Author Archive for InvestMacro – Page 166

The US Dollar Is Declining Amid Political News

by JustForex

During yesterday’s trading, the US dollar weakened against a basket of major currencies. Yesterday, the dollar index (#DX) closed the trading session in the negative zone (-0.30%). The US currency was under pressure due to weak economic data. Thus, the CB consumer confidence index counted to 125.1 in September, which turned out to be worse than the forecasted value of 134.1.

The US dollar is also under pressure because Democrats from the US Congress intend to start an investigation into the impeachment of US President Donald Trump. Speaker of the United States House of Representatives, Nancy Pelosi, announced. Six committees of the House of Representatives will conduct an investigation to determine the article under which the impeachment procedure may be conducted. The main accusation is that D. Trump is trying to discredit his opponent Joe Biden on the eve of the 2020 election.

The British pound is strengthening amid news that the Supreme Court of the United Kingdom considered the suspension of parliament to be illegal. British Prime Minister, Boris Johnson, stopped parliament from September 9 to October 14, so parliament members had less time to make decisions on leaving the EU before Brexit, which is scheduled for October 31. Parliament will resume work today at 11:30 (GMT+1:00).

During the Asian trading session, the Reserve Bank of New Zealand has decided on a key interest rate. So, the regulator left the rate unchanged at 1.00%, as experts expected.

The “black gold” prices continue to decline. At the moment, futures for the WTI crude oil are testing the $56.50 mark per barrel. At 17:30, crude oil inventories will be published in the United States.

Market Indicators

Yesterday, the bearish sentiment was observed in the US stock markets: #SPY (-0.78%), #DIA (-0.52%), #QQQ (-1.33%).

The 10-year US government bonds yield has been declining. At the moment, the indicator is at the level of 1.64-1.65%.

The Economic News Feed for 25.09.2019:
  • – New home sales in the US at 17:00 (GMT+3:00).

by JustForex

Gold bulls still have the advantage on their side

By Admiral Markets

Source: Economic Events September 25, 2019 – Admiral Markets’ Forex Calendar

Gold bulls still see a very favourable Gold chart on a daily time frame. After the precious metal dropped below 1,500 USD over the last week of trading, Gold could stabilise above 1,480 USD.

One main reason for the sharper push back above 1,500 USD could be found on the news that a Chinese delegation has cancelled its farm visit to Montana with officials returning to China sooner than expected and resulting speculations that the trade talks between the US and China are about to fall apart with no deal being found again.

In addition to that, rising recession fears especially from Europe’s biggest economy, Germany, after disappointing PMIs on Monday (Manufacturing PMIs e.g. saw their steepest contraction in factory activity since the global financial crisis in mid-2009, as output went down at the sharpest pace since July 2012 and new business declined at the quickest pace in more than a decade, amid lower foreign demand) and a resulting risk-off-mode into the start of the week stabilised the yellow metal back above 1,500 USD.

With that in mind, our outlook for Gold stays bullish with the short-term target on the upside being found around 1,555 USD and the mid-term target around 1,650/700 USD.

And even if we get to see a short-term stint and drop below 1,480 USD, we wouldn’t consider such a move to be a big deal, instead see a potential mid-term long trigger around 1,440/450 USD:

Source: Admiral Markets MT5 with MT5-SE Add-on Gold Daily chart (between June 26, 2018, to September 24, 2019). Accessed: September 24, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016, it increased by 8.1%, in 2017, it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%.

Discover the world’s #1 multi-asset platform

Admiral Markets offers professional traders the ability to trade with a custom, upgraded version of MetaTrader 5, allowing you to experience trading at a significantly higher, more rewarding level. Experience benefits such as the addition of the Market Heat Map, so you can compare various currency pairs to see which ones might be lucrative investments, access real-time trading data, and so much more. Click the banner below to start your FREE download of MT5 Supreme Edition!

Download MetaTrader 5 and begin trading today!

Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

  1. This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
  2. Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the Analysis.
  3. Each of the Analysis is prepared by an independent analyst (Jens Klatt, Professional Trader and Analyst, hereinafter “Author”) based on the Author’s personal estimations.
  4. To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
  5. Whilst every reasonable effort is taken to ensure that all sources of the Analysis are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis. The presented figures refer that refer to any past performance is not a reliable indicator of future results.
  6. The contents of the Analysis should not be construed as an express or implied promise, guarantee or implication by Admiral Markets that the client shall profit from the strategies therein or that losses in connection therewith may or shall be limited.
  7. Any kind of previous or modeled performance of financial instruments indicated within the Publication should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
  8. The projections included in the Analysis may be subject to additional fees, taxes or other charges, depending on the subject of the Publication. The price list applicable to the services provided by Admiral Markets is publicly available from the website of Admiral Markets.
  9. Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.

By Admiral Markets

EURUSD: consolidating on the balance line

By Alpari.com

On Tuesday the 24th of September, trading on the euro closed up. The pound came out on top yesterday, making gains in the wake of the UK’s Supreme Court ruling of Prime Minister Boris Johnson’s 5-week prorogation of parliament as unlawful. Opposition figures have called on Johnson to resign.

The US dollar came under slight pressure over talk of impeachment proceedings against President Donald Trump. The dollar’s slide and the pound’s rise saw the EURUSD pair recover to 1.1024.

Day’s news (GMT+3):

  • 11:15 Switzerland: ZEW survey – expectations (Sep).
  • 11:30 UK: BBA mortgage approvals (Aug).
  • 13:00 UK: CBI distributive trades survey – realized (Sep).
  • 16:00 US: SNB quarterly bulletin (Q3).
  • 17:00 US: new home sales (Aug).
  • 17:30 US: EIA crude oil stocks change (20 Sep).

EURUSD H1Current situation:

The euro is currently trading at 1.0995, with the bulls paring yesterday’s gains in today’s Asian session. This has snuffed out any chance of continued growth. The pair has broken down out of the upwards channel drawn from 1.0966. Considering that the stochastic is in the buy zone, a drop to the 45th degree is expected, with a bounce from around 1.1013 – 1.1016. There are no significant events planned for today.

The centre of attention is the upcoming parliamentary showdown in the UK, as well as developments in the US-China trade negotiations. US President Donald Trump yesterday again labelled China a currency manipulator. This lowered hopes among investors of a solution being found in the ongoing trade dispute anytime soon. Consequently, gold and the yen have both appreciated. With a lack of any new drivers, it seems unlikely that the pair will drop any lower than 1.0966.

By Alpari.com

Creating 3D Printed WiFi Access QR Codes with Python

By Eric J. Ma for Kite.com

Summary

Over the weekend, I embarked on a project to create a 3D printed QR code that guests at our house could scan to gain access to our guest wireless network. Why 3D you might ask? Well, that’s how geeks like myself like to impress their guests! Also, let’s be real, I have a 3D printer at home, and I was looking for a fun way to put it to practical use. It turns out that it makes for some nice wall artwork as well.

In this first blog post I detail how I generate a QR code using Python, then how to build 3D printable blocks and, finally, how to convert that model into a file 3D printers can read.

In a follow-up blog post, I will specify how I created a hybrid command line app and Flask app from the same code base, using click and Flask. It will take the code that we write here and turn it into an app that can be used from the command line and from a web interface — it’s a great exercise in showing the similarities between the CLI and Flask. Coming soon!

Why a 3D QR code for my WIFI password?

There are a ton of QR code generators out there on the web and more than a handful of WiFi QR code generators too – so why did I embark on this project? Mainly, it was me wanting to scratch my itch surrounding QR codes. The last time I went to China (Xi’an and Shanghai, specifically), I saw QR codes everywhere. There surely had to be something good we could use this for at home that didn’t involve just packing and storage. Now that I know how simple it is to create a QR code using Python, I’m sure I’ll find myriad uses for them!

Getting Set Up

Ok, let’s get started! To create QR codes, you need to install pyqrcode and pypng in your environment:
pip install pyqrcode
pip install pypng

If you want to do the 3D printing part, you’ll also need to install SolidPython and NumPy:
pip install SolidPython
pip install numpy

Finally, to build a command line app and a web app, you’ll need to install click and Flask:
pip install click
pip install Flask

If you are using the conda package manager, you should know that numpy, click and Flask are conda-installable if you prefer to do so.

I also used Kite in the Atom text editor: this allowed me to view documentation and common usage patterns for the packages I imported.

Step 1: Encoding WiFi credentials in a QR code

Let’s start by creating a QR code for our WiFi guest network.

Let’s say that these are the security credentials for the network:
SSID (a.k.a. Network Name): Family Guest Network
Password: vn8h2sncu093y3nd!
Security Type (one of WPA or WEP): WPA

QR codes are merely two-dimensional barcodes that encode a string that can be parsed by another program. In order to create a QR-code that is readable for accessing WiFi, we need a string that can be parsed by our devices. This string is structured as follows:
WIFI:S:<SSID>;T:<WPA|WEP|>;P:<password>;;

So in our case, we would want a string that looks like:
WIFI:S:Family Guest Network;T:WPA;P:vn8h2sncu093y3nd!;;

Now, we can code up our Python program to encode the QR code for us. I’ll assume you’re running Python 3.6 or later.

import pyqrcode as pq
ssid = 'Family Guest Network'
security = 'WPA'
password = 'vn8h2sncu093y3nd!'
qr = pq.create(f'WIFI:S:{ssid};T:{security};P:{password};;')
print(qr.terminal())

With that block of code, you should get a QR code printed to your terminal, just like that!

Let’s say you wanted to do the simple thing, and just have a regular laser/inkjet printer make a printout of the QR code. To do so, you can save the QR code to disk as a PNG file:

qr.png('home_guest_wifi.png')

And just like that, you’ve used Python to create a WiFi QR code! Just scan this code using your phone’s camera and you (or your guests) will be able to join your WiFi network.

Now, if you remember that QR codes are just “ASCII strings encoded in a 2D barcode”, then you’ll know that you can pass any arbitrary string into the pyqrcode.create() function. That means you can come up with any creative use of a short string that would make sense to scan with your phone! For example, you can create business cards with your LinkedIn profile URL embedded in the QR code, use it to encode a serial number information on your possessions, or more!

Next, we’ll turn the QR code into a 3D-printable model using our imported Python packages and free online CAD software.

Step 2: 3D Printing a QR Code

For this, we will need a package called SolidPython, and optionally numpy to help us with some array processing (it can also be done entirely using built-in lists if needed).

To start, I defined a convenience function that let me create and return a QRCode object that can be passed around and manipulated.

def create_wifi_qr(ssid: str, security: str, password: str):
    qr = pq.create(f'WIFI:S:{ssid};T:{security};P:{password};;')
    return qr

Its use will become evident later. You’ll also notice that I’m using type hints inside the function.

Create Text Representation

Using this function, we can create a text representation of the QR code:

qr = create_wifi_qr(ssid, security, password)
print(qr.text())

This will essentially give a series of 1s and 0s. This is a string, though, not a numpy array. Hence, we may have to convert this into a list of lists, or a numpy array (as a user of the scientific Python stack, I prefer using arrays where possible, but in this case there is no real practical advantage to doing so because we are not doing linear algebra).

Create Array Representation

Let’s now define a function that takes in the QRCode object and returns an array version of the text rendering.

def qr2array(qr):
    arr = []
    for line in qr.text().split('\n'):
        if len(line) != 0:
            arr.append([int(bit) for bit in line])
    return np.vstack(arr)

With that, we can create an array version of our QR code above:

arr = qr2array(qr)

Create 3D Model

Now, we’re ready to play with SolidPython!

SolidPython is a Python package that provides an interface to the OpenSCAD language. OpenSCAD allows a programmer to programmatically define 3D models using the language of geometry. This includes the creation of cubes and other 3D objects, as well as object manipulations, such as translation, coloring, and union-ing.

Take a look at the code below for an example of how we create the 3D object.

from solid import color, cube, scad_render, translate, union

SCALE = 2  # output defaults to 1 mm per unit; this lets us increase the size of objects proportionally.
cubes = [translate([i*SCALE, j*SCALE, 0])(color('black')(cube(size=[SCALE, SCALE, HEIGHT])))
        for i, row in enumerate(arr)
        for j, col in enumerate(row)
        if arr[i, j] == 1]

base_plate = color('white')(cube(size=(arr.shape[0] * SCALE, arr.shape[1] * SCALE, HEIGHT / 2)))
qrobj = union()(*cubes, base_plate)

print(scad_render(qrobj))

What we’re doing here is taking the 1s and creating cubes where they are supposed to be, but leaving the zeros empty. Then, we add a “base plate” so that everything stays nice and connected, and finally union all of the cubes with the base plate, so that we get one solid piece that is 3D printed.

In short, the flow is:
SolidPython -> OpenSCAD -> STL -> .gcode

That’s it! You have everything you need to 3D print a QR code of your WiFi credentials.

Conclusions

The key takeaways from this blog post are:

  1. How to create a QR code using Python.
  2. How to create a text representation of the QR code.
  3. How to convert the text representation into an array.
  4. How to create a 3D model of the QR code using the array.

Now that you have a rendered 3D model, you can either 3D print it at home, or send it to a friend to 3D print it for you. You’ll no longer have to give plain text WiFi passwords to your guests – they can just scan the aesthetically-pleasing 3D printed QR code instead!

With this example of how to create an OpenSCAD file from Python using SolidPython, I hope you’ll go forth and make a ton of fun stuff! Please share your experiences in the comment section below.

Kite added the associated code from this blog post to a public Github repository. You can find the source code from this and other posts in their Python series here.

In my next post, I’ll show how I took this code base to create a hybrid command line app and Flask app. Stay tuned for more details and make sure to subscribe to the Kite blog so you don’t miss it!

This article originally appeared on Kite.com.

(Reprinted with permission)

 

Supreme Court ruling does nothing to boost confidence in UK assets

By George Prior

The UK Supreme Court’s ruling that Boris Johnson’s suspension of parliament was unlawful will not boost optimism in the pound and UK financial assets, warns the CEO of one of the world’s largest independent financial organisations.

The comments from Nigel Green, the CEO of deVere Group, follow the unanimous judgement by the highest court in the land on Tuesday that the prorogation of parliament was “unlawful” because it had the effect of frustrating democracy.

He observes: “This is a massive blow to UK Prime Minister Boris Johnson and his approach to Brexit.  It would suggest that the possibility of a hard Brexit – and all its associated perceived threats – has further reduced.

“However, the ruling will not, in fact, deliver a major boost of optimism to the pound and UK financial assets because the Brexit timetable remains in place.

“The Brexit-fuelled political uncertainty deepens, and this will temper any significant upside. Sterling and UK financial assets remain flat.”

Mr Green continues: “MPs are on their way back to the House of Commons and they have already rejected a no-deal exit. Therefore, Boris Johnson needs to get on with securing a deal with the EU that will get through parliament.

“He needs to play strongly the hand with the EU that it’s in their economic best interests to reopen negotiations. After all, the last thing they need is a no-deal and be unable to trade effectively as they do now with the UK, especially as the wider EU and global economies are slowing.”

The deVere CEO concludes: “As the saga and uncertainty continues, it can be expected that both UK domestic and international investors in UK assets are increasingly likely to move assets away from the UK to grow and safeguard their wealth.”

Earlier this month, a deVere Group survey found that there’s been a 35% increase in investors seeking to reduce their exposure to UK assets (barring UK property) since Mr Johnson became PM in July.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

 

 

Ichimoku Cloud Analysis 24.09.2019 (AUDUSD, NZDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6779; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.6805 and then resume moving downwards to reach 0.6665. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6845. In this case, the pair may continue growing towards 0.6925.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6300; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen the cloud’s upside border at 0.6310 and then resume moving downwards to reach 0.6185. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6375. In this case, the pair may continue growing towards 0.6465.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3256; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.3275 and then resume moving downwards to reach 1.3120. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 1.3310. In this case, the pair may continue growing towards 1.3405. After breaking the ascending channel’s downside border and fixing below 1.3200, the price may continue moving downwards.

USDCAD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Japanese Candlesticks Analysis 24.09.2019 (GOLD, NZDUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. XAUUSD has formed Shooting Star reversal pattern close to the horizontal resistance level. Right now, the pair is trying to reverse. If the pair rebounds, it may move towards 1490.00. At the same time, we shouldn’t exclude a possibility that the instrument may continue growing to reach 1545.00 test the ascending channel’s upside border.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, NZDUSD has tested the horizontal support level and formed Doji pattern while trading downwards. Right now, the pair is reversing. After that, the pair may complete the correction and resume growing to reach 0.6361. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue falling towards 0.6257.

NZDUSD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

The Analytical Overview of the Main Currency Pairs on 2019.09.24

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10068
  • Open: 1.09930
  • % chg. over the last day: -0.11
  • Day’s range: 1.09868 – 1.09975
  • 52 wk range: 1.0931 – 1.1817

Yesterday, the bearish sentiment prevailed on the EUR/USD currency pair. The EUR came under pressure after the release of weak business activity report in the EU, which further strengthened investors’ concerns about the development of the recession. The trading tool has updated local lows. At the moment, EUR/USD quotes are consolidating near the round level of 1.10000. 1.09650 is a key support. The single currency has the potential to further decline. We recommend opening positions from key levels.

The Economic News Feed for 24.09.2019:

  • – IFO Business Climate Index (EU) – 11:00 (GMT+3:00);
  • – CB Consumer Confidence Index (US) – 17:00 (GMT+3:00);
EUR/USD

Indicators point to the strength of sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone but above the signal line, which gives a weak signal to sell EUR/USD.

The Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.09650, 1.09300
  • Resistance levels: 1.10000, 1.10250, 1.10600

If the price consolidates below 1.09650, expect a further drop toward 1.09400-1.09200.

Alternatively, the quotes can grow toward 1.10250-1.10500.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24642
  • Open: 1.24328
  • % chg. over the last day: -0.29
  • Day’s range: 1.24240 – 1.24384
  • 52 wk range: 1.1995 – 1.3385

The GBP/USD currency pair went down. The trading tool has updated local lows. Participants in financial markets began to partially fix positions on the pound after a protracted rally. Currently, GBP/USD quotes are consolidating. The key support and resistance levels are 1.24000 and 1.24550, respectively. We do not exclude further correction of the GBP/USD currency pair and recommend keeping track of up-to-date information regarding the Brexit process. Positions must be opened from key levels.

The Economic News Feed for 24.09.2019:

  • – CBI Industrial Trends Orders (UK) – 13:00 (GMT+3:00);
GBP/USD

The price fixed below 50 MA and 100 MA, which signals the strength of sellers.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell GBP/USD.

The Stochastic Oscillator is in the neutral zone, the% K line crossed the% D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.24000, 1.23650, 1.22900
  • Resistance levels: 1.24550, 1.25000, 1.25550

If the price consolidates below the round level of 1.24000, expect further correction toward 1.23650-1.23500.

Alternatively, the quotes can grow toward 1.24900-1.25200.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.32593
  • Open: 1.32567
  • % chg. over the last day: -0.06
  • Day’s range: 1.32535 – 1.32652
  • 52 wk range: 1.2727 – 1.3664

The USD/CAD currency pair continues to trade in a protracted flat. Unidirectional trends are not observed. Investors expect additional drivers. CAD is currently consolidating near the support level 1.32550. 1.32850 acts as the local resistance. The trading instrument can move downwards. We recommend paying attention to the dynamics of oil quotes. Positions must be opened from key levels.

The Economic News Feed for 24.09.2019 is calm.

USD/CAD

Indicators do not provide accurate signals, 50 MA has crossed 100 MA.

The MACD histogram has moved into the negative zone, which indicates the development of a bearish sentiment.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also gives a signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.32550, 1.32350, 1.32100
  • Resistance levels: 1.32850, 1.33100

If the price consolidates below 1.32550, expect further descend toward 1.32300-1.32100.

Alternatively, the quotes can grow toward 1.33000-1.33200.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.713
  • Open: 107.540
  • % chg. over the last day: -0.12
  • Day’s range: 107.476 – 107.686
  • 52 wk range: 104.97 – 114.56

USD/JPY is in the bearish mood. The USD/JPY quotes have set the new local maximums. Right now the trading instrument is consolidating. The key support and resistance levels are 107.350-107.650. JPY can grow further against the USD. Keep tracking the relevant info regarding the US/China conflict and open positions from the key levels.

The Economic News Feed for 24.09.2019 is calm.

USD/JPY

Indicators point to the strength of sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 107.350, 107.000
  • Resistance levels: 107.650, 107.850, 108.100

If the price consolidates below 107.350, expect a further drop toward 107.000-106.800.

Alternatively, the quotes can grow toward 107.800-108.000.

by JustForex

The US Dollar Is Consolidating. Investors Expect Additional Drivers

by JustForex

The US dollar does not change a lot relative to the basket of major currencies. The dollar index (#DX) closed yesterday’s trading session with a slight increase (+0.09%). Investors expect additional drivers. Now, financial market participants hope to receive at least some signals regarding progress in US-China trade relations, as well as the Brexit process.

The Euro has been declining after the release of weak data on economic activity in Germany and the Eurozone. Thus, German manufacturing PMI counted to 41.4 in September and was worse than the expected value of 44.0. Markit composite PMI in the Eurozone counted to 50.4 in September instead of 51.9. Investors are concerned about the development of the recession in the Eurozone economy. Additional support for the US currency was provided by the US Manufacturing PMI released yesterday, which reached 51.0 in September instead of 49.6.

The “black gold” prices have been declining. Currently, futures for the WTI crude oil are testing the $58.10 mark per barrel. At 23:30, API weekly crude oil stock will be published.

Market Indicators

Yesterday, there was a variety of trends in the US stock markets: #SPY (-0.02%), #DIA (+ 0.04%), #QQQ (-0.16%).

The 10-year US government bonds yield has moved away from local lows. At the moment, the indicator is at the level of 1.71-1.72%.

The Economic News Feed for 24.09.2019:
  • – German IFO business climate index at 11:00 (GMT+3:00);
  • – US consumer confidence Index at 17:00 (GMT+3:00).

by JustForex

EURUSD: conditions ripe for a double base

By Alpari.com

On Monday the 23rd of September, trading on the EURUSD pair closed down. The pair keeps trading within the range formed on the 12th of September following the ECB meeting and Mario Draghi’s press conference. The bulls managed to recover from an intraday drop to 1.0966. The euro was boosted by mixed US data, restoring the pair to 1.10.

The US manufacturing PMI exceeded expectations, while the services PMI fell short. This is the first time in 9 years that the service industry has seen a drop in activity. US10Y bond yields took a dive, taking the US dollar index with it.

Day’s news (GMT+3):

  • 11:00 Germany: IFO – business climate (Sep), IFO – current assessment (Sep), IFO – expectations (Sep).
  • 11:30 UK: public sector net borrowing (Aug).
  • 16:00 US: S&P/Case-Shiller home price indices (Jul).
  • 17:00 US: consumer confidence, Richmond Fed manufacturing index (Sep).

EURUSD H1Current situation:

At the time of writing, the euro is trading at 1.0990.  Judging by the formation drawn from the 1.1073 top, it seems that the pair is set to continue downwards. Following a sharp drop to 1.0966, it’s possible that the pair will continue to consolidate below the balance line.

If the bears don’t hit fresh lows, the pair could at least return to 1.0966 if the euro crosses decline. In our forecast, we’re predicting a drop to 1.0970. Even a pullback to 1.0975 will fulfill the conditions for a correction.

ECB President Draghi said yesterday that there are no signs of either recovery or decline in the Eurozone’s manufacturing sector. This could have a negative effect on the wider economy. Draghi’s remarks are likely to hold the bulls back this week.

If the price moves as forecasted, we could get a double base with a target of 1.1040.

By Alpari.com