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Forex Analysis by LiteForex

Discussion in 'Market Forecasts and Analysis' started by LiteForex Official, Nov 16, 2015.

  1. LiteForex Official

    LiteForex Official Broker Representative

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    With kind permission of the Administration we'll be glad to share our view of the latest Forex news with everybody.
     
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  3. LiteForex Official

    LiteForex Official Broker Representative

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    EUR/USD: general analysis

    Current trend

    The EUR /USD pair is under strong pressure from the difference between monetary policies, led by the EU and US. The ECB aims at extending its quantitative easing programme as the forecast for inflation was revised down due to the strengthening in the EUR.
    At the same time, despite of a slight decline in inflation expectations, Fed officials believe that necessary conditions for a hike in the US interest rates will be achieved in the short term.
    Today, attention needs to be paid to Consumer Price Index, due in the eurozone. On a monthly basis, CPI is expected at 0.1% and at 0.0% on an annual basis. If the indicator comes in below the forecast, a significant decline in the EUR may follow.
    ECB President Draghi's Speech is due today as well. His dovish outlook for the EU economy may add to pressure on the European currency.

    Support and resistance

    On the daily chart, MACD is below its signal line, forming a sell signal. Stochastic lines are in the neutral zone and directed horizontally.
    Moreover, an engulfing pattern was formed that suggests a possibility of a correction.
    Thus, a likelier scenario is a correction to the level of 1.0893 after which a downward trend will resume.
    Support levels: 1.0673, 1.0624, 1.0571.
    Resistance levels: 1.744, 1.0829, 1.0940.

    Trading tips

    Long positions can be opened after the breakout of the level of 1.0750 with the target at 1.0820 and stop-loss at 1.0730.
    Short positions can be opened when the price reaches the level of 1.0670 with targets at 1.0630, 1.0580 and stop-loss at 1.0690.

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  4. LiteForex Official

    LiteForex Official Broker Representative

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    GBP/USD: general analysis

    Current trend

    Yesterday, the GBP managed to strengthen against the USD despite a decline at the close of trading.
    The National Statistics released UK Retail Sales data for October. After a 1.7% rise in September, the indicator came in at -0.6%, below the forecasted -0.5%. Retail Sales ex-fuel also fell by 0.9%, while analysts expected a decline by 0.5%.
    Initial Jobless Claims statistics, released in the US, confirmed the forecast and indicated a decline from 276K to 271K in November. At the same time, according to Philadelphia Fed Manufacturing Survey, the index of manufacturing conditions came in at 1.9 points, well above the forecasted -1.0 and the previous -4.5 points.
    Recent FOMC Minutes showed that a majority of Fed officials favor a hike in the US interest rates at the upcoming Fed meeting.

    Support and resistance

    Support level: 1.5254 (MA50).
    Resistance level: 1.5335 (yesterday's high).

    Trading tips

    Short positions can be opened from the current level with the target at 1.5171 and stop-loss at 1.5250.

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  5. LiteForex Official

    LiteForex Official Broker Representative

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    USD/JPY: BoJ Governor satisfied with GDP statistics

    Current trend

    Yesterday, the Bank of Japan decided to keep its current monetary policy unchanged. BoJ Governor considers that a decline in the third-quarter GDP was insignificant. However, as many economists suggest, the Regulator may be back to discussion on easing policy at its next meeting, due on 28-29 January.
    At the same time, market participant are getting ready for a hike in the US interest rates. On Thursday, US stock indices declined, while Fed funds futures show a 72% chance of a rate increase in December against a 58% likelihood two weeks ago.

    Support and resistance

    On the daily chart, the USD/JPY pair is trading in an upward channel with the upper border at the level of 129.00.
    OsMA and Stochastic indicators on the 4-hour and daily charts recommend short positions, but on the weekly chart, they are giving buy signals.
    The breakdown of 122.50 allows the pair to decline to the support levels of 122.00, 121.50 (EMA200 on the 4-hour chart and 50.0% Fibonacci). Otherwise, after the breakout of the resistance level of 123.70, the pair would strengthen to 125.00, 125.65 (year highs).
    Support levels: 122.50, 122.00, 121.50.
    Resistance levels: 123.50, 123.70, 124.00, 124.50.

    Trading tips

    Long positions can be opened from the level of 123.10 with targets at 123.70, 124.00, 124.50 and stop-loss at 122.70.
    Short positions can be opened from the level of 122.40 with targets at 122.10, 121.50 and stop-loss at 122.80.

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  6. LiteForex Official

    LiteForex Official Broker Representative

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    USD/CHF: pair overbought

    Current trend

    Switzerland’s export-oriented economy is under pressure amid a slowdown in the eurozone and China. Moreover, a strong national currency makes Swiss export less competitive.
    Swiss inflation and retail sales growth have fallen to almost zero and industrial production has declined. At the same time, the Fed is expected to raise its interest rates at December meeting. These factors will keep the Swiss franc from growing in the USD/CHF pair.

    Support and resistance

    On the daily chart, the price is moving in an ascending channel between 1.0240 and 0.9800. Though the pair is overbought and is at its year highs, it still has a potential for growth.
    On the daily, weekly and monthly charts, OsMA and Stochastic indicators recommend long positions. Nevertheless, on the 4-hour chart, Stochastic is starting giving a sell signal. Thus, a correction is possible to the support levels of 1.0120 (EMA50 and the lower border of an ascending channel on the 4-hour chart), 1.0000 (the middle of the channel on the daily chart and EMA144 on the 4-hour chart).
    Support levels: 1.0120, 1.0000, 0.9880, 0.9800.
    Resistance levels: 1.0240, 1.0300.

    Trading tips

    Short positions can be opened from the level of 1.0170 with targets at 1.0120, 1.0090, 1.0010 and stop-loss at 1.0210.
    Long positions can be opened from the level of 1.0220 with targets at 1.0240, 1.0300 and stop-loss at 1.0190.

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  7. LiteForex Official

    LiteForex Official Broker Representative

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    NZD/USD: US Dollar gains back losses

    Current trend

    The next RBNZ meeting is due on 9 December. While the Fed is getting ready to start tightening US monetary policy, NZ monetary policy tends to remain loose.
    Amid lowering exports to China, falling commodity and dairy products prices and a slowdown in GDP growth, the RBNZ is likely to cut its interest rates again. The head of the RBNZ Graeme Wheeler has repeatedly stated possibility of this scenario.

    Support and resistance

    Today, due to the strengthening in the USD, the NZD/USD pair has rebounded down from the resistance level of 0.6575 (EMA200, EMA144 on the 4-hour chart and EMA50 on the daily chart).
    OsMA and Stochastic indicators on the 4-hour chart have started giving sell signals. On the daily chart, Stochastic is turning to short positions as well.
    As long as the price is trading below the resistance levels of 0.6750 (EMA144), 0.6860 (23.6% Fibonacci), 0.6890 (EMA200 on the daily chart), a downward dynamics remains valid.
    Support levels: 0.6530, 0.6500, 0.6465, 0.6435, 0.6400.
    Resistance levels: 0.6575, 0.6615, 0.6700, 0.6750.

    Trading tips

    Short positions can be opened from the current level with targets at 0.6500, 0.6470, 0.6435, 0.6400, 0.6310 and stop-loss at 0.6580.
    Long positions can be opened from the level of 0.6610 with targets at 0.6690, 0.6750 and stop-loss at 0.6550.

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  8. LiteForex Official

    LiteForex Official Broker Representative

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    USD/CAD: in upward trend

    Current trend

    Since the opening of the Asian session, the US Dollar has been growing. Yesterday, the US currency gained support from macroeconomic statistics that strengthened expectations of a hike in US interest rates at the upcoming Fed meeting.
    US Energy Information Administration reported a rise by 0.961 billion barrels in crude oil stocks that added pressure on Canada's currency.
    Amid expectations of US interest rates increase, oversupply of the world oil market and Canada's loose monetary policy, the USD/CAD pair tends to continue growing in the medium term.

    Support and resistance

    Though OsMA and Stochastic on the daily chart recommend short positions, they are still giving buy signals on the weekly chart. On the 4-hour chart, the indicators are turning to long positions as well.
    Long positions remain valid while the price is trading above the key support level of 1.2965 (38.2% Fibonacci and EMA 144 on the daily chart).
    Support levels: 1.3240, 1.3200, 1.3140, 1.3100, 1.3050, 1.2965.
    Resistance levels: 1.3350, 1.3400, 1.3450.

    Trading tips

    Long positions can be opened at the current level or from 1.3310, 1.3290, 1.3260, 1.3230 with targets at 1.3350, 1.3390, 1.3410, 1.3450 and stop-loss at 1.3190.
    Short positions can be opened from the level of 1.3180 with targets at 1.3140, 1.3090, 1.3050, 1.2965 and stop-loss at 1.3220.

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  9. LiteForex Official

    LiteForex Official Broker Representative

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    XAU/USD: pair resumed fall

    Current trend

    After Thanksgiving Day in the US yesterday when American markets were closed and volatility remained low, since today’s opening the XAU/USD pair is falling.
    Most likely, amid expectations of monetary policy tightening in the US downward dynamics in the pair will remain until the Fed’s meeting on 16 December.
    Currently, market expectations that are represented by the price of Fed Funds futures stand at 78% probability of an interest rate increase in December.

    Support and resistance

    The pair is falling along a channel on the daily chart with the lower border below the level of 1050.00, and is heading towards 965.00 (ЕМА200 on the monthly chart).
    At the same time, an upward correction is possible to the levels of 1085.00, 1095.00 (ЕМА144 on the 4-hour chart), while a breakout of the level of 1105.00 (the middle line of the upward channel) could send the price towards 1138.00 (38.2% Fibonacci correction, ЕМА144 on the daily chart).
    On all charts from the 4-hour to monthly, OsMA and Stochastic suggest a fall continuation.
    Support levels: 1065.00, 1060.00.
    Resistance levels: 1085.00, 1095.00, 1105.00, 1118.00.

    Trading tips

    Pending sell orders can be placed at the level of 1064.00 with targets at 1060.00, 1050.00, 1010.00 and stop-loss at 1072.00.
    Pending buy orders can be placed at the level of 1078.00 with targets at 1085.00, 1095.00, 1105.00 and stop-loss at 1072.00.

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  10. LiteForex Official

    LiteForex Official Broker Representative

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    AUD/USD: pair under pressure

    Current trend

    Today the AUD/USD pair is falling.
    The pair is pressured by investors expectations of an interest rates increase in the US at the December Fed’ meeting and further monetary policy easing in Australia. In addition, Australian economic problems may get worse. The unemployment rate could increase as companies in the mining industry continue cutting investments, while commodities prices keep falling amid slowing Chinese economy.
    Thus, until 1 December when the RBA Interest Rate Decision is due the pair will remain under pressure. If interest rate are increased then, the fall in the pair will accelerate.

    Support and resistance

    Since the beginning of the month, the pair remains in an ascending correctional channel on the 4-hour chart.
    However, a breakdown of the support levels at 0.7200 (ЕМА50), 0.7170 (ЕМА200, ЕМА144, lower border of the ascending channel on the 4-hour chart, ЕМА50 on the daily chart) would return the price in a downward channel on the daily chart and sends the pair to 0.7030 (November lows), 0.6950, 0.6910 (year lows).
    OsMA and Stochastic on the 4-hour and daily charts recommend short positions.
    Support levels: 0.7170, 0.7100, 0.7030, 0.6950, 0.6910.
    Resistance levels: 0.7250, 0.7325, 0.7370, 0.7500.

    Trading tips

    Pending sell orders can be placed at the level of 0.7190 with targets at 0.7110, 0.7090, 0.7030, 0.6950, 0.6910 and stop-loss at 0.7220.
    Pending buy orders can be placed at the level of 0.7240 with targets at 0.7290, 0.7300, 0.7370 and stop-loss at 0.7190.

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  11. LiteForex Official

    LiteForex Official Broker Representative

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    XAG/USD: pair in flat

    Current trend

    Today the XAG/USD pair is growing.
    However, the pair remains under pressure amid investors’ expectations of an interest rates hike in the US in December. According to the Fed Fund Futures, the probability of the rate increase in December is at 78%. On Friday, March futures on silver fell by 12.7 cents, while the WSJ Dollar index remains at 13-year highs.
    Investors’ attention is focused on the US labour market data for November that is due on Friday and which is going to play a key role for the decision on interest rates at Fed’s December meeting.

    Support and resistance

    On the daily chart, the XAG/USD pair is falling along a channel with the lower border below the level of 13.85.
    Prior to the publication of important data the price will stabilise near the level of 14.00 (year lows). An upwards correction towards the level of 14.60 (ЕМА144, ЕМА200 on the 4-hour chart) is possible. However, a breakdown of the level of 14.00 would accelerate the fall.
    On the 4-hour and daily charts, OsMA and Stochastic are turning to purchases.
    Support levels: 14.00, 13.80, 13.50.
    Resistance levels: 14.35, 14.60, 14.80, 15.30.

    Trading tips

    Short positions can be opened from current prices with targets at 14.00, 13.80, 13.50 and stop-loss at 14.35.
    Long positions can be opened after the price consolidation above the level of 14.60 with targets at 15.30, 15.50.

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  12. LiteForex Official

    LiteForex Official Broker Representative

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    USD/CHF: growth potential remains

    Current trend

    Since the beginning of this week the USD/CHF pair was falling.
    However, today poor macroeconomic statistics from Switzerland supported the pair. The SVME – Purchasing Managers’ Index for November fell to 49.7 points, while Real Retail Sales shrank by 0.8%. Both indices came out significantly worse than forecasts. Furthermore, the third quarter GDP grew by only 0.8% against the previous year that was also worse than expected.
    Today attention needs to be paid to data on the ISM Manufacturing PMI for November from the US that is forecasted to grow from 50.1 to 50.3 points. A high volatility is expected on the market.

    Support and resistance

    On the daily chart, the pair is moving along an ascending channel between the levels of 1.0340 and 0.9800. Despite the price is trading at year highs, the growth potential towards the level of 1.0600 (ЕМА144 on the monthly chart) remains in the pair.
    At the same time, a downward correction to the level of 1.0215 (ЕМА50, lower border of an ascending channel on the 4-hour chart) is possible.
    On the daily and weekly charts, OsMA and Stochastic indicate a growth continuation, while on the 4-hour chart they turned to sales.
    Support levels: 1.0215, 1.0130, 1.0000, 0.9880, 0.9800.
    Resistance levels: 1.0300, 1.0340, 1.0400.

    Trading tips

    Pending sell order can be placed from the level of 1.0270 with targets at 1.0190, 1.0100, 1.0080, 1.0000 and stop-loss at 1.0310.
    Pending buy orders can be placed from the level of 1.0320 with targets at 1.0340, 1.0400, 1.0600 and stop-loss at 1.0280.

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  13. LiteForex Official

    LiteForex Official Broker Representative

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    USD/JPY: long positions preferred

    Current trend

    Since the beginning of Asian session today the USD/JPY pair fell.
    The pair was pressured by poor data on the Chinese manufacturing sector that showed further cooling of the Chinese economy. In addition, pressure on the pair comes amid investors’ expectations of further monetary policy easing in the eurozone because the Yen serves as the safe-haven currency during market instability.
    At the same time the pair is supported by expectations of an interest rates hike in the US in December and further monetary policy easing in Japan as it was mentioned before by Bank of Japan Governor Kuroda.

    Support and resistance

    On the daily chart, the pair is moving along an ascending channel with the upper border near the level of 124.50, while the last 4 weeks it has been trading in a range between the levels of 123.70 (23.6% Fibonacci correction) and 122.50 (38.2% correction).
    The pair is prevented from further fall by strong support levels at 122.50, 122.25 (ЕМА144), 122.00 (ЕМА200 on the 4-hour chart), while a breakout of the level of 123.70 would send the pair to 125.00, 125.65 (year highs).
    On the 4-hour, daily and weekly charts, OsMA and Stochastic recommend long positions.
    Support levels: 122.50, 122.25, 122.00, 121.50.
    Resistance levels: 123.50, 123.70, 124.00, 124.50.

    Trading tips

    Pending buy orders can be placed at the levels of 122.50, 122.25, 122.00 with targets at 123.00, 123.50, 123.70, 124.00, 124.50 and stop-loss at 121.70; and at 123.30 with targets at 123.50, 123.70, 124.00, 124.50 and stop-loss at 122.80.
    Pending sell orders can be placed at the level of 121.40 with targets at 121.10, 120.70 and stop-loss at 121.70.

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  14. LiteForex Official

    LiteForex Official Broker Representative

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    EUR/USD: general analysis

    Current trend

    Yesterday, the European currency strengthened slightly against the US Dollar, which was under pressure from US statistics on ISM Manufacturing PMI. In November, the indicator declined from 50.1 to 48.6 points, while analysts forecasted a growth to 50.4 points.
    November Data on Consumer Price Index is due today in the EU. The indicator is expected to come in at 0.2%. Even if the forecast is confirmed, a possible growth in the EUR will be limited as ECB is expected to continue easing its monetary policy at the upcoming meeting.
    Later on, Fed’s Chair Janet Yellen gives her speech. Market participants might get more confirming evidence that the Regulator will raise its interest rates before the year is out. The futures market is pricing in up to a 75.2% probability of a hike at the December meeting.

    Support and resistance

    On the 4-hour chart, MACD indicator recommends long positions. Stochastic is giving a sell signal – the indicator has left the overbought zone; the %K line has crossed the %D line from top-to-bottom.
    A likelier scenario seems to be continuation of downward movement within a descending channel.
    The nearest support levels are 1.0555, 1.0500.
    The nearest resistance levels are 1.0688, 1.0762, 1.0820.

    Trading tips

    Long positions can be opened if the price breaks out the level of 1.0640 with the target at 1.0685 and stop-loss at 1.0630.
    Short positions can be opened from the level of 1.0590 with targets at 1.0555, 1.0500 and stop-loss at 1.0600.

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  15. LiteForex Official

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    XAU/USD: price of gold declines

    Current trend

    Since the opening of the trading day, the prices of gold and other precious metals are declining amid the strengthening in the US Dollar.
    The correlation between the price of gold and the EUR/USD pair is nearly 92%. The EUR is under strong pressure ahead of ECB interest rate decision, therefore, a decline in the price of gold is likely to continue.
    Demand for the USD, on the contrary, continues growing due to expectations of a hike in US interest rates. At present, gold does not seem to be a profitable investment as borrowing costs of buying and storing it tend to increase.

    Support and resistance

    Though on the daily chart, OsMA and Stochastic recommend long positions, they are giving sell signals on the 4-hour and weekly charts.
    Short positions are preferable. A growth to 1138.00 (38.2% Fibonacci correction and EMA144) seems possible if the price consolidates above the levels of 1085.00 and 1095.00.
    Support levels: 1065.00, 1060.00, 1057.00.
    Resistance levels: 1075.00, 1085.00, 1095.00, 1105.00, 1118.00.

    Trading tips

    Short positions can be opened from the level of 1060.00 with targets at 1050.00, 1010.00 and stop-loss at 1072.00.
    Long positions can be opened from the level of 1076.00 with targets at 1085.00, 1095.00, 1105.00 and stop-loss at 1073.00.

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  16. LiteForex Official

    LiteForex Official Broker Representative

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    AUD/USD: general analysis

    Current trend

    The AUD/USD pair is strengthening, though, according to macroeconomic statistics, Australia’s trade balance deficit grew to 3.305 billion.
    The Australian Dollar is under pressure due to a fall in iron ore prices and uncertainty about China’s economic outlook.
    Today, attention needs to be paid to Initial Jobless Claims and ISM Non-Manufacturing PMI statistics. The ISM Non-Manufacturing PMI is expected to decline from 59.1 to 58.0 points that might affect the US Dollar.

    Support and resistance

    On the 4-hour chart, the pair is trading between the upper and the middle MAs of Bollinger Bands. The price remains above the MA50, MA100 and MA144, all directed up. MACD histogram is in the positive zone, while ADX indicates downward movement.
    Today, the price is expected to trade within the range of 0.7330-0.7287.
    Support levels: 0.7287, 0.7261 (MA50).
    Resistance levels: 0.7330, 0.7342 (local high), 0.7360, 0.7400.

    Trading tips

    Long positions can be opened after the consolidation above the level of 0.7330 with the target at 0.7360 and stop-loss at 0.7315.
    Short positions can be opened from the level of 0.7287 with the target at 0.7250 and stop-loss at 0.7300.

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  17. LiteForex Official

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    Brent: general review

    Current trend

    Yesterday the price of Brent crude oil significantly corrected due to a Dollar decline and prior to the OPEC meeting, which is due today.
    According to the majority of experts, OPEC is not going to reduce quotes despite some speculation that Saudi Arabia can reduce its output. Contrary to that, there is a possibility that quotes will be increased due to Indonesia joining the cartel and Iran’s plans to increase output after sanctions are lifted. Therefore, total output could increase to 31 million barrels instead of today’s 30 million barrels a day. In this case, the price of oil might decline below year lows near the level of 42.46.

    Support and resistance

    The nearest support level is at 42.46 (yesterday low).
    The nearest resistance level is at 44.66 (yesterday high).

    Trading tips

    Short positions can be opened from current prices with the target at 42.46 and stop-loss at 44.66.
    If OPEC decides to reduce quotes at the meeting today, open long positons with the target at 46.44 and stop-loss at 44.00.

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  18. LiteForex Official

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    AUD/USD: Australia Dollar managed to strengthen

    Current trend

    On Thursday, the AUD/USD pair hit its new highs of the week. However, it should be noted that the pair strengthened in the second half of the day, while during the Asian session, the Australian currency was under pressure from weak macroeconomic statistics for October.
    Australia's exports fell by 3% after a 3% growth in September. Imports were down to 0% from previous 2%. As a result, trade balance deficit surged from 2403 to 3305 billion.
    Later on, the pair managed to strengthen amid the Fed Chair Janet Yellen speech. She confirmed the possibility of an interest rate hike at the upcoming meeting, but the Regulator will have to consider the real economic indicators.

    Support and resistance

    Bollinger Bands indicator on the daily chart is growing moderately, while the price range is narrowing down at the bottom. MACD is keeping its upward dynamics, though growth of the histogram is slowing down. Stochastic is in the overbought zone and trying to turn down.
    According to the indicators, a downward correction might form in the short term.
    Support levels: 0.7330, 0.7275, 0.7234, 0.7200, 0.7183, 0.7158 (23 November low).
    Resistance levels: 0.7363 (3 December high), 0.7381 (12 December high), 0.7400 (mid-August level).

    Trading tips

    Long positions can be opened if the price rebounds from the level of 0.7300 (with appropriate indicators signals) with the target at 0.7400 and stop-loss at 0.7260. Validity – 1-2 days.
    Short positions look more preferable and can be opened after the breakdown of the level of 0.7300 with targets at 0.7200, 0.7180 and stop-loss at 0.7350. Validity – 2-3 days.

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  19. LiteForex Official

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    EUR/USD: NFPR had little effect

    Current trend

    Despite strong Friday’s data on the Nonfarm Payrolls in the US, the Dollar could not recover losses of Thursday.
    Nonetheless, November NFPR suggest a steady recovery of the US labour market. The figure came out stronger than was predicted by economists at 211 thousands new jobs, while October figure was revised up from 271 to 298 thousands new jobs. In addition, Average Hourly Earnings in November increased by 0.2%.
    Considering strong recent data from the US, the probability of an interest rate hike in December significantly increases that could lead to the USD strengthening.

    Support and resistance

    For the downward trend to resume the price should consolidate below the support levels at 1.0820 (ЕМА200 on the 4-hour chart, May and July lows), 1.0760 (ЕМА144 on the 4-hour chart).
    At the same time, a consolidation above the level of 1.0890 (ЕМА50 on the daily chart) could allow an upward correction towards the level of 1.1050 (ЕМА144, upper border of a descending channel on the daily chart) to continue.
    On the daily and weekly charts, OsMA and Stochastic suggest a growth continuation, while on the 4-hour chart the indicators are turning to sales.
    Support levels: 1.0820, 1.0760, 1.0700, 1.0600, 1.0560, 1.0500.
    Resistance levels: 1.0940, 1.1050, 1.1180, 1.1285.

    Trading tips

    Pending sell orders can be placed from the level of 1.0845 with targets at 1.0820, 1.0760, 1.0710 and stop-loss at 1.0890.
    Pending buy orders can be placed from the level of 1.0910 with targets at 1.0940, 1.1050, 1.1090 and stop-loss at 1.0880.

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  20. LiteForex Official

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    GBP/USD: general review

    Current trend

    Yesterday the Pound fell against the US Dollar.
    The USD was supported after the publication of Friday’s data on the US labour market. The Unemployment Rate remained unchanged at 5% in line with expectations, while the Nonfarm Payrolls amounted to 211 thousands that was better than forecasted 200 thousands though less than the previous figure of 298 thousands. At the same time, yesterday’s data on the Consumer Credit Change showed a decrease to 15.98 billion Dollars, which was worse than its forecasts.
    Today attention needs to be paid to data on the Industrial Production and BRC Retail Sales Monitor in the UK, and IBD/TIPP Economic Optimism and JOLTS Job Openings in the US.

    Support and resistance

    The nearest support level is at 1.5000 (30 November lows).
    The nearest resistance level is at 1.5080 (moving average with 50 period).

    Trading tips

    Short positions can be opened from current prices with the target at 1.5000 and stop-loss at 1.5080.

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  21. LiteForex Official

    LiteForex Official Broker Representative

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    XAU/USD: pair in correction

    Current trend

    The price of gold remains under pressure after the publication of Friday’s data on the US labour market for November. The Unemployment Rate remained unchanged at 5.0%, while the Nonfarm Payrolls came out better than forecasts. The data indicates a stable condition of the labour market and gradual recovery of the US economy that removes last barriers for the Fed to hike interest rates this month. Fed Funds futures represent almost 80% probability of the rate hike in December.
    Thus in the medium term amid gradual tightening of monetary policy in the US gold will continue falling.

    Support and resistance

    After reaching the key support level at 1070.00 (EMA144 on the monthly chart), the pair remains in correction that could continue to the levels of 1085.00 (EMA144), 1092.00 (EMA200 on the 4-hour chart), a breakout of which would send the pair to 1100.00 (EMA50 on the daily chart) and 1118.00 (23.6% Fibonacci correction).
    On the daily chart, OsMA and Stochastic recommend long positions. On the 4-hour chart, Stochastic is also turning to purchases.
    Support levels: 1070.00, 1060.00, 1053.00, 1050.00, 1045.00.
    Resistance levels: 1085.00, 1092.00, 1105.00, 1110.00, 1118.00.

    Trading tips

    Pending sell orders can be placed from the level of 1085.00, 1092.00 with targets at 1070.00, 1060.00, 1050.00, 1010.00 and stop-loss at 1095.00, and from the level of 1060.00 with targets at 1050.00, 1010.00 and stop-loss at 1072.00.
    Pending buy orders can be placed from the level of 1095.00 with targets at 1105.00, 1110.00, 1118.00 and stop-loss at 1090.00.

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