EUR/USD, “Euro vs US Dollar”
The currency pair has completed a correction to 1.0790. Today the market is developing a new structure of decline. A link of decline to 1.0690 is expected, followed by growth to 1.0740 and a decline to 1.0655, from where the wave might extend to 1.0610. The goal is local.
GBP/USD, “Great Britain Pound vs US Dollar”
The currency pair has completed a wave of correction to 1.2193. Today the market continues developing a structure of decline to 1.2062. Then a link of growth to 1.2134 and a decline to 1.1990 should follow, from where the wave might continue to 1.1930. The goal is local.
USD/JPY, “US Dollar vs Japanese Yen”
The currency pair has completed a correction at 130.33. Today the market is forming a link of growth to 133.15. After this level is reached, a link of decline to 131.50 should follow.
USD/CHF, “US Dollar vs Swiss Franc”
The currency pair has completed a correction at 0.9166. Today a link of growth to 0.9260 is forming. Then a decline to 0.9211 and growth to 0.9305 should follow, from where the wave might extend to 0.9355.
AUD/USD, “Australian Dollar vs US Dollar”
The currency pair has completed a correction to 0.7010. Today a structure of decline to 0.6894 is forming. Then growth to 0.6952 and a decline to 0.6843 should follow, from where the wave might continue to 0.6781.
Brent
Brent has completed a link of growth to 85.22 and a link of decline to 83.30. Practically, a new consolidation range has appeared around 83.30. A new structure of growth to 87.62 is expected to develop. The goal is first.
XAU/USD, “Gold vs US Dollar”
Gold has completed a correction at 1889.99. Today the market is forming a link of decline to 1840.80. Then a link of growth to 1865.55 and a decline to 1819.70 should follow.
S&P 500
The stock index continues forming a structure of decline to 4050.0. After this level is reached, a new consolidation range should form around this level. With an escape downwards, the wave of decline should continue to 3923.5, from where it might continue to 3903.0. The goal is local.
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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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