Personal opinions today:

 

The Brexit Minister said that the United Kingdom and the European Union have reached an agreement on the draft of the Brexit agreement, and the GBPUSD and the EURUSD rebound. But this afternoon, British Prime Minister Teresa May announced the specific content of the agreement to convene a meeting of cabinet members. Whether the Conservative Party can accept the agreement remains doubtful, narrowing the pound's gains, and facing the opposition, the pound may face downward again.

 

This afternoon, the trend of EUR and the GBP will be affected by the third quarter GDP performance of Germany and the euro zone. At the same time, the UK October CPI and retail price index are more likely to cause the Pomeranian to clamp the UK CPI and retail price index in October. More likely to cause fluctuations in the US dollar. The market expects that the UK inflation data performance may be better than the previousvalue, positive for GBP. Finally, we must see whether the results can be more outstanding, boosting the pound and indirectly benefiting EUR. Finally, in the evening, the US announced October CPl and actual income data. If the results only meet market expectations, the strength of the dollar may slow down, USD may be down a bit.

 

Tomorrow morning, the chairman of the Federal Reserve Board of Governors Powell spoke. The market waits for the chairman to make a speech and make a preliminary understanding of the Fed's interest rate meeting next month. The dollar exchange rate will likely have a chance to fluctuate.

 

Today's suggestion:

 

EURUSD

1.1325/1.1355 resistance

1.1280/1.1255 support

Good news from the UK and EU Brexit drafts, boosting EURUSD. But today's German and Eurozone GDP data announcement, UK CPl and retail price index performance may hinder the increase. In the evening, the US CPl may bring the strength of the US dollar in October, and may eventually be bad for EURUSD. Technically, the euro found support in the 1.1215 against the US dollar, and the rebound was 38.2%. If the good news continues or the important data in the Eurozone is outstanding, EURUSD may be able to detect a rebound of 50%, 1.1355. The support bits 1.1280 and 1.1255 support bits are of interest.

 

GBPUSD

1.3050/1.3080 resistance

1.2960/1.2930 support

Yesterday, the UK job data in October was weaker than market expectations. The market focus on UK inflation data included the October CPl and retail price index. In the afternoon, British Prime Minister Teresa May announced the specific content of the agreement to convene a meeting of cabinet members, and finally whether he can get support from the opposition will become the revelation of the latest trend of the pound. Technically, the pound rebounded after 61.8% rebound. If the good news boosts the pound, the adjustment wave is expected to develop to 73.6%, 1.3080 or above. It is recommended to pay close attention to the UK data and the latest news of Brexit in the afternoon.

 

USDCHF

1.0050/1.0035 support

1.0075/1.0090 resistance

With the rebound in Europe and the United States, the dollar fell against the Swiss franc. It believes that the trend of Europe and the United States in the afternoon will indirectly affect the Swiss franc. In addition, attention to the US October CPl data in the evening, under the growth forecast, making the dollar strong, may be negative for the Swiss franc.

 

USD/JPY

114.05/114.20 resistance

113.75/113.60 support

Japan’s important data did not bring surprises to the yen’s movement. Instead, the Fed’s interest rate hike expectations, the dollar and yen spreads widened, and the yen has downside risks. Technically, the USD/JPY trend is more affected by the US Dow and the Japanese Nikkei. It is recommended to keep an eye on stock market performance. If the stock market continues to fall, it will affect the dollar's decline against the yen.

 

AUDUSD

0.7235/0.7250 resistance

0.7195/0.7180 support

The launch of the APEC meeting will help promote economic development in the Asia-Pacific region and enhance market expectations. At present, with the positive atmosphere and the rebound of the RMB exchange rate, the Australian dollar has rebounded and once challenged the rebound wave by 50%. However, today may be expected by the US CPl growth in October, the US dollar strengthened, the Australian dollar continued to test support, and broke the important support of 0.7180.

 

NZDUSD 

0.6785/0.6800 resistance

0.6745/0.6730 support

The New Zealand dollar followed the Australian dollar's pace, but tonight the United States announced October CPl data, the market has growth expectations, the dollar may strengthen, the New Zealand dollar against the dollar down the support level, reference support 0.6745 and 0.6730. Further tests may be made at 0.6680 and 0.6660.

 

USD/CAD

1.3265/1.3280 resistance

1.3190/1.3170 support

Under the US CPl growth forecast in October, the US dollar strengthened, and the oil price fell further, which was more negative for the Canadian dollar. If the oil price suddenly rebounds, it is expected to change the weak dollar. Concerned US API crude oil inventories report tomorrow morning, if inventories decrease and the oil price up, good for Canadian dollar.

 

EUR/GBP

0.8675/0.8660 support

0.8740/0.8755 resistance

The main reference for the Brexit negotiations. 0.8700 is a short-term resistance. If the rebound breaks through the resistance, it is expected to test the resistance at 0.8755. Pay close attention to the performance of the UK and Eurozone in the next two days, can change the downward trend of the euro against the pound.

 

EURCHF 

1.1355/1.1335 support

1.1405/1.1435 resistance

The EURCHF found a support. Technically, the euro against the Swiss franc broke the resistance of 1.1355 and 1.1370 respectively. Pay close attention to the performance of the Eurozone in the next two days, and finally change the downward trend of the EURCHF.

 

XAUUSD 

1206/1209 resistance

1199/1196 support

Federal Reserve intends interest rates up, and gold has been downward. The dollar is strengthening and gold is facing adjustment risks. However, the stock market continued to fall, and once the safe-haven funds flowed into gold, the gold price rebounded. Before the US announced the October CPl tonight, the market expected the data to positive for USD. After the results were announced, they paid close attention to the stock market trend.

 

US crude oil futures:

58.35/58.65 resistance

54.75/58.45 support

After the Fed’s interest rate decision and Fed officials said that monetary policy is gradually tightening, affecting the global economy, production and consumption confidence, so that crude oil demand fell. OPEC failed to reach a reduction in production, resulting in an increase in crude oil inventories, which is also a bearish oil price. At present, it still looking the oil price failed to return to normal 58USD levels. Concerned US API crude oil inventories report tomorrow morning.

 

BTCUSD:

6325 / 6380 resistance 

 6195 / 6045 support 

After the Fed’s interest rate decision, the market expects monetary policy to tighten, the demand of crypto currencies changed. Some capital and fund moved to bonds and debt markets to get higher returns and safety fund . Probably the trend may keep downward until next FOMC meeting in mid-December. Crypto currencies investors may have to concern， the trend will keep going downward.

 

Enjoy trading!  The content is for reference only. Please do ensure that you understand the risk.

Information provided by AT Global Market, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 
Contact: cs.gm@atfx.com or wechat: ATFX_China

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