Markets in Details: 26 November 2018

26 November, 2018

News

  • EU leaders approved of UK’s draft Brexit plans over the weekend, setting the stage for Theresa May to convince the House of Commons in a December vote.
  • Italian Deputy Premier Salvini issued signs that the country is open to change the nation’s budget deficit target for next year, citing practicality behind any such change.

The focus of attention

  • Markets will closely watch Jerome Powell on Wednesday to see if the Fed will reduce the stance of monetary policy tightening.

Expected events

  • 09:00 GMT Germany will release the Ifo Business Climate Index.
  • 09:30 GMT UK will release Gross Mortgage Approvals.
  • 15:30 GMT U.S. will release the Dallas Fed Manufacturing Business Index for November.

Technical Analysis

  • EUR USD is moving higher on Monday after testing the 1.1327 support level twice since Friday. The ten-minute view suggests the pair will remain flat. Expect this continue until the 1.1359 resistance can be overcome.
  • EUR AUD is consolidating near the 1.5641 support level after the big decline on Friday. The ten-minute chart suggests any bullish moves today need to overcome resistance at 1.5781.
  • AUD USD bottomed out at the support level 0.7219 on Friday and has drifted higher since. Expect the pair to trend higher especially if resistance at 0.7252 can be overcome.
  • USD JPY bounced of support at 112.66 on Friday to trend higher on Monday. It is currently consolidating near the 113.28 resistance level before moving higher.
  • GBP USD is moving higher on Monday after testing the 1.2797 support level since Friday. The ten-minute view suggests the pair will remain flat. Expect this continue until the 1.2839 resistance can be overcome.


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