DAILY MARKET REVIEW — 24/11/2016

DAILY MARKET REVIEW — 24/11/2016

 

The USD’s rally will impact markets today

 

Forex

EUR/USD

EURUSD

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

GBP/JPY

GBPJPY

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

 

Stock markets

Dow Futures

Dow

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

 

Commodities

Brent Oil Futures

BrentOil

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

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