendations

We became bearish regarding the pair now. A break below 1.0650 would increase a negative signal and risk further easing of the EURUSD pair towards 1.0600, en route to 1.0550.

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Pound

General overview

Housing Price Balance foe December came in worse than expecting slowing down the pound recovery on Thursday. The pound weakened further vs. the US dollar after the upbeat US data. We expect a number of UK's Retail Sales releases today which are expected with positive figures.

Current situation

The pound strengthened further on Thursday, sending the GBP/USD to its recent highs at 1.2400. The cable was able to reverse some of its losses amid broad dollar's weakness. Having found a local bottom at 1.2250 the spot reversed its direction and rallied upwards breaking 1.2300 in the European session. After passing the level the pair continued moving north targeting at 1.2400. Buying interest faded in the North American session. The price faced the downward rejection and turned lower. The price continued developing well between the 200 and the 100-EMAs in the 4 hours chart. The 50 and the 100-EMAs were neutral while the 200-EMA kept heading lower in the same chart. The resistance lies at 1.2400, the support comes in at 1.2300.

MACD grew which is a buy signal. RSI left the neutral area and entered overvalued territory.

Trading recommendations

The pound remained under the risk of falling deeper down. The 1.2400 hurdle coupled with the 200-EMA limited the pound further advance. A downtrend will start as soon, as the spot drops below the support level 1.2300. Further easing to 1.2200 is not ruled out. A break above 1.2400 will advance the spot to 1.2450.

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Yen

General overview

J. Yellen’s remarks coupled with strong data boosted the US dollar demand. The strong labor market data and Housing Starts release supported the greenback on Friday. All eyes are on Trump's inauguration.

Current situation

The pair remained in a short-term downward channel staying around its upper limit on Thursday. Buyers lost their momentum after touching 115.00. The US dollar was in a consolidation phase during the Asian and European sessions. Traders struggled with the hurdle to resume their advance. The level, however, turned out to be a solid obstacle to break. The US dollar got under selling pressure on any up-move towards the level. A fresh bout of buying interest supported the U.S. dollar. The major attacked the 115.00 hurdle with fresh vigour during the NY hours. The price tested the 50-EMA in the 4 hours chart. The 100-EMA crossed the 200-EMA downwards. The 50 and the 100-EMAs maintained their bearish slope while the 200-EMA remained neutral in the mentioned timeframe. The resistance is highlighted at 115.00, the support comes in at 114.00.

MACD grew which indicates the sellers’ positions weakening. The RSI was within overvalued readings close to the neutral territory.

Trading recommendations

We believe that a break through 115.00 will put on hold bears’ plans. The potential buyers’ target is 116.00.

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NZD/USD

General overview

New Zealand Business PMI posted positive figures while Building Permits came in red. Moreover, the kiwi as a commodity currency was supported by oil prices positive dynamics. The recent US data weighed on the NZD as well.

Current situation

The Asian recovery lost its steam after testing the level 0.7200. The hurdle appeared to be a tough nut to crack. After touching the level the NZD rolled back in the Asian session and remained below the resistance during the European hours. According to the 4 hours chart the spot hovered above its moving averages on Thursday. The 50 and 100-EMAs kept pointing higher while the 200-EMA was neutral in the mentioned chart. The resistance is highlighted at 0.7200, the support comes in at 0.7150.

MACD decreased which indicates the buyers’ positions weakening. The RSI left the neutral area and headed north.

Trading recommendations

Inability to retake 0.7200 may reverse the market. A sharp breakout below 0.7150 could spark a further easing towards 0.7100 in the coming days.

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XAU/USD

General overview

The broad US dollar strengthening weighed on the precious metal. Besides a strong dollar gold prices softened amid the upbeat US data and the ECB decision to keep its rates unchanged.

Current situation

Gold prices remained under pressure on Thursday amid a strong dollar. The pair bounced off the 1200 psychological mark and remained around the handle during the day. The metal continued developing well above its moving averages in the 4 hours chart. The 50 and the 100-EMAs kept heading higher while the 200-EMA was flat in the same chart. The resistance exists at 1210, the support stands at 1200 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI stayed within the neutral territory.

Trading recommendations

We prefer to stay bearish for now. We would be selling gold only if the price drops below 1200. A firm break below 1200 handle could trigger fresh weakness for attack at 1190 dollars per ounce.

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Brent

General overview

The US oil inventory draw gave a temporally support for oil prices. The market will be focused on Oil Rig Count in the coming sessions.

Current situation

Oil prices remained in red figures after Wednesday's bearish acceleration. Brent a little changed on the day and remained prone to more weakness on Thursday. The benchmark stayed neutral around 54.50 dollars per barrel flirting with the level during the European session. Oil price stayed below the moving averages in the 4 hours chart. The 50-EMA crossed the 200-EMA downwards. The 100-EMA was flat while the 50-EMA headed lower, the 200-EMA maintained its bullish slope in the same chart. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI indicator was within the oversold readings.

Trading recommendations

Near-term technical studies are in full bearish setup. A daily close below 53.50 dollars per barrel will pave way for further near-term downslide towards the very important 50.00 psychological mark.

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DAX

General overview

European bourses edged higher on Thursday after the ECB's decision to leave the rates unchanged. Meanwhile, mining stocks traded mixed while the financial sector shares moved broadly higher. Investors kept digesting Janet Yellen's comments. According to Yellen the Fed may raise the rates quickly this year.

Current situation

The index gapped higher at the daily open. However, the upmove lacked momentum immediately after the jump. The price softened filling the gap in the European session. Sellers broke 11600 and tried to push the price lower during the day. According to the 4 hours chart the index broke the 50-EMA upwards. The benchmark continued developing well above the moving averages afterwards. The moving averages maintained their bullish slope in the mentioned timeframe. The resistance exists at 11600, the support stands at 11500.

MACD indicator was at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. RSI stayed within the neutral territory close to the overvalued territory.

Trading recommendations

In order to recover some strength, DAX30 needs to rise above 11600. However, as the most probable scenario, we consider further moving downwards towards the level at 11500.

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NASDAQ

General overview

The US stocks opened higher amid the U.S strong data. Investors focused on key companies (IBM and American Express) earnings reports which will report after the bell. However, traders preferred wait and see mode ahead of Donald Trump's inauguration on Friday.

Current situation

The index traded in a tight range on Thursday. The price was sandwiched between 5060 and 5040 during the day. The benchmark started the day at the open limit of the band and moved down to its lower limit during the course of the European trades. The price stayed above the moving averages in the 1 hour chat. The 50-EMA crossed the 100-EMA downwards. The 50-EMA was flat while the 100 and the 200-EMAs kept heading higher in the same chart. The resistance is at 2280, the support comes in at 2260.

Trading recommendations

The market seems fairly balanced. The index feels comfortably in the current range. A clear break of either side is needed to signal fresh direction. Meanwhile we prefer to stay out of trades until we get a clear picture.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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"Fort Financial Services"- fundamental and technical analysis.

23.01.2017

Euro

General overview

The dollar reversed some of its losses after hawkish J.Yellen's remarks. The euro ignored Germany PPI which came in a line with expectations. Markets focused on Trump's inauguration on Friday expecting to hear fresh guidelines from a new President. Traders wait for Draghi's speech and Germany Manufacturing PMI on Monday.

Current situation

Despite technical readings the pair held to its recent bullish tone on Friday. The EUR/USD pair remained in a near-term ascending channel. The price reached its upper boundary overnight and bounced off it at the beginning of the European trades. The spot pushed away from 1.0700 and reached 1.0650 in the mid-European session. The price broke the 50 and the 100-EMAs downwards and tested the 200-EMA in the 1 hour chart during the European hours. The 100 and the 200-EMAs kept heading higher while the 50-EMA headed downwards in the same chart. The resistance is at 1.0700, the support comes in at 1.0650.

MACD decreased which indicates the buyers’ positions weakening. RSI was within neutral territory favoring a new move lower.

Trading recommendations

A break below 1.0650 may trigger another leg lower. A daily close below 1.0600 handle would open 1.0550. However, a lower limit of an upward channel is a solid obstacle which may reject the pair once again. If the level holds the EUR/USD pair will refresh to the current highs at 1.0720.

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Pound

General overview

The pound lost its impetus amid worse than expected Retail Sales. Despite the negative data the sterling maintained its upbeat tone on Friday`.

Current situation

The Asian recovery stalled a few pips below 1.2400. After posting a daily high at 1.2374 the spot turned around and headed towards 1.2300. Sellers broke the level in the mid-European session and led the pair towards 1.2250. However, a revived buying interest stopped sellers' advance and returned the cable to 1.2300 ahead of the NY opening. The spot failed to retake the 200-EMA in the Asian session and bounced off the moving afterwards. GBP/USD pair headed towards neutral 100-EMA in the European session. The moving averages were mixed: the 100-EMA was neutral, the 200-EMA kept heading lower while the 50-EMA pointed higher in the 4 hours chart. The resistance lies at 1.2400, the support comes in at 1.2300.

The MACD histogram decreased which indicates the sellers’ growing strength. RSI left the overvalued readings and headed south.

Trading recommendations

A break below 1.2300 may suggests further weakness of the GBPUSD pair. The price might extend the downtrend towards the 1.2200.

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Yen

General overview

The dollar weakened after J.Yellen's hawkish speech. However, the greenback reverted some losses on Friday on expectations of D.Trump's speech after his inauguration.

Current situation

The USD/JPY pair extended its recovery on Friday. The US dollar was struggling with the 115.00 hurdle during the Asian session. Bulls broke the level ahead of the European session opening. However, the spot lost its upward impetus soon and returned to 115.00. According to the 4 hours chart the price bounced off the 50-EMA in the Asian session. The spot was between the 100 and the 50 EMAs during the European hours. The 50 and the 100-EMAs pointed lower while the 200-EMA remained flat in the mentioned timeframe. The resistance is highlighted at 116.00, the support comes in at 115.00.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. The RSI stayed within overvalued readings.

Trading recommendations

The overall outlook remained bullish, for a rise towards 116.00 resistance area. After the hurdle break a further extension towards 117.00 could be observed further. If the level 115.00 fails to support bulls the USD/JPY pair may lost its ground again returning to a downside.

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USD/CAD

General overview

The Canadian regulator disappointed investors with Retail Sales and Consumer Price index reports. Both indices came in worse than expected. However this data had little effect on the CAD which was under pressure amid broad base the US dollar strength.

Current situation

The pair held a bullish tone on Friday. Strong bullish sentiment was driving the pair towards 1.3330 in the first part of the day. Buyers managed to break the level in the mid-European session and continued moving upwards afterwards. The pair almost reached 1.3400 when the US dollar lost its impetus and retreated to 1.3330 in the NY session. The price broke all moving averages upwards and stayed above them during the day. The 50-EMA pointed higher, the 100-EMA headed lower while the 200-EMA remained neutral in the 4 hours chart. The resistance is highlighted at 1.3400, the support comes in at 1.3330.

The MACD histogram grew which indicates buyers’ strength. The RSI stayed within the overvalued readings favoring a new move higher.

Trading recommendations

The bullish trend remained intact. A close above 1.3330 may trigger gains towards 1.3400. USD/CAD may extend its rally after a solid close above 1.3400. Inability to break above 1.3400 may bring some negative sentiment to markets. If sellers seize control they will push the price to 1.3190.

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XAU/USD

General overview

Risk aversion in the first part of the week helped the metal to strengthen. However, the risk-on mood returned on Friday and the US dollar managed to reverse a minor part of its losses.

Current situation

The Asian recovery lost its momentum at 1210 dollars per ounce. The level rejected the XAU/USD pair sending it towards 1200 during the European early hours. The precious metal declined and tested the 1200 handle in the mid-European session. Sellers failed to reclaim the level and retreated. The precious metal remained around the level till the end of the trades. The 1 hour chart showed that the price broke the 50 and the 100-EMAs downwards during the Asian trades and tested the 200-EMA ahead of the NY session opening. The 50-EMA crossed the 100-EMA downwards in the same chart. The 100 and the 200-EMAs maintained their bullish slope while the 50-EMA pointed lower. The resistance exists at 1210, the support stands at 1200 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI left the neutral territory and headed downwards.

Trading recommendations

A clear break below the 1200 support will indicate that the upward movement had completed. The following downward movement could bring price back to 1190 area, en route to 1180 dollars per ounce.

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Brent

General overview

The upbeat Q4 GDP in China supported the demand for oil on Friday. Moreover, Brent grew amid renewed hopes of tighter oil market in 2017. However, oil growth may be limited amid concerns regarding EIA crude inventory report. An inventory increase may weigh on the price and cut its recent gains.

Current situation

Brent extended its consolidative pattern in the Asian session on Friday. A fresh buying interest emerged ahead of the European session opening. The benchmark edged higher and tested the level 54.50 dollars per barrel during European morning trade. Oil prices extended their gains afterwards and broke the mentioned level in the mid-European session. Buyers did not stop and pushed the price higher testing 55.50 in the NY session. The price tested the 50-EMA in the 4 hours chart in the European session. The price continued developing well below the moving averages. The 50 and the 200-EMAs were flat while the 100-EMA headed lower in the mentioned timeframe chart. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD traded to the upside. The RSI left the oversold readings and headed north.

Trading recommendations

The bullish scenario prevailed on Friday. We will place buy orders if the benchmark does a breakout at the resistance level of 55.50. The next potential buyers’ target is 56.50 dollars per barrel.

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DAX

General overview

European stocks edged higher on Friday awaiting for D.Trump’s inauguration. Financial stocks moved higher while mining ones added to losses on Friday.

Current situation

The index gapped higher at the daily open on Friday. Traders broke 11600 right after the gap and pushed the benchmark higher afterwards. The benchmark stayed above the moving averages which kept heading higher in the 4 hours timeframe. The resistance exists at 11700, the support stands at 11600.

MACD indicator was at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. RSI remained within the neutral area favoring a new move higher.

Trading recommendations

A bullish tone prevailed on Friday. After close above the 11600 level the 11700 hurdle could become an attractive price for investors.

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S&P500

General overview

The US stocks traded higher at the US session opening awaiting for Donald Trump's message in his inaugural speech.

Current situation

The index opened green on Friday. Traders pushed the benchmark higher heading towards the mark 2270. According to the 4 hours chart the price broke the 100-EMA upwards and tested the 50-EMA. The benchmark stayed above the 200 and the 100-EMAs during day. The 50 and the 100-EMAs were flat while the 200-EMA kept heading higher in the same chart. The resistance is at 2280, the support comes in at 2260.

MACD indicator was at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. RSI indicator entered the neutral area.

Trading recommendations

We prefer to stay bullish for now. The short term outlook will be bullish as long as the price holds above 2260 level.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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"Fort Financial Services"- fundamental and technical analysis.

24.01.2017

Euro

General overview

The calendar remained thin and uneventful on Monday. The pair was influenced by broad base dollar retracement. Donald Trump's inaugural speech disappointed investors with absence of clear comments regarding taxes or investment measures. The market will be focused on PMI Composite and Manufacturing PMI from Markit in Germany on Tuesday.

Current situation

The common European currency maintained its bid tone for the 3rd consecutive session on Monday. The euro reached the level 1.0750 in the early trades which stopped its further advance. After touching the level the pair rolled back maintaining its bullish stance during the European hours. The spot extended its losses ahead of NY session opening. The 1 hour chart showed that the price continued developing well above its moving averages. The 50-EMA crossed the 100-EMA upwards. The moving averages pointed higher in the same chart. The resistance is at 1.0750, the support comes in at 1.0700.

The MACD histogram grew which indicates buyers’ strength. RSI stayed within the overvalued readings favoring a new move higher.

Trading recommendations

A bullish tone prevails in the 4 hours chart. A break above 1.0750 may suggest further growth of the EURUSD pair towards 1.0800. In case of a bounce from 1.0750, the currency pair would fall as low as 1.0650.

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Pound

General overview

The pound strengthened amid the US dollar weakness. The dollar softened after D.Trump’s inauguration speech which lacked any hints of his future program.

Current situation

The pound traded in the green zone on Monday extending its Friday's gains. The cable left the seven-week descending channel on Friday. The spot broke the level 1.2400 in the early Asian trades and advanced north during the European trades on Monday. The upward trajectory stopped a few pips below 1.2500 where a fresh bout of selling interest weighed on the spot. The price broke the 50, 100 and 200 EMAs upwards and stayed above them in the 4 hours chart. The 50 and 100-EMAs kept heading higher while the 200-EMA pointed lower. The resistance lies at 1.2500, the support comes in at 1.2400.

The MACD histogram grew which indicates buyers’ strength. RSI remained in the overvalued readings and headed higher.

Trading recommendations

We expect GBPUSD pair to trade bullish for now. Once the GBP/USD pair breaks above 1.2500, we think that the 1.2550 level will be next.

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Yen

General overview

The US dollar edged lower vs. the yen on Monday amid growing concerns that Trump’s first steps as the US President may bring instability in the Asian region causing «economical wars» with leading Asian economics.

Current situation

The USD/JPY pair stayed in the red zone on Monday. The spot found a solid support around 113.00 in the Asian session and recovered some ground during the European hours. After testing the 113.00 handle the price reversed its direction and grew up to 114.00 where it slowed down its recovery. A fresh selling interest emerged ahead of the NA session opening sending the pair to 113.00. The price broke the 50-EMA downwards in the Asian session in the 4 hours chart. The spot stayed below its moving averages on Monday. The 50 and the 100-EMAs kept heading lower while the 200-EMA was neutral in the mentioned timeframe. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI consolidated within oversold readings close to the neutral area.

Trading recommendations

Technical studies are in favour of the negative outcome. The USD/JPY pair risks falling back to 113.00 which is expected to limit its losses.

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AUD/USD

General overview

Lack of clarity over Donald Trump's plans for economic stimulus weakened the US dollar. Moreover, the upbeat sentiment around commodities, especially Copper, boosted demand for AUD on Monday.

Current situation


The AUD/USD pair stayed in the near-term upward channel trading around its recent highs on Monday. The spot extended its buying momentum in the early trades. The Aussie broke the level 0.7550 in the Asian session and posted the daily high at 0.7575. The spot rolled back afterwards and returned to 0.7500 region. The price broke the 50-EMA downwards and tested the 100-EMA in the 1 hour chart. The moving averages were all pointing higher in the same chart. The resistance is highlighted at 0.7600, the support comes in at 0.7550.

MACD decreased which indicates the buyers’ positions weakening. The RSI stayed within the overvalued readings close to the neutral area.

Trading recommendations

In the 4 hours chart, the technical picture favors an upward extension. The 0.7600 hurdle seems the first probable bullish target. Should this mark be reached successfully, a further extension towards 0.7650 could be observed further.

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XAU/USD

General overview

Traders have not changed their opinion preserving upbeat tone on Monday. The demand for the metal grew amid uncertainty around Trump's proposed fiscal policy measures. A weak sentiment surrounding equity markets lent some support to the precious metal as well.

Current situation

Gold turned bearish on Monday. The metal eased off from its daily high as traders decided to book some profits after the recent rally. The XAU/USD pair pushed away from 1220 dollars per ounce in the Asian session and reached 1210 in the mid-European one. The 50, 100 and 200 EMAs kept heading higher in the 4 hours chart. The resistance exists at 1220, the support stands at 1210 dollars per ounce.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator moved downwards.

Trading recommendations


The precious metal is likely to extend its bearishness. The price eyes strong support at 1200 loss of which would trigger further weakness towards 1190 dollars per ounce. To revive its buying momentum the metal needs to retake 1220.

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Brent

General overview

Oil prices moved lower on Monday amid a strong recovery in U.S. oil drilling activity. The prospects of rising U.S. production overwhelmed the news that OPEC members began lowering their oil output.

Current situation

The bearish scenario prevailed on Monday. After an Asian flat the price moved lower during the European yearly hours. The benchmark pushed away from 55.50 and headed towards 54.50 dollars per barrel. Brent tested 50 and 200 EMAs downwards in the 4 hours chart during the European hours. The 50, 100 and 200 EMAs stayed neutral during the day. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI indicator left the overvalued readings and headed south.

Trading recommendations

If a downward pressure persists there is a chance of breaking 54.50 dollars per barrel. A cut here will open the road towards 53.50.

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DAX

General overview

European stocks traded lower on Monday after Trump’s inaugural speech. The financial sector was down together with energy stocks. Shares of Essentra lost 5% which contributed to the stocks decline as well.

Current situation

Bears seized the ball on Monday. The index gapped downwards at the daily open and extended its weakness afterwards. Sellers pushed the price downwards and tested the level 11500 post-European session open. The price bounced off the level after touching it and erased some of its recent losses. The DAX index broke the 50-EMA and tested the 100 EMA in the 4 hours chart during the European trades. The 50 and 100 EMAs turned neutral while the 200-EMA maintained its bullishness. The resistance exists at 11600, the support stands at 11500.

The MACD histogram decreased which indicates the sellers’ growing strength. RSI moved to the downside.

Trading recommendations

If the price overcomes 11500 we could see DAX extending its declines down to 11400. A further extension to 11300 is not ruled out.

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NASDAQ

General overview

Wall Street traded lower in the premarket after Donald Trump’s inaugural speech. The disappointment from the US President Donald Trump's speech was behind the market's decline. Investors turned to earnings which are scheduled for this week.

Current situation

The index turned lower on Friday and continued losing its value on Monday. Sellers returned the price below 5060 and pushed the benchmark lower. The downward momentum lost its legs when the price reached 5040. The index broke the 50-EMA downwards in the 4 hours chart. All moving averages keep heading higher. The resistance is at 5060, the support comes in at 5020.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI headed downwards confirming sellers’ strength.

Trading recommendations

In order to recover some strength, NASDAQ needs to rise back and hold above 5040. In this scenario the benchmark has a chance of maintaining its bid tone. Conversely, a break below 5020 will put on hold bulls’ plans. A firm break below the handle could trigger fresh weakness for attack at 5000.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
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"Fort Financial Services"- fundamental and technical analysis.

03.02.2017

Euro

General overview

Decline of Unemployment Change in Spain provided a light support for the euro. The euro also took advantage of the US dollar retracement. Investors kept a close eye on Draghi's speech on Thursday.

Current situation

The single European currency opened green against the dollar and extended its bullishness afterwards. Traders pushed the price towards 1.0800 in the Asian session and broke the level post-European open. The price bounced off the 50-EMA in the 4 hours chart. The pair continued developing well above its moving averages afterwards. The 50, 100 and 200-EMAs pointed higher in the mentioned timeframe. The resistance is at 1.0850, the support comes in at 1.0800.

The MACD indicator is bullish and is still in positive territory. RSI consolidated within the overvalued readings and moved higher.

Trading recommendations

In a wider perspective the euro could gain bullish momentum if its stays above the resistance at 1.0800. In this scenario the pair EURUSD may extend its growth to 1.8050. Sellers need to break below 1.0700 to ease the upward pressure and the level 1.0600 to seize control.

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Pound

General overview

The BoE kept its rate unchanged at 0.25% on Thursday. The regulators' decision softened the pound. Besides, PMI Construction downbeat data provided additional pressure.

Current situation

The US dollar broad's weakness helped the cable reach fresh multi-month highs on Wednesday. The GBP/USD pair kept growing overnight and met a barrier at 1.2700. The pound kept flirting with the hurdle the first part of the day. However, investors did not find any reason to lift the cable higher. The major sharply dropped towards 1.2600 ahead of the NY opening. The 4 hours chart showed that the GBPUSD pair stayed above its moving averages. The 50 and the 100-EMAs headed north while the 200-EMA was flat in the mentioned timeframe. The resistance lies at 1.2600, the support comes in at 1.2500.

The MACD histogram grew which indicates buyers’ strength. RSI remained within the overvalued readings.

Trading recommendations

Technical readings in the 4 hours chart favor an upward extension. We expect the GBPUSD pair to retain bullishness for further gain to 1.2800 after breaking the 1.2700 level. Inability to post fresh gains may cause the sterling to undergo a small bearish correction towards 1.2600 and 1.2500.

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Yen

Current situation

The USD/JPY remained under pressure due to the ask sentiment around the dollar. Sellers pushed the spot lower in the Asian session and broke the level 113.00. The pair extended its losses afterwards and reached 112.00 post-European open. The price bounced off the 50-EMA in the 4 hours chart. The spot stayed below its moving averages afterwards. The moving averages maintained their bearish slope in the same chart. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD decreased which confirms the strength of sellers. RSI was within the oversold territory favoring a new move lower.

Trading recommendations

The outlook will be bearish as long as the price holds below the level 113.00. If the spot fixates below 112.50 a further weakness towards the 112.00 handle is not ruled out. The level 115.00 needs to be regained in order to alleviate downside pressure.

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USD/CAD

Current situation

The pair remained in red figures on Thursday. The sellers managed to lead the spot lower in the night. The USD/CAD pair pushed away from 1.3050 and headed towards the immediate handle at 1.2980 where the US dollar found a solid support. After touching the level the pair bounced off and slightly grew. According to the 4 hours chart the price stayed below the moving averages. The 50-EMA crossed the 100-EMA downwards. The moving averages remained bearish in the same chart. The resistance is highlighted at 1.3050, the support comes in at 1.2980.

The MACD histogram decreased which indicates the sellers’ strength. The RSI left the neutral area and stayed within the oversold readings.

Trading recommendations

The bearish trend remained intact. If the 1.2980 support breaks, the price may fall further that should send this market looking for the 1.2910 level.

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XAU/USD

General overview

Dovish Fed's remarks coupled with ongoing worries over Trump's policies kept on weighing on the US dollar. BoE's rate decision triggered some volatility in markets maintaining risk-off sentiment among traders. Focus now shifts towards the US Non-Farms payrolls.

Current situation

Gold was stronger on Thursday, trading near local highs against the dollar. Gold spot extended its bullishness in the early trades and reached the mark 1215 dollars per ounce where buying momentum faded for a while. The precious metal extended its gains and broke the 1220 resistance in the late European trades. The metal remained above its moving averages in the 4 hours chart. The 100 and the 200-EMAs headed upwards while the 50-EMA was flat. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI stayed within the overvalued readings.

Trading recommendations

We believe bulls will remain in driver’s seat. A daily close above 1220 will risk the gold price to extend the recovery pace towards 1230 dollars per ounce.

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Brent

General overview

News that OPEC and non-OPEC members stick to output cut deal supported oil outweighing a sharp rise in U.S. crude stockpiles.

Current situation

Market turned positive on Thursday. Brent left its sideways channel and moved towards 57.00 in the European morning trades. The benchmark continued its growth during the European hours and tested the level later the day. The price was developing well above its moving averages in the 4 hours chart. The 50-EMA crossed the 200-EMA upwards. The 100 and the 200-EMAs were flat while the 50-EMA pointed higher in the same chart. The resistance lies at 57.50, the support comes in at 56.50 dollars per barrel.

The histogram grew which is a buy signal. The RSI stayed within the overvalued area favoring a new move higher.

Trading recommendations

The bullish scenario prevailed on Thursday. Bulls need to retake 57.50 to retain bullishness for further gains towards 58.50 dollars per barrel.

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DAX

General overview

European shares traded mixed following the Fed's decision to hold its rate unchanged. Mining and energy stocks added gains while financial stocks were mostly lower.

Current situation

Sellers continued to dominate and DAX continued to lose its value. The index gapped lower at the open and tested 11600. Sellers failed to reclaim the handle and had to retreat. Buyers had reversed all their morning losses by the NY opening. The 4 hours chart showed that the index broke 50-EMA downwards and tested the 100-EMA. The moving averages remained bullish in the mentioned timeframe. The resistance exists at 11700, the support stands at 11600.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI left the neutral area and headed south.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. A down move will start as soon, as the index drops below the support level 11600. DAX might extend its downwards trajectory to 11500 level. A move above 11700 would indicate that our bearish expectations are wrong.

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NASDAQ

Current situation

The upward structure remained in place on Thursday. The price moved towards the lower limit of the upward channel in the early trades. However, the upward trend line halted its further decline. The benchmark posted a daily low at 5120 and bounced off it. The benchmark bounced off the 50-EMA in the 4 hours chart. The index stayed above its moving averages which were all pointed higher. The resistance is at 5140, the support comes in at 5100.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI oscillator was within the neutral area.

Trading recommendations

We prefer to stay bullish for now. A clear break above 5140 resistance will indicate buyers’ strength. The following upward movement could bring price to 5160 area.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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"Fort Financial Services"- fundamental and technical analysis.

21.02.2017

Euro

General overview

The euro needs fresh drives to reverse significant losses which it suffered on Friday. Meanwhile, the common European currency might weaken further in the light of upcoming presidential elections in France. All eyes are on German Manufacturing PMI which is expected below forecasts.

Current situation

The EUR/USD pair remained in sellers' hands on Monday. Despite the overall negative picture the EUR/USD pair was trading in the green zone in the morning. Euro buyers were rescued by the 1.0600 handle which rejected the spot upwards. The euro reached 1.0630 where the recovery lost its legs. The price tested the 50-EMA in the 4 hours chart. The 50-EMA crossed the 200-EMA downwards. The 50 and the 100-EMAs headed south while the 200-EMA kept pointed higher in the mentioned timeframe. The resistance is at 1.0650, the support comes in at 1.0600.

MACD indicator was at the centerline. If the histogram enters the negative area, that will indicate sellers’ growing strength. If MACD returns into the positive territory the buyers will take control over the market. RSI was neutral.

Trading recommendations

A close above 1.0650 will generate fresh bullish signal for further advance, which could extend to the 1.0700 level. A failure here will open doors for fresh sellers’ attack at 1.0600.

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Pound

General overview

The GBP/USD spiked and recovered almost all its Friday’s losses on Monday. The pound was able to strengthen amid a weaker dollar and a light market due to the public holiday in the USA. Moreover, Industrial Trends Survey came out better supporting the British currency. Today traders are waiting for the Mark Carney’s speech.

Current situation

In general, the market was in sellers' hands and the major remained in a consolidative structure between 1.2400 - 1.2600 during Monday’s trades. A fresh buying interest around 1.2400 helped bulls to revert last Friday sell-off. The price spiked to 1.2476 where the upward impetus lost its strength. According to 4 hours chart the price was between 200-EMA and 50-EMAs during the day. The 50 and the 100-EMAs kept pointing lower while the 200-EMA was bullish in the mentioned timeframe. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD grew which indicates the sellers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

If a bullish momentum remains intact the cable will have a chance to reclaim 1.2500. After a breakout of the 1.2500 level the spot may test 1.2544. On the other hand existing selling pressure may lead the major below 1.2400 towards 1.2340.

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Yen

General overview

The dollar rose against the yen on Monday. Donald Trump’s financial stimulus hasn’t come true yet. The current uncertainty over Trump’s plans weighs on the US dollar. Meanwhile, the yen weakened following the downbeat Foreign trade and Export reports.

Current situation

The dollar strengthened vs. the yen, pushing the USD/JPY pair back above 113.00 handle on Monday. The pair caught fresh bids and reversed majority of Friday's losses in the Asian session. Traders were able to push the price above 113.00 where their advance slowed down. The price was stopped by the 100-EMA in the 4 hours chart. The 50-EMA crossed the 100-EMA upwards. The 100 and the 200-EMAs pointed lower while the 50-EMA maintained its bullish slope. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD remained at the same level which confirms the strength of sellers. RSI was neutral.

Trading recommendations

If bulls control the market, the USD/JPY pair may try to reach 114.00 after breaking 113.40. Conversely, a break below 113.00 will open room for further downside towards 112.55.

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USD/CAD

General overview

Oil price dynamics coupled with difference between Fed and the Bank of Canada policies kept on weighing on the CAD.

Current situation

The USD/CAD consolidated in a tight range below the 1.3120 hurdle after a failure to regain the mentioned level. The price edged lower within the range in the Asian session and was able to reverse all its losses during the European hours. The 4 hours chart showed that the price found a decent support at the 100-EMA. The 50 and the 200-EMAs headed south while the 100-EMA was in a flat. The resistance is highlighted at 1.3120, the support comes in at 1.3050.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral territory.

Trading recommendations

All eyes are right now at the support level 1.3050. A move above the level will turn attention to the 1.3000 handle.

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XAU/USD

General overview

Gold weakened on Monday amid a light market as American stocks were closed due to the President's day celebration. Market players wait for further hints regarding Fed’s rate hike timing.

Current situation

The XAU/USD pair maintained a bullish tone on Monday. Gold consolidated above 1230 dollars per ounce after the Friday's sell-off. Sellers failed to retake the level which rescued buyers from further losses. The price pulled back in the Asian session and reached the 1235 mark in the morning. The spot hovered above the level before NY opening. The price bounced off the 50-EMA upwards in the 4 hours chart. The XAU/USD pair was above its moving averages during the day. The 200 and 100 EMAs maintained their bullish slope while 50-EMA was in flat in the mentioned chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD remained at the same level which confirms the strength of buyers. RSI was neutral.

Trading recommendations

A move below 1230 level would indicate that immediate upward pressure eased. The next portable bearish target is 1220 dollars per ounce.

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Brent

General Overview

Oil prices grew due to OPEC’s output cut agreement ignoring the increased US drilling activity and record high inventories.

Current situation

Brent opened green on Monday. The price pushed away from 55.50 during the early hours on Monday. The benchmark was rallying the whole night and in the European morning. Oil futures reached 56.50 post-European open but failed to advance beyond. The hurdle rejected the price which eased erasing some daily gains. The 4 hours chart showed that the 50-EMA crossed the 200-EMA upwards. The benchmark continued developing well above its moving averages during the course of the day. The 50-EMA kept pointed higher, 100-EMA and the 200-EMA were flat in the same timeframe. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

We remain bearish. If the 55.50 support breaks, oil prices may fall further sending this market towards the 55.00 handle.

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DAX

General overview

European stocks slightly rose on Monday following telecommunication sector strengthening. However, Unilever's shares decline led the stocks lower.

Current situation

DAX gapped higher at the daily open. The price jumped through 11800 and slightly grew afterwards. The index reached the mark 11864 and suddenly changed its direction when a fresh selling pressure returned the benchmark to 11800 post European open. The index hovered above its moving averages in the 4 hours chart. The 50-EMA touched the 100-EMA. The moving averages maintained their bullish slope in the mentioned chart. The resistance exists at 11900, the support stands at 11800.

The histogram grew which is a positive signal. The RSI indicator was near overvalued territory.

Trading recommendations

The overall outlook remains bullish, for a rise towards 11900 resistance area. However, we will place buy orders only if the index breaks the 11800 level. Meanwhile, DAX index has a potential to fill its morning gap. The benchmark may fall to 11700 in this scenario.

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NASDAQ

Current situation

The trend is clearly bullish for now. Bulls kept pushing the price upwards during the Asian session on Monday. They touched the 5340 hurdle in the European morning trades and bounced off the level immediately afterwards. According to the 4 hours chart the benchmark hovered above its moving averages. All the moving averages maintained their bullish slope in the same chart. The resistance is at 5340, the support comes in at 5300.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator consolidated within the overvalued readings.

Trading recommendations

A bullish tone prevails in the 4 hours chart. After breaking the 5340 hurdle we expect further extension to 5380.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

23.02.2017

Euro

General overview

The euro is under pressure amid growing concerns over the presidential elections in France and growing expectations over the possible Fed rate hike in March. Germany Business Climate came in above expectations despite the negative forecast. However, the market ignored the release.

Current situation

The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows. The price bounced off 1.0550 and dropped to 1.0500 in the European morning. The 100-EMA tested the 200-EMA in the 4 hours chart .The 50 and 100 EMAs maintained their bearish slope while 200-EMA was neutral. The price continued developing well below the moving averages. The resistance is at 1.0550, the support comes in at 1.0500.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator consolidated within negative area.

Trading recommendations

A break below 1.0500 will trigger another leg lower. A move below 1.0500 would revive bearishness towards 1.0450.

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Pound

General overview

The UK's GDP showed upbeat result, however, the pound ignored the release.

Current situation

The pound maintained its neutral tone trading in a familiar range on Wednesday. The cable failed to sustain the Tuesday's recovery, the pair sharply dropped after touching 1.2500. The price reached 1.2450 within a few hours and stayed around the session low until the NY opening. The major bounced off the 100-EMA downwards and broke the 50-EMA. The 50 and 100 EMAs maintained their bearishness while the 200-EMA stayed neutral/positive. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved lower.

Trading recommendations

We preserve our bearish outlook. A break below 1.2400 shall open the way for further losses towards 1.2350 and 1.2300.

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Yen

Current situation

The US dollar maintained its bearish tone on Wednesday. The Tuesday's recovery stalled a few pips below 114.00. Bears tightened their grip and sent the rate towards 113.00 in the Asian session. European sellers continued pushing the major lower and reached the targeted level in the mid-European session. According to 4 hours chart the spot rebounded from 50-EMA and broke the 100-EMA downwards. The moving averages pointed lower in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI oscillator moved downwards.

Trading recommendations

We expect to see renewed bearish pressure. As the most probable scenario, we consider further moving downwards towards the mark at 112.60, en route to 112.00.

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NZD/USD

Current situation

The trend is objectively bearish. The NZD extended its Tuesday's recovery reversing more-than half of its previous losses. The price stalled above 0.7150 trading in a tight range on Wednesday. The spot was almost unchanged flirting with the fresh highs the whole day. The 50-EMA crossed the 200-EMA downwards in the 4 hours chart. The 50 and 100 EMAs pointed lower while the 200-EMA maintained its bullish slope. The price continued developing below the moving averages in the mentioned timeframe. The resistance is highlighted at 0.7200, the support comes in at 0.7150.

MACD decreased which confirms the strength of sellers. RSI remained within neutral territory.

Trading recommendations

The price eyes a support at 0.7150 loss of which would trigger further weakness towards 0.7100.

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XAU/USD

General overview

Gold prices remained under pressure ahead of Fed minutes awaiting for fresh guidelines regarding the next rate hike timing.

Current situation

The precious metal traded mostly sideways on Wednesday. Tuesday’s recovery helped gold to reverse all its early losses. Buyers returned the spot to the 1240 hurdle where the pair XAU/USD stood still the first part of the day. According to 4 hours chart the price rebounded from 100-EMA and crossed 50-EMA upwards. The metal was above the moving averages which were all pointing higher in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD indicator was at the centerline. If the histogram entered the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was neutral.

Trading recommendations

Gold remained well offered. A firm break below 1230 handle would open 1220 dollars per ounce.

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Brent

General Overview

Despite the recent drop oil prices remained around 7-week high on hopes that OPEC will achieve full compliance to the production cut agreement. Yesterday the price weakened ahead of the US crude stockpiles report. Traders were afraid that the report would show another build in the inventories. Besides, a fresh demand around the US dollar kept on weighing on the benchmark.

Current situation

Brent turned negative on Tuesday and extended its weakness on Wednesday. The Asian recovery lost its legs around 57.00 where the benchmark found fresh offers. The price sharply dropped and broke the 56.50 handle in the late Asian trades. Sellers drove the price to 56.10 afterwards where black gold found a decent support. 50-EMA crossed the 100-EMA upwards in the 4 hours chart. The 50 and 100 EMAs kept heading higher while 200-EMA turned lower. The price continued developing above the moving averages. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI was neutral.

Trading recommendations

After a daily close below 56.50 dollars per barrel we could see the pair extending down to the 55.50 region.

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DAX

General overview

European stocks traded mixed on Wednesday on the back of earnings and recent economic releases. DAX posted upbeat results when touched all-time high at 12000. Financial stocks were mixed while mining ones moved lower.

Current situation

DAX posted fresh all-times highs on Tuesday and consolidated its gains on Wednesday. The price pierced 12000 but failed to retake the level. The benchmark remained around the hurdle flirting with fresh highs in the European session. According to 4 hours chart the benchmark was above the moving averages which were all pointing higher. The resistance exists at 12000, the support stands at 11900.

The histogram grew which is a buy signal. The RSI indicator remained within overbought readings.

Trading recommendations

A pullback is expected in the short term. Below 12000, the index is likely to target at the 11900 support.

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NASDAQ

General overview


US stocks moved lower at per-market ahead of the Fed’s minutes publication.

Current situation

The index gave up its fresh highs and pulled back on profit-taking. NASDAQ returned to 5340 in the early trades on Wednesday and stayed around the level until the American stocks open. According to 4 hours chart the 50, 100 and 200 EMAs maintained their bullishness. The price continued developing well above the moving averages in the same chart. The resistance is at 5380, the support comes in at 5340.

MACD traded to the downside. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

A sharp breakout below 5340 could spark a further decline towards 5320.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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TradeFort
  • Posts: 793
  • Joined: 14/05/2014
"Fort Financial Services"- fundamental and technical analysis.

24.02.2017

Euro

General overview

Germany GDP came out as expected without changes in the 4th quarter. The GDP rose at good pace last year despite Brexit. All eyes are on the presidential election in France.

Current situation

The EUR/USD pair traded with mild bearish bias on Thursday. The euro reached 1.0500 but lost strength after touching the level and turned to the upside. Buyers reversed all its recent losses and returned the spot to 1.0550 where the major stayed in a directionless trading during the European hours. The spot broke the 50-EMA and stayed within its region in the 1 hour chart. All the moving averages continued moving downwards. The resistance is at 1.0550, the support comes in at 1.0500.

MACD grew which indicates the sellers’ positions weakening. RSI was neutral.

Trading recommendations

The EUR/USD pair remained in a descending channel. We do not see a potential to post more gains. The bearish momentum is likely to be regained as soon as the single European currency gets below 1.0550. Buyers need to retake 1.0600 to ease the downward pressure.

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Pound

General overview

The pair traded in the narrow range due to the empty British calendar. Meanwhile, the US Fed meeting minutes did not inspire investors to buy the dollar.

Current situation

The pound remained rangebound on Thursday. Sellers found a solid barrier at 1.2400 and had to retreat. The price bounced off the handle but failed to build a strong up-move and stalled below the 1.2500 psychological level. The cable touched the 50-EMA in the 4 hours chart. The moving appeared to be a strong obstacle to break at once. The pair stayed in-between the 50 and 200 EMAs during the day trying to move higher. The 50 and 100 EMAs pointed lower while the 200-EMA extended its bullishness. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI stayed within neutral territory.

Trading recommendations

A sharp breakout below 1.2400 could spark a further decline towards 1.2370 in the coming sessions. Alternatively, a break and consolidation above 1.2500 will increase buyers’ chances to reach 1.2550.

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Yen

General overview

The dollar weakened a bit despite the FOMC meeting minutes which mentioned the probable Fed monetary policy tightening. The Japanese calendar remains thin and uneventful the pair will mostly depend on the US data

Current situation

The USD/JPY pair stayed rangebound on Thursday being limited in a tight range between 113.00 and 113.50. The price stayed flat out during the Asian and European hours and became more agile ahead of the NY opening. Sellers led the price lower and broke 113.00. The major stayed around the 100-EMA which acted as a support for the US dollar. The 4 hours chart showed that the pair was sandwiched between the 100 and 50 EMAs during the day. The 50, 100 and 200 EMAs maintained their mild bearish slope in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was flat.

Trading recommendations

It is hard to predict the pair's further move. A clear break below 113.00 would indicate that the bearish phase has resumed. Conversely, to recover some strength the major needs to rise back and hold above 114.00.

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USD/CAD

General overview

The US dollar weakened against the Canadian dollar. All eyes are on Canadian Consumer Price Index which is expected above expectations.

Current situation

The US dollar failed to sustain its recovery on Wednesday. The upward move lacked momentum around 1.3190 where the spot found fresh offers. The pair continued being offered on Thursday. Sellers pushed the price from the 1.3190 hurdle to 1.3120 and reached the last post-European open. The USD/CAD pair touched the 200-EMA which acted as a support for the major in the 4 hours chart. The US dollar struggled hard to retake the moving in the European session. The 200-EMA moved lower while the 50 and 100 EMAs were neutral in the mentioned timeframe. The resistance is highlighted at 1.3190, the support comes in at 1.3120.

MACD decreased which confirmed the growing strength of sellers. RSI moved to downside.

Trading recommendations

The technical picture favors a downward extension unless the level 1.3120 holds. A move below the handle will open the door for a 1.3090 region retest. A failure to break the mark may send the pair to 1.3190.

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XAU/USD

Current situation

Gold extended its sideways consolidation on Thursday. The recent upmove lost its upward momentum around 1240 where the precious metal traded the first part of the day. The precious metal turned bullish in the North American session. Buyers broke above 1240 and led the XAU/USD pair to 1245. According to 4 hours chart the spot continued to stay above its moving averages which extended their bullish slope. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral readings.

Trading recommendations

We expect gold futures to trade sideways tending to grow in the coming sessions.

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Brent

General Overview

Oil prices slightly grew as investors became more optimistic after the OPEC's production cuts according to the meeting in Doka. The prices grew despite the U.S. Crude Oil Inventories withdrawal.

Current situation

Brent oil prices extended their recovery in the Asian session on Thursday. Buyers led the price higher and broke 56.50 dollars per barrel in the early European morning. European buyers failed to maintain an upward momentum and stepped back. The price returned to 56.50 and stayed there until the NY open. After breaking the 50 and 100 EMAs the price remained above the moving averages in the 4 hours chart. All the moving averages were flat. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD slightly grew while RSI moved within neutral readings.

Trading recommendations

Brent needs to fixate above 56.50 dollars per barrel to extend its bullishness. The 57.50 hurdle is the next buyers' target. A failure to hold above 56.50 risks a slide to the 56.00 - 55.50 region.

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DAX

General overview

European stocks traded mixed on Thursday as investors focused on earnings reports. Besides, traders kept weighing up the latest Fed's minutes. Financial stocks faced some buying pressure while mining stocks were mixed.

Current situation

DAX traded in a tight range on Thursday. After reaching 12000 the upward momentum lost its strength. Traders seem to be consolidating their gains now. According to 4 hours chart the price was above the moving averages which were all pointing higher. The resistance exists at 12000, the support stands at 11900.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator was near overvalued territory, favoring a move lower.

Trading recommendations

The index may develop a minor technical correction if it fails to retake 12000. The benchmark may ease to 11900 on profit-taking.

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S&P500

General overview

The US investors prefer to stay out of market awaiting for further details on Trump's fiscal policies.

Current situation

S&P500 traded around its recent highs on Thursday. The price stayed in a tight range of 50 pips or less struggling with 2360. The benchmark was above its moving averages which were all pointing higher in the 4 hours chart. The resistance is at 2360, the support comes in at 2340.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator stayed near overbought levels.

Trading recommendations

The index will remain in a directionless mode until S&P500 finds fresh drivers. Meanwhile, we expect a recovery to 2350.

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*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

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