Personal opinions today:

 

The Sino-US trade war and the uncertainty of the relationship between the two countries, the Fed maintains expectations for December plus, the performance of large US companies is not expected to perform well, the investment bank assesses the value of large companies' stocks and set lowers the target price, the US Dow continue to fell on the second day. On Friday at the EU summit, whether the UK and the EU government can finally reach an agreement is still full of variables. However, the Spanish government of the EU member states opposes the current draft of Brexit, euro fell. The risk sentiment fluctuated and once stimulated the gold to test 1,228 US dollars, but the Fed maintained a rate hike and the gold level fell. All kinds of bad news in the market, bad oil prices, crude oil prices also fell.

 

US Thanksgiving Day holiday on Friday, some US data were announced in advance. Tonight, the United States announced the number of initial jobless claims and jobless claims last week. The October durable goods order and the University of Michigan consumer confidence index are even more important. Because the data will affect the US GDP data forecast for next Wednesday.

 

Today's suggestion:

 

EURUSD 

1.1375/1.1405 resistance

1.1320/1.1290 support

After the Brexit progress and political risks, the Spanish government intends to oppose the draft of the Brexit, which makes the market worry that the agreement was not finalized at the EU summit on Friday, affecting the performance of euro. EURUSD fell by nearly 100 points compared with yesterday. It can be believe that the trend is still at a disadvantage and there is a chance to further explore the low level.

 

GBPUSD

1.2825/1.2850 resistance

1.2765/1.2740 support

After the Brexit progress and political risks, the Spanish government intends to oppose the draft of the Brexit, which makes the market worry that the agreement was not finalized at the EU summit on Friday, affecting the performance of the pound, and the pound fell by nearly 100 points compared with yesterday. I believe that the current US dollar is weak, and there is a chance to further explore the low. However, it is necessary to pay attention to the British government and the Prime Minister's remarks. If the speech is positive, there is an opportunity to boost the pound's resistance to the 1.2850.

 

USDCHF 

0.9945/0.9920 support

0.9975/1.0000 resistance

The event of Brexit is unclear, and the performance of euro has reversed, affecting the decline of the Swiss franc. The market still believes that the Fed will raise interest rates in December. If the dollar continues to be strong, the US dollar against the Swiss franc. Technically, it could be return to the upper resistance, such as 0.9975 or 1.00 resistance.

 

USD/JPY

112.85/113.05 resistance

112.55/112.35 support

The US Dow fell, dragging down Asian stock markets, and the dollar fell against the yen. In the morning, the Nikkei index has a low level, and the dollar has risen against the yen. The market currently estimates that the Fed may raise interest rates in December, which indirectly affects the yen's chances of falling. If the stock market stabilizes and rebounds, the USD/JPY may break through 113 resistance. In the short-term technical, the USD/JPY has fallen below the low of 112.55 in early November, but believes that under the influence of fundamentals, it can be stabilized. It could be reach 113 or higher.

 

AUDUSD 

0.7235/0.7250 resistance

0.7185/0.7170 support

Recent analysis pointed out that the good news of stimulating the economy has been digested, and the Australian dollar began to adjust against the US dollar. The market is looking forward to the end of this month, the Chinese and American leaders meet, the two countries resolve trade differences, boost the economy of the Asia-Pacific region and drive the rise of the currency, the Australian dollar is expected to benefit. Technically, AUDUSD test the resistance above the rebound wave and failed to enter the adjustment stage. It is recommended to keep an eye on the downside risks and explore the support below.

 

NZDUSD 

0.6795/0.6820 resistance

0.6750/0.6725 support

The New Zealand dollar and the Australian dollar have the same trend and fundamental influence. The good news of stimulating the economy has been digested, and the New Zealand dollar has adjusted to the US dollar. The market is looking forward to the end of this month, the Chinese and American leaders will meet, the two countries will resolve trade differences, boost the economy of the Asia-Pacific region and drive the rise of the currency. The New Zealand dollar is expected to benefit. Yesterday, it is recommended to keep an eye on the downside risks. The support below 0.6795 has been tried and the trend will be further down.

 

USD/CAD

1.3350/1.3375 resistance

1.3285/1.3270 support

Oil price fluctuations affect the Canadian dollar. At present, the oil price fell below 55 US dollars, and the market expects the Fed to raise interest rates in December, but the Bank of Canada has no intention to raise interest rates, which is bad for the Canadian dollar. If the oil price does not continue to rise, pay attention to the risk of the Canadian dollar falling. The short-term concern is that the US dollar against the Canadian dollar 1.3350 and 1.3375 resistance, and have the opportunity to test 1.34.

 

EUR/GBP

0.8925/0.8945 resistance

0.8880/0.8865 support

Euro and the pound have fallen by a hundred points yesterday, but the level is the same, and it has not affected the volatility of the euro against the pound. At present, the euro is still on an upward trend with the pound. If the pound falls, the euro may rise to a high level against the pound.

 

EURCHF 

1.1340/1.1365 resistance

1.1270/1.1250 support

The Brexit case caused the decline in euro, and the Swiss franc performed normally, causing the euro to fall against the Swiss franc. If euro may keeping adjust to decline, the euro may continue to extend the decline against the Swiss franc.

 

XAUUSD 

1225/1227 resistance

1218/1216 support

The Brexit issue has created new market risks, and some of the pound risk assets have flowed to the gold to hedge, making the gold price trend still go up. If market risk continues to deteriorate, gold is likely to test US$1,230. However, it must be noted that the Fed may expect to raise interest rates in December, which will lead to the outflow of funds from the gold market. At present, long and short positions are in competition and attention any trading risks.

 

US crude oil futures:

55.15/55.85 resistance

53.70/53.20 support

Earlier, the OPEC agreed to cut production from next month, and the Fed intends to suspend interest rate hikes, which once stimulated the rise in demand for crude oil. It is expected that the supply of crude oil will have the opportunity to reduce the price of oil. The decreasing in US crude oil inventories is expected to return oil prices to US$55 and then US$58. In general, as winter, crude oil demand generally rises and oil prices are expected to rise.

 

BTCUSD:

4450 / 4680 resistance 

4060 / 3875 support 

US Fed intends interest rate hike and US government increasing legal regulation to all crypto currencies, the demand of crypto currencies changed.  Some crypto miners stop to create mining, probably let the bitcoin price stable. However, the crypto currencies may keep downward until next FOMC meeting in mid-December. The  downside target may test lower support. If the bitcoin break USD4680 resistance, hopefully, that can be change the 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

Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.