Personal opinions today:

 

The UK Brexit Minister suddenly resigned. Before the draft of the Brexit agreement was submitted to the British Parliament, in the face of the opposition of the Congress and the vote of no confidence, which affected the investor's expectations, the pound fell again and reached 1.27 level. The EU requested the Brexit Committee to pass the draft agreement on November 25 and submit it to the EU for adoption. If the internal contradictions in the UK are divided before the deadline, the issue of Brexit will be seriously threatened, and the trend of the pound may fall further.

 

At the end of November, G20 was held. The market renewed expectations of Sino-US leaders' meeting, hoping to resolve trade contradictions between the two countries, easing the US's implementation of tariff enhancement policies on China's comprehensive goods and China's anti-defect war at the end of the year. The US Dow rebounded more than 200 points. Asian stock markets used to follow and go up, the dollar rebounded against the yen, and gold temporarily stopped trading at $1216, implying downside risks.

 

Today's suggestion:

 

EURUSD 

1.1355/1.1390 ​​resistance

1.1300/1.1280 support

At 16:30 pm, ECB President Mario Draghi will deliver a speech, and then the euro zone announced the CPl in October. The market expects to keep improving and the euro will outperform the pound. Technically, the upward trend of euro, temporarily extending to 50% of the rebound, 1.1355 stop, support 1.1280 will be concerned. Today, ECB President Mario Draghi said that if the speech does not provide the outlook for the economic growth of the euro zone and tighten the monetary intention, there is an opportunity to be short on euro. After all, the risk of Brexit and the fall of the pound may indirectly affect the decline in euro.

 

GBPUSD

1.2825/1.2855 resistance

1.2735/1.2695 support

The UK Brexit Minister has resigned. The Prime Minister is facing impeachment and political uneasiness, increasing the risk of falling pounds. In addition, UK retail sales in October fell slightly from last month, and the interest rate hike in the UK is hopeless. Then limited the pound value. Technical attention to the 1.2825 and 1.2855 resistance.

 

USDCHF 

1.0050/1.0035 support

1.0085/1.0095 resistance

The upward trend in euro has driven the Swiss franc to work well. However, it is currently concerned about whether the Eurozone's October CPl inflation data and European Central Bank President Mario Draghi can boost the euro and indirectly benefit the Swiss franc. Technical attention to 1.0035 support and 1.0095 resistance, any breakthrough has the opportunity to drive new directions.

 

USD/JPY

113.75/113.90 resistance

113.30/113.15 support

USD/JPY technically follows the pace of the US Dow and Japan's Nikkei. It is recommended to keep an eye on the performance of the US and Japanese stock markets. If the stock market continues to fall, the expansion will affect the dollar's decline against the yen. On the contrary, the stock market rose, which is expected to boost the dollar against the yen. Because Sino-US trade is expected to resolve, positive the stock market, organically it will make the stock market rise, bullish the dollar against the yen

 

AUDUSD 

0.7300/0.7315 resistance

0.7250/0.7235 support

The APEC meeting launched to promote economic cooperation in the Asia-Pacific region. At the end of this month, the China and US leaders met and the two countries planned to discuss and resolve trade differences. The Australian economy is expected to further benefit from the favorable atmosphere and increase the chances of the Australian dollar rising. At present, AUDUSD may continue to test the resistance above the rebound wave. The reference support below are 0.7250 and 0.7235 respectively. However, if AUDUSD lose the 0.7235 support, the trend will be reversed, so please pay attention.

 

NZDUSD 

0.6855/0.6870 resistance

0.6825/0.6810 support

At the end of this month, China and US leaders met and the two countries planned to discuss and resolve trade differences, indirectly stimulating New Zealand exports to Chinese goods and improving economic performance. We will benefit the atmosphere and increase the chances of the New Zealand dollar rising. It maybe believe that if the New Zealand dollar is adjusted, the support level below is 0.6810. However, if NZDUSD lose the support level, the trend will be reversed, so please pay attention.

 

USD/CAD

1.3200/1.3225 resistance

1.3155/1.3140 support

US retail sales growth in October was better than expected, import prices and the New York Fed manufacturing index rose, and the market expects demand for crude oil to grow. In addition, crude oil production is expected to decrease, oil prices will rise, and Lido will be added. If the oil price rebounds further, it is expected to change the weak dollar. Technically, the US dollar against the Canadian dollar fell below 1.3140 support, the lower support can refer to 1.3085.

 

EUR/GBP

0.8885/0.8905 resistance

0.8830/0.8805 support

The euro rose, the pound fell sharply, and the euro rose sharply against the pound. Technically, the euro is the downtrend against the pound. However, in the afternoon, the ECB president’s speech and the euro zone data performance, if the euro is not favorable, so that euro fell, the euro may be adjusted against the pound. EUR/GBP may go down.

 

EURCHF 

1.1415/1.1435 resistance

1.1385/1.1365 support

Pay close attention to the ECB president's speech in the afternoon and the performance of the Eurozone data. If the euro is not favorable, the euro will fall, and the euro may down and  bullish the Swiss franc. EURCHF will fall. Technically, the 1.1435 resistance is very important and worthy of attention.

 

XAUUSD 

1218/1220 resistance

1211/1208 support

The Brexit issue is full of crises. The sterling asset hedge funds flow into gold suddenly and the price is testing 1216. The risk continues and gold is likely to challenge $1,220. However, it must be noted that Sino-US relations have eased and the stock market has risen, which has led to the outflow of funds from the gold market. At present, there is a lot of strength to get gold price down, pay attention to trading risks.

 

US crude oil futures:

57.25/58.00 resistance

56.20/55.75 support

Crude oil demand is expected to rise, crude oil supply has the opportunity to reduce, and bullish oil prices. At present, it is still looking any good news, whether the oil price can return to 58 US dollars and back to normal price level of crude oil.

 

BTCUSD:

5670 / 6000 resistance 

 5395 / 5045 support 

US Fed intends interest rate hike, the demand of crypto currencies changed.  More capital and fund moved to bonds and debt markets to get higher returns and keep safety. 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. But the bitcoin break USD6000 resistance, it maybe change the downward trend.

 

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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