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  • DJIA: trade negotiations support buyers
    11/05/2019

    In the middle of last month, DJIA again approached the level of absolute and annual highs near the level of 27400.0. However, for the breakdown of this level of resistance, the positive impulse was not enough and the DJIA fell again.
    Market participants continue to follow any comments by the US and Chinese authorities regarding trade negotiations.
    The deterioration of prospects in this direction may again bring down stock indices. Conversely, a warming or easing in trade disputes between the US and China will support stock indices.
    So, a new portion of positive information about the course of trade negotiations, which arrived at the beginning of this week, gave new strength to the bulls in the US stock market.
    As Myron Brilliant, Executive Vice President of the US Chamber of Commerce, said last Monday, "the parties have really come close to an agreement". There is also information that representatives of the United States and China are actively considering the abolition of some duties. Moreover, it is expected that the US-China trade agreement of the "first phase" will be signed in November.
    The Fed’s propensity to maintain soft policy, as well as the revival of economic activity in the US, which is signaled by exceeding expectations GDP data for the 3rd quarter and the improvement of the US labor market in October, according to data presented last week, are also of positive importance for American stock indices.
    Last Monday, the DJIA price broke through the resistance level of 27400.0 and rushed up, maintaining a positive trend, which speaks in favor of DJIA purchases.
    In an alternative scenario, after the breakdown of the short-term support level of 27150.0 (ЕМА200 on the 1-hour chart) and in case of resumption of decline, the targets will be support levels 26460.0 (ЕМА144 on the daily chart), 26260.0 (ЕМА200 on the daily chart).
    Above these support levels, there is the long-term positive dynamics of US stock indices and the DJIA index, including.
    From the news for today it is worth paying attention to the publication (at 15:00 GMT) of the index of business activity (ISM) in the US services sector, which assesses the state of the services sector in the economy.
    The growth rate and the result above 50 are considered as a positive factor for US stock indices. At the same time, a relative decrease in the indicator or data worse than the forecast may have a short-term negative impact on the US indices. Forecast: 53.4 in October (against 52.6 in September).
    Support Levels: 27400.0, 27150.0, 26900.0, 26700.0, 26460.0, 26260.0, 25270.0, 24600.0
    Resistance Levels: 27600.0, 28000.0

    Trading Scenarios

    Buy Stop 27610.0. Stop-Loss 27350.0. Take-Profit 28000.0
    Sell ​​Stop 27350.0. Stop-Loss 27610.0. Take-Profit 27150.0, 26900.0, 26700.0, 26460.0, 26260.0


    *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

    Comment


    • WTI Oil: upward correction is near completion
      11/08/2019
      Current Dynamics

      Despite a report by the US Department of Energy on Wednesday, which pointed to a significant increase in US oil reserves (+7.929 million barrels) last week, oil prices rose.
      The increase in prices was accompanied by an increase in the global and American stock markets.
      All three major US stock indexes hit record highs this week thanks to a robust US labor market, hopes for a US-China trade dispute resolving and a successful corporate reporting season.
      WTI oil prices rose this week to $ 57.80 per barrel (against $ 54.06 per barrel at the beginning of the month).
      Nevertheless, the optimism of investors is gradually dying away, and we again see a decline in oil prices.
      At the beginning of the European session, WTI crude oil is trading near 56.10.
      Despite verbal agreements that gave hope for a postponement of the introduction of new duties, and a statement by Chinese representatives about their readiness to remove all available duties, trade disagreements between the United States and China remain. The United States has not yet responded to a statement by the Chinese side about the readiness to remove all duties. The ongoing trade war between Beijing and Washington could again lead to lower oil demand.
      On Friday, oil market participants will pay attention to the publication (at 18:00 GMT) of the weekly report of the American oilfield services company Baker Hughes on the number of active drilling rigs in the United States. Previous reports showed a decrease in the number of active oil platforms in the United States to 691 units at the moment (from 800 units at the beginning of June and 742 units at the beginning of September). If the report again indicates a decrease in the number of such installations, then this may give a short-term positive impetus to prices.
      Nevertheless, talking about breaking the bearish trend of oil is still premature.
      The breakdown of the next important support level of 55.40 (EMA200 on the 4-hour chart, EMA50 on the daily chart, Fibonacci level 38.2% of the upward correction to the fall from the highs of the last few years near 76.80 to the support level near 42.15) will increase the pressure on the price towards its further reduction with a long-term goal at the support level of 42.15 (Fibonacci level of 0% and December 2018 lows).
      In the case of the resumption of positive dynamics in world stock indices and growth in the oil market, a breakdown of the local resistance level of 57.80 will strengthen the bullish momentum and direct the price to the resistance level of 60.90 (July highs) and further to the levels of 63.50, 64.40.
      In the meantime, a negative impulse prevails below the resistance level of 57.00; short positions are preferred.
      Support Levels: 55.40, 54.00, 53.00, 51.30, 50.30, 49.00, 42.15
      Resistance Levels: 57.00, 57.80, 59.50, 60.90, 63.50, 64.40, 66.50

      Trading Recommendations

      Sell ​​Stop 55.90. Stop-Loss 56.70. Take-Profit 55.40, 54.00, 53.00, 51.30, 50.30, 49.00, 42.15
      Buy Stop 56.70. Stop-Loss 55.90. Take-Profit 57.00, 57.80, 59.50, 60.90, 63.50, 64.40, 66.50
      081119-WTI-D.png

      *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

      Comment


      • NZD/USD: NZD dynamics on the eve of the RBNZ meeting
        11/11/2019

        On Wednesday, the next RBNZ meeting will take place, and the decision on rates will be published at 01:00 (GMT).
        In August, the RBNZ cut the rate at once by 50 bp to 1.00%, explaining this decision by the aggravation of the trade war between the US and China and the loss of momentum in the New Zealand economy. RBNZ executives are inclined to further soften monetary policy, believing that wage growth in the country remains weak, inflation expectations are falling, and low levels of business confidence indicate a slowdown in hiring and wage growth.
        It is widely expected that the rate will be reduced at this meeting by 0.25%, to the level of 0.75%.
        The RBNZ press conference will begin on Wednesday at 02:00 (GMT).
        Probably, the head of the RBNZ Adrian Orr will reaffirm the bank’s penchant for soft monetary policy, which will preserve the pressure on the New Zealand currency.
        New Zealand's export-oriented economy suffers greatly from a slowdown in the global economy and a decline in purchases of New Zealand products, including by China. Meanwhile, optimism and risk appetite of investors are gradually dying out. Although China announced an agreement to abolish duties, U.S. President Donald Trump said last Friday that the United States did not promise to abolish existing customs duties on Chinese goods.
        Meanwhile, the New Zealand dollar strengthened, and NZD / USD rose in the first half of today's trading day, rising to a short-term resistance level of 0.6372 (ЕМА200 on the 1-hour chart, ЕМА50 on the daily chart).
        Nevertheless, expectations of a lower interest rate of the RBNZ and the bank's propensity for soft policy will restrain NZD / USD and the New Zealand dollar from further growth.
        Below the resistance level of 0.6525 (EMA200 on the daily chart), short positions remain preferred. The breakdown of the local support level of 0.6322 will be a signal for resuming NZD / USD sales with the immediate target at 0.6260 (Fibonacci level 0% and minimums of the global wave of pair decline from the level of 0.8820).
        Support Levels: 0.6322, 0.6260, 0.6200, 0.6100
        Resistance Levels: 0.6372, 0.6390, 0.6435, 0.6475, 0.6525

        Trading Scenarios

        Sell ​​by market. Stop-Loss 0.6410. Take-Profit 0.6322, 0.6300, 0.6260, 0.6200, 0.6100
        Buy Stop 0.6410. Stop-Loss 0.6360. Take-Profit 0.6435, 0.6475, 0.6525


        *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

        Comment


        • Brent: short positions are preferred
          11/15/2019

          A report released on Thursday by the US Department of Energy indicated another increase in US oil reserves (+2.219 million barrels, with a forecast of +1.649 million barrels). US oil inventories rose to 449 million barrels and are still 3% above the 5-year average for this time of year. The EIA also reported an unexpected increase in gasoline inventories by 1.9 million barrels and an increase in US oil production by 200,000 barrels per day, to a new record high of 12.8 million barrels per day.
          The report indicates that US oil reserves continue to grow. This is the eighth consecutive week of oil reserves growth.
          Despite the negative data for oil quotes, the optimism of the oil market participants, which was associated with expectations of a trade agreement between the US and China, contributed to an increase in oil prices in the last 2 months.
          As announced earlier this month, the Ministry of Commerce of China, the parties agreed to abolish duties at the same time and in equal amounts if a trade agreement of the first phase is signed.
          Oil demand also grew thanks to growth in the global and US stock markets.
          All three major US stock indexes hit record highs thanks to a robust US labor market, hopes for a US-China trade dispute and a successful corporate reporting season.
          Nevertheless, trade disagreements between the US and China continue despite oral agreements that gave hope for a delay in the introduction of new duties, while US oil reserves are growing with rising production levels.
          These are negative factors for oil quotes.
          Baker Hughes report on the number of active drilling rigs in the USA, which will be presented at 18:00 (GMT), will be in the focus of attention of oil market participants on Friday. It will probably indicate a further slowdown in drilling operations in the United States, as the relatively low oil prices force some shale oil producers to temporarily slow down.
          Previous reports indicated a decrease in the number of active oil platforms in the United States. If the report again indicates a decrease in the number of such installations, then this may give a short-term positive impetus to prices.
          Nevertheless, it is still premature to talk about a change in the bearish trend of oil to bullish.
          The price could not develop an upward trend above 63.30. Above it, there is a key resistance level of 63.90 (EMA200 on the daily chart and a Fibonacci level 38.2% of the downward correction in the wave of price growth from a level near the level of 27.10 to the highs of October 2018 near the level of 86.60 dollars per barrel).
          And while the price is trading in the zone below this resistance level, short positions look preferable, which speaks in favor of resuming sales when local correction levels of resistance will be reached.
          The breakdown of the support level of 61.45 (EMA200 on the 4-hour chart, EMA50 on the daily chart) will mean the resumption of the global downtrend with support at 60.40 (May lows), 58.50, 56.90 (Fibonacci level of 50% and the middle of the downward channel on the daily chart).
          Support Levels: 61.45, 60.40, 58.50, 56.90
          Resistance Levels: 62.20, 62.75, 63.30, 63.90

          Trading Recommendations

          Sell ​​by market, Sell Limit 62.75, 63.30, 63.90. Stop-Loss 64.10. Take-Profit 61.45, 60.40, 58.50, 56.90
          Buy Stop 64.10. Stop-Loss 62.90. Take-Profit 65.10, 67.00, 68.00, 69.00


          *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

          Comment


          • DJIA: Current Dynamics
            11/18/2019

            US stock indexes continue to grow and break new records, updating absolute highs.
            At the beginning of the European session on Monday, the S&P 500 is trading near the 3122.0 mark, and the Nasdaq100 is near the 8330.0 mark. Dow Jones Industrial Average broke through the resistance level of 28000.0, trading at the time of publication of the article near the mark of 28050.00.
            Investor enthusiasm stems from expectations of a trade agreement between the US and China. Investors continue to follow any comments by the US and Chinese authorities regarding trade negotiations. The deterioration of prospects in this direction may again bring down stock indices.
            The Fed’s propensity to maintain soft policy, as well as a revival of economic activity in the US, which is exceeded by expectations for GDP data for the 3rd quarter and the improvement of the American labor market in October, according to data presented at the beginning of the month, are also of positive importance for American stock indices.
            In an alternative scenario, the signal for DJIA sales will be a breakdown of the short-term support level of 27700.0 (ЕМА200 on the 1-hour chart). The immediate goal of the decline is located at the support level of 27250.0 (ЕМА200 on the 4-hour chart).
            In case of further decline, the targets will be the key support levels 26600.0 (ЕМА144 on the daily chart), 26400.0 (ЕМА200 on the daily chart).
            The breakdown of the support level of 26400.0 may provoke a further decrease to support levels of 25270.0 (August lows), an important support level of 25050.0 (Fibonacci level 23.6% of the correction to the DJIA growth wave, which began in February 2016 from 15500.0), 24600.0 (lows of June 2019).
            Nevertheless, the long-term positive dynamics of US stock indices remains. Long positions by DJIA are preferred.
            On Wednesday (at 19:00 GMT) the minutes of the October meeting of the Fed will be published, which may cause increased volatility in the financial markets if the protocol texts contain unexpected information regarding the prospects for monetary policy or the state of the US economy.
            Support Levels: 28000.0, 27700.0, 27400.0, 27250.0, 26900.0, 26600.0, 26400.0
            Resistance Levels: 28100.0

            Trading Scenarios

            Buy in the market. Stop-Loss 27680.0. Take-Profit 28100.0, 28500, 29000.0
            Sell ​​Stop 27680.0. Stop-Loss 28040.0. Take-Profit 27400.0, 27250.0, 26900.0, 26600.0, 26400.0


            *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

            Comment


            • EUR/USD: the Fed took a wait and see position
              11/21/2019

              The minutes published on Wednesday from the Fed meeting in October confirmed the central bank’s leadership’s attitude to take a wait-and-see attitude to determine if the economy will need additional stimulus in the coming months.
              "Most participants decided that monetary policy after lowering rates by a quarter percentage point at this meeting will be precisely tuned to maintain prospects for moderate economic growth, a strong labor market", the minutes said.
              The probability of the next one reduction in rates by the middle of next year, according to the CME Group, is about 50%.
              However, the dollar is falling on Thursday. At the start of today's European session, the DXY dollar index futures are trading near 97.70, 6 pips below today's open price and 13 pips below open price earlier this week.
              Now, participants in the financial market will follow the publication (at 12:30 GMT) of the minutes from the ECB meeting in October. If the protocols contain unexpected statements or new information regarding the prospects of monetary policy, this could lead to a surge in volatility in trading on the euro and on the European stock market.
              In October, the ECB did not change its monetary policy and announced no new measures. At the same time, among the Governing Council of the ECB, voices of opponents of the current incentive policy are increasingly heard.
              The next meeting of the ECB on monetary policy will be held on December 12, and any changes in the mood of the ECB leaders and their opinion on the current monetary policy of the central bank may lead to increased volatility in the financial markets, especially for the euro and EUR / USD.
              Currently, EUR / USD is developing an upward trend, trading above short-term support levels of 1.1065 (ЕМА200 on the 4-hour chart, ЕМА50 on the daily chart), 1.1060 (ЕМА200 on the 1-hour chart).
              Nevertheless, EUR / USD growth is above key resistance levels of 1.1130 (ЕМА144 on the daily chart), 1.1175 (ЕМА200 on the daily chart) is unlikely.
              In general, the long-term bearish trend of EUR / USD remains. The breakdown of the support level of 1.1060 will be a signal for the resumption of sales of EUR / USD.
              Support Levels: 1.1065, 1.1060, 1.0995, 1.0940, 1.0900
              Resistance Levels: 1.1110, 1.1130, 1.1175

              Trading Recommendations

              Sell ​​Stop 1.1050. Stop-Loss 1.1110. Take-Profit 1.1000, 1.0940, 1.0900, 1.0850
              Buy Stop 1.1095. Stop-Loss 1.1050. Take-Profit 1.1110, 1.1130, 1.1175


              *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

              Comment


              • XAU/USD: Current Dynamics
                11/27/2019

                Against the background of increased expectations of investors in the soon conclusion of a trade agreement between the United States and China, the demand for protective assets, including gold, is declining.
                According to reports received earlier this month from the Ministry of Commerce of China, if a “first phase” trade agreement is signed, the parties will cancel duties at the same time and in equal volumes.
                This news triggered a sharp increase in stock indices and a drop in gold prices.
                On Tuesday, investor optimism was reinforced by another report by the Chinese Ministry of Commerce that the parties agreed to continue discussion of the remaining issues that need to be agreed upon to conclude a "first phase" deal.
                At the beginning of the European session on Wednesday, XAU / USD is trading below the important short-term resistance level of 1464.00 (EMA200 on the 1-hour chart). In case of further decline, XAU / USD will go towards the support levels of 1440.00 (ЕМА144 on the daily chart), 1420.00 (ЕМА200 on the daily chart). Above these levels, a long-term bull trend remains.
                Return to the area above the resistance levels of 1478.00 (ЕМА200 on the 4-hour chart), 1484.00 (Fibonacci level 50% of the correction to the wave of decline since September 2011 and the mark of 1920.00) will create conditions for further growth of XAU / USD.
                Nevertheless, investors are cautious before Thanksgiving and before the publication of important macro data from the United States today (at 13:30, 14:45, 15:00 GMT), including data on orders for durable goods, the second estimate of GDP for 3- the first quarter and data on applications for unemployment benefits, data on personal income and expenses of Americans, the Chicago Purchasing Managers Index. At 19:00 (GMT) the Fed Beige Book will be published.
                If the data indicate the stability of the US economy, the dollar will strengthen, and gold prices will come under pressure.
                Conversely, weak macro data from the United States, as well as new difficulties in the negotiation process between US and Chinese trade representatives, could trigger a fall in stock indices and an increase in demand for gold.
                The first signal to resume the long XAU / USD positions will be a breakdown of the resistance level of 1464.00.
                Support Levels: 1440.00, 1420.00, 1380.00, 1368.00, 1310.00, 1253.00
                Resistance Levels: 1464.00, 1478.00, 1484.00, 1497.00, 1520.00, 1535.00, 1555.00, 1585.00

                Trading Recommendations

                Sell ​​Stop 1451.00. Stop-Loss 1465.00. Take-Profit 1440.00, 1420.00, 1380.00, 1368.00
                Buy Stop 1465.00. Stop-Loss 1451.00. Take-Profit 1478.00, 1484.00, 1497.00, 1520.00, 1535.00, 1555.00, 1585.00


                *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

                Comment


                • USD/CAD: in the last days of the month
                  11/28/2019

                  Today is a day off in the USA (Thanksgiving). US financial markets and banks will be closed, and on Friday, trading will end earlier. In this regard, trading volumes during the US trading session will be low.
                  Meanwhile, the US dollar remains positive. After the publication of a number of positive macro data from the United States on Wednesday, the DXY dollar index reached a local 6-week high near 98.37, while maintaining multi-month positive dynamics.
                  According to official data released on Wednesday, US GDP growth in the 3rd quarter was 2.1% (the initial estimate assumed US GDP growth in the 3rd quarter by 1.9%), mainly due to strong indicators of consumer spending. Rising wages, historically low unemployment and low interest rates in October supported consumer spending, which is about 2/3 of US GDP.
                  Speaking on Monday, Fed Chairman Jerome Powell said that "this growth period has been going on for 11 years and is the longest in US history, so overall economic conditions can be called favorable".
                  The US economy in the current conditions looks more stable compared to other major economies in the world, which will help maintain the demand for US assets and the dollar.
                  Meanwhile, USD / CAD has been growing since the opening of today's trading day. At the beginning of the European session, USD / CAD is trading above the short-term support level 1.3275 (EMA200 on the 1-hour chart) and the important support level 1.3235 (EMA200 on the daily chart), which speaks in favor of purchases of this currency pair.
                  Therefore, you should look for the opportunity to enter long positions, for example, when roll back (lower) to the support level of 1.3275. Above this level of support, long positions are preferred.
                  A breakdown of this level of support will be a signal for sales. In this case, the reduction targets will be the support levels 1.3200, 1.3138 (September lows), 1.3100, 1.3060, 1.3042.
                  Despite the optimism of Bank of Canada managers, many economists believe that the central bank should consider lowering interest rates to prevent the negative economic effects of ongoing trade conflicts.
                  The next meeting of the Bank of Canada will be held on December 4. If at this meeting, the Bank of Canada will signal its intention to lower the rate in the coming months, then the Canadian dollar may come under pressure, which may intensify amid falling oil prices.
                  Support Levels: 1.3275, 1.3235, 1.3200, 1.3138, 1.3100, 1.3060, 1.3042, 1.3015
                  Resistance Levels: 1.3300, 1.3325, 1.3345, 1.3380, 1.3400, 1.3452

                  Trading recommendations

                  Sell ​​Stop 1.3250. Stop-Loss 1.3310. Take-Profit 1.3235, 1.3200, 1.3138, 1.3100, 1.3060, 1.3042, 1.3015
                  Buy Stop 1.3310. Stop-Loss 1.3250. Take-Profit 1.3325, 1.3345, 1.3380, 1.3400, 1.3452



                  *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

                  Comment


                  • Brent: Strong drivers are needed for price increases
                    11/29/2019

                    Expectations of a soon conclusion of a trade agreement between the United States and China contributed to higher prices for commodities, including oil. So, Brent crude oil has risen in price over the past 2 months by almost 6%, reaching $ 64.55 a barrel this week.
                    However, further price growth stopped. The price is trying to gain a foothold in the zone above the key resistance levels 63.70 (ЕМА200 on the daily chart), 63.90 (Fibonacci 38.2% of the downward correction in the wave of price growth from the level near the level of 27.10 to the highs of October 2018 near the mark of 86.60 dollars per barrel).
                    A breakdown of the local resistance level of 64.55 (monthly highs) will strengthen the bullish momentum and
                    will direct the price to resistance levels 65.10, 66.10, 67.50.
                    However, the global downtrend of the price is prevailing. Its further growth is unlikely without strong fundamental drivers.
                    A signal for the resumption of sales will be the breakdown of support levels 63.00 (ЕМА144 on the daily chart), 63.35 (ЕМА200 on the 1-hour chart). The targets for further decline are located at the levels of 60.40 (May lows), 58.50, 56.90 (Fibonacci level of 50%).
                    Continued tensions in international trade relations, as well as significant oil reserves in the United States will put pressure on oil prices in the direction of their decline.
                    A stronger dollar is also putting pressure on oil prices. At the beginning of today's European session, DXY futures are trading near 98.32, 17 pips above the opening price last Monday, staying close to the highs of the last 7 weeks.
                    Support Levels: 63.35, 63.00, 62.30, 61.00, 60.40, 58.50, 56.90
                    Resistance Levels: 64.00, 64.55, 65.10, 67.50

                    Trading Recommendations

                    Sell ​​by market. Stop-Loss 64.60. Take-Profit 63.35, 63.00, 62.30, 61.00, 60.40, 58.50, 56.90
                    Buy Stop 64.60. Stop-Loss 63.30. Take-Profit 65.10, 67.00, 67.50



                    *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

                    Comment


                    • NZD/USD: Current Dynamics

                      12/03/2019


                      According to the US Institute for Supply Management (ISM) on Monday, the manufacturing PMI index fell to 48.1 in November from 48.3 in October (the forecast was 49.2).

                      The manufacturing sector does not have such a significant effect on US GDP as consumer spending. However, it is an important indicator of the state of the American economy as a whole.

                      Index values ​​below 50 indicate a decline in activity. At the same time, the value of the manufacturing PMI below this mark has been observed for the fourth month in a row.

                      New manufacturers were pressured by new import duties and uncertainty over the US-China trade dispute.

                      The DXY dollar index reached a new 7-week high last Friday near 98.50. However, on Tuesday, the DXY index is down for the second day in a row. At the beginning of today's European session, futures on the DXY dollar index was trading near 97.75, 45 points below the closing price last Friday.

                      This week, investors will be waiting for the publication of data on the US services sector (on Wednesday at 14:45 and 17:00 GMT), as well as a report on employment by the Department of Labor (on Friday at 13:30 GMT). In general, strong data are expected from the US labor market. At the same time, unemployment remained at a multi-year low of 3.6%.

                      If the data is confirmed or is better than the forecast, then the US dollar will quickly catch up.

                      In the first half of the trading day on Tuesday, NZD strengthened, and the NZD / USD pair rose, and for the second day in a row. At the beginning of the American session, NZD / USD is trading near the 0.6512 mark, through which the key resistance level passes (ЕМА200 on the daily chart). At 0.6545, there is another strong long-term resistance level (EMA50 on the weekly chart). To pass these strongest levels, the NZD / USD pair needs additional drivers. If positive macro data begins to arrive from the USA, then NZD/USD can rebound from current levels and return into the global downtrend.

                      Below the support level of 0.6465 (EMA144 on the daily chart) short positions will again become relevant.

                      Support Levels: 0.6465, 0.6440, 0.6400, 0.6322, 0.6260, 0.6200, 0.6100

                      Resistance Levels: 0.6512, 0.6545





                      Trading Scenarios


                      Sell ​​Stop 0.6490. Sell ​​Limit 0.6545. Stop-Loss 0.6610. Take-Profit 0.6465, 0.6440, 0.6400, 0.6322, 0.6260, 0.6200, 0.6100

                      Buy Stop 0.6610. Stop-Loss 0.6490. Take-Profit 0.6700, 0.6790







                      *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com

                      Comment


                      • USD/CAD: on the eve of NFP publication and unemployment data
                        12/06/2019

                        Last Wednesday, the Bank of Canada left the key interest rate unchanged, signaling that additional monetary stimulus could be implemented in the foreseeable future. “Further decisions regarding rates will depend on the bank’s assessment of the negative impact of trade conflicts on the sources of stability of the Canadian economy”, the bank said in a statement.
                        The pair USD / CAD fell sharply after the decision of the Bank of Canada not to change the monetary policy. Having broken through the key support level of 1.3235 (EMA144 and EMA200 on the daily chart), USD / CAD continues to decline towards the lower border of the range located between the levels of 1.3138 and 1.3345.
                        A breakdown of the support levels 1.3042, 1.3015, corresponding to annual minimums, and a decrease to the area below the support level 1.2920 (EMA200 on the weekly chart) will indicate a break in the long-term bullish trend of USD / CAD.
                        In an alternative scenario, and after returning to the zone above the resistance level 1.3235, long positions will become relevant again.
                        On Friday, investors will be waiting for the publication of employment reports by the US and Canadian Department of Labor (at 13:30 GMT). Strong data expected in the USA. At the same time, unemployment remained at a multi-year low of 3.6%. Unemployment stays at current levels for 20 consecutive months. This is the longest period since the 1960s. The Fed is guided by the level of inflation, GDP and the state of the labor market, which remains a bright spot against the general background.
                        In Canada, unemployment in October was 5.5%. If unemployment rises, the Canadian dollar will decline. If the data turn out to be better than the previous value, the Canadian dollar will strengthen. A decrease in unemployment is a positive factor for the currency, an increase in unemployment is a negative factor.
                        Thus, during the publication of data from the US and Canadian labor markets (at 13:30 GMT), a sharp increase in volatility is expected in the financial market, especially in the USD / CAD pair.
                        Support Levels: 1.3138, 1.3100, 1.3060, 1.3042, 1.3015
                        Resistance Levels: 1.3235, 1.3286, 1.3300, 1.3325, 1.3345, 1.3380, 1.3400, 1.3452

                        Trading Recommendations

                        Sell ​​Stop 1.3150. Stop-Loss 1.3210. Take-Profit 1.3138, 1.3100, 1.3060, 1.3042, 1.3015
                        Buy Stop 1.3210. Stop-Loss 1.3150. Take-Profit 1.3235, 1.3300, 1.3325, 1.3345, 1.3380, 1.3400, 1.3452


                        *) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com
                        Last edited by TifiaFX; Yesterday, 11:31 AM.

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