Trading plan for 12/10/2017
October 12, 2017 9:23 amVideo
Latest News
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
- Trading plan for EUR/USD on April 19. Simple tips for beginners April 19, 2024
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
Trading plan for 12/10/2017:
At night the US Dollar loses to other major currencies. EUR/USD continues to climb in the direction of 1.19, but the scale of the Euro strengthening is the smallest among the major currencies. USD, AUD and NZD are the strongest against USD. USD/JPY is maintained between 112.00 and 112.50. The Wall Street opens with modest gains, so buyers are also setting the tone in Asia.
On Thursday 12th of October, the event calendar is busy with important news releases. During the London session, the UK will post BoE Credit Conditions Survey data and Eurozone will reveal Industrial Production data. During the US session, Canada will post New Housing Price Index data and the US will release PPI data, Unemployment Claims and Continuing Claims data and Crude Oil Inventories data. Plenty of speakers will be active during the US session: ECB President Mario Draghi, FOMC Member Lael Brainard and Jerome Powell, BOC Senior Deputy Governor Carolyn Wilkins and MPC Member Andy Haldane.
EUR./USD analysis for 12/10/2017:
The Eurozone Industrial Production data are scheduled for release at 09:00 am GMT and market participants expect an increase from 0.1% to 0.6% on a monthly basis. The industrial sector contributes to only a quarter of the Eurozone GDP. However, most variations in the GDP come from the industrial sector, whereas other sectors that contribute far more to national output historically have been very consistent regardless of economic cycles. Even with the steady pace of growth that can be observed in the Eurozone currently, the industrial production is in a clear downtrend since its peak in 2016, so even the figures slightly better than expected will not be enough to pick up the output.
Let’s now take a look at EUR/USD technical picture on the H4 time frame. The price has hit the 61% Fibo at the level of 1.1876 which is just above the technical resistance at the level of 1.1861. Due to the overbought market conditions, there are some chances for a reversal at the current level and a corrective move towards the nearest technical support at the level of 1.1829 and below. Moreover, this view is supported by a possible Dark Cloud Cover candlestic formation which is still in progress now and needs a close near to the bottom of the current candle to trigger the downside move.
Market Snapshot: Gold at 38%Fibo
The price of Gold has retraced 38% of the previous swing down and it is currently trading at the level of $1,297 in overbought market conditions. There is a visible bearish divergence between the price and the momentum oscillator which supports the bearish short-term outlook.
Market Snapshot: Crude Oil in a narrow zone before the data
The Crude Oil Inventories data are scheduled for release at 03:00 pm GMT and the market awaits the data release as it is trading in a narrow horizontal zone between the levels of $50.60 – $51.41. The market conditions are somewhat overbought, so worse than expected data might pushe the price below the immediate support at the level of $50.20 towards the next technical support at the level of $.50.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: