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Ichimoku indicator analysis of USDX for December 1, 2017

The Dollar index got rejected yesterday at the upper channel boundary and cloud resistance. Trend remains bearish but we are still above November lows. If the index breaks above this week’s high, short-term trend will change to bullish.

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Black lines – bearish channel

The Dollar index got rejected at the first important resistance by the bearish channel and the Ichimoku cloud. Trend remains bearish. The rejection is a sign of weakness and does not favor my bullish scenario. Support is at the 78.6% Fibonacci retracement and yesterday’s lows. Resistance is at 93.15 and next at 93.40.

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On a weekly basis, price has stopped the decline at the 61.8% Fibonacci retracement. However for this weekly candle to give promises of a bullish continuation, we should see a close for this week near this week’s highs. A new lower low on the weekly candle and a close near the lows will be a bearish sign that would imply the index should continue to new lows next week.The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of NZD/USD for December 01, 2017

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Our first target which we predicted in Yesterday’s analysis has been hit. The pair remains under pressure below its nearest resistance at 0.6855. The process of lower highs and lows also remains intact, which should confirm a negative outlook on the prices. In addition, the relative strength index is heading downward, without showing any reversal signal.

In these perspectives, as long as 0.6855 holds on the upside, look for the further decline to 0.6810 and 0.6785 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.6870, 0.6900, and 0.6945

Support levels: 0.6810, 0.6785, and 0.6730

The material has been provided by InstaForex Company – www.instaforex.com

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Burning Forecast 01/12/2017

Burning Forecast 01/12/2017

EURUSD: Buy the euro from kickbacks.

The euro is growing on strong data on the economy of Europe: unemployment in the euro area has dropped to 8.8% – this is the lowest unemployment rate since 2011. At the same time, inflation remains at low levels and does not grow – this does not provide the ECB with a chance to tighten monetary policy.

Buy the EUR from 1.1890 and below, with the target of 1.1960 and further towards 1.2080.

Stop-loss at 1.1840.

Alternative: Sell for a breakthrough of 1.1807 downwards.

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The material has been provided by InstaForex Company – www.instaforex.com

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Bitcoin analysis for November 30, 2017

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The Bitcoin (BTC) has been trading downwards. The price tested the level of $8,988. New Zealand’s central bank has issued a statement seeking to educate citizens of the fundamentals underpinning cryptocurrencies as well as the implications of such on monetary policy. The senior deputy governor of the Bank of Canada has stated that cryptocurrencies comprise assets or securities, rather than currencies. Brazil’s central bank also addressed cryptocurrencies during November, issuing a warning to investors. Technical picture looks bearish.

Trading recommendations:

According to the 30M time frame, I found strong rejection from the resistance at the price of $11,450 in the background. I placed Pitchfork channel to find the median line and I found a successful rejection, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The breakout of $9,360 may confirm potential testing of $8,090 (first target).

Support/Resistance

$10.521 – Intraday resistance (price action)

$8.988 – Intraday support (price action)

$8.090 – First objective point (Fibonacci expansion)

With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company – www.instaforex.com

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Trading Plan for EUR/USD and US Dollar Index for November 30, 2017

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Technical outlook:

A short-term trade setup has been presented here for EUR/USD on a 4H time frame. The wave structure suggests that EUR/USD might have hit an interim resistance around 1.1950/60 levels earlier and it should be looking to drop lower at least towards 1.1700 levels going forward. As discussed yesterday, the pair has found interim support around 1.1800 levels and is looking to bounce towards 1.1900 for now and then reverse lower towards 1.1700 levels respectively. For this wave count to hold true, prices should remain below 1.1960 levels from here on. We shall be taking a short-term view for the pair at least till a meaningful top or bottom is formed. Resistance is at 1.1960 levels while support is seen through 1.1700 levels respectively. Besides, the fibonacci 0.618 support is seen to be passing through 1.1700 levels and a bullish bounce could be a possibility then.

Trading plan:

Please look to sell around 1.1900 levels with risk above 1.1970 and target 1.1700.

US Dollar Index chart setups:

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Technical outlook:

The short-term outlook for the US Dollar Index suggests that the instrument may drop lower towards 92.90 levels before picking up again towards 94.20/30 levels. Please note that resistance is strong at 94.20 since fibonacci 0.618 levels and the previous price resistance converges there. We would still recommend to remain flat at least for now and the look to go long again at lower levels. A short-term resistance trend line is also being tested and a slight correction looks to be due. Going forward, the break of that trend line would encourage bulls to target 94.20 levels at least. Please note that we are trying to remain conservative and still giving enough room for the probability above 95.00 levels going forward. It is always better to take a short-term approach for the next few trading sessions until meaningful highs and lows are formed to be held going forward.

Trading plan:

Please look to go long again around 92.90/93.00 levels stop below 92.50 and target 94.20

Fundamental outlook:

Please watch out for USD PCE Core today around 08:30 AM EST.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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GBP/USD analysis for November 30, 2017

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Recently, the GBP/USD pair has been trading upwards. According to the 30M time -frame, I found that price respected the support at the level of 1.3432. I also found oversold conditions on the stochastic oscillator, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.3497 (Fibonacci expansion 100%).If the price breaks the level of 1.3500, GBP/USD might visit the level of 1.3600 (Fibonacci expansion 161.8%)

Resistance levels:

R1: 1.3461

R2: 1.3515

R3: 1.3580

Support levels:

S1: 1.3343

S2: 1.3278

S3: 1.3225

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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BITCOIN Analysis for November 30, 2017

After an impulsive rally by more than $2,000 in a day, breaching over $11,000 price area Bitcoin had a drastic fall flushing all the gains on the same day. Bitcoin has been very volatile recently amid impulsive bearish momentum which engulfed all the bullish non-volatile trendy moves at once. It was a bit of a shock for the investors, but there are rumors that due to heavy impulsive bullish pressure the market could not sustain the rapid gain which resulted in an impulsive bearish move. Most importantly, $10,000 price area was the target area for most of investors and traders for 2017 where most of them took their money out. So a lower volume with impulsive gains always leads to a drastic fall like divergence. Currently, bitcoin is trading above the dynamic levels of 20 EMA, Tenkan and Kijun line which has been holding the price as support for a certain period, and we can observe certain volatility in the cryptocurrency in the dynamic level support zone. As the price remains above the dynamic levels and $9,000 price area, the bullish bias is expected to continue further.

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The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of USD/JPY for November 30, 2017

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All our upside targets which we predicted in yesterday’s analysis have been hit. USD/JPY is expected to trade with a bullish outlook. the pair is breaching the 112.00 level on the upside while being supported by the ascending 20-period moving average. The relative strength index stays above the neutrality level of 50 showing a lack of downward momentum for the pair. The intraday outlook continues to be bullish, and the pair is expected to advance toward 112.40 before targeting 112.65. Only a break below the key support at 111.65 would bring about a bearish reversal.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.65 with a target of 111.35.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 111.65, Take Profit: 112.40

Resistance levels: 112.40, 112.65 and 113.00 Support Levels: 111.35, 111.10, 110.70

The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of USD/CHF for November 30, 2017

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USD/CHF is expected to trade with a bullish outlook. The pair remains bullish above its key support at 0.9820. The relative strength index lacks downward momentum. Therefore, even though a consolidation cannot be ruled out, its extent should be very limited.

On the economic data front, the U.S. Commerce Department reported that GDP grew 3.3% on quarter in the third quarter, the fastest pace since the third quarter of 2014, compared with +3.0% previously estimated and +3.1% in the second quarter. The Federal Reserve’s beige book report pointed out that economic activity expanded at a “modest to moderate pace” in recent weeks amid signs of rising prices and ongoing strength in labor markets. Also, in her final testimony to Congress, Federal Reserve Chairwoman Janet Yellen said, “The economic expansion is increasingly broad-based across sectors as well as across much of the global economy.” Meanwhile, the National Association of Realtors reported that its pending home sales index rose 3.5% on month to 109.3 in October, compared with +1.4% expected.

As long as 0.9820 holds on the downside, look for a new rise to 0.9870 & 0.9900 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 0.9820, Take Profit: 0.9870

Resistance levels: 0.9870, 0.9900, and 0.9935

Support levels: 0.9795, 0.9775, and 0.9720

The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of GBP/JPY for November 30, 2017

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All our upside targets which we predicted in yesterday’s analysis have been hit. the pair is expected to continue its upside movement. The pair managed to break above its horizontal level at 149.90, which should confirm a bullish reversal. The 50-period moving average is turning up and should continue to push the prices higher. Besides, the relative strength index shows upside momentum.

To conclude, as long as 149.90 is not broken, look for further advance to 151.55 and 152 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 149.90 with the target at 149.30.

Strategy: BUY, Stop Loss: 149.90, Take Profit: 151.55

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 151.55, 152.00, and 152.60

Support levels: 149.30, 148.85, and 148

The material has been provided by InstaForex Company – www.instaforex.com

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