Markets in Details: 19 November 2018

19 November, 2018

News

  • The EU is working on legislation to allow screening of foreign direct investments as a measure to address security concerns related to investments by China. The draft legislation could be agreed on Nov. 20.
  • Trade tensions between U.S. and China strengthened over the weekend when VP Mike Pence stated the U.S. was not in a hurry to end the trade war and called on other nations to prevent taking loans from China.

The focus of attention

  • Markets are closely watching to see if geopolitical uncertainties and global growth concerns could be enough to prompt the Fed to pause its tightening.

Expected events

  • 10.00 GMT EU will release Eurozone construction output for September.

Technical Analysis

  • GBP USD is expected to continue to worsen given retracement of 100% after reaching 1.2876 from the prior peak.
  • EUR AUD looks set to weaken further as the uptrend to 1.5643 totally failed on Friday.
  • AUD USD is expected to be able to maintain the current trend up. The pair reached intraday high at 0.7334 and then retraced slightly before reaching 0.7335.
  • USD JPY has started to trend down after a long consolidation on the hourly view. Watch the consolidation at the 112.80 level for directional signs.
  • EUR USD upward trend is likely to see continuation after reaching intraday high at 1.1416 and retracement did not pierce the 50% line and pushed higher instead.


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