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Forex News
  • India to Auction 40 Bln Rupees of 364-Day T-Bills
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  • Fxwirepro: Wti Shooting Star and Bullish Dma Crossover Propels Uncertainties But “double Touch Binaries” to Fetch Certain

    On daily terms, shooting star is traced out at 54.22 levels to evidence the price slumps but not below DMAs, taking the supports at around 7 & 21DMAs it has bounced back again.

    Most notably, since 7DMA has crossed over 21DMA which is deemed as bullish crossover we may expect the extension in ongoing rallies.

    But you could also observe, the price behavior has remained in the range between 55.21 and 50.75 levels since mid-December 2016.

    On monthly terms also, despite the struggle of breach above resistance of ascending triangle bulls are still lingering above EMAs.

    Well, for now, interim dips can also not be disregarded as the stochastic nearing overbought territory and historically this leading indicator has shown the shrink in upside momentum at this juncture.

    As a result, bulls seem to have exhausted at resistance at 54.31 to 55 levels, more price dips seems to be on cards if the bulls don’t manage to decisively break out and sustain above-mentioned range.

    RSI at 58 and 59 levels is also sensing resistance; as a result, we foresee downswings may extend to retest support at around 53 or even up to 50.5467 levels. This leading oscillator (stochastic) on monthly terms has been indecisive in overbought zone.

    On the contrary, MACD evidences bullish crossover that signals bullish targets in medium-long run, WTI crude price has been spiking higher through ascending triangle in consolidation phase (monthly chart) showing strength in rallies after the formation of dragonfly doji.

    Oil prices plummeted on Wednesday on the back of concerns over speculation that producer club OPEC’s maintenance of its high compliance with output cuts aimed at reining in a global fuel supply overhang.

    Trade tips:

    Ahead of EIA’s inventory check during US session, we see speculative opportunities in double touch binary options of this energy commodity prices, this option trade is useful for intraday traders who believe the price of an underlying spot FX would undergo a large price movement, but who are unsure of the direction.

    At spot ref: 54.25, a trader can use a double touch option with barriers at 54.58 and 53.6571, thereby, 100-115 pips are reasonable to speculate this pair on either side.

    Some traders view this type of exotic option as being like a straddle position since the trader stands to benefit on a calculated price movement up or down in both scenarios.

    The material has been provided by InstaForex Company -
  • India to Auction 100 Bln Rupees of T-Bills
    The material has been provided by InstaForex Company -
Company News
Forex Analysis
  • Global macro overview for 23/02/2017

    Global macro overview for 23/02/2017:

    The Canadian December Retail Sales data surprised market participants after the data published were way worse than expected. Market participants expected a slight decrease in retail sales of 0.1% after the revised 0.3% gain, but the number release was at the level of -0.5%. Sales increased for the previous four months and the annual increase was still 4.3%. In volume terms, sales fell 1.0% on the month with a 3.0% annual gain.The biggest decline in sales was reported in motor vehicle dealers (declined 0.9%), health and personal care stores (declined 4.1%), clothing and accessory (declined 3.7%) and in food and beverage stores (0.4%). In conclusion, the most important feature of this data is a drop in sales of products traditionally related to the seasonal holiday spending, especially clothing. It might be only temporary or it might be a symptom of underlying weakness in consumer spending and change in consumer sentiment.

    Let's now take a look at the USD/CAD technical picture in the H4 time frame chart. Immediately after the data release, the price tried to break out above the technical resistance at the level of 1.3211, but is was rejected. The price is still trading inside of the golden channel, just around the 200 periods moving average. The next support is seen at the level of 1.3108 and the next resistance is seen at the level of 1.3165.


    The material has been provided by InstaForex Company -
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