The British Prime Minister Theresa. May led the cabinet to support the draft Brexit agreement, that is good news and  indirectly led to an increase in EUR and GBP . However, the next draft of the Brexit agreement was submitted to the British Parliament. Whether the domestic Conservative Party and the opposition can accept the agreement remains questionable, even today, Prime Minister Teresa. May will face a vote of no confidence, affecting her prime minister's status, and the pound may face a bearish sentiment again.

 

This afternoon, the UK announced retail sales data, the euro zone announced the trade account, and at night the US announced retail sales, the number of jobless claims, the import price index and the regional manufacturing index, and finally commercial inventories. If the above data is lower than the market expectation, or the bearish currency is concerned, the degree of impact depends on the expected value and the difference in results.

 

Today's suggestion:

 

EURUSD 

1.1280/1.1265 support

1.1340/1.1355 resistance

The British Prime Minister Theresa. May led the cabinet to support the draft Brexit agreement, good news boosted the euro. Technically, the upward trend in EURUSD is expected to continue, with the opportunity to extend to 1.1355. Support levels 1.1280 and 1.1265 will be of interest. Pay attention to whether the results of the euro zone trade account in the afternoon can drive the EURUSD to test 1.1355. Note that the performance of US retail sales and employment data tonight will affect the performance of the US dollar, which will indirectly affect the trend of EUR. Currently, the market expects the US data to have a negative euro.

 

GBPUSD

1.3050/1.3070 resistance

1.2940/1.2920 support

The British Prime Minister Theresa. May led the cabinet to support the draft Brexit agreement, good news boosted the pound. Technically, the upward trend of the pound is expected to continue, with the opportunity to extend to 1.3050 or 1.3070. Support levels 1.2940 and 1.2920 will be of interest. Looking at the UK retail sales data in the afternoon, the market is expected to grow from a negative 0.8% to 0.2% in the previous month, which is expected to drive GBPUSD to test the resistance of 1.3050 and 1.3070 last night. But pay attention to the performance of US retail sales and job data tonight, the performance of the US dollar, indirectly affecting the pound.

 

USDCHF 

1.0050/1.0035 support

1.0085/1.0095 resistance

Good news came from the Brexit incident. The US CPl inflation data in October only met market expectations, and the Swiss franc was bullish. The performance of US retail sales and job data tonight is being watched, and the performance of the US dollar indirectly affects the Swiss franc. At present, the market expects the US data to have a bearish euro and Swiss franc.

 

USD/JPY

114.05/114.20 resistance

113.40/113.25 support

Japan’s important data did not bring surprises to the yen’s trend. On the other hand, the Fed’s interest rate hike expectations, the dollar and yen spreads widened, and the yen has downside risks. However, the technical return to the basics, the USDJPY trend was affected by the decline of the US Dow and the Japanese Nikkei index, falling simultaneously. It is recommended to keep an eye on the performance of the stock market. If the stock market continues to fall, the expansion will affect the decline of the USDJPY .

 

AUDUSD 

0.7280/0.7300 resistance

0.7250/0.7235 support

The launch of the APEC meeting will help promote economic cooperation in the Asia-Pacific region and raise market expectations. At the end of the month, the Chinese and American leaders met. The two countries indicated that they are arranging a meeting to discuss the agenda. At present, with the relevant favorable atmosphere and increasing the opportunity for the RMB exchange rate to rise, the Australian dollar has also benefited from the increase, and once challenged the rebound wave of 85.2%, 0.7298. At present, the market expects US data positively US dollars tonight. The Australian dollar will be adjusted. The reference support below is 0.7250 and 0.7235.

 

NZDUSD 

0.6795/0.6805 resistance

0.6770/0.6760 support

Last night, the US CPl data, only in line with expectations, the dollar's strength slowed, the New Zealand dollar rose. At present, the market expects US data positively US dollars tonight. The New Zealand dollar will be go down for adjustment. The reference support below is 0.6770 and 0.6760.

 

USD/CAD

1.3265/1.3290 resistance

1.3225/1.3215 support

The US CPl growth in October only met the forecast, the US dollar weakened and the Canadian dollar rose. Unfortunately, crude oil inventories continued to increase, and oil prices could not continue after the rebound, and the negative Canadian dollar. At present, if oil prices suddenly rebound, it is expected to change the weak dollar. It is currently estimated that the USDCAD will look for resistance at 1.33.

 

EUR/GBP

0.8675/0.8660 support

0.8740/0.8755 resistance

The Brexit negotiations and progress are the main important references. 0.8700 is expected to test resistance at 0.8755 after a short-term resistance breakout. At the same time, pay close attention to the performance of the UK and the Eurozone in the next two days, can you deviate from the downward trend of the EURGBP.

 

EURCHF 

1.1385/1.1365 support

1.1415/1.1435 resistance

The Brexit situation has progressed, and the bullish euro has suspended the EURCHF. Technically, the EURCHF broke through the resistance of 1.1355 and 1.1370, respectively, and looked at the resistance of 1.1415 and 1.1435. Pay close attention to the performance of the Eurozone in the next two days, and finally change the downward trend of the EURCHF.

 

XAUUSD 

1212/1216 resistance

1206/1202 support

The US CPl only met market expectations, against of the interest rate hikes, and the US Dow continued to fall, affecting the performance of global stock markets, and gold price rebounded. Technically, it is recommended to test the resistance of 1212 and 1216. The support may be 1206 and 1202.

 

US crude oil futures:

56.80/57.25 resistance

54.75/54.45 support

After the Fed’s interest rate decision and Fed officials said that the monetary policy is gradually tightening, affecting the global economy, and the confidence in production and consumption is declining. Crude oil demand fell, and today announced the increasing US API crude oil inventories, negative the oil prices. After the oil price fell below US$58, it failed to return to normal levels. The oil price trend was not good. It is estimated that the price has opportunity toward 54 and 53 US dollars.

 

BTCUSD:

5670 / 6000 resistance 

 5395 / 5045 support 

As our forecast before, the Fed intends rise the interest rate and keep monetary policy is gradually tightening, the demand of crypto currencies changed.  Capital and fund moved to bonds and debt markets to get higher returns and safety fund. Probably the whole crypto currencies market’s trend may keep downward until next FOMC meeting in mid-December. Crypto currencies investors may have to concern， now the trend will keep going downward and fluctuation. New downside target may test USD 5000.

 

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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