Trading news

Trading plan for Nov. 18

Hello, dear traders! The new week has started, so we are once again here for you with the daily trading plans.

EUR/USD: The pair pushed higher on the wave of short-covering, but failed to fix above 1.2550 for now (38.2% Fibo). We expect the upside to be limited by the 1.2600 figure – this is where the medium-term trend resistance lies. On Tuesday watch German and euro zone’s economic sentiment data at 10:00 GMT (forecasts – upbeat).

GBP/USD: The pair started Monday on the positive note, but was viciously rejected at 1.5730. Support is at 1.5600. There may be some consolidation above this point, but then the downtrend will resume. A close below here will make us target 1.5500. On the upside further resistance is at 1.5789 and 1.5875. On Tuesday watch British inflation data (09:30 GMT) – the figures will likely keep GBP under pressure.

USD/JPY: The pair stays above 115.50. PM Abe is widely expected to call a snap election and delay sales tax hike. There’s a talk that Abe he give a press conference tomorrow. USD/JPY may test 107.90 (Oct. 2007 high) on the announcement. Until then the pair will likely remain consolidative with more support at 115.00.

AUD/USD: Bullish demand for the Aussie dollar remains limited by the 0.8800 mark for now.The price is unlikely to overcome this area, at least from the first attempt. Next support to watch lies at 0.8700 and 0.8640. Australia is scheduled to release RBA meeting minutes tonight (00:30 GMT). Later in the day RBA Governor Stevens will deliver a speech in Melbourne (8:25 GMT).

Monday, 17 Nov, 2014 / 3:20

Source :

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