The GBP/USD is has briefly broken its upward trend line on a 4 hour time frame. The pair is trading below the 50 day (shown in green) and the 100 day (shown in yellow) moving average which confirms that the bears are in strong control of the price. The MACD indicator is showing that the downward…Read More
The EUR/USD has entered in a support zone on a 4 hour time frame. The volatility for the price is high, as the price has pierced the Bollinger band and it is trading away from its 20 day moving average. The piercing of the Bollinger band does have a significant importance when this takes place at a resistance/support zone, because this is an ability to stop the upward/downward move or reverse the trend.Read More
The GBP/USD is trading above its upward trend line on a 30 minute time frame. The price has bounced from its support zone as predicted however, it seems like that it is going to visit this level once again. If the price forms any reversal pattern in this zone, then there could be a strong possibility that the upward trend could continue however, a break of this support could open the floor towards the next support zone.Read More
The EUR/USD fell from its resistance zone on a 4 hour time frame as predicted. This resistance zone was given in our analysis on the 25th of October. The volatility of the price is high, as it has pierced the Bollinger band and it is trading away from its 20 day moving average. The pair is still trading above both of the upward trend lines (shown in purple), which confirm that the uptrend is still strong and any pull back could be an opportunity to join this trend.Read More
Copper is trading mildly higher this morning with a gain of 0.07% as investors started to gauge in the results of the two days Fed meeting which will conclude tomorrow. It is a common methodology amid traders that they will not take excessive risk when a gun is pointed to their head- The Federal Reserve meeting; therefore we may continue to see no massive move for copper until we have a conclusion of this meeting.
Having said that, the economic docket is well lit today. The PPI, Core Retail Sale, Retail Sales and Core PPI are all due at 12:30 GMT. The forecast for the retail numbers for September is expected to come somewhat flat, which will be a decrease, as compared to August reading. But, in the light of what took place in Washington, we do not expect this data will ignite any kind of firework and a possibility of a downward revision for the next week’s retail number also stays on the cards.Read More