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Losses have not extended far enough to put the short-term uptrend at risk – Scotiabank

November 30, 2023 |

Share: EUR/USD losses have picked up through the European session. Economists at Scotiabank analyze the pair’s outlook. Additional losses through 1.09 would imply a little more downside risk The EUR/USD pair is trading nearly a cent off of Wednesday’s high but losses have not extended far enough at this point to put the short-term uptrend at risk.  Additional losses through the 1.09 level would imply a little more downside risk for the EUR in the short run, however, towards stronger support in the 1.0825/1.0850 range.    Source link

Pullback in Question Ahead of US PCE Data

November 30, 2023 |

Gold (XAU/USD) Analysis After a hot growth print for Q3, gold appears more subdued but PCE may reignite the bull run Gold threatens to test all-time-high of $2081 should $2050 hold this week US exceptionalism at risk as economic fortunes sour in the US (sentiment and hard data) The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library Gold Takes a Breather Ahead of US PCE Data Markets continue to react to incoming data and are expected to be sensitive to further growth and inflation indicators as the expectation for interest rate cuts filters across markets. Yesterday, the second revision to US GDP for the third quarter surpassed the prior reading as well as consensus estimates – helping provide support for the US dollar. Better than expected growth data for Q3 contrasts what we are seeing…    read more 

Trend Channel MT4 Indicator –

November 30, 2023 |

In the fast-paced world of financial markets, having a competitive edge is paramount. Traders, both novice and experienced, are constantly on the lookout for tools and strategies that can help them make informed decisions and maximize their profits. One such tool that has gained significant popularity among traders is the Trend Channel MT4 Indicator. In this article, we will delve into the intricacies of this powerful indicator, exploring its features, benefits, and how it can be effectively used in trading. Understanding the Basics What is the Trend Channel MT4 Indicator? The Trend Channel MT4 Indicator, also known as the Trend Channel or Price Channel, is a technical analysis tool used in the world of forex, stocks, commodities, and cryptocurrency trading. This indicator helps traders identify trends in the market by plotting two parallel lines above and below the price chart. These lines represent potential areas of support and resistance. How…    read more 

Fundamental Analysis in Forex Trading – Trading Strategies – 30 November 2023

November 30, 2023 |

AVATAR TRADING HOUES In the intricate world of forex trading, understanding the fundamental underpinnings of currency markets is essential. Fundamental analysis delves into the economic, political, and social factors that shape the valuation of currencies. This article is your comprehensive guide to mastering fundamental analysis in forex trading, exploring how economic events, news releases, and macroeconomic factors impact currency markets. We’ll also provide valuable guidance on how traders can integrate fundamental analysis into their trading strategies. The Economic Calendar: The economic calendar serves as a lifeline for forex traders, offering a detailed schedule of upcoming economic events and announcements. Traders meticulously study this calendar, anticipating market reactions to events like GDP releases, employment data, and central bank meetings. By aligning their trades with these events, traders can exploit market volatility and make timely, well-informed decisions. Key Economic Indicators: Fundamental analysis revolves around key economic indicators, such as inflation rates, employment figures, and…    read more 

Oil jumps near 2% despite no clear action plan from OPEC+

November 30, 2023 |

Share: WTI Oil soars as the OPEC+ meeting started online around 10:30 GMT.  The US Dollar is roaring back after a few days of substantial weakness.  Oil to rally ahead of the official OPEC+ outcome as impasse remains.  Oil prices are jumping higher for a second day in a row ahead of the OPEC+ meeting and outcome. With the OPEC+ meeting taking place at the time of writing, no official report has been issued and no consensus seems to be on the table when it comes down to distributing production cuts amongst all OPEC+ members. The African producing nations appear to be very reluctant to take any cuts, despite the recent downturn in Crude prices in global markets.  The US Dollar (USD) meanwhile is trying to set the record straight as markets might have devalued the Greenback a touch too much. While focussing on the end of the…    read more 

Martingale Trade Manager EA Manual – Other – 30 November 2023

November 30, 2023 |

Below are the parameters description details of Martingale Trade Manager EA for MT4 and MT5. Symbol Mode Current : Only Manage Current Chart Selected : Manage All symbols in the lists Prefix : Prefix for selected symbols mode Postfix : Postfix for selected symbols mode All Market Watch : Manage All Enabled symbols on the Market Watch Averaging Settings Enable Averaging : If enabled, will use auto martingale for each type of open orders (1 Buy / 1 Sell) Lot Mode : Multiply : will use subsequent lot for next order by multiplying Increment : will use subsequent lot for next order by addition Lot Multiplier / Increment : value for next lot order (Multiply/Addition) Pip Steps : Base pip steps / distance for martingale orders (In Points) Enable Pip Step Multiplier : if enabled, will multiplying base pip steps distance by factoring. In instance, if more open orders occurred,…    read more 

Daily Forex News and Watchlist: USD/CAD

November 30, 2023 |

USD/CAD is locked inside a tight range ahead of today’s Canadian GDP and U.S. core PCE releases! Is the pair in for a breakout? Or will USD/CAD traders take advantage of the pair’s support and resistance zones? Before moving on, ICYMI, yesterday’s watchlist looked at GBP/USD’s uptrend ahead of the U.S. preliminary GDP release and BOE Gov. Bailey’s speech. Be sure to check out if it’s still a good play! And now for the headlines that rocked the markets in the last trading sessions: Fresh Market Headlines & Economic Data: U.S. GDP for Q3 2023 (2nd read): 5.2% q/q (4.9% q/q forecast; 2.1% q/q previous) EIA Crude Oil Inventory Change for week ending Nov. 24: 1.85M barrels vs. 860K barrels previous In an interview, BOE Gov. Bailey shared that “We’re not in a place now where we can discuss cutting interest rates – that is not happening” New Zealand’s building…    read more 

Euro Area Inflation Falls Sharply, EUR/USD Slips on Heightened ECB Rate Cuts Expectations

November 30, 2023 |

EUR/USD Forecast – Prices, Charts, and Analysis Recommended by Nick Cawley Introduction to Forex News Trading Most Read: Euro (EUR) Forecast: EYR/USD and EUR/GBP Week Ahead Outlooks Inflation in the Euro Area continue to fall with the latest reading showing a showing downturn from October’s numbers. Core inflation fell by 0.6% to 3.6%, while headline inflation fell by 0.5% to 2.4%. Headline inflation is now at its lowest level since July 2021, while the core rate is at its lowest level since April 2022. Both readings can in below market expectations. DailyFX Calendar Today’s inflation release will add to the recent growing sense that the European Central Bank will trim borrowing rates sooner than previously expected. The latest ECB rate expectations show the first 25 basis point rate cut at the April meeting with a total of 115 basis points of cuts priced in for 2024. EUR/USD slipped lower post-release…    read more 

US ECONOMIC GROWTH IN THE 3rd QUARTER IS REVISED TO 5.2% – Weekly Trends – 30 November 2023

November 30, 2023 |

The U.S. economy grew faster than initially thought in the third quarter, but momentum appears to have cooled since then as higher borrowing costs are restraining hiring and spending. U.S. gross domestic product rose at an annualized rate of 5.2% last quarter, revised upward from the previously reported 4.9% pace, the Commerce Department said in its second estimate of third-quarter GDP. . This was the fastest pace of expansion since the fourth quarter of 2021. Economists polled by Reuters expected GDP growth to be revised upwards to a rate of 5.0%. READ ALSO The economy grew at a pace of 2.1% in the April-June quarter and is expanding at a pace well above what Federal Reserve officials consider a non-inflationary growth rate of about 1.8%. The upward revision to last quarter’s growth reflected improvements in business investment as well as state and local government spending. Residential investment was also revised…    read more 

Play of the Day: Potential Short-Term Support for NZD/USD

November 30, 2023 |

We’re taking another look at the New Zealand dollar today, this time against the U.S. dollar. Will the remaining U.S. data releases reinforce soft landing and/or Fed interest rate cut bets in the next trading sessions? Let’s check out NZD/USD’s 15-minute charts setup while we wait for the catalysts: This Article Is For Premium Members Only Become a Premium member for full website access, plus get: Ad-free experience Daily actionable short-term strategies High-impact economic event trading guides Access to exclusive MarketMilk™ sections Plus More! Source link

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