Will new heights conquer gold in 2019?

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The threat of exacerbation of trade conflicts, the volatility of oil prices and the correction of the US stock market made the question about the prospects for the yellow precious metal one of the most pressing at the end of this year.

Despite the fact that some economists believe that next year gold will fall in price below $ 1,000 per ounce, most experts consider such a scenario unlikely and predict an increase in the value of gold.

In particular, according to experts of Bank of America Merrill Lynch (BofAML), in 2019 the average price of gold will be $ 1,296 per ounce.

"This year, factors such as increasing real rates, the rise of the US economy and the strengthening of the US dollar position put pressure on the precious metal rate. It is assumed that next year these factors will take the reverse vector of development," they noted.

Analysts at investment bank Goldman Sachs expect that in the next three months, the quotes will be at $ 1,250 per ounce, in six months they will rise to $ 1,300 per ounce, and within 12 months, the price will rise to $ 1,350 per ounce. According to them, in the event of a slowdown in US economic growth in 2019, gold will become the main beneficiary of the increased demand for defensive assets.

ABN AMRO Bank is counting on the price rally of gold, up to $ 1,400 per ounce.

"We consider the current ratio of risk and return on precious metals to be quite attractive," said representatives of the financial institute. According to them, next year the increase in the cost of precious metals will occur due to the reduction of speculative short positions.

"The gold market has good chances of growth due to its safe-haven status. In 2019, the precious metal can rise in price to $ 1,500 per ounce," said Commerzbank.

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Can the euro make the dollar problem its advantage?

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The glitter of the dollar will fade next year. It is for this scenario that currency strategists of reputable financial corporations of the world are preparing. Maps of American currency confuse slower than this year, the growth of the economy, according to JPMorgan Asset Management. Other analysts believe that bearish sentiment will strengthen the Fed, which is expected to pause the policy tightening process. FX experts also believe that the growth of market volatility and the demand for capital abroad will provoke an outflow of funds from America.

JP Morgan and Morgan Stanley advise getting rid of the dollar index. The opposite opinion is held in Barclays. In the first half of the year, analysts are waiting for the continuation of the rally due to a further increase in the federal funds rate.ulHGkNd89OGLNKEI4ScwXI_XHPaifvIDUYr_2ukjMostly pessimistic predictions cause a feeling of deja vu. Exactly a year ago, Bloomberg analysts also staged a "funeral" for the dollar, proclaiming strong growth in the eurozone. This factor, along with the trade wars and the double deficit of the United States, was supposed to stun the American currency. In reality, the euroblock economy slowed to a 4-year low, protectionism supported the "American", and the lack of problems with raising capital to finance the budget deficit helped the dollar index to ignore the negative.

Now investors' faith in the slowdown in US GDP, which, in their opinion, will be the main cause of the dollar falling from a pedestal, is growing every day. More than half of Duke University's respondents are confident that America will face a recession at the end of 2019. Over 80% of respondents say that it will descend at the end of 2020. Will market participants reduce investment on expectations of a recession, which will provoke it?

The forerunner of a slowdown in the US is the inversion of the yield curve. Almost every respondent interviewed by Reuters reported that the departure of the indicator to the red zone will happen in the next 12 months. Some even call a shorter term, six months.

Indeed, the dollar has problems, but there's something else interesting. Will the euro take advantage of them? The economy of the currency bloc is unhealthy, Italy is on the verge of a recession and a subsequent downgrade of the credit rating, trade disagreements are strongly hitting the export-oriented economy. Moreover, the weak dynamics of core inflation allows the ECB to stay idle.

Further dynamics of the EUR / USD currency pair will depend on the decisions taken by the ECB on Thursday. Will the members of the regulator change their opinion regarding the timing of the rate hikes? Of course, the ECB, following the Fed and the Bank of England, will complete the QE program. However, the most interesting thing is the income reinvestment schedule and the possible launch of LTRO.

If Draghi confirms the weakness of the region's economy and reports on new measures of monetary incentives, the euro risks significantly deepening. At the same time, his optimism can be a real lifeline for the bulls on the euro.

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Global oil market is facing a deficit in 2019, IEA says

According to the calculations of the International Energy Agency (IEA), the global oil market may face a shortage of raw materials. The reason for this is that experts believe the new agreement OPEC + and the reduction in the supply of black gold from Canada.

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The monthly oil market report, presented by the IEA, reports that global demand for black gold in 2018 and 2019 will remain unchanged at 1.3 million and 1.4 million barrels per day (b / s), respectively. Recall that the forecast for growth in demand for raw materials for the coming year has remained at the same level, despite the significant decline in oil prices since the beginning of October 2018.

According to the monthly oil market report by the IEA, the global demand for black gold in 2018 and 2019 will remain unchanged at 1.3 million and 1.4 million barrels per day (b/s), respectively.

In the current quarter, the price of oil fell by almost a third, bargaining near the $61 per barrel mark from a four-year peak of $87 reached in early October. The IEA believes that support for demand from lower oil prices is offset by a slowdown in global economic growth, especially in emerging markets.

Recall that last week the OPEC countries and other oil producers, including Russia, agreed to cut production by 1.2 million b/d from January 2019. Along with this, the authorities of the Canadian province of Alberta have demanded that oil companies reduce production by 325 thousand b/d from January of next year.

In November of this year, the volume of raw materials mined by the countries of the cartel decreased by 11 thousand barrels per day compared with October. According to the IEA report, they reached 32.965 million b/s, which fits into the strategy to eliminate oil surplus on a global scale.

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GBP / USD pair: plan for the US session on December 13. Pound froze waiting for news on Brexit

To open long positions on the GBP / USD pair, you need:

Buyers completed the installation for the first half of the day and broke above 1.2620, which led to a new wave of pound growth. At the moment, a breakthrough and consolidation above resistance 1.2667 is needed which will allow us to count on updating the highs around 1.2714 and 1.2752, where I recommend taking profits. In the case of a pair decline in the second half of the day, long positions can again look at the rebound from the support of 1.2618.

To open short positions on the GBP / USD pair, you need:

Sellers managed to form a false breakdown at the resistance level of 1.2675 and as long as the trade is conducted below this range. The pressure on GBP / USD will remain, which may lead to a further decrease in the support area of 1.2618, where I recommend taking profits. In the case of a further larger upward correction and a breakthrough of the resistance of 1.2667, you can take a closer look at short positions at the rebound from the highs of 1.2714 and 1.2752.

Indicator signals:

Moving averages

Trade is conducted over the 30- and 50-day moving averages, which indicates a continuation of the upward correction of the pound.

Bollinger bands

In the case of a decrease in the pound in the afternoon, long positions can be considered immediately to rebound from the lower limit of the Bollinger Bands indicator in the area of 1.2597, which acts as a support.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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EUR / USD pair: plan for the US session on December 13. The market is waiting for the ECB press conference

To open long positions on EUR / USD pair, you need:

In the first half of the day, the buyers coped with the task of fixing the resistance above 1.1375 and much will depend on what the ECB President Mario Draghi says during the press conference. It is the tone of his statements that will set the further market direction, so it's almost useless to rely on technical analysis in this situation. The breakthrough of resistance 1.1339 will be a signal for further purchases of the euro with an update of the highs in the area of 1.1427 and 1.1464, where I recommend taking profits. In the event of a decline in the euro, support will be provided by the area 1.1328 and 1.1306.

To open short positions on EUR / USD pair, you need:

In the event of a decline in the euro under the support level of 1.1375, the pressure on the pair may increase significantly, and the breakdown of the minimum of 1.1353 will lead to a larger sale with a return to the region of 1.1328 and 1.1306, where I recommend to fix the profit. In the case of EUR/USD growth on the statements of the President of the ECB, you can take a closer look at short positions in the scenario of forming a false breakdown in the region of 1.1427 or in a rebound from the maximum of 1.1464.

What statements can make the president of the ECB? I spoke about this in detail in my video forecast.

Indicator signals:

Moving averages

Trade is conducted practically in the region of the 30- and 50-day average, which indicates the lateral nature of the market before the release of important data.

Bollinger bands

Bollinger Bands indicator volatility has sharply decreased, which does not give signals on the market entry.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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Intraday technical levels and trading recommendations for GBP/USD for December 13, 2018

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Since Mid-November, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2880 (the upper limit of the depicted consolidation range).

On the other hand, two unsuccessful bearish breakout attempts were demonstrated below 1.2720 during last week's consolidations.

During Friday's consolidations, the GBP/USD pair failed to fixate above 1.2780 (79.6% Fibonacci). That's why, significant bearish decline was demonstrated below 1.2700-1.2660 (Historical bottoms) during this week's consolidations.

The current scenario could pursue as a bearish flag continuation pattern provided that bearish persistence below 1.2660 (corresponding to a prominent daily low) is maintained on daily basis.

The current bullish pullback towards the price zone of 1.2660-1.2700 can be watched for a valid SELL entry as this price zone corresponds to the backside of the broken consolidation range as well as the depicted downtrend on H4 chart.

Projected target for the bearish flag continuation pattern is located around 1.2300. Initial bearish destination is located around 1.2580 while S/L should be set as daily closure above 1.2800.

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Intraday technical levels and trading recommendations for EUR/USD for December 13, 2018

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On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

On the Daily chart, the pair has been moving sideways with slight bearish tendency. Recent bearish consolidations have been maintained within the depicted daily movement channel since June 2018.

On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.

Bullish fixation above 1.1420 is needed to enhance further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.

The EUR/USD pair remains under bearish pressure below 1.1420. Thus, the pair remains trapped between 1.1420 and 1.1270 until breakout occurs in either direction.

If early bearish breakout below 1.1270 is achieved on lower timeframes, a quick bearish decline should be expected towards 1.1150-1.1100.

On the other hand, bullish fixation above 1.1420 enhances the bullish side of the market allowing further bullish advancement to occur towards 1.1520 and 1.1610.

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EUR/USD pair fell into the trap range. Where is the exit?

The euro returned to growth after Italy announced that it would reduce its budget spending, although traders remain cautious in anticipation of the monetary policy meeting of the European Central Bank.

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In general, the world markets started the day positively against the background of easing tensions between the US and China and expectations that China will strengthen support for its economy. Positive sentiment spread to the currency even the Australian dollar, which is a reliable indicator of risk sentiment and the economic condition of China gained 0.3 percent. News from Italy at this time support the euro. I believe that the euro/dollar pair will remain in a narrow range until the beginning of 2019. The pair fell into the range trap due to very strong cross current. On the one hand, growth in the USA is slowing down, on the other, it is because of serious political risks in Europe and cautious ECB.

Markets are preparing for the fact that the ECB is likely to officially announce the end of its quantitative easing program at a policy meeting and they are likely to be cautious about the prospects for the economy. Investors are interested in the main question, whether the ECB will start raising interest rates before the expiration of Mario Draghi's term in office next October. However, this will most likely not happen. The dollar was under pressure after an eight-month rally, as investors lowered their expectations regarding the tightening of Fed policies in 2019 and signs of a thaw in the US-China trade dispute.

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Bitcoin analysis for December 13, 2018

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Trading recommendations:

According to the H1 time - frame, I found that BTC is trading in the sideways mode at the price of $3.351. According to the H1 time – frame, I have found that there is successful rejection of the support trendline and broken supply trendline at the same time, which is a sign that buyers are in control. As long the BTC is trading in the defined upward channel, you should watch for buying opportunities. My advice is to watch for buying opportunities. The upward targets are set at the price fo $3.451, $3.514 and at the price of $3.667.

Support/Resistance

$3.451 – Intraday resistance

$3.255– Intraday support

$3.451 – Objective target 1

$3.514 – Objective target 2

$3.667 – Objective target 3

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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EUR/USD analysis for December 13, 2018

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Recently, the EUR/USD pair has been trading sideways at the price of 1.1377. According to the M15 time – frame, I have found that price is trading above the Ichimoku cloud and above the daily pivot, which is a sign that buyer are in control. I also found the double top (bullish) pattern on the point and figure chart, which is another sign of the strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.1397 and at the price of 1.1425.

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GBP/USD analysis for December 13, 2018

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2686. According to the H4 time – frame, I found that there is a confirmed double bottom pattern with a fake breakout of the support at the price of 1.2477, which is a sign that sellers got exhausted. I also found that there is a breakout of the 12h balance, which is another sigh of the strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.2743 (upper Keltner band).

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Technical analysis of AUD/USD for December 13, 2018

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Overview:

The AUD/USD pair continues to trade upwards from the level of 0.7185. The pair rose from the level of 0.7185 to a top around 0.7299 but it rebounded to set around the spot of 0.7212 and 0.7249 . Today, the first resistance level is seen at 0.7299 followed by 0.7352, while daily support 1 is seen at 0.7185 (50% Fibonacci retracement). According to the previous events, the AUD/USD pair is still moving between the levels of 0.7250 and 0.7352; so we expect a range of 102 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.7299, we should see the pair climbing towards the double top (0.7299) to test it. Therefore, buy above the level of 0.7299 with the first target at 0.7352 in order to test the daily resistance 1 and further to 0.7394. Also, it might be noted that the level of 0.7394 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7185, a further decline to 0.7069 can occur which would indicate a bearish market.

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Theresa May won the battle but not the war

Yesterday, the British Prime Minister gained annual immunity from the actions of her opponents. Late in the evening, the parliament announced her a vote of confidence. Now, this question has been removed from the agenda for a long time, although earlier the likelihood of impeachment had disturbed traders and put pressure on the pound.

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After the announcement of the results of the secret ballot, the British currency almost remained in place. The fact is, such results were fairly predictable. Just yesterday, in the press, information appeared that Theresa May was supported by about 150 deputies. On this insider, GBP / USD showed corrective growth throughout the day, but May's victory failed to betray the pair of northern impulses.

First of all, the number of deputies who voted for the no-confidence vote is alarming, 117 parliamentarians. Firstly, this suggests that the number of intra-party opposition is growing. As experts had previously believed, the number of ardent opponents of May fluctuated between 50-80 deputies. Secondly, the results of the voting speak of weak prospects for approving the Brexit deal, at least in its current form. On the one hand, the results of yesterday's voting cannot be categorically projected with the Brexit question, but, on the other hand, the premier needs to consolidate the positions of all conservatives and unionists (or laborers) to approve the deal. And given the number of voters who voted for the no-confidence vote, we can conclude that this will be very difficult.

However, Theresa May is taking decisive steps to strengthen her success. In order to level the disappointment of those deputies who voted against her, she made quite a resonant statement. She told parliamentarians that she would resign anyway before the next elections, scheduled for 2022. In this way, she "poachs" yesterday's opponents to her side, reducing the degree of political tension and increasing the significance of the key vote on Brexit. Therefore, identifying opponents of May with opponents of Brexit is not quite right, given the possible consequences of a chaotic exit from the EU and the premier's promise to voluntarily resign.

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At the same time, the prospects for "soft" Brexit are quite elusive. As I said above, the premier does not have enough support for her party members. The deal must be supported by unionists, whose representatives continue to insist on excluding the backstop provision from the deal. EU leaders have already made an unequivocal statement that they will not reconsider the terms of the deal, which means that May will not receive support from her coalition allies. Representatives of other political forces are either categorically opposed to the deal as a whole, or they voice certain conditions. Again, regarding backstop. According to a number of deputies, Europe should give guarantees that this regime will have a "shelf life", which will be legally executed. Actually, now this issue is at the top of the agenda. If Brussels says no, then the situation will return to normal, and the optimism of the GBP / USD traders will quickly turn into pessimism.

According to preliminary information, the EU representatives do not intend to make concessions and at today's meeting with the British Prime Minister will reject all her requests. But it is worth noting here that Theresa May's task is not to revise the agreement reached. For her, it is important to obtain political or legal guarantees regarding the limited period of the Irish backstop. In this context, Brussels can make concessions (after all, they are also interested in soft Brexit). In particular, one of the European Commissioners said today that the European side can add "certain clarifications" to the transaction approved by the European Union. Whether the British side is satisfied with this answer is unknown, but the chances of reaching a compromise solution without revising the transaction are quite high.

Thus, Theresa May won an important battle yesterday, but far from a war. Now, much depends on the position of Brussels. If today's meetings bring results, the prime minister can still have time to submit a draft deal to the British parliament. Otherwise, this issue will be transferred to the middle of January next year, as the deputies go to the New Year holidays, from December 20 to January 7.

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In terms of technology, the pair is on the daily chart between the middle and lower lines of the Bollinger Bands indicator, but also on the Tenkan-sen line of the Ichimoku Kinko Hyo indicator. If the price consolidates below 1.2650, then the above indicator will form a bearish signal "Parade of lines". In this case, the probability of a price reduction to the level of 1.2555 (the bottom line of the Bollinger Bands indicator) will increase. The immediate goal of the northern movement is the price of 1.2740 (the middle line of the Bollinger Bands). However, if London and Brussels reach a compromise, the pair will soar at least in the region of the 28th figure.

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The ECB meeting will clarify the situation on the world market

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According to experts, an important event on Thursday, December 13, will be a meeting of the European Central Bank (ECB). The main topic of the meeting is the question of the key interest rate, which will remain unchanged. The regulator also plans to announce the completion of a three-year anti-crisis program to stimulate the economy in the amount of 2.6 trillion euros

Representatives of the ECB will publish updated forecasts about the growth of the European economy. Experts do not exclude that the slowdown in GDP growth, business slowdown, and political instability may push the ECB to raise the key rate next year.

Positive sentiments are gradually returning to world markets, analysts say. Investors believe that high volatility in the markets will continue until March 1, by the end of the postponement of the increase in duties from the United States with respect to the PRC.

Experts also estimate the situation on the European market as positive. Italian authorities are ready to give up and reduce the budget deficit from the current 2.4% to 2.04% in order to avoid EU sanctions. To date, a meeting of the EU states is also scheduled, dedicated to the issues of leaving the UK from the EU. Theresa May, the British Prime Minister, remained at her post, refusing to participate in the next election in 2022. However, despite the general positive background, the uncertainty surrounding further negotiations on Brexit persists and holds everyone in suspense, analysts sum up.

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Theresa May won an important victory

Theresa May won an important victory.

On Wednesday, a vote of confidence in the leader Theresa May was held in the British parliament in the faction of the ruling Conservative Party and May won a majority in her party.

Of course, this is not a win in the vote in the entire parliament by agreement with the EU - but a very important victory.

An emergency EU summit will take place today in agreement with Britain. Theresa May expects to receive at least some additional support from the EU.

As we can see on the chart,the pound responded by a marked increase to the May vote.

In addition, do not forget about the ECB meeting today on December 13 about the ECB decision at 11.45 London time and the press conference of the ECB President Draghi at 12.30 London time.

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Investors cut short positions in most Asian currencies; bearish rates at a 21-month low

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The bearish rates on most Asian currencies have declined markedly over the past two weeks. Rates to weaken the yuan halved, as trade negotiations between Washington and Beijing are beginning to yield results.

Short-term interest in the yuan was at its lowest level since March 2017. The bearish rates on the Singapore dollar declined slightly, while on the Indonesian rupiah fell to their lowest level since the beginning of May. Short-term rates for the Korean won dropped to a minimum of more than a year, the Taiwan dollar was the lowest since the end of May.

Recently, the yuan has been supporting improved relations between China and the United States. Trump replaced anger with mercy and said that negotiations are underway with Beijing and that he will not increase tariffs on Chinese imports. He even offered assistance from the Ministry of Justice regarding the arrest of the Chief Financial Officer of Huawei Technologies, who was released on bail.

In addition, the weakening dollar outlook also boosted Asian currencies. Despite the fact that the dollar rose by more than 5 percent this year against the background of rising Fed interest rates, the recent decline in yields on US Treasury bonds and moderate economic data have given reason to think that the dollar may have reached a ceiling. While the Fed is expected to raise rates next week, and if most investors expect only one more increase next year, some banks, such as JP Morgan, expect as many as four increases in 2019.

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Wave analysis of GBP / USD for December 13. Is the pound getting ready for a dash to the top?

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Wave counting analysis:

During the trading session on December 12, the GBP / USD currency pair added about 140 basis points and, thus, gives grounds to assume the completion of the construction of the supposed wave 5, a. At the same time, looking at the entire internal wave structure of the proposed wave a, it becomes clear that it may become more complicated once more, and the remaining uncertainty about Brexit and even the possible resignation of British Prime Minister Theresa May can further complicate it. Thus, I believe that purchases are premature now, and sales are quite risky.

The objectives for the option with purchases:

1.2696 - 100.0% of Fibonacci

1.2807 - 76.4% of Fibonacci

The objectives for the option with sales:

1.2398 - 161.8% of Fibonacci

1.2218 - 200.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair GBP / USD could complete the construction of wave 5, a. A successful attempt to break the mark of 1.2696, which equals to 100.0% Fibonacci, will warn of the pair's readiness to build an upward wave b. In this case, I will recommend buying small volumes with targets located around 1.2807. An unsuccessful attempt to break through the level of 1.2696 may lead to even more complication of wave a.

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Wave analysis of EUR / USD for December 13. The wave c is much more complicated and takes a non-standard form.

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Wave counting analysis:

During the Wednesday trading, the EUR / USD currency pair gained about 50 basis points and, thus, continues to remain within the framework of the construction of the supposed wave c from the corrective trend section. The 23.6% of the Fibonacci level remains very important for the instrument and the current wave marking. The third unsuccessful attempt to break through this level retains the pair's chances of building a wave c. A break of 23.6% will lead to the completion of wave c and the resumption of the construction of the downward trend.

The objectives for the option with sales:

1.1215 - 0.0% of Fibonacci

The objectives for the option with purchases:

1.1471 - 100.0% of Fibonacci

1.1528 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The currency pair continues to be in the framework of building an upward wave c. A successful attempt to break through the mark of 1.1315 will lead to the resumption of reduction of quotations with targets located near the estimated mark of 1.1215, which corresponds to 0.0% of Fibonacci, and lower. Therefore, I recommend selling no earlier than this breakthrough. You can buy a pair only in the short term until a successful attempt to break through the level of 1.1315 is made.

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GBP / USD. December 13th. The trading system. "Regression Channels". Theresa May may resign: the pound rose 150 points

4-hour timeframe

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Technical details:

The senior linear regression channel: direction - down.

The junior linear regression channel: direction - down.

Moving average (20; smoothed) - down.

CCI: -23.8064

The GBP / USD currency pair continues to be located below the moving average line, but over the past day has made quite a strong breakthrough to the top. Traders favorably perceived the information about the imposition of a vote of no confidence in Theresa May, since they had already lost hope of a positive outcome of Brexit under her leadership. We recall that earlier, 5 ministers voluntarily resigned as a sign of disagreement with the foreign policy of the prime minister, and, in particular, with her plan "Checkers". Thus, the number of dissatisfied talks between May and EU leaders is growing every day. Now, there is a rather high probability that May will be dismissed. In this case, the pound sterling may grow even more, and further will depend entirely on the new prime minister and leader of the Conservative Party and his views on Brexit. There is even a possibility that the UK will withdraw its desire to leave the EU. From a technical point of view, the pair is currently adjusted to the moving average line. A rebound from the MA may trigger a resumption of a downtrend. It will be possible to expect the formation of an uptrend no earlier than overcoming the moving average line.

Nearest support levels:

S1 - 1.2573

S2 - 1.2512

S3 - 1.2451

Nearest resistance levels:

R1 - 1.2634

R2 - 1.2695

R3 - 1.2756

Trading recommendations:

The GBP / USD currency pair remains in a downward mood. Thus, the turn of the indicator Heikin Ashi down will be a signal for the opening of new short positions with targets of 1.2512 and 1.2451.

Long positions are recommended to be considered not earlier than the Bulls overcome the moving average line. But even in this case, it is recommended to start with small lots, since the pound is still extremely weak.

In addition to the technical picture, you should also consider the fundamental data and the time of their release.

Explanations for illustrations:

The senior linear regression channel is the blue lines of the unidirectional movement.

The junior linear channel is the purple lines of the unidirectional movement.

CCI is the blue line in the indicator regression window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heikin Ashi is an indicator that colors bars in blue or purple.

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

Simplified Wave Analysis of AUD / USD pair for the week of December 13

Large-scale graph:

The vector of the "Aussie" price movement main direction from the end of January indicates a bearish wave. The structure of the movement does not show completeness. A preliminary analysis allows us to expect at least 4 more price patterns down.

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Medium-scale graph:

Since the beginning of October, price fluctuations have formed a rising wave on the chart, which has taken the place of correction in the main trend. The subsequent decline has not yet gained enough wave level to change the direction of the current rise.

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Small-scale graph:

The started decrease can become both a reversal pattern and an internal correction of the wave at the current hour. The price is in the range of support and the upcoming price hike will clarify the upcoming scenario.

Forecast and recommendations:

To clarify the current wave pattern trading is not recommended. When confirming a change of course, reversal signals should be monitored in the area of the resistance zone.

Resistance zones:

- 0.7300 / 0.7350

Support areas:

- 0.7200 / 0.7150

Explanations of the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!

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

Technical analysis of NZD/USD for December 13, 2018

analytics5c122fa37136d.png

Overview:

The NZD/USD pair broke resistance which turned into strong support at the level of 0.6705 this week. The level of 0.6705 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 70. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). Besides, note that the pivot point is seen at the point of 0.6882. This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6800 with the first target at the level of 0.6882. From this point, the pair is likely to begin an ascending movement to the point of 0.6882 and further to the level of 0.6984. The level of 0.6984 will act as strong resistance. On the other hand, if a breakout happens at the support level of 0.6705, then this scenario may become invalidated.

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

Fundamental Analysis of USD/CHF for December 13, 2018

USD/CHF recently pushed higher off the 0.9850-0.9920 support area which might to sustain bullish pressure in the coming days. USD has been struggling for gains amid the recent downbeat economic reports and fundamentals. However, USD managed to gain certain momentum over CHF which indicates CHF weakness.

This week CHF has been propped up by the economic reports but did not manage to sustain the bearish momentum over USD. Recently Switzerland's Unemployment Rate report was published with positive outcome of decrease to 2.4% which was expected to be unchanged at 2.5%. Interestingly, this did not quite help CHF to sustain the bearish momentum it had over USD earlier. Today the Swiss National Bank is going to post a Libor Rate report which is expected to be unchanged at -0.75%. Besides, SNB Monetary Policy Assessment is expected to be quite neutral that will hardly encourage CHF gains.

On the USD front, traders have no doubts that the Federal Reserve is going to make a pause in monetary tightening in 2019. So, the softer rhetoric of the US regulator dented the rally of USD. Moreover, President Trump thinks that a fast pace of rate hikes would be a big mistake for the future economic growth for the country. Recently US CPI report was published with a decrease to 0.0% from the previous value of 0.3% that spoilt investor sentiment on USD. Today US Import Prices report is going to be published which is expected to decrease to -1.0% from the previous value of -0.5% and Unemployment Claims is expected to decrease to 226k from the previous value of 231k. Retail Sales report is due tomorrow which is also expected to slow down to 0.2% from the previous value of 0.7%.

Meanwhile, the pair is set to trade with higher volatility today due to market-moving reports and events in Switzerland, which could lead to certain gains on the CHF side. Though USD has been struggling to gain momentum recently, any positive news on the Fed's intentions to continue monetary tightening can lead to impulsive gains in the future.

Now let us look at the technical view. The price is tarding higher, having Bullish Divergence formed recently which is expected to lead to further bullish pressure if it manages to break above dynamic level of 20 EMA resistance with a daily close. As the price holds above 1.00 area with a daily close, further bullish pressure is expected in this pair with a target towards 1.0130 resistance area in the coming days.

SUPPORT: 0.9850, 0.9920

RESISTANCE: 1.0050, 1.0130

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5c1200da671a3.png

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

EUR / USD. December 13th. The trading system. "Regression Channels". EU summit, ECB decisions - key events on Thursday

4-hour timeframe

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Technical details:

The senior linear regression channel: direction - down.

The junior linear regression channel: direction - down.

Moving average (20; smoothed) - sideways.

CCI: -9.6839

The currency pair EUR / USD on Thursday, December 13, once again returned to the moving average line and overcame it. Yesterday, the Eurocurrency was supported by the information on a no-confidence vote of 48 members of the Conservative Party, Theresa May. Now, there will be an internal party vote for Theresa May's resignation, which is completely unknown how this will end. Oddly enough, this information supported both the euro and the pound. Hence the conclusion, a positive future for the UK and national currency traders do not associate with the current prime minister. Thus, if the party decides to dismiss May, this may again support the Eurocurrency. To date, the eurozone is scheduled to publish a key and deposit rate of the ECB, as well as the ECB press conference on monetary policy. It is expected that the European regulator will leave key rates unchanged and announce the reduction of the quantitative incentive program. This information may once again help the euro strengthen a little. Also scheduled for today is the EU Brexit summit. Therefore, any information from this event will potentially have an impact on the euro currency and the pound sterling. From a technical point of view, the Eurocurrency continues to throw from side to side. A pronounced trend is missing. A pair very often changes the direction of movement between the levels of 1.1414 and 1.1292.

Nearest support levels:

S1 - 1.1230

S2 - 1.1169

S3 - 1.1108

Nearest resistance levels:

R1 - 1.292

R2 - 1.1353

R3 - 1.1414

Trading recommendations:

The EUR / USD currency pair has fixed above the MA. Therefore, at the moment, long positions with a target of 1.1414 are relevant. Around this level, a downward reversal may occur, plus one should pay close attention today to fundamental events.

It is recommended to open sell orders after re-fixing the price below the moving average. In this case, the pair will have a chance to decline to the level of 1.1292 and small shorts will become relevant.

In addition to the technical picture, you should also consider the fundamental data and the time of their release.

Explanations for illustrations:

The senior linear regression channel is the blue lines of the unidirectional movement.

The younger linear regression channel is the purple lines of the unidirectional movement.

CCI - blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heikin Ashi is an indicator that colors bars in blue or purple.

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

Fundamental Analysis of AUD/JPY for December 13, 2018

AUD/JPY managed to push higher quite impulsively after impulsive decline from 84.00 earlier. Amid upbeat economic reports from Australia and optimistic expectations for the economy, AUD gain momentum against JPY.

The strong counter-move of AUD against JPY is assumed because of upbeat economic reports from Australia. On the other hand, JPY is struggling. This week Australia's Home Loans report was published with an increase to 2.2% from the previous negative value of -1.0% which was expected to be at -0.5%, HPI decreased to decreased to -1.5% as expected from the previous value of -0.7%, NAB Business Confidence decreased to 3 from the previous figure of 5, and Westpac Consumer Sentiment also decreased to 0.1% from the previous value of 2.8%. Today MI Inflation Expectation report was published with an increase to 4.0% from the previous value of 3.6% and RBA Bulletin was quite positive with the Merchant payment surcharges.

On the JPY side, recently Core Machine Orders report was published with a notable increase to 7.6% from the previous value of -18.3% which failed to meet the expected reading of 10.2% and PPI decreased to 2.3% from the previous value of 3.0% which was expected to be at 2.4%. Ahead of Tenkan Manufacturing and Non-Manufacturing Index reports with downbeat expectations, JPY is expected to lose further momentum against AUD.

Now let us look at the technical view. The price has recently pushed above the downward sloping channel resistance. But the dynamic resistance from 20 EMA, Tenkan and Kijun line make it possible for the price to decline towards 81.50 area and Kumo Cloud support before climbing higher with a target towards 84.00 area in the coming days. As the price remains above 80.50 area with a daily close, the bullish bias is expected to continue further.

SUPPORT: 80.50, 81.00

RESISTANCE: 84.00

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5c11f8dae89e8.png

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

Brexit: Theresa May held in the lead and will continue to work on Brexit. Italy is ready to reduce the budget deficit

Theresa May remained the leader of the Conservative Party of Great Britain in a vote of the no-confidence vote yesterday. Let me remind you that 48 representatives of the Conservative Party sent letters of no confidence to a special committee, after which a process was launched leading to a vote of no confidence in British Prime Minister Theresa May.

However, as it became known, the British conservative parliamentarians did not render a vote of no confidence in Prime Minister Theresa May, which led to an increase in the British pound, whose upward potential is still limited due to the risk of disordered Brexit.

May's small victory will now allow her to quietly go to the planned meeting in Ireland, where she will continue to discuss issues related to the border between Northern Ireland and the Republic of Ireland. Let me remind you that this particular problem does not allow approval of the Brexit agreement, which was recently submitted by European leaders to the UK Parliament.

As for the technical picture of the GBP / USD pair, the pound rose significantly from a minimum of 1.2480 to a maximum of 1.2680. At the moment, a breakthrough of intermediate resistance in the 1.2630 area will lead to the formation of a new upward wave in the trading instrument, which will allow us to count on new highs in the areas of 1.2720 and 1.2790.

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In the meantime, good news for investors came from Italy. Yesterday, it became known that the authorities plan to reduce the target level of the budget deficit, which is to avoid disagreements with the European Commission and the introduction of disciplinary peace from the European Union. According to Italian Prime Minister Giuseppe Conte, Italy will reduce the target budget deficit next year. According to him, the budget deficit of Italy in 2019 will now have to be 2.04% of GDP against 2.4% earlier. However, such news is unlikely to force the European Commission to "loosen its grip", which requires the Italian authorities to return the budget deficit to the acceptable range. On the other hand, this will allow Italy and the EU to resume negotiations on this issue in a softer form.

As for the fundamental data, yesterday's report on inflation in the United States put pressure on the US dollar, as the decline in oil prices led to a lack of inflationary pressure.

According to a report by the US Department of Labor, CPI in November of this year remained unchanged after rising 0.3% in October. Core inflation, which excludes energy and food prices, rose 0.2% in November, as it did in October. Economists had forecast that the overall index would remain unchanged in November, while the base index would grow by 0.2%. Compared to the same period of the previous year, both core and general inflation rose by 2.2%, which also coincided with the forecast of economists.

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The report indicates that the fall in energy prices in November was 2.2% compared with October and resulted in no change in the inflation background.

As for the technical picture of the EUR / /USD currency pair, the further upward potential is limited by the intermediate resistance of 1.1380, the breakthrough of which will lead to a new wave of growth of the trading instrument with the update of last week's highs in the area of 1.1400 and 1.1430.

Data on commercial reserves of crude oil in the United States did not lead to a strong increase in oil quotations, as they were lower than expected.

According to the report of the Energy Information Administration of the US Department of Energy, oil reserves during the reporting week fell by 1.2 million barrels to 442 million barrels, while analysts had expected reserves to decrease by 2.8 million barrels. Gasoline inventories rose by 2.1 million barrels, to 228.3 million barrels, while distillate stocks decreased by 1.5 million barrels, to 121.1 million barrels. The utilization of refining capacity decreased by 0.4 percentage points, to 95.1%.

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

Analysis of the divergence of EUR / USD on December 13. The euro holds the position due to the level of 1.13

4h

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The EUR / USD currency pair rebounded from the correctional level of 100.0% - 1.1303 and a turn in favor of the euro currency. As a result, on December 13, you can count on continued growth in the direction of the Fibo level of 76.4% - 1.1423. Quoting the quotes from the correction level of 76.4% will make it possible to expect a reversal in favor of the American currency and a slight drop in the direction of the correction level of 100.0%. Closing the rate of the pair above the Fibo level of 76.4% will increase the likelihood of further growth in the direction of the next correction level of 61.8% - 1.1497.

The Fibo grid is built on extremes from August 15, 2018, and September 24, 2018.

Daily

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On the 24-hour chart, the pair retains the possibility of growth in the direction of the corrective level of 100.0% - 1.1553. In general, the pair is trading slightly above the correction level of 127.2% - 1.1285. Overcoming divergences today are not observed in any indicator. Fixing quotations below the Fibo level of 127.2% can be interpreted as a reversal in favor of the US currency and we expect the pair to fall in the direction of the correction level of 161.8% - 1.0941.

The Fib net is built on extremums from November 7, 2017, and February 16, 2018.

Recommendations to traders:

Purchases of the EUR / USD currency pair can be carried out now with a target of 1.1423 and a Stop Loss order under the Fibo level of 100.0% since the pair has completed the rebound from the level of 1.1303.

Sales of the EUR / USD currency pair will be possible with the goal of 1.1303 with a Stop Loss order above the Fibo level of 76.4% if the pair bounces off of the correction level of 1.1423 (hourly chart).

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

Analysis of the divergence of GBP / USD on December 13. The pound recovered, but further growth is questionable

4h

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The GBP / USD currency pair on the 4-hour chart performed a rebound from the correction level of 127.2% - 1.2491 and an increase to the Fibo level of 100.0% - 1.2662. Quoting quotes from this level will allow traders to expect a reversal in favor of the US dollar and a resumption of decline in the direction of the correction level of 127.2%. There are no emerging divergences today. Fixing quotes above Fibo level of 100.0% will increase the chances of continued growth in the direction of the next correction level of 76.4% - 1.2812.

The Fibo grid was built on extremes from August 15, 2018, and September 20, 2018.

1h

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On the hourly chart, after the formation of the bullish divergence at the MACD indicator, the quotes of the pair reversed in favor of the pound sterling and started to grow with closing above the correction level of 127.2% - 1.2566. However, the further growth of the pair holds the Fibo level of 100.0% on the 4-hour chart. Closing above this particular level will allow us to count on continued growth in the direction of the correction level of 100.0% - 1.2696 on the hourly chart.

The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.

Recommendations to traders:

Purchases of the GBP / USD currency pair can be made with the target of 1.2812 and a Stop Loss order below the level of 100.0% (4-hour chart) if the pair closes above the correction level of 100.0% (4-hour chart).

Sales of the GBP / USD currency pair can be carried out with a target of 1.2491 and a Stop Loss order above the level of 100.0% if the pair rebounds from the level of 100.0% (4-hour chart).

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

Indicator analysis. Daily review for EUR / USD pair on December 13, 2018

Trend analysis (Fig. 1).

On Thursday, the technical outlook may continue its upward movement with the first goal of 1.1444 at the upper fractal but much will depend on the ECB press conference.

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - top;

- candlestick analysis is neutral;

- trend analysis - up;

- Bollinger lines - up;

- weekly schedule - up.

General conclusion:

On Thursday, the technical outlook may continue its upward movement with the first goal of 1.1444 at the upper fractal but much will depend on the ECB press conference.

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

Simplified wave analysis of GBP / JPY for December 13

Large-scale graphics:

The direction of the main trend from February of this year looks at the "south" of the chart. A preliminary calculation allows you to expect about 7 price patterns to the upper boundary of the target zone. The last completed TF wave H4 formed an upward correction (B).

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Medium scale graphics:

From November 8, a new wave is developing in the direction of the main trend. In its structure, the latent correction section, which has an irregular-looking structure with a strong elongation of the middle part, is nearing completion.

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Small-scale graphics:

The upward segment of the schedule of December 10 has a small potential for recovery. The wave completes the correctional wave in a larger bearish pattern.

Forecast and recommendations:

In the nearest weekly period, a change in the movement vector of the short-term trend is expected. Purchasing is risky. In the area of the calculated resistance, it is recommended to track the reversal signals to search for entry into short trades.

Resistance zones:

- 144.10 / 144.60

Support areas:

- 141.50 / 141.00

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.

Attention: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!

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

Brexit agreement failure

Investors are trying to find a reason for buying risky assets, clinging to any, as it seems to them, encouraging news.

The resumed negotiations between the US and China on trade issues revived the stock markets, which have been growing for several days in a row, demonstrating the hopes of investors that a thin world is better than a good quarrel. An additional positive is also the increase in expectations that the Fed will finally notice the obvious signs of a slowdown in the growth of the American economy and suspend the process of raising interest rates.

Observing the attempt to restore stock markets, in our opinion, it is hard to hope that the situation will change radically in a positive direction. The ongoing contradictions not only in trade but also in political relations between the United States and China are unlikely to disappear anywhere. The unceasing internal political struggle in the States will definitely force D. Trump to go to external conflicts in an attempt to demonstrate to the Americans what a "strong" president he is, which will lead to new conflicts negatively affecting financial markets, and as a result, objective reasons for the slowdown of the global economy. In this case, the demand for risky assets will continue to fall. It is unlikely that even the suspension of the Fed rate increase will be able to restrain this process.

In the foreign exchange market, the dollar continues to be traded in different directions. On Wednesday, it was adversely affected by the publication of data on consumer inflation in the United States, which turned out to be ambiguous. The total value of the consumer price index fell in November to zero from a 0.3% increase in October. The annual indicator value also dropped to 2.2% from 2.5%. The base value of the indicator increased on an annualized basis to 2.2% from 2.1%, while the monthly increase remained at around 0.2%.

True, the markets took this data as negative for the dollar, which, although it was under pressure, was insignificant. Now all investors' attention will be drawn to the results of the meetings of the Fed and the ECB, which may shed light on the prospects of monetary policies of the world's largest central banks.

In addition to today's meetings of the ECB, the NBS on monetary policies, markets will be drawn to the meeting of EU and UK leaders on Brexit, if a sane agreement is not reached, it can overshadow the ECB's final decision to stop incentives and put pressure on the euro and the British pound.

Forecast of the day:

The EUR / USD currency pair is trading in the range of 1.1310-1.1400 in anticipation of Brexit negotiations. A negative outcome could lead to a fall in prices to 1.1365.

The currency pair GBP / USD is above 1.2600. The failure of Brexit negotiations will put pressure on the sterling, and the pair may fall to 1.2400.

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_ZXPAP6f9aazJUkeY4UjZaKypeEcgdhFfi-n13zOThe material has been provided by InstaForex Company - www.instaforex.com

Fractal analysis of major currency pairs for December 13

Dear colleagues.

For the currency pair Euro / Dollar, the price is close to the abolition of the downward structure of December 10, for which a breakdown of the level of 1.1385 is necessary. For the currency pair Pound / Dollar, the price has a pronounced structure for the development of the upward movement of December 11. For the currency pair Dollar / Franc, the situation is in equilibrium. The downward structure of December 5 and the formation of the potential for the top of December 11. For the currency pair Dollar / Yen, we are following the formation of the ascending structure from December 10 and an impulsive movement is expected after the breakdown of 113.72. For the Euro / Yen currency pair, we follow the formation of the upward structure of December 6 and the development of which as a cycle is expected after the breakdown of 129.34. For the currency pair Pound / Yen, the price has issued a pronounced potential for the upward movement of December 11.

Forecast for December 13:

Analytical review of H1-scale currency pairs:Docish11UFgbhjGHG6TP03JdRNVtGVY95nMaJT4iFor the Euro / Dollar currency pair, the key levels on the H1 scale are: 1.1442, 1.1383, 1.1359, 1.1310, 1.1279, 1.1253 and 1.1220. Here, we are following the descending structure of December 10. At the moment, the price is in a deep correction. The downward movement is expected after the breakdown of 1.1310. In this case, the target is 1.1279 and the breakdown of which should be accompanied by a short-term downward movement in the range of 1.1279 - 1.1253. The potential value for the bottom is considered the level of 1.1220, upon reaching which we expect a rollback to the top.

The short-term upward movement is possible in the range of 1.1383 - 1.1359 and the breakdown of the latter value will have to form an upward structure. In this case, the first potential target is 1.1442.

The main trend is the downward structure of December 10, the stage of deep correction.

Trading recommendations:

Buy 1.1385 Take profit: 1.1424

Buy Take profit:

Sell: 1.1310 Take profit: 1.1282

Sell: 1.1277 Take profit: 1.1255s5W6u_IGjnsWwUUzmflskVR-BA0paajzNIdINkstFor the Pound / Dollar currency pair, the key levels on the H1 scale are: 1.2865, 1.2813, 1.2741, 1.2679, 1.2592, 1.2552, 1.2517, 1.2475 and 1.2417. Here, the price has issued a pronounced potential for the top of December 11. An upward movement is expected after the breakdown of 1.2679. In this case, the target is 1.2741 and price consolidation is near this level. The breakdown of the level of 1.2741 should be accompanied by a pronounced upward movement. Here, the target is 1.2813. The potential value for the top is considered the level of 1.2865, upon reaching which we expect consolidation, as well as a rollback to the top.

The short-term downward movement is possible in the range of 1.2592 - 1.2552 and the breakdown of the last value will lead to a prolonged correction. Here, the target is 1.2517 and this level is the key support for the top. Its price will have to form the initial conditions for the upward cycle. In this case, the target is 1.2475.

The main trend is the formation of the ascending structure of December 11.

Trading recommendations:

Buy: 1.2680 Take profit: 1.2740

Buy: 1.2744 Take profit: 1.2813

Sell: 1.2591 Take profit: 1.2552

Sell: 1.2550 Take profit: 1.2517V_mp_FZW0PY5kHFTf6rvW_BhyrX1juQGe_G5RZfxFor the Dollar / Franc currency pair, the key levels on the H1 scale are: 1.0005, 0.9951, 0.9922, 0.9871, 0.9856, 0.9815 and 0.9787. Here, we are following the formation of the downward structure from December 5, and at the moment, the price is in deep correction and has formed the potential for the top from December 11. The price passage of the range of 0.9871 - 0.9863 should be accompanied by a pronounced downward movement. Here, the target is 0.9815. The potential value for the bottom is considered to be the level of 0.9787, after reaching which we expect consolidation.

The short-term upward movement is possible in the range of 0.9922 - 0.9951 and the breakdown of the latter value will have an upward trend. In this case, the potential target is 1.0005, up to this level, we expect clearance of the expressed initial conditions for the upward cycle.

The main trend is the formation of the downward structure of December 5, the stage of deep correction.

Trading recommendations

Buy: 0.9953 Take profit: 1.0005

Buy: Take profit:

Sell: 0.9855 Take profit: 0.9818

Sell: 0.9813 Take profit: 0.9790

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For the Dollar / Yen currency pair, the key levels on the scale of H1 are: 114.45, 114.13, 113.72, 113.41, 112.95, 112.76, 112.46, 112.22 and 111.87. Here, we follow the formation of the ascending structure from December 10th. The continuation of the upward movement is expected after the breakdown of 113.41. In this case, the goal is 113.72 and near this level is the price consolidation. The breakdown of 113.72 will lead to the development of a pronounced upward movement. Here, the target is 114.13 and the potential value for the top is 114.45, upon reaching which we expect a consolidated movement, as well as a rollback to the correction.

The short-term downward movement is possible in the range of 112.95 - 112.76 and the breakdown of the last value will lead to a prolonged correction. Here, the goal is 112.46 and this level is the key support for the top. Its breakdown will cancel the rising structure from December 10. In this case, the first goal is 112.22.

The main trend is the formation of the ascending structure of December 10.

Trading recommendations:

Buy: 113.41 Take profit: 113.70

Buy: 113.74 Take profit: 114.10

Sell: 112.95 Take profit: 112.76

Sell: 112.74 Take profit: 112.50

h-0WF3XHgZYRjDgG47_tsi68B_UOQkxGMPzBB2CQFor the Canadian dollar / Dollar currency pair, the key levels on the H1 scale are: 1.3557, 1.3521, 1.3465, 1.3429, 1.3344, 1.3311 and 1.3247. Here, the price forms the local potential for the top of December 7th. The short-term upward movement is possible in the range of 1.3429 - 1.3465 and the breakdown of the latter value should be accompanied by a pronounced upward movement. Here, the target is 1.3521. The potential value for the top is considered the level of 1.3557, upon reaching which we expect consolidation, as well as a rollback to the top.

The range of 1.3344 - 1.3311 is the key support for the upward structure of December 7. Its price passage will have a downward movement development. In this case, the target is 1.3247 and this level is the key resistance for the bottom.

The main trend is the local structure for the top of December 7, the stage of deep correction.

Trading recommendations:

Buy: 1.3430 Take profit: 1.3465

Buy: 1.3467 Take profit: 1.3520

Sell: 1.3343 Take profit: 1.3113

Sell: 1.3308 Take profit: 1.3255

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For the Australian dollar / dollar currency pair, the key levels on the H1 scale are: 0.7290, 0.7257, 0.7237, 0.7196, 0.7166, 0.7127 and 0.7100. Here, we are following the development of the downward structure of December 4th. The short-term downward movement is possible in the range of 0.7196 - 0.7166 and the breakdown of the latter value will lead to a pronounced movement. Here, the target is 0.7127. The potential value for the bottom is considered to be the level of 0.7100, upon reaching which we expect consolidation, as well as a rollback to the top.

The short-term uptrend is possible in the range of 0.7237 - 0.7257 and the breakdown of the latter value will lead to a deep correction. Here, the target is 0.7290 and this level is the key support for the downward structure of December 4.

The main trend is the downward structure of December 4.

Trading recommendations:

Buy: 0.7237 Take profit: 0.7255

Buy: 0.7258 Take profit: 0.7290

Sell: 0.7196 Take profit: 0.7166

Sell: 0.7164 Take profit: 0.7130

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For the Euro / Yen currency pair, the key levels on the H1 scale are: 130.13, 129.82, 129.34, 128.95, 128.36, 128.09, 127.68 and 127.43. Here, we follow the formation of the ascending structure of December 6. The short-term upward movement is expected in the range of 128.95 - 129.34 and the breakdown of the latter value will lead to the development of a pronounced movement. In this case, the goal is 129.82. The potential value for the top is considered the level of 130.13, upon reaching which we expect consolidation, as well as a rollback to the top.

The short-term downward movement is possible in the range of 128.36 - 128.09, hence a high probability of a reversal upwards. The breakdown of the level of 128.09 will have to form a local structure for the downward movement. In this case, the goal is 127.68 and the range of 127.68 - 127.43.

The main trend is the formation of the ascending structure of December 6.

Trading recommendations:

Buy: 128.95 Take profit: 129.30

Buy: 129.37 Take profit: 129.80

Sell: 128.34 Take profit: 128.12

Sell: 128.05 Take profit: 127.70

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For the Pound / Yen currency pair, the key levels on the H1 scale are: 144.18, 143.91, 143.54, 142.70, 142.42, 141.91 and 141.46. Here, the price has issued a pronounced potential for the top of December 11. The continuation of the upward trend is expected after the breakdown of 143.54. In this case, the goal is 143.91 and consolidation is near this level. Passing through the range of 143.91 - 144.18 will make it possible to count on the movement towards a potential target of 144.95, from this level, we expect a downward rollback.

The short-term downward movement is possible in the range of 142.70 - 142.42 and the breakdown of the last value to the prolonged correction. Here, the target is 141.91 and this level is the key support for the upward structure.

The main trend is the formation of potential for the top of December 11.

Trading recommendations:

Buy: 143.55 Take profit: 143.90

Buy: 144.20 Take profit: 144.90

Sell: 142.70 Take profit: 142.45

Sell: 142.38 Take profit: 142.00

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