Weekly Technical Outlook – 10.Mar.2019

Challenging fresh 2019 highs at 97.71, the US dollar put in solid gains last week, up 0.96%. On the data front, US ISM non-manufacturing PMI reported strong gains (59.7 vs. expected 57.4). Total non-farm payroll employment was little changed in February (+20,000 – the fewest in more than a year), after increasing by 311,000 in January, the US Bureau of Labour Statistics reported Friday. The US unemployment rate also declined to 3.8%, beating expectations of 3.9%, and US average hourly earnings ticked higher at 0.4% vs. expected 0.3%. The release weighed on an already waning greenback, pulling back from the said 2019 highs.

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12 more FX Options assets added

First, let me tell you what is FX Options if you are not familiar with it, FX Options combine features of regular options and Forex. It’s similar to binary options in a way but it’s not totally identical, with Binary options you can either win or lose the amount you invested without early cash out, with FX Options you can close your position if you don’t think it’ll go your way and cut your loses early.

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Weekly Technical Outlook – 03.Mar.19

Underpinned by a better-than-expected US growth reading and robust US Treasury yields – the 10-year yield chalked up its third consecutive gain, reaching highs of 2.76% – the greenback pared earlier losses and concluded the week marginally in the red by 0.05%, according to the US dollar index. 

Technically, the top edge of a monthly supply-turned support area at 95.13-92.75 remains a valuable structure for the currency, which could eventually lead to a move being seen towards monthly resistance parked at 99.62. A closer reading on the weekly timeframe, nevertheless, has resistance plotted at 97.80.

Meanwhile, in other currencies:

  • Early week witnessed the British pound soar against its US peer on news of Labour’s shift regarding a second referendum, and following reports UK PM May is to offer a vote on extending Article 50 (as well as offering a vote on a no deal Brexit) if her deal doesn’t pass Parliament on 12 March. Despite ending the week firmly in the green, up 1.15%, the GBP/USD pulled back Thursday and Friday on dollar strength. In addition to this, the technical picture had its spotlight on hefty resistance: weekly supply at 1.3472-1.3204 and a daily Quasimodo resistance at 1.3315. Adding weight to this resistance is also the approach: a daily ABCD bearish formation.
  • The Australian dollar kicked off the week on a reasonably strong note, as US President Trump busied himself on Twitter, stating he will be delaying the US increase in China tariffs, and assuming US and China make additional progress, will be planning a Summit with Chinese President Xi at Mar-a-Lago. Buyers lost their flavour Wednesday, nevertheless, as Australia’s seasonally adjusted estimate for total construction work done fell 3.1% to $51,092.3m in the December quarter. This, along with the US dollar index turning higher on the day, eclipsed a large portion of the week’s gains. The Australian dollar ceded further ground to its US counterpart Thursday (despite running to highs of 0.7166 in early trade on upbeat Aussie private capital expenditure q/q) and Friday, concluding the week down by 0.68%.

Weekly Technical Outlook – 03.Feb.19

Down 0.42%, according to the US dollar index, Wednesday proved to be a turning point for the greenback last week. On the much awaited FOMC rate decision holding pat, dovish tweaks in the latest FOMC statement and Fed’s Chairman Powell position shifting to more of a dovish stance, the US dollar, engulfing Monday and Tuesday’s candles, explored lower ground and collided with fresh lows at 95.25.

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Trade Stock CFDs

We are happy to announce that Stock CFDs are now available for trading on the IQ Option platform, mobile and web apps included!

CFD or Contract for Difference is a financial instrument that allows traders to speculate on price movements of a given asset, for instance, stocks, without owning the asset itself.

Benefits of trading Stock CFDs:

  • Low commission that provides accessible trading experience
  • Ability to close deals at any time
  • Wide range of worldwide brands’ stocks: Amazon, Apple, Google, Facebook, Nike, Starbucks, Tesla and many more
  • Automated orders which allow to set up your own conditions for opening and closing deals

Best and Worst Traders this Week

This week's best trader is from Brazil, only 63 trades to add +$55K to his balance. On the flip side from the UK, another trader managed to lose -$149K in 3,186 trades. That's why money managed is the key to success and It's  important to know when to call it a day close your trading station.

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Crypto meltdown or an opportunity?

We would like to draw your attention to the latest development in the cryptocurrency market as it’s becoming even more active with the growing interest in trading. It’s difficult to predict cryptocurrencies’ direction, one day the prices go up and then we witness a sudden decline.

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