Trading plan 20.11 - 24.11.2017

Trading plan 20.11 - 24.11.2017

The overall picture: Merkel's problems with the government caused the euro to decline.

Unexpected news came out on Sunday: Merkel could not form a majority in the parliament (failed to create a ruling coalition) - and now, most likely, there will be new elections. Merkel's problem arose with the Free Democrats, who did not support the migration policy of Merkel.

This is the first case in 70 years, when Germany failed to create a ruling majority, and, perhaps, there will be an early parliamentary election.

Euro fell to 1.1725.

EURUSD: the growth in the pair stopped, the range.

There are good chances of earning a breakout range: buying for a breakout towards the high of 1.1860, selling down a breakthrough of 1.1550.

It is very likely that there will be a new level downwards in a few days, above 1.1550.

News of the week: In the United States, the week is short - on Thursday, November 23 Thanksgiving Day.

Wednesday is important: orders for durable goods in the US - in recent months the data has been very strong - if the trend continues, a strong argument in favor of the dollar.

GBPUSD

The corridor continues.

Waiting for an exit:

Buying is higher than 1.3335.

Selling below 1.3025.

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

Technical analysis of USD/JPY for November 20, 2017

USDJPYM30.png

USD/JPY is under pressure.The technical outlook of the pair is negative as the prices recorded lower tops and lower bottoms since November 16. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is capped by a falling trend line since November 16.

To conclude, below 112.50, look for a further drop with targets at 111.95 and 111.75 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended below 112.50 with a target at 111.95.

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: SELL, Stop Loss: 112.50, Take Profit: 111.95

Resistance levels: 112.70, 113.00 and 113.45 Support Levels: 111.95, 111.75, 112.15

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

Technical analysis of USD/CHF for November 20, 2017

1511185880_USDCHFM30.png

USD/CHF is expected to trade with a lish outlook. The pair remains above its key support at 0.9945. The rising 50-period moving average is heading upward now, and should continue to push the prices higher. Last but not least, the relative strength index lacks downward momentum, calling for a new rise.

Hence, as long as 0.9875 is not surpassed, pair is likely climb to 0.9945 and 0.9970 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: 0.9875, Take Profit: 0.9945

Resistance levels: 0.9945, 0.9970, and 1.0015

Support levels: 0.9850, 0.9830, and 0.9800

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

Technical analysis of USD/CHF for November 20, 2017

USDCHFM30.png

USD/CHF is expected to trade with a bullish outlook. The pair remains above its key support at 0.9945. The rising 50-period moving average is heading upward now and should continue to push the prices higher. Last but not least, the relative strength index lacks downward momentum and calls for a new rise.

Hence, as long as 0.9875 is not surpassed, the pair is likely to climb to 0.9945 and 0.9970 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: 0.9875, Take Profit: 0.9945

Resistance levels: 0.9945, 0.9970, and 1.0015

Support levels: 0.9850, 0.9830, and 0.9800

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

Technical analysis of GBP/JPY for November 20, 2017

GBPJPYM30.png

GBP/JPY is expected to trade with a bullish outlook. The pair bounced off its nearest key support at 147.65, and is likely to challenge the resistance at 149.25. Both the 20-period and 50-period moving averages are heading upward now, and should continue to push the prices higher. Last but not least, the relative strength index is reversing up, calling for a new rebound.

To conclude, as long as 148.15 is not broken, look for a new rise to 149.25 and 149.60 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 148.15 with the target at 149.25.

Strategy: BUY, Stop Loss: 148.15, Take Profit: 149.25

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: 149.25, 149.60 and 150.15

Support levels: 147.65, 146.95, and 146.30

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