Markets in Details: 28 November 2018

28 November, 2018

News

  • Home prices in the U.S. showed the slowest gains in two years, indicating broad slowdown in the housing market due to high mortgage rates and property prices.
  • Donald Trump was cited as saying the UK may not be able to strike a trade deal with the U.S. if Theresa May’s Brexit plan is approved by parliament as the UK would remain in the customs union with the EU.

The focus of attention

  • Markets are keenly awaiting stress test results from UK banks that is scheduled to be released with the BOE’s assessment of economic and financial stability effects of Brexit today.

Expected events

  • 07:00 GMT Germany will release the Gfk German Consumer Climate for December.
  • 13:30 GMT U.S. will release the revised GDP for Q3.
  • 15:00 GMT U.S. will release New Home Sales for October.
  • 15:30 GMT U.S. will release the latest Crude Oil Inventories.
  • 17:00 GMT Chairman of the U.S. Federal Reserve Bank is scheduled to speak.

Technical Analysis

  • EUR USD formed two lower lows since Tuesday setting an overall negative pace for the week. It found support at 1.1277 but has remained flat so far today. Expect bearishness to linger unless resistance at 1.1336 is overcome.
  • EUR AUD dropped to 1.5604 before recovering to the 1.5671 level on Tuesday. Continued bearishness forced the pair to retest the 1.5604 support line. Expect bearishness is still in play unless the 1.5671 resistance can be overcome.
  • AUD USD dropped to 0.7199 on Tuesday and can be seen heading back to retest the resistance  at 0.7250. 
  • USD JPY was in a modest uptrend on Tuesday but has remained largely flat today. The pair could overcome resistance at 113.84 intraday which could signal a bullish continuation.
  • GBP USD slumped on Tuesday and has remained flat near the 1.2727 support line on Wednesday. Traders are clearly staying on the sidelines given the lack of directional signals. Expect a breakout move if it can move past 1.2776.


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