DAILY MARKET REVIEW — 29/11/2016

DAILY MARKET REVIEW — 29/11/2016

 

US economic statistic will be the main market mover today

 

Forex

AUD/USD

AUDUSD

The USD fell in rapport to the commodity currencies during yesterday’ trading session. This was due to profit-taking. Meanwhile, investors hope that under the new US leadership’s policies, the USD will improve.

However, today’s U.S GDP data and U.S CB Consumer Confidence will impact the markets. Also later today Fed’s William Dudley and Jerome Powell will hold speeches.

Resistance: 0.75105, 0.75571, 0.76104
Support: 0.74472, 0.74061, 0.73664

EUR/JPY

EURJPY

Yesterday, the pair showed a downward trend caused by a technical correction and profit taking. ECB’s President Mario Draghi pointed out that the regulator will continue to pursue a loose monetary policy. This statement put some pressure on the EUR.

Today, Germany’s CPI scheduled for 13:00 (GMT) will impact the market, the same as data on industrial production in Japan at 23:50 (GMT).

Meanwhile, market participants will prepare for tomorrow’s publication of labor market data in Germany and Eurozone’s inflation data.

Resistance: 119.575, 120.157, 120.824
Support: 118.562, 118.000, 117.300

 

Stock markets

NASDAQ Futures

NASDAQ

US stock indices fell yesterday because of a fall in financial sector shares. In addition, investors are waiting for official statistics on “Black Friday” sales.

At the same time, all traders are waiting for OPEC’s meeting in Vienne, scheduled for tomorrow.

Resistance: 4880.63, 4895.08, 4911.00
Support: 4849.59, 4832.46, 4808.91

 

Commodities

Brent Oil Futures

BrentOil

Oil grew by almost 2% during yesterday’s trading, as the market were waiting for OPEC’s Vienna meeting. Meanwhile, most analysts doubt about the effectiveness of the measures that may be adopted tomorrow. At the same time, the current oil dynamics will depend entirely on the incoming information about the tomorrow’s meeting.

Resistance: 49.16, 49.84, 50.46
Support: 47.53, 46.88, 45.96

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