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Month: November 2018
Forex news for NY trading on November 30, 2018 IN other markets at the end of the trading week: Spot gold fell $2.34 or -0.21% at $1221.76 WTI crude oil futures fell $-.72 or -1.40% at $50.73> The price traded above and below the $50 level this week. For the month prices fell 22%. Ouch.
DXY daily chart The US Dollar Index (DXY) is trading in a bull trend above its main simple moving averages. Bulls took the lead on Friday and brought the index back above the 97.00 level. The path of least resistance is to the upside with 97.50 as the first target for bulls. Additional key levels
“Money managers aggressively unwound their gold longs, as the USD surged to its highest since mid-2017 amid market turbulence that directed funds into the safety of America,” TD Securities said in a recently published analysis assessing the latest weekly CFTC report. Key quotes “Specs liquidated exposure to the yellow metal, believing that yields could rise
Trade optimism lifts stocks higher on Friday. Attention turns to G20 summit. Of the 11 major sectors, only energy closes the day in the red. Following a flat start to the day, major equity indexes in the U.S. gained traction on Friday and recorded decisive gains as latest headlines surrounding the meeting with President Trump and
Well weeks never end with Bitcoin but price is lower today The price of Bitcoin on Coinbase is ending the week on a weak note. The price on Wednesday and Thursday reached above the 100 (blue line) and 200 hour MA (green line in the chart below). Staying above would be more bullish. However, the
Down -$0.52 or -1.01% The price of crude oil futures are selling the week at $50.93. That is down $.52 or -1.01%. The high today reached $51.79 The low extended to $49.65. Last week the price closes at $50.42. The low this week reached $49.41 during yesterday’s trade. The was reached on Wednesday $52.56. Technically,
100 hour MA and trend line risk levels now The USDJPY has pushed to new highs and in the process has reached the swing area target at 113.649-699. Earlier this week, the price did move above that level, only to move back below and reestablish the level as resistance (see red circle 8) after more
August and October swing lows at 1.1300 The EURUSD moved below a broken trend line and swing area at 1.1321-25. What is important for the bias, is the price could not move back above that area. Sellers remain in control. What next? Looking at the daily chart, the 1.1300 level was the low in August
Paul Ferley, Assistant Chief Economist at RBC Capital Markets, points out that GDP growth slow down during the third quarter and details suggest further slowing in the fourth quarter. Key Quotes: “Canadian Q3 GDP growth moderated as expected to 2.0% from the 2.9% gain recorded in Q2 though with the details suggesting a further slowing
That’s getting up there There are reports of a 7.0 magnitude earthquake in southern Alaska. The USGS reports. In response, there are tsunami warnings that have been put into effect. There is some conflict as to the magnitude. From the USGS, the magnitude is 6.7. It is centered around Anchorage. ForexLive
0.6886 is the high for November The NZDUSD is finding some buyers into the London/European close/weekend. The price has moved to a new session high and in the process is moving away from the 200 day MA below at 0.6860 and looks to test the November high (high since June) at 0.6886. The high just
Australian Dollar Talking Points AUD/USD snaps the series of higher highs & lows from earlier this week as data prints coming out of China, Australia’s largest trading partner, instill a weakened outlook for the Asia/Pacific region, and the exchange rate may face a more bearish fate going into the Reserve Bank of Australia’s (RBA) last
Next target broken and send the price to new lows as the London/Europe market works toward the close. The EURUSD continues to press lower, now falling below the underside of the broken trend line and the swing area at 1.1321-25. Sellers have been in control since the high at 1.1400 stalled the early session high.
New highs for the pair The USDJPY came down and tested a lower trend line before the US stock opening. That trend line held. Stocks are moving higher now on hopes of a China/US agreement over the weekend. The 100 hour MA above has now been breached. The price is not running higher. There
Parity level approached. Yesterday the USDCHF moved higher, helped by a much weaker 3Q GDP data (-0.2%). The run higher stalled near the 100 hour MA (blue line in the chart below). Today, that MA level was broken. The price ran higher and now trades above the 38.2% of the move down from the November
It might not be called USMCA The prior belief was that lower-ranked officials would be signing the new trade deal but reporters in Buenos Aires now say that the leaders will be taking part. For Pana Nieto it will be one of his final acts in office with Lopez Obrador set to be sworn in
Because the technical picture is showing signs of cracking ForexLive Price is now trading at a session low of 0.7296 and sellers are looking to try to find a break back below the key 0.7300 handle. If they do manage to do so, there isn’t much else buyers can count on apart from the Trump-Xi
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• The latest leg of a sudden pickup lacked any catalyst and quickly ran out of steam. • Persistent Brexit uncertainties continue to dent sentiment surrounding the GBP. • A modest USD uptick further collaborated towards capping any meaningful up-move. The GBP/USD pair faded a knee-jerk spike to levels beyond the 1.2800 handle and
CRUDE OIL & GOLD TALKING POINTS: Crude oil price chart hints at rebound before G20 summit Gold prices at risk if US/China de-escalation boosts yields OPEC+ output cuts may be offset by US production swell Crude oil prices rose following Reuters reports suggesting Russia is becoming convinced of the need to join another OPEC-led coordinated
Chinese media report the country is to cut gasoline, diesel prices I posted earlier on the PMIs: Even earlier than that I posted a real quickie preview in which I highlighted some of the stimulus measures being taken, add this fuel price cut to that list. Did someone say Fuel? [embedded content] more to come
USD/CHF sees intraday support from the 50-period moving average near 0.9960, though some sideways action remains on the table after falling out of a firm bull run on Thursday. USD/CHF, 15-Minute Hourly candles show the pair trying to hold onto a bullish stance despite Thursday’s decline, trying to edge out further lift after knocking into
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Stay above is more bullish. Move below is more bearish. The price of crude oil traded to new session lows at $49.41. Getting below the $50 triggered sellers. The lows this week came in at $50.05 to $50.20. However, when that break lower failed, the sellers covered and the price moved higher. That move higher
Major indices are now positive The major stock indices have turned positive after the FOMC meeting minutes. The S&P is up 4.33 points or 0.15% at 2747.92 The NASDAQ is a 14.7 points or 0.2% 7306 The Dow industrial average is up 49 points or 0.11% 25415 for the NASDAQ index the price after trading
How bad could car tariffs hit? Tariffs could come as soon as next week on all auto imports to the US, excluding Canada and Mexico. Europe would be particularly hard hit, especially German auto makers who wilted on the news. In the bigger picture, Barlcays estimates that US tariffs would cut EU growth to 1.2-1.3%
Oil Talking Points Crude snaps back from a fresh yearly-low ($49.44) as Reuters reports that Russia and Saudi Arabia are in discussion to curb production, and recent developments may foster a larger rebound in oil prices as the Relative Strength Index (RSI) appears to be on the cusp of flashing a textbook buy-signal. Oil Price
AUD/USD is a slow burner in North American markets having already reached R1 up at 0.7345 and exceeding Nov’s previous peak at 0.7337 following a sharp correction in the greenback, fuelled by a dovish rhetoric from Powell yesterday. Traders are building up and positioning ahead of the weekend where Xi and Trump are slated to
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