OPEC deal sends energy stocks higher

1 December, 2016

OPEC leaders agreed yesterday to curb production by 32.5 million barrels, formalizing the Algiers Accord. The agreement sent oil prices shooting up by over 9% on the day leading energy stocks higher as well. Gold prices fell by over 1.4% in yesterday's trading session and down by over 8.4% on the month in November as prices fell to a fresh 9-month low. On the economic front, the U.S. dollar got a boost with a solid ADP payrolls print yesterday as it sets the stage for tomorrow's nonfarm payrolls report.

EURUSD Intra-day Analysis

EURUSD (1.0607): EURUSD fell to below 1.0600 support yesterday as noted and prices could be seen pushing higher in the near term if the support at 1.0600 holds. On the intraday charts, EURUSD is seen trading flat within 1.0700 resistance and 1.0500 support level. A breakout from either of these two levels is required to establish further trend continuation in the near term. The downside risks remain towards 1.0500, while above the resistance of 1.0700, prices could be seen rising to 1.0800.

USDJPY Daily Analysis

USDJPY (114.00): USDJPY's gains towards 114.00 resistance were realized yesterday and from this resistance the scope for a decline to 108.00 increases even more. Following yesterday's strong performance, which saw USDJPY rising over 1.85%, today's daily close will be of importance as price trades near this key resistance level. A reversal here could send the dollar lower in the near term, while a continuation could see USDJPY rise towards 118.00 which is the next main level of importance.

XAUUSD Intra-day Analysis

XAUUSD (1175.04): Gold prices fell sharply yesterday in today's session testing the lows of 1162. On the 4-hour chart, we see prices being supported by the trend line which could signal the potential to the upside. 1200.00 now turns to a key resistance level, and a breakout above this level is essential to ascertain further gains. To the downside, the next psychological support at 1150 is not too far away and could pose a risk of a decline to this level.

Source link  
Japan's Q2 GDP rebounds by 3.0%

The latest revised GDP numbers from Japan showed that the economy advanced faster than previously expected. The data on the final reading...

Dollar continues to slide

The greenback continued to weaken against some of the major currencies yesterday amid a quiet trading day...

Dollar looks to a new week

The US dollar index will be looking to a fresh week with the possibility of a rebound following last week's sharp declines..

US dollar rebounds as investor nerves cool

The US dollar managed to stem the strong declines after developments from Washington...

EURUSD unstoppable at a 6-month high

The euro surged ahead to a fresh 6-month high earlier this morning as the price was seen tradingþ...

Will UK's wages catch up?

The US dollar extended declines strongly for another day as economic data...

US dollar stays subdued

The latest monthly manufacturing activity report released by the New York Fed yesterday...

US dollar slips on soft inflation figure

The US dollar fell sharply on Friday after data showed that consumer price index rose 0.2%...

US dollar looking weaker

Economic data from the US continued to remain robust with the initial jobless claims declining to 236,000 for the week...

In the past 24 hours Bitcoin has lost -0.42% and reached $6456.93316156. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.9032% and is now at $1.1467. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -3.4% and is now at $202.487337862. Have the most popular cryptocurrencies compared online 24/7.

Top Brokers offering Forex Market Analysis

Forex Currencies Forecasts

Top 10 Forex Brokers 2018

# Broker Review
6FIBO GroupFIBO Group84%