Trading plan for 02/11/2017
November 2, 2017 11:23 amVideo
Latest News
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
The US Dollar is weaker overnight as there were rumors that Trump has decided that J. Powell will succeed J. Yellen as head of the Fed. EUR/USD reached a peak near 1.1670. Before the Bank of England decision, GBP?USD is approaching 1.33. USD/JPY is back at 114.00. AUD / USD is at 0.7720 (+0.5%) after better than expected real estate data. NZD/USD is approaching 0.6950 and continues the overnight rally after good labor market data.
On Thursday 2nd of November, the event calendar is busy with important news releases. The main event of the day is Bank of England interest rate decision, but before that, the set of PMI Manufacturing data from across the Eurozone will be released as well. Later during the day, the US will post Unemployment Claims and Continuing Claims data. There are some speeches scheduled as well: first will speak BOE Governor Mark Carney and then FOMC Member Jerome Powell and William Dudley.
GBP/USD analysis for 02/11/2017:
The Bank of England Interest Rate Decision, Inflation Report, Asset Purchase Facility and Monetary Policy Summary is scheduled at 12:00 am GMT. The market participants expect an interest rate hike from 0.25% to 0.50% without a change in asset purchases. This sharp swing in expectations is almost entirely the result of the step up in hawkish rhetoric proffered by the MPC rather than a response to UK economic data. Indeed, while UK CPI inflation has edged up to 3%, activity series is showing signs of weakening. The implication is that for many forecasters, the expectations of a rate rise on today’s meeting is not necessarily consistent with what they think the BoE should do, but rather what the MPC now looks likely to do. Nevertheless, due to weakness in recent UK economic data, the Bank might not be able to follow on with another hike for some time. The dovish hike scenario suggests that upside potential for the British Pound on a policy move in November is likely to be limited.
Let’s now take a look at the GBP/USD technical picture at the H4 time frame before the news is released. The price has managed to break out above the dashed black trading channel, but it was capped at the nearest resistance at the level of 1.3292. In a case of a rate hike, the market could go higher to hit the next technical resistance at the level of 1.3342. It is very important how the price will behave on this level because breakout higher opens the road towards the next technical resistance at the level of 1.3462. If the BoE will not deliver, then the impulsive drop towards the level of 1.3087 is the most likely scenario.
Market Snapshot: Crude Oil capped at $55.26
The price of Crude Oil was capped at the technical resistance at the level of $55.26 and now is slipping towards the technical support at the level of $53.77. AN interesting candlestick pattern can be observed in the daily time frame as well. The market conditions are overbought and now the momentum indicator is approaching its fifty level.
Market Snapshot: Gold capped at trend line
The price of Gold was capped at the golden trend line resistance around the level of $1,281. The market reversed slightly towards the old support at the level of $1,276 and now is trying to bounce again. Nevertheless, as long as the price stays below the golden trend line and below the 200 periods moving average, the outlook remains bearish.
The material has been provided by InstaForex Company – www.instaforex.com
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