EUR/USD, “Euro vs US Dollar”
The EUR/USD pair has completed a declining momentum at 1.0860 and a correction to 1.0868. Today the market is making a movement within a decline wave to 1.0790. After the price reaches this level, a rising link to 1.0829 is not excluded (with a test from below). Next, a decline to 1.0770 might follow. This is the first target.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has completed a decline momentum to 1.2424. A consolidation range has formed around this level today. With an escape downwards, the trend might extend to 1.2345. This is the first target.
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY has completed a wave of decline to 150.04. A rising momentum to 151.23 has been performed today. At the moment, a consolidation range is forming around this level. With an escape upwards, the potential for a rising wave to 152.20 could open.
USD/CHF, “US Dollar vs Swiss Franc”
USD/CHF has completed a decline wave to 0.8855. Today the market is forming a consolidation range above this level. An escape from the range upwards and extension of the wave to 0.9013 is expected. This is the first target.
AUD/USD, “Australian Dollar vs US Dollar”
AUD/USD has completed a decline momentum to 0.6484 and a correction to 0.6530. Today the market extends the decline wave to 0.6433. Next, a link of correction to 0.6480 is not excluded.
Brent
Brent has completed a consolidation range around 81.77 and extends a wave of decline to 79.79 with an escape from the range downwards. After the price reaches this level, a new wave of growth to 83.70 could start, from where the trend might continue to 85.33. This is a local target.
XAU/USD, “Gold vs US Dollar”
Gold has formed a decline momentum to 1955.40. A link of correction to 1966.00 is not excluded. Next, a decline wave to 1948.00 is expected, from where the trend could continue to 1922.75.
S&P 500
The stock index has formed a decline momentum to 4499.0. A link of correction to 4510.0 is expected today. Next, a new decline movement to 4470.0 is expected, from where the trend might continue to 4455.0. This is the first target.
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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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