Personal opinions today:

 

The US economy has shown signs of slowing down. The Fed may slow down the pace of interest rate hikes, which is expected to reduce corporate financing costs and increase investment income. US Dows performed strongly in the early session, and then the rally slowed down, causing gold to rebound to $ 1,235. The Sino-US trade war has cooled down, raising investment and production intentions, and OPEC and the non-OPEC members are preparing to meet to discuss the reduction of production and drive up the oil price. Unfortunately, the oil price has not broken through the resistance of 54 US dollars.

 

Today's attention to data and news includes:

The Reserve Bank of Australia is meeting interest rates and the market expects to keep interest rates unchanged, but the statement after the meeting may indicate that interest rates will be raised next summer or after, probably negative for AUD.

 

In the afternoon, will pay attention to the performance of Switzerland's CPl in November and the PPI in the Eurozone. Also, in the afternoon, the British Parliament will begin the first day of debate on the Brexit agreement. At 17:15, the Bank of England Governor Carney will speak in Parliament on the potential risk of the Brexit agreement.  During the debate and the speech of the central bank governor, the exchange rate of the pound will be affected and more volatile. Looking forward to the meeting can resolve the stalemate and boost the pound. Otherwise, the UK may still be short (sell) of short-term.

 

Today's suggestion:

 

EURUSD

1.1375/1.1405 resistance

1.1320/1.1295 support

The results of the G20 meeting and the performance of the Eurozone economic data yesterday were slightly better than expected, and it was a bullish euro. However, the official US ISM manufacturing purchasing managers index beat expectations, the dollar strengthened, and the euro fell back. At present, it may be more important to pay attention to the British Parliament's debate on the Brexit agreement. Under the market's expectations, the performance of the euro may continue to decline. Technically, 1.1320 and 1.1295 are important support areas for reference. In terms of resistance, it is worth paying attention to the important resistance level of 1.1405.

 

GBPUSD

1.2745/1.2775 resistance

1.2700/1.2675 support

Today, the draft Brexit agreement will be debated in the British Parliament for a week. It is expected to vote at 0:00 on December 12th, Beijing time. The current draft agreement is opposed by insiders in Congress, which is bad for the pound. At 17:15 in the afternoon, the Governor of the Bank of England spoke, or the speech was also bad for the pound. Technically, the pound may continue to go down, looking down to 1.267 or 1.2655. If there is good talk, the pound has a chance to rebound, but it is expected that there will still be resistance obstacles at 1.2800 and 1.2820. Please pay attention when investing!

 

USDCHF

0.9965/0.9950 support

0.9995/1.0015 resistance

The market currently believes that the Fed will raise interest rates by 0.25% on December 19, and the US dollar will be against the Swiss franc. In addition, the issue of European politics and Brexit remains to be resolved. If the market expectation will be changed in the short term, the US dollar may still test the 1.0 against the Swiss franc. Technically, short-term 0.9965 and 0.9950 are important support areas.

 

USD/JPY

113.20/113.00 support

113.65/113.85 resistance

Although the Sino-US trade war has temporarily ceased, the US Dow's stock market performance continues to do well. It has driven the Asian stock market to rise yesterday, but in the end the US dollar against the yen could not reach 114. The most important stock market could not continue its strong rise, which led to the return of funds to the yen. In the next two days, before the release of the US Beige Book and US job data, the USD/JPY may test 113.0 or below.

 

AUDUSD

0.7365/0.7380 resistance

0.7325/0.7300 support

The Reserve Bank of Australia's interest rate and post-meeting statement will be announced at 11:30 in the morning. From the current economic situation and tomorrow's Australian GDP data, the interest rate will remain unchanged, and the interest rate hike may continue to be postponed, which is generally negative for the Australian dollar. Technically it may point to 0.7300 support. Now may watching the resistance and try to sell AUD.

 

NZDUSD

0.6950/0.6965 resistance

0.6900/0.6885 support

At the G20 meeting, countries strengthened cooperation. The temporary ceasefire between China and the United States brought about market paralysis and helped boost the New Zealand dollar. However, many important economic announcements in a few days and market expectations of the US Federal Reserve will raise interest rates this week. It is estimated that the New Zealand dollar has adjusted downward or downward risk. Technically short-term attention to resistance of 0.6950 and 0.6965. If the Australian dollar or the renminbi falls, it may indirectly affect the NZ dollar decline.

 

USD/CAD

1.3235/1.3250 resistance

1.3165/1.3150 support

The OPEC and non-OPEC members will discuss capacity reductions on Thursday and let the oil prices rose, positive the Canadian dollar up. However, whether oil prices will continue to rise and break through the resistance of $54, there is still uncertainty. It is recommended to pay close attention to oil price performance and how to drive the performance and development of the Canadian dollar.

 

EUR/GBP

0.8900/0.8885 support

0.8950/0.8965 resistance

The British Parliament debated the draft Brexit agreement and finally voted on December 12th by the British Parliament. Before the debate in Congress today, the Governor of the Bank of England spoke, the market worried that the speech may indicate any of negative sentiment and will affect the pound. Coupled with the market's fear that the draft could not be passed, the pound was weaker. Compared with the current euro performance is stronger than the pound, the euro has a chance to rise against the pound. The technical key support of 0.8900 is worthy of attention.

 

EURCHF 

1.1300/1.1285 support

1.1345/1.1360 resistance

This afternoon, the economic data of Switzerland and the Eurozone continued to compare. If the Eurozone data beat market expectations, the euro will rise, which may cause the euro to fall against the Swiss franc. It is recommended to note whether the euro against the Swiss franc is likely to break through the above support or resistance and looking at further developments.

 

XAUUSD 

1237/1239 resistance

1230/1228 support

This afternoon, the Brexit agreement debate was officially launched, and the market worried about sentiment, allowing British assets to flow into the gold market to hedge. In addition, the Fed’s rate hike may slow down and is also boosting gold. However, the US Fed will publish the Beige Book of Economic Reports and the job market report soon. If the performance is good, gold will have the opportunity to adjust and reach lower support. Technically, 1236.5 is one of the important short-term resistance levels. If there is no breakthrough, gold still has downside risks.

 

US crude oil futures:

54.05/54.45 resistance

52.40/51.90 support

The market is watching to announce the amount of US API crude oil inventories early tomorrow morning, and oil prices may be test $54. In addition, the OPEC officially held a meeting on Thursday. If the final conclusion agrees to jointly reduce production by more than 1.3 million barrels, it is expected to support the crude oil price to rise step by step. At present, the first pays attention to whether the resistance of $54 can be broken or not.

 

BTCUSD:

4030 / 4250 resistance 

3720/ 3575  support 

The price below US3830 before FOMC meeting.  The US inflation and job data looks still good and the US Fed could raise the interest rate in this month. Interest rate keep hike, the bitcoin still have a chance fall. Technically, US4380 is the important resistance. Probably the price hard to breakthrough in this moment and try to looking US3575 support.

 

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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