Forex Update – 12 Nov 2019

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This post is also available in: فارسی (Persian)

 

By: Ahura Chalki

President Trump speech in the spotlight (17:00 GMT)

UK:

Following yesterday’s missing data, Average Earnings Index +Bonus and Claimant Count Change (Oct) also missed the expectations, while employment data was much better than expected. Generally, economic data disappoint the market and add more pressures on Sterling.

EU:

German & EU ZEW Economic Sentiment (Nov) published earlier, both beat than expectations which helped the EURUSD to hold above 1.10. The US tariffs on EU cars will likely be delayed, according to “CNBC” reports.

US:

Ahead of tomorrow’s busy calendar, today Mr. Trump’s speech at 17:00 GMT will be in the spotlight. Investors are waiting to see any news and signals from the US government about the ongoing trade deal.

 

EURUSD

S1

S2

S3

R1

R2

R3

1.1018

1.1003

1.0990

1.1046

1.1059

1.1074

 

Paring continuing its downside movement towards 1.1000, the key support at the moment, which breaching the level, will open the door to test the next stop at 1.0970. RSI in both H1 and H4 charts moves under 50-level, supports the bears, while EMA crossing strategy also confirming the more bearish at the moment. EMA200 at the H4 chart is the key and immediate level, which if it can be confirmed in reversal with breathing the EMA50 at 1.10883, will change the direction.

EURGBP

S1

S2

S3

R1

R2

R3

0.8552

0.8524

0.8490

0.8615

0.8648

0.8677

 

Still trading under 0.86433, the key resistance level. As long as pairing trading under this level, more bears are expected. EMA crossing strategy, RSI and Stochastic all are supporting the.

 

EURJPY

S1

S2

S3

R1

R2

R3

120.11

119.90

119.74

120.47

120.63

120.83

 

The downtrend is continuing, according to technical indicators. RSI moves under 50-level, while candles are forming clearly under EMA50 and 20. 120.361 is the pivot point, which paring trading around this level at the moment. 120.064, today’s low is the key support at the moment, while EMA50 at 120.638 is the key resistance. EMA crossing strategy also supports the bears.

USDJPY

S1

S2

S3

R1

R2

R3

108.88

108.71

108.52

109.24

109.43

109.63

 

By DXY weakness, pairing returned to an uptrend in both H1 and H4 charts. Price moves above EMA20 and 50 at the moment, while RSI also supporting the bulls. In the H1 chart, Candles are between the middle and upper line of BB, confirming the bullish signals of EMA crossing strategy. Key resistance sits at 109.485, five months high which breathing this level can open the doors for more bulls, while S1 sits at 108.960, the lower band of BB in the H1 chart and 50-day moving average at 108.079 is the key support and breaching that can change the direction.

GBPUSD

S1

S2

S3

R1

R2

R3

1.2792

1.2731

1.2678

1.2906

1.2959

1.3020

 

After yesterday’s testing the weekly high ta 1.28973, pairing returned back to the downside, currently trading at EMA-50, out of lower band of BB, signaling the more bearish. Yesterday low at 1.27848 is next expected target. 1.2700, 50-DMA is the key support which breaching that can send the pairing to the lower rate, while trading above R1 at 1.28973, can open the doors for 1.300. Technical indicators at the H1 chart, supporting the bears, at the moment.


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