EUR/USD, “Euro vs US Dollar”
EUR/USD is rebounding from the resistance level. The instrument is going inside the Ichimoku Cloud, which suggests a flat. A test of upper boundary of the Cloud at 1.0995 is expected, followed by a decline to 1.0825. The decline could be additionally supported by a rebound from the upper boundary of the bearish channel. The scenario could be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 1.1035, which will mean further growth to 1.1125. Meanwhile, the decline might be confirmed by a breakout of the lower boundary of the bullish channel with the quotes finding a foothold under the 1.0905 level.
Brent
Brent has found a foothold above the upper boundary of the Triangle pattern. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper boundary of the Cloud at 78.45 is expected, followed by a rise to 83.15. The rise could be additionally confirmed by a rebound from the upper boundary of the Triangle pattern. The scenario can be cancelled by a breakout of the lower boundary of the Cloud with the price finding a foothold under 75.05, which will mean a further decline to 68.45.
NZD/USD, “New Zealand Dollar vs US Dollar”
NZD/USD is testing the upper boundary of the bearish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower boundary of the Ichimoku Cloud at 0.6255 is expected, followed by a decline to 0.6125. The decline could be additionally supported by a rebound from the upper boundary of the bearish channel. The scenario can be cancelled by a breakout of the upper boundary of the Cloud with the price finding a foothold above 0.6295, which will mean further growth to 0.6385. Meanwhile, the decline could be confirmed by a breakout of the lower boundary of the bullish channel with the price finding a foothold under 0.6175.
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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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