empty
 
 
13.11.2017 10:54 AM
Trading plan for 13/11/2017

Monday's opening brings the sale of the British Pound under the influence of the weekend press. The Nikkei225 marks a sudden drop, pulling in USD/JPY and giving a negative signal to the markets in Europe. The fall on the Japanese stock exchange woke up the Gold bears. The ounce price rises to $1,277 from $1,273 reached on Wednesday.

On Monday 15th of November, the event calendar is light in important data releases. Only two news might have an impact on the financial markets today: Federal Budget Balance data from the US and Retail Sales data from New Zealand.

GBP/USD analysis for 13/11/2017:

The Cable dived from 1.3190 to 1.3120 and as the perpetrator indicates the weekend UK press releases. The Sunday Times reports that as many as forty MPs of his Conservative Party are ready to sign a censure letter to Prime Minister Theresa May. To dismiss the Prime Minister this way, the British law requires 48 votes. This is another May's problem after the sex scandal in Westminster and the recent resignation of two ministers. In addition, another article reports that the EU is preparing for a possible breakdown of the Brexit negotiations. Although the creation of an emergency plan does not imply a desire to use it, a reminder of such a vision raises concerns.

Let's now take a look at the GBP/USD technical picture on the H4 time frame. The market was rejected at the technical resistance at the level of 1.3220 and currently is trading near the technical support at the level of 1.3087. Any breakout lower would likely result in a test of the key near-term support at the level of 1.3030. Weak upward momentum is supporting this view.

This image is no longer relevant

Market Snapshot: USD/JPY test the trend line resistance

The price of USD/JPY has failed to rally above the black trend line resistance around the level of 113.75 and currently is reversing towards the technical support at the level of 112.94. Any breakout below this level would immediately open the road towards the next technical support at the level of 112.27.

This image is no longer relevant

Market Snapshot: Gold fails to rally higher

The price of Gold has broken the golden trend line, but so far it fails to rally higher in order to confirm the breakout as the nearest technical resistance at the level of $1,290 still has not been violated. Currently, the price is trading in the middle of the narrow range at the level of $1,276. Any breakout lower would accelerate sell-off towards the level of $1,265.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback