EURAUD
Market Forecast 27/11/2017
November 27, 2017
USDJPY

EUR/USD and GBP/USD area trading near major support levels and USD/JPY is heading into a crucial resistance area near 111.30.

EUR/USD Forecast – Euro Testing Important Support

Key Points

  • The Euro traded lower recently after failing to stay above 1.1960 against the US Dollar.
  • There is a major bullish trend line forming with support at 1.1880 on the hourly chart of the EUR/USD pair.
  • Today in the Euro Zone, the Spanish Retail Sales report for Oct 2017 was released by the National Institute of Statistics.
  • The forecast was slated for +2%, but there was a decline of 0.1% (YoY).

EURUSD

The Euro traded nicely this past week and it recently moved above the 1.1950 level against the US Dollar. The EUR/USD pair traded as high as 1.1960 and later corrected lower.

The pair traded near the 61.8% Fib retracement level of the last wave from the 1.1835 low to 1.1960 high. However, the downside move was protected by a major bullish trend line with support at 1.1880 on the hourly chart.

As long as the pair is above the trend line support and 1.1880, it might move higher in the near term.

Spanish Retail Sales

Today in the Euro Zone, the Spanish Retail Sales report for Oct 2017 was released by the National Institute of Statistics. The forecast was slated for a rise of 2% in the sales in Oct 2017 compared with the same month a year ago.

The actual result was well below the market forecast as there was a decline of 0.1% in sales. This was also disappointing when compared with the last increase of 2.1%.

The report was negative, but EUR/USD managed to stay above the 1.1880 support area.

GBP/USD Forecast – Can Cable Hold This?

Key Points

  • The British Pound started a downside wave from the 1.3382 high against the US Dollar.
  • There are two connecting bullish trend lines forming with support near 1.3310 on the hourly chart of the GBP/USD pair.

GBPUSD

The British Pound is in an uptrend above the 1.3300 level against the US Dollar. The GBPUSD pair traded above the 1.3350 level recently and later started a downside correction.

The pair is currently trading near two connecting bullish trend lines with support near 1.3310 on the hourly chart. These trend lines hold a lot of importance for the next move and if there is a break below 1.3300, the pair could trade back towards 1.3250.

On the upside, the pair faces resistance near 1.3340 and 1.3380.

USD/JPY Forecast – US Dollar Remains in Downtrend

Key Points

  • The US Dollar traded lower recently and moved below 111.80 against the Japanese Yen.
  • There is a key bearish trend line forming with resistance at 111.30 on the hourly chart of USD/JPY.

     

USDJPY

The US Dollar remains in a downtrend and it recently moved below the 111.80 and 111.50 support levels against the Japanese Yen. The USD/JPY pair traded as low as 110.81 recently and is currently correcting higher.

However, the pair is facing a key bearish trend line with resistance at 111.30 on the hourly chart. The trend line resistance near 111.30 is important since it is near the 100 hourly simple moving average.

A break above 111.30 is required for USD/JPY to recover in the near term.

 

 

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Leave a Reply

Your email address will not be published. Required fields are marked *

Social media & sharing icons powered by UltimatelySocial