| EURUSD: 1.1853 |
| EurUsd is unchanged on Thursday after having bounced off rising-trend support, and a similar session looks possible today although a big day of data may produce plenty of volatility. OPEC, EU CPI, US Personal Consumption/Expenditure in focus. | |||||
| 1 hour/4 hour indicators: Mixed | Daily Indicators: Up – Possible topping formation. | Weekly Indicators: Neutral | |||
| Preferred Strategy: Another choppy day looks likely although I prefer to trade from the short side, with a SL placed just above 1.1920. Look to trade the range 1.1800-1.1900. | |||||
| Resistance | Support | ||||
| 1.1960/64 | 27 Nov high / (76.4% of 1.2091/1.1553) | 1.1816 | Session low )/Rising trend support | ||
| 1.1950 | Minor | 1.1805 | (38.2% of 1.1553/1.1943)/Rising trend support | ||
| 1.1920 | 28 Nov high | 1.1775 | 100 DMA/55 DMA | ||
| 1.1900 | Minor | 1.1755 | (50% of 1.1553/1.1943) | ||
| 1.1882 | Session high | 1.1730 | Minor | ||
Economic data highlights will include:
OPEC Meeting, German Retail Sales, Import/Export Index, Unemployment, EU CPI, Unemployment, US Personal Consumption/Expenditure Price Index, Personal Spending, Jobless Claims, Chicago Purchasing Managers Index
…
| USDJPY: 111.88 |
| US$Jpy is slightly firmer today, although unable to maintain its highs above 112.00. Now back above the important 111.70 level, this should provide support and buying dips is preferred. | |||||
| 1 hour/4 hour indicators: Mildly Bullish | Daily Indicators: Down – Possible basing formation. | Weekly Indicators: Neutral | |||
| Preferred Strategy: I prefer to lean towards the upside, but without looking for too much directional movement today. Possible range trade 111.50/112.30 although Neutral Korean headlines may see a move to safe haven so stops should be left below 111.20. | |||||
| Resistance | Support | ||||
| 112.75 | (50% of 114.73/110.83) | 111.70 | 100 DMA/200 DMA | ||
| 112.30 | (38.2% of 114.73/110.83)/Weekly cloud top | 111.35 | Session low | ||
| 112.14 | Session high | 111.02 | (50% pivot of 107.31/114.73) | ||
| 112.05 | 200 WMA | 110.92 | 28 Nov low | ||
| 111.95 | Daily cloud top | 110.83 | 27 Nov low | ||
Economic data highlights will include:
Preliminary Industrial Production – Oct, Foreign Bond/Stocks Investment, Housing Starts
…
| GBPUSD: 1.3411 |
| Sterling continues to benefit from the more positive Brexit headlines, and the momentum indicators suggest that further gains lie ahead. | |||||
| 1 hour/4 hour indicators: Mixed – Turning higher | Daily Indicators: Turning higher | Weekly Indicators: Turning higher? | |||
| Preferred Strategy: Good resistance lies at 1.3450 but if that is taken out, then there is little to stop a move towards 1.3500 and eventually to the September high at 1.3656. I prefer to trade from the long side and think Sterling has further good gains ahead of it, against both the dollar and on the crosses.Buy GbpUsd @ 1.3385. SL @ 1.3290, TP @ 1.3450
Buy GbpAud @ 1.7680 SL @ 1.7580, TP @ 1.7900 Sell EurGbp @ 0.8870. SL @ 0.8925, TP @ 0.8760 |
|||||
| Resistance | Support | ||||
| 1.3600 | Minor | 1.3400 | Minor | ||
| 1.3570 | Minor | 1.3385 | Minor | ||
| 1.3505 | (76.4% of 1.3656/1.3073) | 1.3339 | Session low | ||
| 1.3480 | Minor | 1.3280 | Daily cloud top | ||
| 1.3450/55 | Descending trend resistance/28 Sept high | 1.3221 | 28 Nov low | ||
Economic data highlights will include:
UK Consumer Confidence
…
| USDCHF: 0.9841 |
| US$Chf is unchanged after a tight range of 0.9818/69 | |||||
| 1 hour/4 hour indicators: Neutral | Daily Indicators: Neutral | Weekly Indicators: Neutral | |||
| Preferred Strategy: The momentum indicators are offering little hint either way, and a neutral stance is required although out of choice I prefer to trade the dollar from the long side.Buy US$Chf @ 0.9800. SL @ 0.9770, TP @ 0.9900 | |||||
| Resistance | Support | ||||
| 0.9946 | 21 Nov high | 0.9835 | 100 WMA | ||
| 0.9905 | (76.4% of 0.9946/0.9776) | 0.9818 | Session low | ||
| 0.9880 | (61.8% of 0.9946/0.9776) | 0.9805/00 | 200 DMA /28 Nov low | ||
| 0.9869 | Session high | 0.9776 | 27 Nov low | ||
| 0.9860 | (50% of 0.9946/0.9776) | 0.9727 | (50% of 0.9420/1.0037) | ||
Economic data highlights will include:
GDP
…
| AUDUSD: 0.7573 |
| AudUsd has recovered from a session low of 0.7551 leaving the short term outlook rather mixed. Direction today will come from the Capex, Housing data and the China PMIs. | |||||
| 1 hour/4 hour indicators: Mixed | Daily Indicators: Pointing mildly higher | Weekly Indicators: Neutral | |||
| Preferred Strategy: A choppy session could be in store although I lean towards selling into rallies, looking for an eventual test of 0.7500 and lower as we approach the next Fed meeting on Dec 13.Sell AudUsd @ 0.7600. SL @ 0.7635, TP @ 0.7520 | |||||
| Resistance | Support | ||||
| 0.7665 | 13 Nov high /(23.6% of 0.8102/0.7531) | 0.7551 | Session low (61.8% of 0.7159/0.8124) | ||
| 0.7644 | 27 Nov high | 0.7531 | 21 Nov low /100 WMA | ||
| 0.7620 | 28 Nov high | 0.7515 | (76.4% of 0.7328/0.8124) | ||
| 0.7606 | Session high | 0.7500 | Minor | ||
| 0.7590 | 200 HMA | 0.7475 | Rising trend support | ||
Economic data highlights will include:
HIA New Home Sales, Building Permits, Aust Private Sector Credit, China Mfg/Non-Mfg PMIs
…
| NZDUSD: 0.6885 |
| The Kiwi is lower today, after failing on the topside at0.6929, and is currently trading towards the lows of 0.6875. Direction today will come via the NZ Building Permits, ANZ Activity Outlook, Business Confidence and the China PMIs. | |||||
| 1 hour/4 hour indicators: Turning lower | Daily Indicators: Turning higher | Weekly Indicators: Turning lower | |||
| Preferred Strategy: Selling rallies still seems to be the plan, with a SAL placed above 0.6930.In the bigger picture, with the longer term (weekly) charts looking heavy, I suspect the Kiwi is currently biding its time ahead of a more sustained test of the downside. In the short term though, I suspect another test of 0.6920/30 may lie ahead and it is possible that we could even see a return to the neckline of the major head and shoulders, at 0.6990, before heading lower. | |||||
| Resistance | Support | ||||
| 0.7000 | Minor | 0.6875 | Session low | ||
| 0.6980 | 9 Nov high | 0.6844 | 24 Nov low | ||
| 0.6945 | 28 Nov high | 0.6820 | Minor | ||
| 0.6933 | (23.6% of 0.7434/0.6783) | 0.6800 | Minor | ||
| 0.6928 | Session high | 0.6779 | 17 Nov low | ||
Economic data highlights will include:
NZ Building Permits, ANZ Activity Outlook, Business Confidence
By November 30, 2017
Source: FXCharts