Markets in Details: 08 November 2018

8 November, 2018

News

  • Slowdown in the UK property market and uncertainty surrounding UK's exit from the EU hit the housing market hard in October. The RICS House Price Balance index showed a decline of 10 per cent, the lowest in six years.

In another sign of eurozone slowdown, Germany reported on Thursday that exports slumped 0.8 percent in September whilst imports fell by 0.4 percent. 


The focus of attention

  • The U.S. Federal Reserve will release its interest rate decision on Thursday. Markets await the FOMC's latest view on the December rate hike and outlook on the economy.

Expected events

  • 00:01 GMT UK will release the RICS House Price Balance report for October.
  • 03:00 GMT China will release its Trade Balance report for October.
  • 07:00 GMT Germany will release its Trade Balance report for September.
  • 13:30 GMT U.S. will release Initial Jobless Claims data.
  • 19:00 GMT U.S. will release the Fed Interest Rate decision.

Technical Analysis

  • GBP USD has taken a pause after hitting the session high on Wednesday at 1.3172. Expect the uptrend to continue if the pair overcomes this resistance. There is support at 1.3076.
  • EUR AUD tried but failed to find support at 1.5749 on Wednesday. The pair is trying to bounce back from the 1.5704 level on the one-hour chart. Expect a short-term uptrend if it crosses the 1.5733 price level.
  • AUD USD is climbing to stay above its EMA10 line today. There is resistance at 0.7287 which could mean further upside if overcome.
  • USD JPY is keeping the uptrend intact early Thursday. However RSI is approaching the upper boundary of 70 which could signal a pause in the short-term.
  • EUR USD failed to break the resistance at 1.1493 and is trading fairly close to its EMA10. The short-term is not bullish given the visibility of upper shadows in the past several trading sessions on the one-day chart. The nearest support is at 1.1352.


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