DAILY MARKET REVIEW — 24/11/2016
The USD’s rally will impact markets today
The pair fell yesterday thanks to strong US economic data. US durable goods orders and jobless claims came out better than expected. Furthermore, the FOMC’s Meeting Minutes put additional pressure on the pair.
Today, the US celebrates Thanksgiving, so trading volumes will be lower than usual.
Resistance: 1.05838, 1.06583, 1.07462
Support: 1.05268, 1.05000, 1.04610
The pair grew significantly after the UK’s Autumn forecast statement, which indicated that the GDP will continue to grow in 2016.
Tonight Japan will announce its Consumer Price Index at 23:30 GMT ,which should impact the markets today.
Tomorrow’s UK Q3 GDP will additionally impact the pair.
Resistance: 141.900, 143.148,145.077
Support: 139.678, 138.751, 137.291
Major US stock indexes reached new historical highs thanks to strong US statistics. Oil prices additionally grew and supported the stock markets.
Resistance: 19071.00, 19118.00, 19165.00
Support: 19016.00, 18972.00 18929.00
Brent Oil Futures
Oil quotes remained the same yesterday. Nevertheless, the US Department of Energy showed that inventories fell by 1.25 million barrels against a 0.67 million barrel growth forecast.
In short term the price of oil should not change significantly, at least until OPEC’s meeting on November 30 in Vienna.
Resistance: 50.29, 50.82, 51.40
Support: 49.41, 48.74, 48.13