EUR/USD, “Euro vs US Dollar”
The currency pair has completed a structure of decline to 1.0320 and continues forming a consolidation range. This new range is now forming at the lows of the declining impulse around 1.0356. With an escape from the range downwards, a pathway down to 1.0274 will open, from where the trend may continue to 1.0175.
GBP/USD, “Great Britain Pound vs US Dollar”
The currency pair continues developing a structure of decline to 1.1900. After this level is reached, a link of correction to 1.2003 is not excluded, followed by a decline to 1.1761.
USD/JPY, “US Dollar vs Japanese Yen”
The currency pair has formed a narrow consolidation range around 138.75. Today the quotes may gro to 139.59 and continue the wave of growth to 139.85.
USD/CHF, “US Dollar vs Swiss Franc”
The currency pair has broken through 0.9500 upwards. At the moment, the quotes are forming a consolidation range around 0.9522. An escape upwards is expected, so that the ascending wave could continue to 0.9633. The goal is local.
AUD/USD, “Australian Dollar vs US Dollar”
The currency pair is forming a structure of a declining wave to 0.6641. Then a consolidation range is expected to form around this level. With an escape downwards, a pathway to 0.6642 will open. And after this level is broken away, the wave may extend to 0.6534, after which the quotes are likely to grow to 0.6642.
Brent
Crude oil continues forming a consolidation range around 85.00. Then growth to 89.25 is expected, followed by a decline back to 85.09.
XAU/USD, “Gold vs US Dollar”
Gold continues forming a consolidation range around 1747.30. With an escape from the range upwards, a pathway to 1775.00 will open. With an escape downwards, a pathway down to 1737.30 will open, from where the wave may continue to 1720.00.
S&P 500
The stock index continues forming a consolidation range around 4005.5. With an escape upwards, the range may extend to 4072.5, from where the quotes may go down by the trend to 3900.0. With an escape downwards, a pathway for the downtrend to 3777.7 will open right away.
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Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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