USOIL (WTI): 60.00 Likely To Complete Triple Zig-Zag

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The current 4H formation on USOIL shows an intervening primary wave Ⓧ consisting of intermediate sub-waves (А), (В) and (С).

The bullish corrective wave (B) hints to a triple zigzag pattern W-X-Y-X-Z of the minor degree.

At the time of writing, the final part of this triple combination seems to be under formation (minor wave Z). With most of the minute waves completed, we can now expect a bullish 5-wave impulse in the minute wave ⓒ degree.

A closer look at the 1H timeframe clearly indicates that after the minute-degree correction to wave ⓑ, a minute 5-wave impulse has started building up.

Impulse ⓒ looks near its end. The full completion of the correction to wave (iv) could provide the final push (wave (v)) near the $60 area.

At this level, wave (v) will be approximately equal to wave (i). Approximately because the correction to wave (iv) has not yet finished.  Therefore, the projection is a guestimate of a possible future zone.

The post USOIL (WTI): 60.00 Likely To Complete Triple Z...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

All Eyes on the NFP

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Risk Assets

USD Data On Watch

The US dollar has seen much quieter trading over the last 24 hours as traders await the final key data of the week: the US employment reports due later today. While USD has continued to trade lower into the end of the week, downside momentum has reduced. The USD index trades 97.38 last. Looking ahead to today’s data, the NFPs are forecast at 181k while average hourly earnings are forecast to increase to 0.3% from 0.2% prior. The unemployment rate is forecast to remain unchanged at 3.6%.

EUR Pauses

EURUSD upside has stalled today in light of the pause in the USD sell-off. With no tier-one EUR data due today, flows are likely to remain tied to the outcome of US data later today. Earlier in the week, new ECB chief Lagarde reaffirmed market expectations that the ECB will continue Draghi’s accommodative monetary policy approach. EURUSD trades 1.1102 last.

UK Elections Continue To Drive GBP

GBPUSD has softened a little over the European morning on Friday retracing from the ...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Markets steady ahead of NFP; OPEC agree to deeper cuts

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Trump strikes positive tone on trade talks OPEC gearing up for deeper output cuts   Saudi Aramco Raises $25.6 Billion in World's Biggest IPO Gold steady ahead of US jobs data Asian markets edged cautiously higher on Friday as investors took heart from President Donald Trump’s latest remarks on US-China trade negotiations.Trump’s upbeat rhetoric on talks with China, which he said were “moving right along,” offered markets a glimmer of hope over both sides reaching the ‘phase one’ agreement. This comes despite repeated mixed signals on the trade front this week.... Read More


--
To keep reading this article, please navigate to: FXTM Global.

How much do CFD traders earn?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

This is actually a bit of a tricky question, surprisingly enough. CFD traders don’t have their earnings public available like many government employees, so it’s not like you can look it up easily. Also, it’s not like traders even have employers you can ask; how much money a CFD trader makes is entirely up to them, and they can be as secretive about it as they want.

Got your risk management sorted? Open your account now!

Brokers, however, do keep track of their trading statistics, from which you could presumably gather earnings data. But these companies are notoriously tightlipped about how much their customers have and make, mostly to protect their customer’s privacy. All this is to say that potential earnings are mostly estimates that are self-reported, and there are reasons for traders to both exaggerate their results as well as downplay them (especially around tax officials).

What About Billionaires?

Is it theoretically possible to make a load of money tradin...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Trump Ready to Delay Trade Deal?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

In today’s #marketinsights Stavros talks about the likelihood of today’s #NFP affecting the #tradewar! Positive figures could have #Trump taking a step back in reaching a deal with China as soon as the 15th. Negative figures, however, will bring back the “aggressive rate-cutting cycle” rhetoric, adding pressure on the #Fed and #Powell!

Timestamp

#EURUSD 2H 02:45

#GBPUSD 2H 04:50

The post Trump Ready to Delay Trade Deal? appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Gold Prices Higher Amidst Trade Deal Uncertainty

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

metals

Gold

The yellow metal was higher this week, driven by a surge in safe-haven demand as rising fears over the health of the US/China trade negotiations saw equities heavily lower. News that the US had passed legislation offering support to the pro-democracy protestors in Hong Kong was met with fury by China.

China had previously warned the US not to get involved in the situation. While Trump had done his best to stay neutral, he was eventually forced to support the bill under rising political pressure. China immediately postponed a US naval visit. Reports also circulated saying that trade talks had broken down. Equities prices around the globe were quickly lower. Losses increased on news that China was considering banning US diplomatic passport holders from traveling there.

Into the middle of the week, however, the situation appeared to calm down as China reassured markets that talks were continuing. China does, however, continue to insist that the US remove existing tariffs in order for...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Trader eye payrolls report after weak ADP

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

technical analysis

The markets continue to whipsaw ahead of today’s payrolls report. This comes after the private payrolls, as reported by ADP hit a six month low. Private firms added just 67k jobs in November, falling well below estimates. The dollar remains weak, posting declines for five consecutive days. Equity markets were recovering from Tuesday’s sell-off, but sentiment is cautious.

Eurozone Final Services PMI Improves

The final services PMI report for the Eurozone came out better than expected. Services activity, as measured by IHS Markit, saw the index rising to 51.9 for November. This was higher than estimates of 51.5 and a modest increase from October’s 51.5. The increase in the index was driven by higher services activity from Germany and Spain.

EURUSD Rebounds off Support – Will the Momentum Keep Up?

The euro currency fell to the support area of 1.1062 – 1.1075 and promptly recovered. With support established at this level that previously served as resistance, further gains are possible. The...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

US Nonfarm Payrolls Preview

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The penultimate payrolls report for the year 2019 is due to come out later today.

The report will be closely watched with economists forecasting that payrolls will rise 183,000 for the month of November. Elsewhere, the unemployment rate is tipped to hold steady at 3.6%. No changes are expected to wage growth which is forecast to rise 3% on the year.

The payrolls report will be key as investors assess the health of the US economy for the fourth quarter. While there was a slowdown in the previous quarter, the Fed rate cuts could see a reversal.

Nonfarm Payrolls - October 2019
Nonfarm Payrolls – October 2019

The data for October surprised to the upside. Economists view a similar trend taking place in November as well. This comes after the impact of the strike at General Motors ended.

If the economic data comes in line with the estimates, the nonfarm payrolls for November would be the highest since August this year.

From a policy perspective, the November jobs report is likely to give officials enough breathing spa...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

NZDUSD: Bulls Target 0.658 As Part of Double Zig-Zag

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The current formation on NZDUSD shows a cycle degree intervening wave x, as part of a triple combo wave. At the time of writing, we can notice that wave x could be a bullish double zigzag consisting of primary sub-waves Ⓦ-Ⓧ and Ⓨ.

With Ⓦ and Ⓧ completed, the market structure indicates that wave Ⓨ is still under development. However,  the intermediate sub-waves in the Ⓨ structure are nearly done too, as (A) and (B) are fully completed.

NZDUSD

The structure in the lower timeframe of 1H suggests that wave (A) is a bullish 5-wave impulse, wave (B) is a triple combo W-X-Y-X-Z and (C), nearing its final target also as an impulse.

Since most of the minor degree waves of the impulsive wave concluded their course, we could now expect a minor correction which could have the market sliding in the short-term.

With minor 5 not having started yet, we could see an appreciation near the 0.658 area as part of the 100% Fibonacci extension of waves (A) and (B).NZDUSD60

The post NZDUSD: Bulls Target 0.658 As Part of Do...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

US Data Weakness Hits USD

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Risk Assets

USD Lower on Data Weakness

The US dollar has come back under pressure over the last 24 hours as further data weakness has weighed on sentiment.  The ISM Non-Manufacturing reading was weaker than expected over November at 53.9 vs 54.5 expected, though at least remained in expansionary territory. The ADP employment change reading was also weaker than expected. Data came in at 67k jobs vs 137k expected, raising the risk of a weak reading in Friday’s NFP release. USD index trades 97.47 last.

EURUSD Higher on USD Weakness

EURUSD has been higher over the European session so far on Thursday as weakness in the USD allows for recovery in the single currency. In light of recent data weakness and comments from ECB’s Lagarde (who said the ECB remains committed to achieving its 2% inflation target), the outlook remains bearish for EURUSD. Currently trading 1.1091 last, and approaching the bearish trend line from mid-2018 highs.

GBP Breaking Out

GBPUSD continues to forge higher ground today after br...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Is CFD Trading Safe?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Let’s put it this way: Trading with CFDs can be safe. However, for a lot of people, the appeal is precisely the risks associated with it. Maybe skiing would be a good analogy. Is skiing safe? Well, are you in a well-maintained easy route, or are you an adrenaline junky careening down the side of a hill? So it goes with CFDs.

There are a couple of aspects of safety that are important to keep in mind. In fact, keeping safety consideration as an important part of trading is often seen as the basis of success in trading CFDs like Forex. It has to do with some principles of basic investment strategy.

Risk and Reward

In general, there is a strong correlation between the level of risk and the return on investment. More profitable investments generally imply a higher level of risk (but, importantly, not necessarily vice versa). This is because, in order for someone to engage in a more risky investment, there has to be a higher return on the investment to make the risk worthwhile.

If you ...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

The Most Powerful Price Action Entry Combos

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Two of the most popular forms of technical trading are using indicators and price action trading. When using indicators, traders are generally looking to execute a trade based on an indicator signal. For example, if MACD turns bearish, traders will execute a sell trade. Or, if the RSI indicator is oversold, traders will execute a buy trade.

Similarly, when trading naked price action, traders are looking for certain signals to execute a trade. For example, if price forms a bullish engulfing candle, they will execute a buy trade. Similarly, if the trader identifies a bearish pin bar, they will execute a sell trade. While both these strategies are effective, combing the two approaches can lead to better opportunities and stronger.

When combing indicator readings with price action signals for trade entries traders can use whichever indicators and price action setups they like. Let’s take a look at a few examples and discuss why they are so powerful.

Engulfing Candles WIth RSI

RSIChart

In the chart...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Trump Triggers Recovery Trade!

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

In today’s #marketinsights Stavros explains why #Trump’s latest comments surrounding the US-Sino rhetoric have triggered a full or partial recovery in risk assets! Watch him analyze risk vs. safety and the surge in the British #pound (especially against #Euro). It seems that #BoJo’s chances to win the #UKelections are cracking fresh multi-month levels!

Timestamp

#EURGBP 1D 01:05

#AUDJPY 4H 04:40

The post Trump Triggers Recovery Trade! appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Traders Focus on OPEC Meeting

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

crude oil

Crude Stores Fall

Crude prices rallied strongly this week. The latest report from the Energy Information Administration revealed a large drawdown in US crude stores. The EIA report showed that in the week ending November 29th, US crude stocks were lower by 4.9 million barrels. This drawdown was far greater than the 1.73 million barrel decline the market was looking for. This comes just a day after the API reported a similar drawdown level of 4.5 million barrels.

The report was not totally bullish, however, with gasoline inventories seen higher by 3.4 million barrels. This was higher than the 1.8 million barrel increase forecasted. Distillate stockpiles, which include diesel and heating oil, were also higher by 3.1 million barrels over the week. This was again higher than the 1.1 million barrel increase the market was looking for.

OPEC In Focus

While the data certainly helped lift oil prices further, crude prices were already firmly higher on the week as traders look to position ahead o...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Equities rebound as trade uncertainty continues

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

technical analysis

Equity markets continued to whipsaw. The equity index recovered from Tuesday’s losses. This comes as news sources cite that the US and China were moving closer to an agreement. President Trump was also seen confirming that the trade talks were going well.

Euro Trades Mixed Amid Weak US Data

The Institute of Supply Management’s non-manufacturing activity slowed in November. The latest figures show that services activity slowed to 53.9 on the index. This was down after the index rose slightly to 54.7 in the month before. The slowdown in the services sector comes amid a contraction in the manufacturing sector.

EURUSD Establishing Support

The currency pair briefly slipped back to the previously established resistance level of 1.1062 – 1.1075. If this support level holds, then the currency pair could be on track for further gains. The next upside target is at 1.1131 level. To the downside, only a clear break below the current levels will confirm a shift in the bias.

EURUSD

Crude Oil G...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Markets keep dancing on trade headlines

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Equity markets recover on hopes of US-China trade deal Weak US economic data drive the dollar lower Sterling breaks above 1.28-1.30 range on expectations of Conservative majority After a steep fall in global equity markets over the first two trading days of December, sentiment turned around once more and risk-on trade returned with the latest trade headlines indicating signs of progress on the ‘phase one’ deal.A day after President Trump declared he was prepared to wait until after the US election to reach a trade deal with China, a Bloomberg report released... Read More


--
To keep reading this article, please navigate to: FXTM Global.

GBPJPY: 148.65 Likely To Complete Intermediate Impulse (A)

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

GBPJPY seems to be nearing the end of an intermediate bullish impulse wave (A) consisting of minor sub-waves 1-2-3-4 and 5.

The first four parts of the impulse look complete, whereas wave 5 is under development.

GBPJPY

A closer look at the 1H timeframe shows a minute structure of a potential bullish impulse move.

Focusing on the most recent price action, we can notice that the minute wave ⓘ hints to a fully completed 5-wave impulse.

We could then see bulls pushing higher following a successful minute-degree correction, if not already done.

The next stop could see the 148.65 area taken over. The target would respect the tenancy of minor impulse waves 1 and 5 being equal.

GBPJPY1

The post GBPJPY: 148.65 Likely To Complete Intermediate Impulse (A) appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

What Are Exchange Rate Changes in Forex?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Having a good understanding of the change in exchange rates is a basic aspect of Forex. After all, that’s how traders make money!

There are a lot of factors that go into determining exchange rate changes. And it’s always good to review why the graphs on your trading platform move.

Most people have a simple understanding of exchange rates when, for example, they go overseas and have to buy things in another currency.

However, because Forex uses a derivative financial product to engage in trading, there is an extra level of sophistication, and all currencies have to be paired. This is why even though we are interested in factors that can affect a currency in particular, what matters as an FX trader are the pairs that currency is in.

Join our responsible trading community - Open your Orbex account now! 

Pairing Up

In retail forex trading, you don’t get a bunch of coins and bills delivered to your house each time you make a trade. That would be impractical.

What happens i...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Trade Deal After Elections!

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

In today’s #marketinsights Stavros talks about the massive Trump sell-off and how #Gold and #Oil were affected by the pessimistic rhetoric! The #YellowMetal appreciated while #Crude jaw-dropped days ahead of the critical #OPEC+ meeting in Vienna. Watch him analyze the two #Commodities using #ElliottWaves!

Timestamp

#XAUUSD 1H 01:50

#WTI 1H 04:25

The post Trade Deal After Elections! appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Volatility Risk Ahead with Key US Data

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Risk Assets

Traders Waiting on US Data

The US dollar has been higher over the European morning so far on Wednesday. Some of the losses posted on the back of a weaker-than-expected manufacturing reading on Monday have been recovered. Later today, traders will get the ISM Non-Manufacturing reading. As this indicator reflects a much larger portion of the economy, there is the potential for further volatility. The USD index is currently testing the 97.69 level from above.

EUR Lower on USD Recovery

EURUSD has been lower again, weighed on by the recovery in USD. A very quiet week for Eurozone data is keeping EUR flows linked to USD action for now. Earlier in the week, new ECB head Lagarde told European parliament that the ECB will remain resolute in its goal of achieving 2% inflation. Lagarde’s comments have further encouraged the market view that the ECB will ease again in the coming months. EURUSD trades 1.1073 last.

GBP Breaks Resistance

GBPUSD has softened a little over the early European session to...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

AUD Rallies On Optimistic RBA Meeting

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Rates Held At Record Lows

At its final meeting of the year, the Reserve Bank of Australia displayed a vote of confidence in the domestic economy by keeping rates on hold. Heading into the meeting, potential further easing from the bank expectations was split. Although the RBA remained on hold at its last meeting, Governor Lowe did signal that further easing could still be warranted in light of weak global conditions. However, disappointingly for AUD bears, the RBA opted to keep rates on hold this time around. This left the headline Australian interest rate at record lows of 0.75% into next year.

RBA Optimistic on Economy

The tone of the meeting statement was generally consistent with the message of recent months. The RBA is content with the positive impact being seen from recent rate cuts. Particularly in terms of the impact on the exchange rate and asset prices as well as the pas through to household incomes. Indeed, the RBA pointed to the “long and variable lags” of monetary policy a...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Global markets shaken by fresh trade concerns

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Risk aversion returns on possible delay in trade deal Dollar hit by disappointing economic data Pound to remain choppy ahead of general elections Gold rises from the ashes and eyes $1492It is another day, but the same old story with trade developments as conflicting signals on the progress of negotiations foster confusion and uncertainty.In the latest twists and turns of the trade saga, President Donald Trump has said a trade deal with China could be delayed until after the 2020 U.S presidential elections, essentially dashing hopes of a phase one deal before mid-December... Read More


--
To keep reading this article, please navigate to: FXTM Global.

ISM Non-manufacturing PMI – November Preview

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The Institute of Supply Management (ISM) will be releasing the monthly non-manufacturing or service sector PMI for November today. Considered to be one of the high impact items, investors will be keeping a close watch.

Economists forecast that non-manufacturing activity, as measured by ISM will fall to 54.5 in November. This marks a decline in the index from 54.7 in October.

U.S. Non-manufacturing PMI, October 2019
US Non-manufacturing PMI, October 2019

The services sector has been holding up steadily over the past few months amid a slowdown in the manufacturing sector. The services sector is one of the major contributors to the US GDP. Based on this, a slowdown in the non-manufacturing sector could spell trouble.

In October, the index rebounded after declining in the prior month. Services sector activity has been somewhat mixed over the past few months. The NMI is in a pattern of posting declines for two months before rebounding.

Comparing to the manufacturing sector, activity in the services sector is somewhat more stable. ...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Trump Says Trade Deal after Elections

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

technical analysis

Investor sentiment fell across the board following President Trump’s comments on the China trade deal. Trump said that it would be better to wait until the 2020 elections for a trade deal with China. The comments come in contrast to the earlier position where hopes of a trade deal with China rose on positive tweets. Meanwhile, issues relating to the US stance on the Hong Kong protests weighs heavily. The US is scheduled to raise tariffs on China if no deal is made by December 15th.

Eurozone Producer Prices Rises in October

Producer prices data for the Eurozone saw a modest increase for October. Inflation at the factory gate rose 0.1% on the month. On a yearly basis, Eurozone PPI is down 1.9%. The gains were driven in part by the energy sector which rose 0.7%.

EURUSD Attempts to Post Further Gains

The currency pair, after a brief consolidation near the resistance area, is looking to breakout higher. Although price action needs to be more convincing at this point, the bias is shift...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

How to Calculate Reward to Volatility Ratio

This article was first published on Trading Strategy Guides.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Learn how to calculate reward to volatility ratio with this step-by-step guide. The reward to volatility ratio, also known as the Sharpe ratio is one of the most important risk metrics to assess an investment. This guide will explain the Sharpe ratio, how to use the reward to volatility ratio calculator and its importance in […]


--
To keep reading this article, please navigate to: Trading Strategy Guides.

Gold explodes higher on fresh risk aversion; Oil slips

This article was first published on FXTM Global.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -


Gold staged an incredibly rebound on Tuesday, jumping over 1% against the Dollar after U.S President Donald Trump said that a trade deal with China could be delayed until the 2020 elections.Given how the delay will most likely result in prolonged uncertainty and tensions between the worlds two largest economies, Gold is positioned to shine through the market chaos. Appetite towards the precious metal should also receive a boost from global growth concerns, Brexit drama and renewed speculation around lower interest rates. Bulls will remain in the driving seat ahead of the ADP employment... Read More


--
To keep reading this article, please navigate to: FXTM Global.

USDCAD: 1.3404 Could Complete Bullish Double Zigzag

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The current structure on USDCAD hints to a complex formation consisting of primary waves Ⓦ -Ⓧ  and Ⓨ, whereⓎ itself is a double zigzag of an intermediate degree.

Waves (W) and (X) of the abovementioned pattern are fully complete, whereas, wave (Y) is under development.

USDCAD4H

A closer look at the 1H chart indicates that actionary sub-waves (W) and (Y) are standard zigzags.

The second impulse wave, wave (Y), consists of minor sub-waves A, B, and C, whereas in the smaller degree, minor sub-wave B points to a completed triangle pattern (a)-(b)-(c)-(d) and (e). That followed a 5-wave impulse move that formed minor wave A.

Currently, minor wave C is the only wave needed to complete to fulfill the said standard zig-zag pattern.

During the next coming trading days, an ascend near 1.3403 area could be possible, the target of which would respect the tenancy 5-wave impulses A and C being equal.USDCAD

The post USDCAD: 1.3404 Could Complete Bullish Double Zigzag appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

AUD Explodes Overnight

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Risk Assets

USD Down on Manufacturing Miss

The US dollar has been under pressure over early trading on Tuesday as the reaction from yesterday’s data miss continues. The US ISM Manufacturing print for November came in below expectations at 48.1 vs 49.2 expected. Marking the fourth straight month in contractionary territory, the reading is a poor omen for the health of the US economy over the final quarter of the year. USD index trades 97.80.

Lagarde Say ECB Will Pusruse Inflation Target

EURUSD has taken advantage of the fall in USD to trade higher again today, extending yesterday’s gains. Speaking before European Parliament yesterday, new ECB chief Lagarde said that the ECB will be “resolute” in pursuing its goal of 2% inflation and noted that the bank’s accommodative monetary policy stance will remain in place. Lagarde heads her first policy meeting this month on the 12th. EURUSD trades 1.1080 last, back above the 1.1024 level once again.

GBP Rallies on USD Weakness

GBPUSD surged higher ga...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

What Are The Qualities of A Good Trader?

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

Trading in the Forex markets can be an incredibly rewarding endeavor. Not only is their room for financial gain, but the academic challenge of conquering the FX markets is one that many people find irresistible.

However, wanting to trade and actually becoming a good FX trader are two very different things. Many Forex traders start with the right intentions. However, they quickly fall by the way-side as they allow bad habits and practices to shape their trading.

So, what are some of the key differences between successful and unsuccessful Forex traders? And what are the qualities of a good trader?

Dedication

As with all things in life, success in trading can only come as a result of dedication. Many new FX traders have dreams of making millions from trading in a very short space of time.

As any professional trader will tell you, however, the road to trading success is a long and arduous one.

Becoming a great trader requires a significant time investment above all else. Time to learn abo...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

USD Crashes on Manufacturing Miss

This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

The US dollar tanked yesterday as the lSM Manufacturing reading for November came in below expectations. The index printed 48.1 last month, marking a contraction form the prior month’s 48.3 reading. Notably, the reading was also below the expected 49.4 reading. This is the fifth month of weakness in the US factory sector and the fourth consecutive month of below-neutral readings.

New Exports Down

The drop in last month’s manufacturing reading has been mainly attributed to weakness in new exports and a decline in inventories. With manufacturing having been in contractionary territory for the last four months, the outlook for the US economy is looking fairly subdued.

Fed Easing Still Possible

At its recent meeting, the Fed noted that it would hold off on further rate cuts while it waited to assess the impact of its recent cuts and the path of incoming data. With key readings like this remaining in negative territory, there is still a case for further easing from the Fed. The Fed itself n...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.