EUR/USD, “Euro vs US Dollar”

EUR/USD is pushing off the Tenkan-Sen line. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the lower border of the Cloud at 1.0785 is expected, followed by falling to 1.0565. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The scenario can be cancelled by a breakaway of the upper border of the Cloud and securing above 1.0875, which will mean further growth to 1.0965. The scenario can be confirmed by a breakaway of the lower border of the bullish channel and securing under 1.0675.

EURUSD

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY has secured above the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the upper border of the Cloud at 130.95 is expected, followed by growth to 134.35. An additional signal confirming the decline will be a bounce off the lower border of the bullish channel. The scenario can be cancelled by a breakaway of the lower border of the Cloud and securing under 130.25, which will mean further falling to 129.35.

USDJPY

NZD/USD, “New Zealand Dollar vs US Dollar”

NZD/USD is testing the lower border of the bullish channel. The instrument is going below the Ichimoku Cloud, which suggests a downtrend. A test of the Kijun-Sen line at 0.6345 is expected, followed by falling to 0.6185. An additional signal confirming the decline will be a bounce off the upper border of the descending channel. The scenario can be cancelled by a breakaway of the upper border of the Cloud and securing above 0.6425, which will mean further growth to 0.6515. The scenario can be confirmed by a breakaway of the lower border of the bullish channel and securing under 0.6835.

NZDUSD

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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.

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Gold keeps the bid bias unchanged near $2,700

Gold keeps the bid bias unchanged near $2,700

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Eurozone PMI sounds the alarm about growth once more

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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