EUR/USD, “Euro vs US Dollar”
The currency pair completed an impulse of decline to 1.0460. Today a consolidation range is forming around this level. An escape downwards and further decline to 1.0388 is expected. After this level is reached, growth to 1.0460 may begin.
GBP/USD, “Great Britain Pound vs US Dollar”
The currency pair continues developing a wave of decline to 1.2095. After this level is reached, growth to 1.2205 should begin, followed by a decline to 1.2066.
USD/JPY, “US Dollar vs Japanese Yen”
The currency pair continues growing to 137.85. After this level is reached, we expect a decline to 135.75, from where the trend might continue to 134.10.
USD/CHF, “US Dollar vs Swiss Franc”
The currency pair continues developing the wave of growth to 0.9457. Then a decline to 0.9388 might start, from where the wave might continue to 0.9320.
AUD/USD, “Australian Dollar vs US Dollar”
The currency pair completed a structure of decline to 0.6699. Today the market is forming a consolidation range around this level. With an escape upwards, a pathway for a correction to 0.6755 will open. With an escape downwards, a pathway to 0.6654 will open.
Brent
Crude oil performed an impulse of decline to 79.00. At the moment, the market is forming a consolidation range above this level. Next, the quotes might escape the range upwards to 83.20, fall to 78.20, and grow again to 84.00, from where the trend may continue to 89.50.
XAU/USD, “Gold vs US Dollar”
Gold is forming a consolidation range around 1773.00. With an escape upwards, a pathway to 1782.00 will open, from where the quotes should decline to 1755.00. With an escape downwards, a pathway directly to 1755.00 should open.
S&P 500
The stock index is forming a consolidation range around 3972.2. An escape downwards and trend continuation to 3862.7 are expected. After this level is reached, a link of correction to 3972.2 is not excluded. Then a decline to 3840.8 is expected.
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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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