Followme-daily forex analysis

[StraussX]

#forex #analysis #socialtrading #fintech
The #GBPUSD pair reversed an early European session dip to sub-1.2200 levels and rallied around 30-35 pips in the last hour, albeit lacked any strong follow-through and quickly retreated few pips thereafter.

The continued showing some resilience below the 1.2200 round-figure marks and managed to regain some positive traction amid some renewed US Dollar weakness. The latest developments on the US-China trade front threatened to derail already delicate trade negotiations and turned out to be one of the key factors weighing on the Greenback.

Brexit uncertainties continue to cap the upside
Apart from a subdued USD price action, the uptick lacked any major fundamental catalyst and remained capped in the wake of overnight reports that Brexit talks between Britain and the European Union were close to breaking down. Meanwhile, the UK PM Boris Johnson reiterated that they would leave the EU by October 31st and revived fears of a no-deal Brexit.

Moreover, the latest comments by the Irish finance minister, Paschal Donohoe clearly indicated that any Brexit deal is nowhere in the offering, which might further contribute towards keeping a lid on any runaway rally for the major. Donohoe said that there is a big gap between the UK and the EU on the crucial Irish backstop issue and constructive engagement is the only choice.

Hence, it will be prudent to wait for a strong follow-through buying before confirming that the recent slide from the vicinity of the 1.2600 handle is already over and (or) positioning for any further near-term appreciating move amid absent relevant market-moving economic releases - either from the UK or the US.

Later during the early North-American session, a scheduled speech by the Fed Chair Jerome Powell might influence the USD price dynamics and produce some short-term trading opportunities ahead of the release of the minutes of the latest FOMC monetary policy meeting held on September 17-18.

 

[StraussX]

#USDJPY #forex #analysis #followme #socialtrading
The #USDJPY pair finally broke out of its daily consolidative trading range and jumped to near two-week tops, around the 108.25 region in the last hour.

A sustained move above 100-day EMA was seen as a key trigger for bullish traders and remained supportive of some follow-through buying interest on Friday.

The pair is now trying to build on the momentum further beyond a four-month-old descending trend-line resistance amid growing US-China trade optimism.

This is closely followed by 50% Fibonacci retracement level of the 112.40-104.45 downfall, which if cleared will set the stage for a further near-term appreciating move.

Beyond the said hurdle around mid-108.00s, the pair is likely to aim towards reclaiming the 109.00 handle en-route 61.8% Fibo. resistance near the 109.30-35 region.

On the flip side, any meaningful pullback now seems to find some support near the 107.85 region (100-day EMA), which if broken might negate the constructive outlook.

 

[Shallen Berry]

08.20 #AUDUSD #news #forex
The Australian dollar fell in yesterday's Trading, almost touching the resistance point of 0.6800 at 0.6795. After a tumultuous last week, the AUD is expected to see further volatility with the release of the RBA monetary policy meeting minutes tomorrow midday.

Released 11 times a year, the minutes are a detailed record of the #ReserveBank Board’s most recent meeting. It will provide in-depth insights into the economic conditions that influenced their decision on where to set interest rates.

The #AUDUSD is at 0.6780 nearly. Traders are betting on the Euro to #fall through the psychological level of $1.10 this month as the #ECBprepares a stimulus package amidst the recent global economic downturn. Policy maker Olli Rehn said the package would be “impactful and significant” and would be better for the bank to overshoot than undershoot market expectations.

Furthermore, we can expect to see further short-term volatility as the US-China #TradeWar continues to develop. The temporary license granted to Huawei by the US Commerce department is due to expire today, with expectations that they will extend it another 90 days permitting the Chinese firm to continue to purchase supplies from US companies.

The #EconomicPolicySymposium will be held in Jackson Hole, Wyoming this upcoming Saturday. Attended by central bankers, finance ministers, academics and financial market participants from around the world, Federal Reserve Chair Jerome Powell’s speech is the highlight of the day as they look for signals of further #RateCuts.

Expected Ranges
AUD/USD: 0.6715 - 0.6820

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[StraussX]

#GBPUSD #analysis #forex #forexnews #socialtrading
The #GBPUSD pair remained under some selling pressure amid a flurry of #Brexit headlines, albeit managed to recover around 60-65 pips from daily lows touched in the last hour.

The pair failed to capitalize on the previous session's strong upsurge to the highest level since May 21 and met with some aggressive supply on Wednesday amid fading optimism over a possible #Brexit agreement before the fast-approaching October 31 deadline.

Against the backdrop of the #DUP concerns on the UK PM Boris Johnson’s Brexit concessions, a UK official said that the government was downbeat on chances of a Brexit deal, exerted some heavy #pressure on the #Pound.

The #intraday selling pressure aggravated further, dragging the pair closer to mid-1.2600s, in reaction to reports that suggested technical Brexit negotiations have reached an impasse. The report further added that the EU sees Brexit deal as impossible unless the UK moves.

With the latest #Brexit developments turning out to be an exclusive driver of the intraday volatility, the pair seemed rather unaffected by a subdued US Dollar price action, which remained on the defensive amid the ongoing slide in the US Treasury bond yields.

If the GBP/USD pair continues to show some resilience below the 1.2700 round-figure mark or the current pullback marks the end of the recent strong #bullish momentum that started last week and the resumption of the recent bearish trend. #forex #followme #socialtrading

 

[StraussX]

#Forex #Analysis #SocialTrading #ForexSignals
The #USDJPY pair extended its #sideways consolidative price action through the Asian session on Thursday and remained confined in a narrow trading band above mid-108.00s.

The mentioned region marks a resistance breakpoint and coincides with the 50% Fibonacci level of the 112.40-104.45 downfall and should act as a key pivotal point for intraday traders.

Meanwhile, oscillators on the daily chart maintained their bullish bias and have also eased from slightly overbought conditions on the 4-hourly chart, favouring short-term bullish traders.

A sustained move beyond the 109.00 handle will further reinforce the constructive set-up and set the stage for an accelerated move up towards the 109.30 next resistance zone.

The said hurdle represents early August swing highs and 61.8% Fibo. level, which if cleared will negate any bearish bias and pave the way for a further near-term appreciating move.

The pair could then surpass an intermediate resistance near the 109.60-65 region and aim towards reclaiming the key 110.00 psychological mark en-route mid-110.00s supply zone.

On the flip side, any pullback below the mentioned resistance turned support might still be seen as a buying opportunity and help limit the downside near the 109.00-108.90 #SupportArea.

 

[StraussX]

#EURUSD #forex #analysis #socialtrading #followme
EUR/USD now is trading at 1.1130. The upside momentum in the single currency has subsided a tad at the end of the week.

The EUR/USD pair is now struggling for a clear direction following three consecutive daily advances. Indeed, the positive streak includes the ahead 2-month tops in the 1.1140 regions recorded on Thursday, just ahead of the 100-day SMA.

Spot gathered extra pace along with the rest of the riskier assets after the #UK and the #EU clinched a Brexit deal yesterday, although some cautiousness has emerged in past hours in response to firm opposition from the #DUP and ahead of the UK Parliament vote on Saturday.

In the euro docket, Current Account figures for the month of August are only due later, while speeches by Dallas Fed R.Kaplan (2020 voter, dovish), Kansas City Fed E.George (voter, hawkish) and #FOMC’s R.Clarida (permanent voter, dovish) are next on the US calendar.

The upside momentum in the pair has extended further north of the critical 1.1100 handle against the backdrop of a weaker buck and optimism from the recently clinched Brexit deal. However, it is worth recalling that the positive 3-week streak in spot has been exclusively sponsored by the renewed offered bias in the Dollar and that the outlook in Euroland continues to deteriorate and does nothing but justify the ‘looser for longer’ monetary stance by the ECB and the bearish view on the single currency in the longer run. In addition, the possibility that the German economy could slip into recession in Q3 remains a palpable risk for the outlook and is expected to weigh further on EUR.

At the moment, the pair is losing 0.01% at 1.1124 and faces the next barrier at 1.1139 (monthly high Oct.17) seconded by 1.1163 (high Aug.26) and finally 1.1186 (61.8% Fibo of the 2017-2018 rally). On the flip side, a break below 1.1050 (21-day SMA) would target 1.0994 (21-day SMA) en route to 1.0879 (2019 low Oct.1).

 

[StraussX]

#WeekAhead #Forex #Followme #SocialTrading
Hi Traders, happy new week!
“He who seizes the right moment is the right man.”

Here is this week forex calendar highlights:
(GMT+0)
Monday
01:30 China PBoC Interest Rate Decision
reaction to Brexit vote and Canadian elections

Tuesday
08:00 EuropeECB Bank Lending Survey
12:30 Canadian Retail Sales (MoM) (Aug)

Wednesday
14:30 Crude oil inventories

Thursday
07:30 German Markit PMI Composite (Oct)
07:30 German Markit Manufacturing PMI (Oct)
08:00 Eurozone PMIs
11:45 ECB Deposit Rate Decision
11:45 ECB Interest Rate Decision
12:30 US Nondefense Capital Goods Orders ex Aircraft (Sep)
12:30 ECB Monetary Policy Statement and Press Conference


Friday
06:00 German GfK Consumer Climate
08:00 German Ifo Business Climate



#GBPUSD #Brexit
The GBP/USD was continuing to find buyers late in the day on Friday, with investors reacting to some UK media reports that said Boris Johnson had secured enough backing to support his deal. However, what matters is the actual votes in the ‘Super Saturday’ sitting.

#Labour is strongly advising its #MPs to oppose the deal, and most, perhaps all, are likely to do so. 10 ‘no’ votes appear all but inevitable from MPs of Ireland’s DUP party that has also vowed to oppose the deal. So, the fate of Boris Johnson’s plan hangs partly on Tory pro-Brexit MPs who have repeatedly voted down previous deals
The #PM is busily making pleading calls to MPs ‘across the Commons’ as the weekend approaches, says Downing Street. There’s really no telling how persuasive he will be, till the result of the vote is known. It’s a recipe for investors to execute only the most necessary moves in advance, before a possible ‘manic Monday’ in Saturday’s wake
#MarketsReaction
Should the deal get the majority required in Parliament for the #UK to leave the #EU in an orderly fashion, we could expect sterling to rally and the #FTSE to jump higher in a knee-jerk reaction, similar to what we saw on Thursday’s announcement of the Brexit deal. However, the stronger pound could eventually weigh on the #FTSE given the index’s high percentage of multinationals earning abroad which will be hit by the less favorable exchange rate.
Should Boris Johnson’s selling skills fail him, and the deal does not pass through #Parliament we can expect the pound and the FTSE to sell off sharply, the reverse of Thursday’s reaction, with the FTSE then potentially rebounding as it responds to sterling’s decline.

#ECB
It will be #MarioDraghi’s last policy meeting as the head of the #ECB, and having just re-introduced #QE at the last meeting he will likely go out with a whimper. The euro has appreciated since the ECB’s last meeting, partly because of Brexit optimism and also due to a weakening dollar. Also, raised hopes over a US-China trade resolution, which could boost Chinese demand for Eurozone exports, has also supported the single currency. Furthermore, several ECB policymakers have criticized Draghi’s renewed bond-buying program and called for a change of strategy when Christine Lagarde takes over next month. The probability of further policy loosening has therefore fallen.

 

[gogogo1]

Great analysis, have a lot to learn from this with how you break things down.

 

[StraussX]

#forex #forexnews #Brexit
#GBPUSD is trading at 1.2867, having breached key support on Tuesday, courtesy of Brexit delay.
The pound fell below the 50-hour moving average, confirming a bearish reversal on short duration charts. The key MA had consistently reversed pullbacks throughout the rally from 1.22 to 1.30 and may work as stiff resistance henceforth.

The GBP was offered as #PrimeMinister #Johnson's #BrexitBill won parliamentary support, but the government’s timetable of just 3 days debate on the bill was rejected.

With the parliamentary defeat, the probability of Britain leaving the European Union (#EU) before the Oct. 31 deadline has dropped sharply.

Further, a source in Prime Minister Boris Johnson’s office said on Tuesday that a new election would be the only way to move on from Britain’s Brexit crisis if the European Union agrees to a delay until January.

On a daily chart, the uptrend in GBP/USD appears to have stalled. Signs of indecision loom as a #Bearish Harami candlestick pattern risks paving the way for a reversal. Prices are eyeing near-term support which is a range between 1.2773 and 1.2798. A close under this barrier could open the door to testing former highs from September. Otherwise, clearing resistance at 1.3001 prolongs the uptrend.
Expectation for GBP to “retest the 1.3010/15 level” was incorrect as GBP rose briefly to 1.3000 before plummeting to 1.2862 during NY hours. Upward pressure has dissipated and the short-term risk is for a deeper pullback. That said, any weakness is viewed as a lower trading range of 1.2810/1.2920 and a sustained decline below 1.2810 appears unlikely for now.

Next 1-3 weeks:
#GBP tried to break clearly above 1.3000 for the second straight day yesterday (22 Oct) but slumped after touching 1.3000. For now, there is no change to our view from Monday (21 Oct, spot at 1.2880) wherein “GBP has to ‘punch’ above 1.3000 and register a NY closing above this level in order to indicate that the current rally has enough ‘ammunitions’ to extend to 1.3050, possibly as high as 1.3150”. While there is no change to our view, severely overbought conditions suggest GBP could ill afford to dither below 1.3000 or the risk of a short-term top would increase rapidly. From here, unless GBP cracks and stays above 1.3000 within these 1 to 2 days, a break of 1.2770 (no change in ‘strong support’ level) would indicate that the positive phase that started more than a week ago (see annotations in the chart below) has run its course. Looking ahead, a breach of 1.2770 would suggest that GBP is ready to ‘take a breather’ after the steep rally over the past couple of weeks.

 

[StraussX]

#WeekAhead #Forex #NewWeek #Followme #SocialTrading
(GMT+8)
Monday
23:00 ECB's President Draghi speech

Tuesday
07:30 Tokyo CPI ex Fresh Food (YoY) (Oct)
14:45 RBA's Governor Lowe speech

Wednesday
08:30 RBA Trimmed Mean CPI (QoQ) (Q3)
08:30 Consumer Price Index (QoQ) (Q3)
19:00 Harmonized Index of Consumer Prices (YoY) (Oct)
20:30 US Gross Domestic Product Annualized (Q3)
22:00 CANADA Bank of Canada Monetary Policy Report

Thursday
02:00 US Fed's Monetary Policy Statement
03:30 FOMC Press Conference
24h Brexit Deadline
18:00 Europe Gross Domestic Product s.a.

Friday
09:45 China Caixin Manufacturing PMI (Oct)
22:00 US ISM Manufacturing PMI (Oct)


The fate of the dollar could be decided by the upcoming #Fed policy decision. While the market is fully pricing in a third consecutive #RateCut, the odds for another cut in December have dropped to 40%. The Fed is likely to cut rates but possibly signal they will wait-and-see the impact of recent batch of cuts. #Powell has highlighted Greenspan’s mid-cycle adjustment in the 1990s and we could see that remain the game plan.
The #TradeWar should see incremental updates, but we may not see a major move until we get to the Trump-Xi meeting at the APEC summit next month. The #USD has weakened significantly in the early part of October and we could see this recent rebound be short-lived if the deep pessimism for the global outlook eases, and the dollar to remain very vulnerable.

#Oil prices have been rising towards the back end of the week aided by a surprise inventory drawdown on Wednesday. Oil has been gradually rising since testing its summer lows. Remains vulnerable to global growth worries and further attacks in the middle east.

#Gold has been creeping off its lows but is still struggling to gather any upward momentum. A softer dollar has aided the resilience in the yellow metal but it continues to linger around $1,500. Gold volatility has been relatively muted but the risk environment remains fragile.

The #UK remains in limbo as the country waits to hear whether its extension will be accepted and how long it will be. #BorisJohnson has proposed to Labour that in exchange for an election on 12 December, he will extend the timetable for the #BrexitBill until 6 November. Labour expected to respond on Monday once extension from EU becomes clear. It’s unclear when the #EU will respond as there’s apparently a dispute around whether to offer the full three months or just a couple of weeks, reportedly favoured by France. It’s extremely unlikely it will be rejected altogether but the currency remains volatile.
Weak economic data out of #China has a serious knock-on effect for most of Asia, who rely heavily on exports to China. It’s also likely to filter down to slower global growth.
Quarterly #CPI data on Wednesday could be a market mover, but it’s not the #RBA’s major focus at the moment. Prices have been trending lower since Q2 last year. Weak CPI data could give the RBA more wiggle space for rate cuts, which would be #AUD negative.

 

[StraussX]

Run ahead, Followme opens a new door for global forex trading​

With increasing trend of globalization, currency circulation is becoming more and more frequent. As an international investment field, forex has attracted more and more attention. Under this context, Followme has emerged and grown rapidly to become the world's leading forex trading community.

Nowadays, Followme's globalization strategy has made remarkable achievements, with users covering 160 countries and regions in China, Southeast Asia, South Asia, Africa, and Oceania. The continuous development and improvement of overseas territories depicts followme's market advantage at the forefront of World Trade and opens a new door for global forex trading.

Dedication on developing products
Followme was born in 2015. In the same year, the R&D center was established. It creates a friendly interactive platform for forex traders to exchange and share market information. The initial product prototype is the “FX Friends Community”. In the beginning, “FX Friends Community didn't attract much attention, but the excellent communication atmosphere allowed many trading users to grow strong interest, and more and more people gathered in FX Friends Community. In that year, the registered users of “Huiyou circle” exceeded 60000.
At this time, followme also found that simple community communication is difficult to meet the deeper trading needs of users. To solve this problem, “FX Friends Community has gradually expanded into an open and transparent new trading community integrating microblog, online chat, forex information, trading dynamics, and variety aggregation pages.

Followme international community page
Nowadays, followme trading community has set up many official accounts, such as the "secretary" who notifies the community dynamics in time, the "risk management center" of users' who keeps a careful attention to trading abnormalities, the "product Koi" who pays attention to users' needs and notifies users about product updates, etc., to help users understand and integrate into the community environment faster from multiple perspectives. At present, the followme community has more than 260,000 users with an average daily life of tens of thousands.

Listen attentively and pay close attention to the trading demand
One year after its inception, followme took the lead in launching the FollowTrade trading system, enabling users to conduct online trading while chatting in the community, which practices the perfect binding of communication and transaction.
At the same time, globalization makes forex market a participating for worldwide investors. More and more new investors enter the market, but the lack of trading experience, professional knowledge and risk awareness make difficult for them to obtain stable returns. Hence, followme has developed copy trade system, which enables community users to push ther boundaries and choose to copy suitable trading signals by following in forward or reverse directions.
In addition, followme has developed a multi-account system to solve the issue that users are limited by a single broker platform,. Users can sign up a followme account to bind multiple broker accounts and enjoy the benefits of being a trader and a follower.
Nowadays, the followme trading community supports the MT4 / 5 binding of more than 2,000 brokers' accounts around the world and gradually develops into a powerful open platform. Through the open system, traders can be followed after binding their trading accounts. They can earn trading profits, at the same time with considerable subscription fee revenue and a group of loyal followers. As a result, the community has gathered a large number of high-quality strategic signals, and users who are followers can choose free or paid subscriptions according to their trading preferences, to achieve a win-win situation for both the trading and the followers.

Followme International Strategy Market Page. Users can subscribe to traders' strategies according to their preferences.

Territory expansion, markets without borders
Since the establishment of followme, it has been adhering to the vision of leading global intelligent transaction industry. In the past five years, the overseas market has been expanding, and the Southeast Asia market is the first stop for followme to take the lead in global transactions.
In July this year, followme participated in the "WiKi financial Expo (Kuala Lumpur) 2019" exhibition, discussed financial technology with users from all over the world, shared the innovation achievements of community artificial intelligence, and financial technology, and took the first step of overseas market expansion.
At the same time, followme carried out product innovation. In July, followme launched 2 versions of its website in English and traditional chinese, as well as the new domain names "followme.com" and "followme.tw". Mobile apps in English and traditional Chinese have also been launched in Google play and App store, which has become another milestone of strong breakthrough on the overseas market.

Followme international mobile page
Since the international version was launched, it has received a good market response， advanced copytrading technology and convenient trades following operation have been unanimously recognized by overseas users. In just two months, there are 5633 users registered in the overseas version. Overseas users speak freely in the community. Although from different countries, they have an urgent need for trading and exchange, which makes their ideas burst out different sparks. By the end of September, overseas users had posted 801 short posts and 2116 long posts.

Good products have no national boundaries, good product experience can convey feelings!
"No copy-trading community can be as real, open and transparent as followme," said Jone, a trading user from the United States. In followme, you can see other people's open trading accounts and know their public trading data. "Through these public information, we can observe the strategies of traders, depending on your choice, you can learn their strategies, or choose to follow their trading,, but all of them improve the convenience of trading." This once again reflects the good reputation that followme has accumulated in the global market.

Next, Followme will focus on the Southeast Asian and African markets and launch more language versions of products online. Under the trend of globalization, the competition in the forex market will be more and more fierce. Difficulties and challenges are inevitable, but it is followme's first intention to do well in products. Followme believes that the choice of Chinese users and the world's users will be the same, that is only real and high-quality products can harvest the trust of users.
In the future, followme will continue to provide traders from all over the world with high-quality platforms and services, enablaing truly meaningful global reading community . Followme is bound to blossom in the global forex trading industry.