EUR/USD: in anticipation of a narrow market and European inflation

The euro-dollar pair was stuck in a flat ahead of the period of low liquidity and the following weekend. Tomorrow, American trading floors will be closed due to the celebration of Thanksgiving in the United States. On the other hand, Friday will formally be a working day, but, as a rule, the next day after the holiday on the eve of the weekend is characterized by extremely low liquidity. Therefore, the market will fully return to work only on Monday. In view of these circumstances, traders are now very cautious: EUR/USD has been trading for the third day within a narrow price range, without actually leaving the area of 1.1005-1025.

Moreover, the pair demonstrates indecision as it stuck at the base of the 10th figure, although the general market sentiment is now in favor of the American currency. The dollar index, in turn, is inspired by news from the front of the trade war: both the White House and Beijing are now increasingly talking about the high probability of signing the first stage of the trade agreement. For the first time in a long time, Trump replaced anger with mercy - he expressed confidence that the deal would be concluded "in the very near future" instead of threats about the introduction of new duties. In addition, yesterday's telephone conversation between Vice Premier of the State Council of the People's Republic of China Liu He with the US representative at the trade talks Robert Lighthizer and the head of the US Treasury Steven Mnuchin only strengthened market expectations.

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According to most experts, the parties should come to some decision before the first deadline, which is set for December 15. Let me remind you that at the moment, the United States has duties on Chinese goods worth 360 billion dollars. However, on December 15, Washington could impose additional duties on goods worth $ 160 billion. Donald Trump planned to introduce these duties in early autumn, but then postponed his decision to mid-December. TThe formal reason was that China celebrated the date of creation of the state at that time, and the American President allegedly did not want to spoil the Chinese holiday. But in fact, Trump is not the first to use such a technique: threatening to increase sanctions, he puts pressure on his opponents, in this case - China. Whatever it was, but on the eve of December 15, the White House will have to decide: to introduce the above fees or not. If the negotiators sign a deal, then the question will disappear by itself. Otherwise, everything will depend on how serious the disagreements of the parties will be - the White House will either postpone the date again (tentatively for January-February), or decide to escalate the trade war.

It is worth recognizing that some experts are now quite skeptical of the intentions of the parties to sign the deal in the near future. Washington and Beijing have repeatedly voiced optimistic theories regarding the prospects for dialogue, but as a result, the leaders of the countries refused to make significant concessions to each other, after which the negotiation process came to a standstill once again. At the same time, the dollar index reflexively responds to the comments of Trump and official representatives of the PRC, however, these fundamental factors are not able to provoke a rally of the American currency. Paired with the euro, the dollar is still marking in place at the base of the 10th figure, despite the existing prerequisites for a decline. Thus, the single currency continues to be under a certain pressure, against the background of the "dovish" intentions of the representatives of the European regulator.

Meanwhile, a member of the Governing Council of the ECB, Francois Villeroy (Chairman of the Central Bank of France), said yesterday that low interest rates continue to support the EU economy - and this support will be needed for a long period of time. Confirming comments on soft monetary policy have put background pressure on the euro. If Friday's data on the growth of European inflation disappoint (although it is predicted to see minimal growth relative to the previous month), the EUR/USD pair will finally be able to approach the lower border of the price range 1.0970-1.1090 to finally gain a foothold in the 9th figure.

However, the dollar also has its own constraints. For example, the American consumer confidence index came out worse than expected - at around 125.5 points. This indicator has been decreasing for several months (to be more precise, since July), demonstrating the weakening of consumer demand in the United States, including on the eve of the Christmas shopping season. For comparison: in November last year, this index was at around 136 points.

Additionally, the bulls were embarrassed by the last speech of the head of the Fed Jerome Powell. On the one hand, he said that he was satisfied with the current rate level. Thus, he neutralized the fears of many traders that the Fed will resume the interest rate reduction cycle in the near future. These rumors particularly intensified after Powell's unexpected meeting with Trump last week. But no - the head of the Federal Reserve assured the market that the current monetary policy parameters are "optimal". However, he is quite pessimistic about the state of the American economy. He was also worried about the weak inflation, the uncertain growth in the number of employed, problems in the export sector and in the manufacturing sector. At the same time, he warned that the regulator, if necessary, is "ready to take measures" in response to changing circumstances.

Thus, the euro-dollar pair continues to be in the region of the lower border of the range 1.0970-1.1090, but dollar bulls are not yet so confident in their strengths that they can break through the lower bar of this range. The general fundamental background is now on the side of the American currency - primarily, due to optimism about the prospects for the US-Chinese dialogue. The European currency can regain its position (at least until the middle of the 10th figure), considering that German and European inflation indicators (releases are on Thursday and Friday, respectively) come out better than expected. Otherwise, the pair will finally consolidate within the 9th figure.

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Indicator analysis: Daily review on November 27, 2019, on the EUR / USD currency pair

Trend analysis (Fig. 1).

On Wednesday, the price will move down with the first target of 1.1005, the lower fractal (blue dashed line). In case of breaking through this level, the continuation of work down with the target 1.0990 is the next lower fractal (red dashed line).

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Fig. 1 (daily chart).

Complex analysis: - indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - up;

- Trend analysis - down;

- Bollinger Lines - up;

- Weekly schedule - down.

General conclusion:

On Wednesday, a downward movement is possible.

The first lower target of 1.1005 is the lower fractal (blue dashed line). In case of breaking through this level, the continuation of work down with the target of 1.0990 is the next lower fractal (red dashed line).

The upper scenario, from the level of 1.0990, work upward with the target of 1.1027, the retracement level of 23.6% (blue dashed line).

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Hot forecast for EUR/USD on 11/27/2019 and trading recommendation

It's not even standing in the same place, but some kind of sitting. It's just no other way, the behavior of the single European currency, can not be called. This is despite the fact that sales of new homes in the United States declined by 0.7%, although they were supposed to increase by 1.1%. In fact, they decreased from 738 thousand to 733 thousand. But apparently, the calm reaction of the market is due to the revision of previous data on sales of new homes, from -0.7% to + 4.5%. Thus, the current recession was not so terrible.

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Today, there is hope for at least some recovery, but not because of the publication of preliminary data on US GDP. It's just that the second assessment should coincide with the first, which showed a slowdown in economic growth from 2.3% to 2.0%. This result has long been taken into account by the market. However, data on orders for durable goods, which may be reduced by another 0.8%, will clearly attract the attention of investors. At the same time, the previous data was reviewed for the worse, and in September, the decline in orders for durable goods was not 1.1% but 1.2%. And if forecasts for October are confirmed, then this will show that orders are being reduced for the second month in a row. Now, do not forget that industrial production in the United States is also declining, and if the orders do not increase, then do not rely on the growth of industry.

Durable Goods Orders (United States):

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In terms of technical analysis, we see that the EUR/USD currency pair is still concentrated within the psychological level of 1.1000, as we predicted in previous articles. The movement with a narrow amplitude reflects a kind of indecision of market participants, and pressure from the control level does not allow quotes to go beyond the given framework. Thus, the movement in the floating borders of 1.1000 / 1.1025 is preserved now, which fuels the interest of speculators who will try to ride on local price spikes.

In terms of a general review of the trading chart, we see a recovery structure, with respect to an elongated correction.

It is likely to assume that the psychological level of 1.1000 will continue to exert pressure on the quote, which will lead to the further formation of a narrow corridor. The tactics of the work are considered according to the "Breakdown & Rebound" method relative to the control level of 1.1000, where the repetition of the last bounce is considered with a greater degree of probability.

Concretizing all of the above into trading signals:

- Long positions are considered in case of price fixing higher than 1.1035, not a puncture shadow.

- Short positions are considered in case of fixing the price lower than 1.0990, not a puncture shadow.

From the point of view of a comprehensive indicator analysis, we see that indicators unanimously reflect downward interest at the moment, with respect to all the main time intervals.

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Technical analysis of ETH/USD for 27/11/2019:

Crypto Industry News:

Bran Cohen, best known as the author of the BitTorrent peer-to-peer (P2P) protocol, expressed his opinion on some of Vitalik Buterin's opinions on the state of cryptocurrency technology.

On November 25, Cohen, also the current CEO of the Chia network, explained in a Twitter thread why he considers many of Vitalik's opinions - expressed in a blog post about so-called "difficult cryptocurrency problems" - to be wrong.

Cohen started with a few pushes on Vitalik's views on Blockchain sharding and scalability, where co-founder Ethereum notes that fully sharded Blockchain was still not visible in action, except for the partially broken Zilliq, which had recently started working.

Cohen wrote that sharding is not the only option to solve Blockchain scalability. He points to networks of payment channels, which according to him are "more attractive" and become "something real".

"What Ethereum proposes for sharding spoils this even more, essentially requiring miners to have all the shards, which ... is not a division, but redefines the" full knot "so that it means less than before," he adds.

Ethereum decided on its ASIC-resistant Ethash algorithm (PoW) at the beginning of 2015, which, according to Vitalik, proved to be extremely effective in ASIC resistance. However, Vitalik's view of ASIC-resistant PoW is that there is a growing consensus that ASIC-resistant algorithms have a limited lifetime and that ASIC-resistance has flaws because they make attacks 51% cheaper.

Cohen seems to agree and calls ASIC PoW resistant both an unreal dream and a bad idea. He claims that a much better idea is to be friendly with ASICs, because "ASIC resistance simply creates greater centralization around production when it inevitably fails."

Technical Market Overview:

After the bounce from a new lower low at the level of $130.72, the ETH/USD pair has been consolidating in a narrow range because the bounce has been capped at the level of $151.37 which is the technical resistance now. Nevertheless, the down move should resume soon and there is no sign of reversal yet. The downside momentum is now increasing and the next target for bears is seen at the level of $120.00.

Weekly Pivot Points:

WR3 - $213.59

WR2 - $198.67

WR1 - $165.68

Weekly Pivot - $151.03

WS1 - $118.96

WS2 - $103.42

WS3 - $72.28

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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Technical analysis of BTC/USD for 27/11/2019:

Crypto Industry News:

The three Red Cross national units - the largest donor of humanitarian aid after the United Nations - support a currency program based on Blockchain technology, aimed at increasing aid delivery and boosting local economies.

According to press publications, the Red Cross associations in Norway, Denmark and Kenya have launched a two-year plan to replace the supply of cash and coupons as part of assistance and development efforts with local currency based on Blockchain.

As noted in the publication, the Red Cross is currently giving away $ 1 billion a year for cash and coupons that are intended to help in case of disasters or to stimulate local economies. It has been found that the new Blockchain program, which has already been tested in some regions of Kenya and Ethiopia, improves trade in poor communities, enabling local users to earn loans created from work, sales or assistance and spend them through the mobile application underlying transactions recorded on Blockchain.

A representative of the Danish Red Cross said the system has similarities to the successful M-Pesa mobile money transfer system in Kenya but does not require users to own the national currency fiat.

The system will be extended to all of Kenya, and in the future, it can be implemented in Malawi, Myanmar, Zimbabwe, Cameroon and Papua New Guinea, with a target of 320,000 users in two years. Paula Gil, a humanitarian consultant in Geneva, said she believes Blockchain technology will revolutionize the delivery of aid and represent the future of the sector.

Grassroots Economics founder Will Ruddick pointed to the low costs needed to run the program, about $ 40,000 a year needed for servers and support in Kenya, as well as an initial $ 1 million for initial funding from Norway and other entities.

Technical Market Overview:

The BTC/USD pair has been consolidation over the past 24h in a narrow range between the levels of $6,986 - $7,234. The market continues the move lower after the corrective cycle is completed. There is no sign of any reversal yet. The nearest technical resistance is seen at the level of $7,234 and the next target for bears is seen at the level of $6,345 and $6,000.

Weekly Pivot Points:

WR3 - $9,581

WR2 - $9,033

WR1 - $7,830

Weekly Pivot - $7,282

WS1 - $6,055

WS2 - $5,531

WS3 - $4,254

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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Technical analysis of GBP/USD for 27/11/2019:

Technical Market Overview:

The traders that like to place orders during the horizontal trend are now in heaven as the GBP/USD pair keeps trading inside of the narrow range located between the levels of 1.2765 - 1.3012 and there is no signal for any reversal or any breakout yet. The bulls still seem to be unable to break through the wall of technical resistance levels located from 1.2939 to 1.3012, so the range bounded trading in consolidation continues. The momentum is now negative due to the market coming off the overbought conditions, which will not help the bullish case. The larger timeframe trend remains down.

Weekly Pivot Points:

WR3 - 1.3071

WR2 - 1.3026

WR1 - 1.2910

Weekly Pivot - 1.2886

WS1 - 1.2750

WS2 - 1.2708

WS3 - 1.2590

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.3012 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

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Technical analysis of EUR/USD for 27/11/2019:

Technical Market Overview:

The consolidation at the EUR/USD pair continues. The liquidity is now a little dry as the market awaits the breakout towards the technical support located at the level of 1.0989 and the 61% Fibonacci retracement located at the level of 1.0994. The bears are clearly in control of the market now and they are getting closer to the 61% Fibonacci retracement again. The next target for bears is seen at the level of 1.0999 - 1.0991, which is the key technical support for bulls. Please notice, that the negative momentum supports the short-term bearish outlook. The larger time-frame trend remains down.

Weekly Pivot Points:

WR3 - 1.1143

WR2 - 1.1119

WR1 - 1.1059

Weekly Pivot - 1.1036

WS1 - 1.0979

WS2 - 1.0950

WS3 - 1.0894

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

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Elliott wave analysis of GBP/JPY for November 27 - 2019

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We have seen the expected set-back from minor resistance at 140.90. The pair may move a little lower to 139.75 if it breaks above minor resistance at 140.90. Once this resistance is broken, the pair is likely to hit 143.19 on the way higher to 144.58.

R3: 141.58

R2: 140.10

R1: 140.73

Pivot: 140.51

S1: 140.03

S2: 139.75

S3: 139.47

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 139.30. If you are not long GBP yet, then buy near 139.75 or upon a break above 140.90 and use the same stop.

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Elliott wave analysis of EUR/JPY for November 27 - 2019

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EUR/JPY is again testing short-term important resistance at 120.30 and a break above here will be a strong indication that blue wave ii with the test of 119.65 and blue wave iii towards 121.98 is developing. Short-term support is now seen at 119.94 and 119.80. The support levels are likely to protect the downside for the expected break above 120.30 for upside acceleration towards 121.40 and 121.98.

R3: 120.64

R2: 120.39

R1: 120.27

Pivot: 120.13

S1: 119.94

S2: 119.80

S3: 119.62

Trading recommendation:

We remain long from 117.25 with our stop placed at 119.30. If you are not long yet, then buy a break above 120.30 with the same stop at 119.30

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GBP/USD: plan for the European session on November 27. The return of interest in the Labour Party caused the pound to fall

To open long positions on GBP/USD you need:

Yesterday's polls showed growing interest in the Labour Party, which caused the pound to fall, but did not reach a sell-off. Currently, the fight is for the resistance of 1.2876, on which the upward correction depends. Only a return and consolidation above this range will allow us to return to the high of 1.2926 and update it, reaching the resistance of 1.2959, where I recommend profit taking. However, the scenario with a decrease in the support area of 1.2836 and the formation of a false breakout there, which will be the first signal to buy the pound, seems more likely. Otherwise, I recommend to open long positions immediately for a rebound at a low of 1.2805, but this is subject to good statistics for the United States and the absence of news on elections in the UK.

To open short positions on GBP/USD you need:

An important point for sellers is keeping GBP/USD below the resistance of 1.2876. The formation of a false breakout at this level will lead to a larger downward correction to the support area of 1.2839, and it is quite possible to update the low of 1.2805, where I recommend profit taking. However, such a powerful bearish impulse will be realized only with good data on US GDP growth for the third quarter of this year. Large players will leave the market if the bulls manage to regain the resistance of 1.2876. However, talking about the continuation of the upward trend in this scenario is also wrong, since growth will be limited by the upper level of the side channel near 1.2915, from where I recommend opening short positions immediately for a rebound.

Signals of indicators:

Moving averages

Trading is below 30 and 50 moving averages, which indicates a bearish advantage.

Bollinger bands

A break of the lower boundary of the indicator at 1.2836 will lead to the pound's sell-off. Growth will be limited by the upper level at 1.2870.

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Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
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EUR/USD: plan for the European session on November 27. Low volatility and lack of benchmarks do not allow bears to break

To open long positions on EURUSD you need:

Yesterday's weak data on the US consumer confidence index did not make it possible for the bears to break below the support level of 1.1008, which will be emphasized today in the morning. All buyers' attention today will be focused on the resistance of 1.1031, since only consolidation above this level will lead to a larger upward correction to the areas of 1.1059 and 1.1088, where I recommend profit taking. However, it is hardly possible to count on such growth in the morning, as good news on the eurozone economy is not expected. Under the scenario of further downward movement, the bulls will do their best to cling to the support of 1.1008, however only the formation of a false breakout there will be a buy signal. Otherwise, it is best to open long positions on a rebound from a low of 1.0989.

To open short positions on EURUSD you need:

Bears tried to push support at 1.1008 several times yesterday, but this could not be done. A weak report on the US economy, namely, on the index of consumer confidence, did not allow this. On the contrary, news of progress in negotiations between the US and China supported the demand for the euro. The main task of the bears in the first half of the day is still the level of 1.1008, since only its breakthrough will lead to a new wave of decline in the euro with updating lows in the areas of 1.0989 and 1.0972, where I recommend profit taking. If there is no activity in the morning near the low of 1.1008, it is best to postpone the sale of the euro until the larger resistance at 1.1031 is updated, subject to a false breakout, or open short positions immediately to rebound from the high of 1.1059.

Signals of indicators:

Moving averages

Trade is carried out in the region of 30 and 50 moving average, which indicates the lateral nature of the market with an advantage on the side of euro sellers.

Bollinger bands

Only a breakthrough of the lower boundary of the indicator in the region of 1.1008 will provide sellers with the necessary forces, which will lead to another wave of a decline in the euro.

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Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
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Technical analysis: Important Intraday Levels For EUR/USD, November 27, 2019

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When the European market opens, some economic data will be released such as German Import Prices m/m. The US will also publish the economic data such as Beige Book, Natural Gas Storage, Crude Oil Inventories, Personal Income m/m, Pending Home Sales m/m, Personal Spending m/m, Core PCE Price Index m/m, Chicago PMI, Unemployment Claims, Prelim GDP Price Index q/q, Prelim GDP q/q, Durable Goods Orders m/m, and Core Durable Goods Orders m/m, so amid the reports, the EUR/USD pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Breakout BUY Level: 1.1073. Strong Resistance: 1.1067. Original Resistance: 1.1056. Inner Sell Area: 1.1045. Target Inner Area: 1.1019. Inner Buy Area: 1.0993. Original Support: 1.0982. Strong Support: 1.0971. Breakout SELL Level: 1.0965. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, November 27, 2019

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In Asia, Japan will not release any economic reports today, but the US will publish some economic data such as Beige Book, Natural Gas Storage, Crude Oil Inventories, Personal Income m/m, Pending Home Sales m/m, Personal Spending m/m, Core PCE Price Index m/m, Chicago PMI, Unemployment Claims, Prelim GDP Price Index q/q, Prelim GDP q/q, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Resistance. 3: 109.69. Resistance. 2: 109.49. Resistance. 1: 109.28. Support. 1: 108.97. Support. 2: 108.76. Support. 3: 108.56. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for EUR/USD on November 27, 2019

EUR/USD

Investors were in a somewhat embarrassed state on Tuesday - on the one hand, the media reported on the "intensive negotiations" of the US and China at the ministerial level, which added interest to risk, on the other hand, positive economic data on the US prompted purchases of the dollar. Sales of new housing reached 733 thousand in October against the forecast of 709 thousand, the figure for September was revised to increase from 701 thousand to 733 thousand, the trade balance for October was -66.5 billion dollars against expectations of -71.3 billion, the September price index for at home added 0.6% after August growth of 0.2%. Only the Conference Board consumer sentiment index for the current month slightly fell: 125.3 from 126.1 previously. As a result, the euro grew by 6 points.

The technical support of the euro was provided by the MACD line, the price could not go under it. The Marlin oscillator stopped short-term in decline.

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On the four-hour chart, the price returned above the MACD line, the Marlin oscillator is moving up, discharging (according to the main scenario) before a further decline.

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Today, another batch of positive indicators is expected in the United States, which can provide greater confidence to the dollar. Personal incomes and expenses of consumers in October may show an increase of 0.3% for each indicator.

The MACD line on the daily chart has slightly decreased, now the signal level is 1.1010, overcoming it opens the target 1.0985. Consolidation at 1.0985 opens the target at 1.0925.

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Forecast for GBP/USD on November 27, 2019

GBP/USD

Correctional growth of the pound stopped quite quickly. The price did not continue to grow on Monday and fell by 36 points on Tuesday. The Marlin oscillator continued to fall in the negative trend zone.

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The price was supported by the convergence zone of the MACD line with a Fibonacci level of 38.2% on a four-hour chart. The signal line of the Marlin oscillator has turned from the boundary with the growth territory.

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Leaving prices at yesterday's low of 1.2834 will open the closest target at 1.2765 (Fibonacci level of 23.6% on daily). Decreasing to the level opens the second target at 1.2703, the MACD line of the daily scale is aiming for it. Consolidation at 1.2703 will provoke a medium-term decline in the British pound (target 1.2360 - correction of 61.8% per day).

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Forecast for USD/JPY on November 27, 2019

USD/JPY

The dollar is rising for the third consecutive day against the yen, helped by moderate stock market growth. Yesterday, the S&P 500 grew by 0.22%, while the Nikkei 225 is adding 0.38% today. The greatest danger to the global stock market is now the Chinese segment. From November 6, the China A50 index is currently losing 3.82%, today's decline is 0.49%. The markets fear that the fall of Chinese indices will pull the rest of the market. In this case, the USD/JPY pair will decline regardless of other circumstances. Earlier, we noted that the biggest investors reduced investments in US stocks by 30%, that is, they closed their positions in this volume. Thus, the growth of the pair represents an increased risk for purchases.

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At the moment, the price is approaching the control level of 109.30 (peak on October 30), overcoming which opens the target 109.92. The Marlin oscillator has infiltrated the growth zone, there is the potential for continued movement.

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On the four-hour chart, a steady rise in prices continues, the Marlin signal line lies in the horizon, but does still not show signs of a reversal.

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AUD/USD vs USD/CAD vs NZD/USD vs #USDX - DAILY. Comprehensive analysis of movement options from November 27, 2019 APLs &

Minor (H4)

What is the first month of winter preparing for us on "raw" instruments? Here's a comprehensive analysis of the development options for the movement AUD / USD vs USD / CAD vs NZD / USD vs #USDX from November 27, 2019 on the Minor operational scale (daily timeframe).

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US dollar Index

The dollar index is in the 1/2 Median Line channel of the Minor operational scale forks, therefore, the further development of the #USDX movement from November 27, 2019 will become determined by the development and direction of the breakdown of the boundaries (98.30 - 98.65 - 99.00 ) of the mentioned channel/

A combined breakdown of the upper boundary of the 1/2 Median Line channel (resistance level of 99.00) of the Minor operational scale forks and the 1/2 Median Line Minute (99.05) will make it relevant for the dollar index to reach the upper boundary ISL61.8 (99.45) of the equilibrium zone of the Minuette operational scale forks, the initial line SSL Minor (99.55) and maximum (99.67).

On the other hand, the breakdown of support level 98.30 on the lower boundary of the channel 1/2 Median Line Minor will determine the movement#USDX to the boundaries of the 1/2 Median Line channel (98.00 - 97.75 - 97.50) of the Minuette operational scale forks and the equilibrium zone (97.50 - 96.90 - 96.30) of the Minor operational scale forks.

The markup of #USDX movement options from November 27, 2019 is shown on the animated chart.

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Australian dollar vs US dollar

The movement of the Australian dollar AUD / USD from November 27, 2019 will depend on the direction of the breakdown of the range :

  • resistance level of 0.6800 (the lower boundary of the 1/2 Median Line channel of the Minuette operational scale forks);
  • support level of 0.6770 (the lower boundary of the 1/2 Median Line channel of the Minor operational scale forks).

The breakdown of the lower boundary of the 1/2 Median Line channel of the Minor operational scale forks - support level of 0.6770 - continue the downward movement of the Australian dollar to the equilibrium zone (0.6720 - 0.6675 - 0.6630) of the Minuette operational scale forks.

Alternatively, the breakdown of the resistance level of 0.6800 will determine the development of the AUD / USD movement in the 1/2 Median Line channel (0.6800 - 0.6830 - 0.6860) of the Minuette operational scale forks, and if the upper boundary (0.6860) of this channel is broken, the upward movement of this currency instrument will continue to the local maximum 0.6931 and the lower boundary of ISL38.2 (0.6960) equilibrium zone of the Minor operational scale forks.

From November 27, 2019, we look at the layout of the AUD / USD movement options on the animated chart.

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US dollar vs Canadian dollar

Starting November 27, 2019, the development of the movement of the Canadian dollar USD / CAD will be determined by the development and direction of the breakdown of the boundaries of the equilibrium zone (1.3305 - 1.3375 - 1.3440) of the Minuette operational scale forks. The markup of movement inside this equilibrium zone is shown in the animated chart.

In case of breakdown of the upper boundary of ISL61.8 (resistance level of 1.3440) of the equilibrium zone of the Minuette operational scale forks, it will be possible to continue the upward movement of USD / CAD to the local maximum 1.3564.

However, if you return below the support level 1.3305 (lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks), the USD / CAD movement will continue to the boundaries of the 1/2 Median Line channels of the operational scale - Minuette (1.3270 - 1.3225 - 1.3185) and Minor (1.3225 - 1.355 - 1.3090) with the prospect of reaching a local minimum of 1.3041.

From November 27, 2019, we look at the markup of the USD / CAD movement options on the animated chart.

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New Zealand dollar vs US dollar

Development and the breakdown direction of the range :

  • resistance level of 0.6440 (lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks);
  • support level of 0.6390 (the lower boundary of the 1/2 Median Line channel of the Minor operational scale forks).

The breakdown of the lower boundary of the 1/2 Median Line Minor channel (support level of 0.6390) is a continuation of the downward movement of NZD / USD to the boundaries of the 1/2 Median Line Minuette channel (0.6345 - 0.6290 - 0.6230) with the prospect of updating the local minimum 0.6201.

Consecutive breakdown of resistance levels :

- 0.6440 - lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks;

- 0.6455 - 1/2 Median Line Minor;

will make the development of the movement of the New Zealand dollar in the equilibrium zone relevant (0.6440 - 0.6510 - 0.6580)of the Minuette operational scale forks, and in case of breakdown ISL61.8 Minuette (0.6580), it will become possible for the price of this instrument to reach the lower border of ISL38.2 (0.6630) equilibrium zone of the Minor operational scale forks and the 1/2 Median Line Minor (0.6755).

From November 27, 2019, we look at the markup of the NZD / USD movement on the animated chart. analytics5dddea2d2ba38.png

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The review was prepared without taking into account the news background. Thus, the opening of trading sessions of major financial centers does not serve as a guide to action (placing orders "sell" or " buy").

The formula for calculating the dollar index:

USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0. 119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.

where the power coefficients correspond to the weights of the currencies in the basket:

Euro - 57.6%;

Yen - 13.6%;

Pound Sterling - 11.9%;

Canadian dollar - 9.1%;

Swedish Krona - 4.2%;

Swiss franc - 3.6%.

The first coefficient in the formula leads the index to 100 at the start date of the countdown - March 1973, when the main currencies began to be freely quoted relative to each other.

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

Fractal analysis of the main currency pairs on November 27

Forecast for November 27:

Analytical review of currency pairs on the scale of H1:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1053, 1.1034, 1.1023, 1.1004, 1.0986, 1.0977 and 1.0957. Here, we continue to monitor the development of the downward structure of November 21. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.1004. In this case, the target is 1.0986. Price consolidation is in the range of 1.0986 - 1.0977. For the potential value for the bottom, we consider the level of 1.0957. Upon reaching this value, we expect a rollback to the top.

Short-term upward movement is expected in the range 1.1023 - 1.1034. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1053. This level is a key support for the downward structure.

The main trend is the downward structure of November 21

Trading recommendations:

Buy: 1.1023 Take profit: 1.1034

Buy: 1.1036 Take profit: 1.1050

Sell: 1.1004 Take profit: 1.0988

Sell: 1.0975 Take profit: 1.0958

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2969, 1.2932, 1.2899, 1.2817, 1.2765, 1.2710 and 1.2671. Here, we are following the formation of the initial conditions for the downward cycle of November 21. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.2817. In this case, the target is 1.2765. Price consolidation is near this level. The breakdown of the level of 1.2765 will lead to a pronounced movement. Here, the target is 1.2710. For a potential value for the bottom, we consider the level of 1.2671. Upon reaching which, we expect consolidation, as well as a rollback to the top.

Short-term upward movement is possibly in the range of 1.2899 - 1.2932. The breakdown of the latter value will lead to the formation of an upward structure. Here, the potential target is 1.2969.

The main trend is the formation of the downward structure of November 21

Trading recommendations:

Buy: 1.2900 Take profit: 1.2930

Buy: 1.2933 Take profit: 1.2969

Sell: 1.2815 Take profit: 1.2770

Sell: 1.2763 Take profit: 1.2710

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For the dollar / franc pair, the key levels on the H1 scale are: 1.0039, 1.0023, 1.0000, 0.9988, 0.9956, 0.9938 and 0.9919. Here, we are following the development of the ascending structure of November 18. Short-term upward movement is expected in the range 0.9988 - 1.0000. The breakdown of the last value will lead to a pronounced movement. Here, the target is 1.0023. We consider the level of 1.0039 to be a potential value for the top; upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.9956 - 0.9938. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.9919.

The main trend is the upward structure of November 18

Trading recommendations:

Buy : 0.9988 Take profit: 1.0000

Buy : 1.0003 Take profit: 1.0023

Sell: 0.9956 Take profit: 0.9940

Sell: 0.9937 Take profit: 0.9920

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For the dollar / yen pair, the key levels on the scale are : 109.53, 109.36, 109.12, 108.91, 108.73, 108.57 and 108.26. Here, we are following the formation of the ascending structure of November 21. Short-term upward movement, as well as consolidation, are expected in the range of 108.91 - 109.12. The breakdown of the level of 109.12 should be accompanied by a pronounced upward movement. Here, the goal is 109.36. For the potential value for the top, we consider the level of 109.53. Upon reaching this value, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement, as well as consolidation, is expected in the range 108.73 - 108.57. The breakdown of the latter value will favor the formation of a downward structure. Here, the potential target is 108.26.

The main trend: the formation of the ascending structure of November 21

Trading recommendations:

Buy: 109.13 Take profit: 109.34

Buy : 109.37 Take profit: 109.53

Sell: 108.70 Take profit: 108.60

Sell: 108.54 Take profit: 108.30

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3404, 1.3387, 1.3355, 1.3334, 1.3298, 1.3278 and 1.3250. Here, we are following the ascending structure of November 19. We expect short-term upward movement in the range of 1.3334 - 1.3355. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 1.3387. Price consolidation is in the range of 1.3387 - 1.3404, and from here, we expect a correction.

Short-term downward movement, as well as consolidation are possible in the range of 1.3298 - 1.3278. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3250. This level is a key support for the upward structure.

The main trend is the upward structure of November 19, the correction stage.

Trading recommendations:

Buy: 1.3335 Take profit: 1.3355

Buy : 1.3357 Take profit: 1.3385

Sell: 1.3276 Take profit: 1.3252

Sell: 1.3248 Take profit: 1.3220

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6833, 0.6814, 0.6799, 0.6787, 0.6767, 0.6748, 0.6735 and 0.6717. Here, we are following the development of the downward structure of November 19. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.6765. In this case, we expect a pronounced movement to the level of 0.6748. Price consolidation is in the range of 0.6748 - 0.6735. We consider the level of 0.6717 to be a potential value for the bottom; upon reaching this value, we expect a correction.

Short-term upward movement is expected in the range of 0.6787 - 0.6799. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.6814. This level is a key support for the downward trend.

The main trend is a local descending structure of November 19

Trading recommendations:

Buy: 0.6787 Take profit: 0.6797

Buy: 0.6800 Take profit: 0.6814

Sell : 0.6766 Take profit : 0.6750

Sell: 0.6746 Take profit: 0.6736

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For the euro / yen pair, the key levels on the H1 scale are: 121.12, 120.58, 120.35, 120.11, 119.60, 119.31, 118.96, 118.70 and 118.38. Here, we are following the formation of the downward structure from November 21. At the moment, the price is in the correction zone from this structure. Short-term downward movement is expected in the range 119.60 - 119.31. The breakdown of the latter value will lead to a pronounced movement. Here, the target is 118.96. Short-term downward movement, as well as consolidation is in the range of 118.96 - 118.70. For the potential value for the bottom, we consider the level of 118.38. Upon reaching this value, rollback to the top.

Short-term upward movement is expected in the range of 120.11 - 120.35. The breakdown of the latter value will lead to the formation of a local structure for the top. Here, the first goal is 120.58.

The main trend is the formation of the downward structure of November 21, the correction stage

Trading recommendations:

Buy: 120.11 Take profit: 120.33

Buy: 120.36 Take profit: 120.58

Sell: 119.60 Take profit: 119.34

Sell: 119.28 Take profit: 118.96

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For the pound / yen pair, the key levels on the H1 scale are : 141.54, 140.82, 139.88, 139.46, 138.91 and 138.19. Here, the price forms the medium-term initial conditions for the downward movement of November 18 and at the moment, the price is close to canceling this structure, for which a breakdown of the level of 140.82 is necessary. Here, the potential target is 141.54. Short-term downward movement is possibly in the range of 139.88 - 139.46. The continuation of the development of the downward trend on the H1 scale is expected after the breakdown of the level of 139.46. In this case, the target is 138.91. Price consolidation is near this level. We consider the level 138.19 to be a potential value for the bottom. Upon reaching this level, we expect a pullback to the top.

The main trend is the medium-term downward structure of November 18, the stage of deep correction

Trading recommendations:

Buy: 140.84 Take profit: 141.50

Sell: 139.88 Take profit: 139.48

Sell: 139.44 Take profit: 138.94

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

Take profit on AUD/USD pair

Good evening, dear traders! Congratulations to those who took advantage of our trading idea for the AUD/USD pair, which was provided last November 25.

Let me remind you that the idea was to develop the lower daily area in a downward trend:

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As you can see, the first goal is taken:

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The collapse did not follow, so I recommend taking profits.

Good luck in trading and see you tomorrow morning!

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

Gold on the crest of a positive wave

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The global precious metals market is on the rise, especially gold. The cost of the yellow metal goes through a phase of consolidation. Experts offer bold forecasts for next year, and the market expects the next driver of precious metal growth.

Having reached the $1,460 mark, gold slightly retreated from its positions on Tuesday, November 26. The precious metal traded at $1,459 per ounce yesterday. Experts consider the $1,447 level as the immediate goal of the XAU/USD pair, while they allow a fall to $1,444 per ounce.

The XAU/USD pair slightly adjusted in the morning, reaching $1,457.15 per ounce.

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The pair went up in the future, trading near the level of $1458.06. In the short and medium term, experts predict an upward trend in precious metals. The upward movement will continue next year, experts said.

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The main driver of pressure on the gold market, analysts believe the increased likelihood of signing a trade deal between the United States and China. Another factor restraining the growth of precious metals is the Federal Reserve's policy aimed at slowing down the process of lowering interest rates. Nevertheless, the currency strategies of the largest investment banks did not revise their previous forecasts. Most of them are optimistic and offer positive scenarios for gold in the long run.

1) Goldman Sachs

According to the forecast of the leading US bank, the cost of the yellow metal will reach $1,600 per ounce in 2020. Experts believe that global political tensions and weak market data will support the precious metal market.

2) UBS

Specialists of the Swiss bank adhere to a similar position, believing that the price of gold will increase to $1600 per ounce in 2020. UBS is confident that the current consolidation in the precious metal market is a natural process, thanks to which investors can earn on further growth. Support for the yellow metal will have uncertainty in the markets and a further reduction in interest rates.

3) Morgan Stanley

Analysts at the largest US investment bank believe that the price of gold will be $1,511 per ounce. Morgan Stanley believes that the reasons for this will be a weakening stock market and a slight decrease in the US currency.

According to some analysts, the yellow metal market is currently waiting for a powerful driver for growth. In the coming year, gold will continue to rise, and this trend will continue for a long time, experts said.

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

Technical analysis recommendations for EUR/USD and GBP/USD on November 26

Economic calendar (Universal time)

Today, the most important economic calendar news was expected at 15:00 from the United States. Moreover, data on the consumer confidence index was already announced, as well as indicators on sales volumes in the primary housing market.

EUR / USD

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Players on the downside continued to decline yesterday, but the previous activity has not yet been observed. The closest important reference point in this situation is the minimum extremum of 1.0989. On the other hand, resistance is a fairly wide zone, combining the levels of different time intervals 1.1030 (weekly short-term trend) - 1.1055 (daily cloud) - 1.1082 (daily Kijun + weekly Fibo Kijun).

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GBP / USD

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Yesterday, the players on the downside made a very successful attempt to reach all of the opponent's levels at the end of last week. Due to this, the pair returned to the area of 1.2882 levels (daily cross + lower border of the weekly cloud + monthly Fibo Kijun). At the same time, maintaining the current positions will return the relevance of testing the weekly cloud (1.2892-53), so now it is extremely undesirable for players on the downside to take positions and lose levels. To maintain further prospects, they need to update the lows of the sideways movement and current uncertainty minimum (1.2822 - 1.2768) as soon as possible.

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In the lower halves, it can be observed how a weekly long-term trend leads the fight for the interests of players to lower. If the players on the downside can now continue to decline and update the last week's low (1.2822), then we can hope to realize the potential of the last week and reach new bearish prospects. If support comes in, for example, 1.2850 (classic Pivot level S1), and the pair fails to leave the correction zone, then when consolidating above the zone of key levels 1.2880 - 1.2901 (central Pivot level of the day + weekly long-term trend ) the balance of forces in the lower halves will change and the first significant resistance of the upper time intervals 1.2882 (daily cross + lower border of the weekly cloud + monthly Fibo Kijun) will be lost.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

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

Dollar has no reason for pessimism

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The US currency began the week on a positive and intends to continue the fight in the same vein. The greenback upward trend is helped by the stability of the American economy and the peppy mood in the market with respect to the EUR/USD pair. Many analysts are confident that the dollar will strengthen its position in the near future.

The current market sentiment towards the EUR/USD pair has fully turned towards the greenback, experts emphasize. Analyzing the situation with the European currency, they note that there were no attempts to raise the euro on Monday, November 25. According to experts, the reason for this was the loss of hope for a change in the ECB policy after the arrival of Christine Lagarde. Recall that in her speech, the new leader confirmed the position of Mario Draghi, making it clear that it is useless to wait for the strengthening of rates. As a result, the European currency was under strong pressure and could not rise, analysts say.

Unlike its counterpart in the EUR/USD pair, the dollar feels at the height, again showing the desire to move up. Support for the greenback is provided by strong macroeconomic data from the US, published at the end of last week. The current situation is setting the market for the Federal Reserve to take a long pause on the issue of cutting rates. The next rung of the ladder leading with the rise in USD was the active growth of the purchasing managers' indices for the manufacturing sector and the services sector (PMI), as well as the consumer sentiment index.

An important role in strengthening the greenback is given to the US economy, which skillfully resists negative external and internal factors, while maintaining amazing stability in the conditions of international trade conflicts. At the moment, the market is positive, as it is inspired by the fact of continuing negotiations between Washington and Beijing. This gives hope, albeit illusory, to the abolition of the December tariff increase, which will affect Chinese goods worth $156 billion. At the same time, stock markets are gradually gaining height, and volatility is declining. In this situation, investors are afraid of a surge in volatility, which may be caused by the fact of the conclusion of the deal, as well as another round of mutual increase in duties.

Current changes are favorably reflected in the dollar, which cannot be said about the stalled European currency. On the morning of Tuesday, November 26, the EUR/USD pair was almost at the same low level as the day before. Recall that yesterday the pair tested the 1.1012–1.1013 marks .

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According to analysts, any negative news regarding the negotiations between the United States and China could contribute to a possible euro sagging in the EUR / USD pair. In the case of the implementation of this scenario, the pair will fall below the support of 1.1008. A breakthrough of this bar may cause a wave of sales of EUR / USD and the fall of the tandem to a minimum of 1.0989.

At the moment, the EUR/USD pair is trying to leave the low range, moving away from the level of 1.1014–1.1015. Analysts note the upward dynamics of the pair.

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At the time, the EUR/USD pair reached 1.1016, but returned to its original position again. Market participants believe that such translational movements will be characteristic of the pair for a long time.

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Most experts rely on the dollar, strengthening the already strong position of the US currency. Analysts do not record clear reasons for pulling down the greenback. On the contrary, much testifies to the benefit of its strengthening. The market is watching the dynamics of negotiations between the United States and China, on which the further movement of the classic pair will largely depend.

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

GBPJPY. Open longs on downward turns: the pound temporarily lost ground

Before the pound had time to celebrate the latest opinion polls in favor of the Conservatives, fresh sociology entered the market, which outlined pessimistic prospects for the Tories. A Kantar poll found that Labour began to gain momentum, while Boris Johnson's party lost a few percentage points from previous studies. The closer to the election (which will be held on December 12), the British currency is more sensitive to such news.

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Therefore, it is not surprising that the pound fell across the market today - including the dollar and the yen. The GBP/USD pair is under additional pressure from the external fundamental background: the latest news regarding the prospects for the US-Chinese dialogue has supported the greenback. If the likelihood of signing a deal (its first phase) grows, the dollar will continue to strengthen, exerting a corresponding effect on all dollar pairs. But with the GBP/JPY cross pair, the situation is somewhat different. Reducing external risks is not on the side of the pair's bears due to a corresponding decrease in demand for the yen.

As you know, the Japanese currency is a safe-haven currency, so the decline in anti-risk sentiment has weakened the yen's position in a basket of major currencies - for example, the USD/JPY pair tested the 109th figure again today. In other words, the yen now does not have "its own resources" for independent growth, and also when paired with the pound, the currency follows the British events. This state of affairs distinguishes the GBP/JPY cross from the GBP/USD pair, where the dollar can play an independent game, even despite the unconditional priority of the Brexit theme. In turn, the yen is virtually helpless in relatively calm periods of time - especially against the backdrop of recent statements by the chairman of the Bank of Japan.

All this suggests that the British currency rules today in the GBP/USD cross-pair . The price chart (especially on the four-hour timeframe) has a wave-like character: optimism is replaced by pessimism and vice versa. Since mid-October, the pair has been fluctuating in the 200-point range of 139.30-141.30 - only occasionally and briefly beyond the boundaries of the price range. And now the cross is in the downward movement, heading for the 139th figure.

Meanwhile, the pair probably will not overcome the lower limit of the above price range. Moreover, tomorrow the situation may change dramatically, as the research agency YouGov will unveil new survey results. We can expect another upward impulse for the pound if it is in favor of the Conservatives, and the GBP/JPY pair will not be an exception here.

Let me remind you that sociological studies of other agencies speak of the successes of Conservatives. For example, yesterday's surge in optimism for the pound was based on a survey conducted by Opinium commissioned by The Observer. The published figures demonstrate the success of the Johnson party: almost half of the respondents (47%) are ready to vote for the Conservatives, while the Labour Party is still content with relatively modest support (28%). Liberal Democrats, according to Opinium, are also losing ground - they are supported by only 12% of respondents.

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In other words, at the moment it is impossible to talk about any trend that would indicate a decrease in the rating of Conservatives. In addition, the British electoral system does not allow identifying party ratings with possible political developments in a future Parliament. For the formation of the majority, Conservatives need not only to win in their constituencies, but also to win victory in those areas where the positions of Labour are traditionally strong. Vice versa - even if the rating of the Laborites will continue to grow, this does not mean at all that they will be able to take the House of Commons, that is, to form a majority there. By the way, if Johnson cannot form a majority, there are several possible scenarios for further events (Corbyn's premiership or Labour's participation in the government, Conservative alliance with smaller parties, etc.). But in order to consider these or those options, real figures of the election results are necessary, and not the expected result. Therefore, the intrigue in this matter will continue until December 12, and the pound will continue to respond to opinion polls.

Thus, traders should not trust the current downward momentum of the GBP/JPY pair. One needs only to look at a four-hour or daily chart (starting from mid-October) to assess the variability of the cross. On the other hand, the pair did not go beyond the above price range during this period of time. All this allows us to consider long positions when approaching the support level of 139.30 (the lower line of the Bollinger Bands indicator on the daily chart). The target of the upward pullback is 140.45 (the upper boundary of the Kumo cloud on the same timeframe). If the data from YouGov will pleasantly surprise investors (for example, with a significant jump for Conservatives), then the cross can go up to the upper boundary of the price band, that is, at around 141.30.

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