ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendation:
SELL 126.75 SL 127.3 TP1 125.75 TP2 125.35 TP2 124.1,
SELL 127.2 SL 127.75 TP1 126.2 TP2 125.75 TP3 125.35
On the daily chart of EUR/JPY, the implementation of the "Spike and Ledge" pattern, in particular, the fall of the pair below the lower border of the "ledge" between the 127.6 and 129.25 levels, made the pair reach the 88.6% target of the "Shark" pattern. As a result, the odds of the reversal towards the 23.6%, 38.2% and 50% levels of the CD wave increased. On the other hand, the update of the December's maximum will pull the pair further down towards the 113% target.
On H1, the reversals towards the 126.75 and 127.2 resistances may be used to open short positions.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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