Bitcoin analysis for December 01, 2017

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Bitcoin (BTC) has been trading upwards. The price tested the level of $10,734. The largest options exchange worldwide, the Chicago Mercantile Exchange Group (CME), has announced its official Bitcoin futures contracts will launch on Monday, December 18, 2017. Technical picture looks bullish but in the overbought zone.

Trading recommendations:

According to the 1H time frame, I found a rising upward channel but the price failed to test the upper diagonal, which is a sign that buyers don't have enough power. I also found a rejection from Fibonacci expansion 100% at the price of $10,623, which is another sign that buying looks risky. Due to overbought condition and successful testing of FE 100%, my advice is to watch for potential selling opportunities. Downward targets are set at the pirce of $10,136, $9.355 and at the price of $8,990.

Support/Resistance

$10.734 – Intraday resistance (price action)

$10.136 – First objective point

$9.355 – Second objective point

$8.990 – Third objective point

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GBP/USD analysis for December 01, 2017

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Recently, GBP/USD is trading downwards. The price tested the level of 1.3456. Anyway, according to the 15M time – frame, I found a hidden bullish divergence on the stochastic oscillator in creation, which is a sign that selling looks risky. I also found a strong pinbar in the background, which sugests strength. My advice is to watch for potential buying opportunities. Upward targets are set at the price of 1.3510 and at the price of 1.3540.

Resistance levels:

R1: 1.3582

R2: 1.3638

R3: 1.3725

Support levels:

S1: 1.3440

S2: 1.3350

S3: 1.3296

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of USD/JPY for December 01, 2017

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All our upside targets which we predicted in yesterday's analysis have been hit. The pair posted a strong rebound after marking a low of 111.71 overnight (November 30). Currently, it is trading at levels above the key support at 112.20 while being supported by the ascending 50-period moving average. The relative strength index is around the neutrality level of 50, showing a lack of momentum toward either direction. As long as the key support at 112.20 is not breached, the intraday outlook remains bullish, and the pair still stands chances of rising toward the first upside target at 113.00.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.20 with a target of 113.00.

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: BUY, Stop Loss: 112.20, Take Profit: 113.00

Resistance levels: 113.00, 113.25 and 113.60 Support Levels: 111.70, 111.30, 111.00

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Technical analysis of USD/CHF for December 01, 2017

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USD/CHF is expected to trade with a bullish outlook. The pair managed to hold above its key horizontal support at 0.9815, and is likely to post a new bounce. The bullish trend line should maintain the strong buying pressure on the prices. Last but not least, the relative strength index stands above its neutrality area at 50.

To sum up, as long as 0.9815 is not broken, look for further advance to 0.9880 and 0.9900 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: 0.9815, Take Profit: 0.9880

Resistance levels: 0.9880, 0.9900, and 0.9935

Support levels: 0.9785, 0.9755, and 0.9720

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Global macro overview for 01/12/2017

In November, the UK PMI Manufacturing activity index jumped to 58.2 from 56.6 in October (after revision). This is a big surprise because the market carefully assumed an increase to 56.5 from 56.3 before the revision. You can see that a solid pace of recovery in Euroland also benefits companies in the UK. Manufacturing production expanded at the fastest pace since September 2016 and to one of the greatest extents during the past four years. Companies linked this to stronger inflows of new orders, reflecting solid domestic demand and steeper gains in new export business. Some companies noted higher sales to clients in Europe, the Americas, Asia and the Middle East. There were also reports that the historically weak sterling exchange rate continued to boost export competitiveness (although mentions of this were less prevalent than earlier in the year). The expansion remained broad-based by subsector. Strong and accelerated growth of production and new orders were registered across the consumer, intermediate and investment goods industries. Investment goods producers saw an especially marked increase in new orders, the sharpest seen since August 1994.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The GBP/USD pair stopped earlier declines and rebounded to 1.3513, although the pressure to take profits from increases in recent days is high. Currently, the pair is coming down from the level of 1.3521 (78% Fibo). The nearest technical support is seen at the level of 1.3456 - 1.3432.

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Global macro overview for 01/12/2017

The course of Thursday quotations on the energy commodity market was dictated by the most recent reports from Vienna's OPEC meeting, where consensus was reached by world oil miners. Declarations on the extension of the agreement until the end of 2018 confirmed not only the representation from Saudi Arabia, but also from Russia, Iran or a fairly recalcitrant Iraq. With the newly determined extraction limit, Nigeria and Libya will have to be reckoned, which could have previously been able to count on the grace of other members due to the questionable economic condition.

In conclusion, OPEC and its allies agreed to extend the mining restrictions by 9 months to the end of next year, but with a revision in June. The decision was in line with expectations, but by the risk of shortening the agreement in mid-2018, it is not entirely positive for oil, or at least not enough to push prices higher. The investors can now exit the long positions to make a profit from the rally from the previous few weeks, so the corrective price movement in a range of $2-$3 seems fair.

Let's now take a look at the Crude Oil technical picture at the H4 time frame. The market broke below the dashed short-term trend line, but bounced back up from the level of $56.78 and currently is testing the trend line from below. The market conditions are oversold and momentum is hovering around its fifty level.

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EUR/USD analysis for December 01, 2017

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Recently, EUR/USD has been trading sideways at the price of 1.1898. Anyway, according to the 15M time – frame, I found rejection from pivot level at the price of 1.1881, which is a sign that selling looks risky. I also found an oversold condition on the stochastic oscillator, which is another sign of strength. The trend is bullish. My advice is to watch for potential buying opportunities. Upward targets are set at the price of 1.1950 (pivot resitance 1) and at the price of 1.2000 (pivot resistance 2).

Resistance levels:

R1: 1.1954

R2: 1.2000

R3: 1.2075

Support levels:

S1: 1.1830

S2: 1.1760

S3: 1.1710

Trading recommendations for today: watch for potential buying opportunities.

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NZD/USD Intraday technical levels and trading recommendations for December 1, 2017

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Daily Outlook

A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.

The recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.

Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.

An atypical Head and Shoulders pattern was expressed on the depicted chart which initiated bearish reversal.

As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).

Evident signs of bullish recovery were expressed around the recent low (0.6780). That's why a bullish pullback was expected towards 0.7050.

On the other hand, an inverted Head and Shoulders pattern is being established on the chart indicating a bullish reversal.

That's why the price zone of 0.6800-0.6830 can be considered for a short-term BUY entry. S/L should be placed below 0.6770.

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Intraday technical levels and trading recommendations for EUR/USD for December 1, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.

The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).

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Daily Outlook

In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.

If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).

Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).

However, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This hinders further bearish decline as long as the recent low around 1.1550 remains unbroken.

Trade Recommendations

The current price levels around 1.1900-1.1950 should be watched for a possible short-term SELL entry if the current signs of bearish rejection are maintained.

S/L should be placed above 1.2030. T/P levels to be located at 1.1850, 1.1700 and 1.1590.

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Technical analysis of NZD/USD for December 01, 2017

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Overview:

  • The NZD/USD pair is still moving around the area of 0.6846. Today, the level of 0.6944 represents the double top. The pair has already formed minor resistance at 0.6895 and the strong resistance is seen at the level of 0.6944 because it represents the weekly resistance 1. So, major resistance is seen at 0.6944, while immediate support is found at 0.6831. If the pair hits below the price of 0.6831, the NZD/USD pair may resume its movement to 0.6816 to test the daily support 2. We foresee the NZD/USD pair to move between the levels of 0.6880 and 0.6816. The RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the price of 0.6880 with targets at 0.6831 and 0.6816. However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.6944.
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Technical analysis of USD/CHF for December 01, 2017

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Overview:

  • The price is still trading around the area of 0.9818 and 0.9840. The USD/CHF pair continues to move upwards from the level of 0.9818. Since the price is above this level, the market is still in an uptrend. Furthermore, the trend is still strong above the moving average (100). The USD/CHF pair didn't make any significant movements yesterday. Hence, the market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA is headed to the upside. Therefore, strong support will be found around the spot of 0.9818 providing a clear signal to buy with a target seen at 0.9882. If the trend breaks the first resistance at 0.9882, the pair will move upwards continuing the bullish trend development to the level of 0.9910 in order to test the daily resistance 2. However, if the USD/CHF pair succeeds to break through the support level of 0.9818 today, the market will decline further to 0.9778 in order to retest the doubl bottom on the H1 chart. Also, it should be noted that the major resistance is seen at 0.9950.
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Bitcoin analysis for 01/12/2017

Audit and accounting company PwC, accepted the possibility of payment in cryptocurrencies. According to a report by The Wall Street Journal, the company's office in Hong Kong reported that it introduced a payment due to cooperation with local companies dealing with Blockchain cryptocurrencies and technology. The first transaction was reportedly made with Bitcoin in exchange for consulting services. The situation was commented by PwC Asia-Pacific Chairman Raymund Chao: "This means that Bitcoins and other recognized cryptocurrencies are developing very well and will be acceptable in more places as a form of settlement."

PwC has a relatively long history in the cryptocurrency and Blockchain industry, as it dates back to 2014. The company helps in the use of innovation in many industries and has taken up research, also offering its own technology consulting services.

Let's now take a look at the Bitcoin technical picture in the H4 time frame. The corrective cycle continues to unfold, wave (a) and (b) are already in the place, so now the wave (c) should be expected. The weekly pivot at the level of $8,897 provides the support for the price. The key support remains at the level of $8,357.

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Trading plan for 01/12/2017

The night was lively for the US dollar which traded on a roller coaster. The tax bill is the culprit, though the hopes of today's vote in the US Senate are not out of the question. The stock market in Asia is drawing an ambiguous picture. Crude oil is stable after the decision of OPEC.

On Friday 1st of December, the event calendar is busy with important data releases. During the London session, the UK will post PMI Manufacturing data. During the US session, Canada will present Quarterly Gross Domestic Product Annualized, Gross Domestic Product, Unemployment Rate, Employment Change data. The US will post ISM Manufacturing PMI data. There are two speeches from FOMC members scheduled: Patrick T. Harker and Robert Kaplan. No NFP-Payrolls data today.

EUR/USD analysis for 01/12/2017:

In the afternoon, a packet of data from the US, the PCE Core inflation rate were the most important data, which, according to the expectations of market participants, accelerated to 1.4% y / y. The above-mentioned indication includes, among others, the revision of the indicator for September, when the monthly jump in the price index was recorded at the level of 0.2%. (previously: 0.1%). In the background there was a slightly stronger dynamics of household income, which was at the level of 0.4%. against 0.3% resulting from median forecasts. The above indications were accompanied by a weekly report from the labor market indicating a temporary stabilization of the number of applications for unemployment benefits (238 thousand, consensus: 240 thousand, previously: 240 thousand).

Let's now take a look at the EUR/USD technical picture in the H4 time frame. After the retracement to the level of 1.1807 (61% Fibo) the price bounced and currently is trying to rally towards the local high at the level of 1.1961. The momentum indicator supports this move and the market is bouncing from the oversold conditions as well. In a case of a further upward breakout, the next technical resistance is seen at the level of 1.2003.

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Market Snapshot: USD/JPY breaks the trend line

The price of USD/JPY has managed to break out above the black trend line and made a new local high at the level of 112.70, just below the technical resistance at 112.72. Nevertheless, the market conditions remain overbought and the momentum is weakening as well, so the price might get back to the sideways range instead of rallying higher.

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Market Snapshot: Gold breaks out of the channel

The price of Gold has broken out of the horizontal channel and hit the technical support at the level of $1,274. Currently, the price is trying to test the channel line from below, so it might rally towards the level of $1,280 again before the downtrend continues. The oversold market conditions support this view.

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BITCOIN Analysis for December 1, 2017

Bitcoin has been quite bearish recently pushing the price lower to $9,000. As more countries are trying to regulate the Bitcoin, the control of Bitcoin is getting stronger which made the price to remain under a certain pressure. Bitcoin has seen several challenges along the path to this record price area whereas it was expected that the price will be at nearly$10,000 by the end of 2017 which actually has been achieved. Then, it spiked much higher above $11,000 as well that made the market unstable and confused leading to a drastic fall which is still going on in the market. As of the current market scenario, price has been quite choppy after breaking below the dynamic levels of 20 EMA, Tenkan and Kijun line that has been carrying the price all the way upward after breaking above $8,000 price area. Though price has breached below the dynamic levels, Kumo Cloud is expected to act as a strong support for the price to push the price higher again. However, this time it is expected to be quite corrective in nature. As the price remains above $8,000 price area, the bullish bias is expected to continue further.

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Ichimoku indicator analysis of USDX for December 1, 2017

The Dollar index got rejected yesterday at the upper channel boundary and cloud resistance. Trend remains bearish but we are still above November lows. If the index breaks above this week's high, short-term trend will change to bullish.

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Black lines - bearish channel

The Dollar index got rejected at the first important resistance by the bearish channel and the Ichimoku cloud. Trend remains bearish. The rejection is a sign of weakness and does not favor my bullish scenario. Support is at the 78.6% Fibonacci retracement and yesterday's lows. Resistance is at 93.15 and next at 93.40.

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On a weekly basis, price has stopped the decline at the 61.8% Fibonacci retracement. However for this weekly candle to give promises of a bullish continuation, we should see a close for this week near this week's highs. A new lower low on the weekly candle and a close near the lows will be a bearish sign that would imply the index should continue to new lows next week.The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of gold for December 1, 2017

Gold price has broken through short-term important support as expected. We were calling for this decline and although we could see a bounce today towards $1,280, I expect the decline to continue lower towards $1,250.

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Blue lines - bullish channel

Gold price has broken below the 4-hour Ichimoku cloud as expected. Trend is bearish. Price has also broken below the bullish channel. Gold price was moving in a corrective pattern and this sharp reversal lower was expected and noted several times. Bulls were warned.

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Yesterday we warned bulls that the rejection at the Ichimoku cloud was a very bearish sign. Price has now closed below the kijun-sen as well. Gold price could bounce back towards the kijun-sen for a back test...but I expect the downward move to continue towards $1,250 soon.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for December 01, 2017

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All our upside targets which we predicted in yesterday's analysis have been hit. The pair remains on the upside, supported by its rising trend line. Both the 20-period and 50-period moving averages are heading upward, which should confirm a positive outlook. In addition, a strong support base at 151.45 has formed, and should limit any downside room.

In which case, as long as 151.45 is not broken, likely advance to 153.35 and 154 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.45 with the target at 150.75

Strategy: BUY, Stop Loss: 151.45, Take Profit: 153.35

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: 153.35, 154.00, and 154.60

Support levels: 150.75, 149.90, and 149

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Daily analysis of GBP/USD for December 01, 2017

The pair remains following a bullish structure above the 200 SMA at H1 chart and looks forward to testing the 1.3541 level, amid USD weakness against the Pound. Corrective moves might happen in the short-term, with the nearest target placed around the 200 SMA and the 1.3303 level. MACD indicator remains in the negative territory, favoring to the downside.

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H1 chart's resistance levels: 1.3440 / 1.3541

H1 chart's support levels: 1.3303 / 1.3244

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3440, take profit is at 1.3541 and stop loss is at 1.3337.

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