by JustForex
Inflation in Germany increased to 5.2% in November, the highest level since June 1992, surpassing the estimate of 5%. Investors’ attention is now focused on the Eurozone inflation figure, which will be published today. Analysts expect the consumer price level in Europe to rise to 4.5%.
From the technical point of view, the EUR/USD on the hour time frame is bearish. The MACD indicator has become positive, there is a buyers’ initiative. Under such market conditions, traders should consider sell positions from the priority change level of 1.1350. Buy trades should be considered only from the support levels of the higher timeframe, given the buyers’ initiative, but only with short targets.
Alternative scenario: if the price breaks out through the 1.1350 resistance level and fixes above, the mid-term uptrend will likely resume.
The UK is not going to introduce restrictions in the next 3 weeks. Business activity in the United Kingdom is gradually increasing, but the energy crisis is still putting pressure not only on businesses but also on households. Analysts are lowering their forecasts about the Bank of England rate hike, it is expected to increase by 8 basis points in December.
On the hourly time frame, the trend on GBP/USD is bearish. The price has formed a new corridor with a range of 1.3307-1.3360. The MACD indicator has become inactive, but is signaling divergence on several timeframes. Under such market conditions, traders should consider sell positions from the resistance levels around the moving average. It is important for the buyers to get the price back above the 1.3360 level, so buy trades should be considered only if the price returns to the wider 1.3360-1.3507 corridor, given the buyer’s initiative.
Free Reports:
Alternative scenario: if the price breaks out through the 1.3434 resistance level and consolidates above, the bullish scenario will likely resume.
Japan’s unemployment rate in October fell to the lowest level since March. Industrial production increased for the first time in 4 months. The Japanese Yen continues to strengthen as a safe-haven currency as a new variant of the Omicron virus is much more resistant to vaccines.
The global trend on the USD/JPY currency pair has changed to bearish. The price confidently broke through the priority change level and consolidated lower. Under such market conditions, it is best for traders to look for sell positions from the resistance levels around the moving average. Buy positions should be considered from the support levels of the higher time frames, given the buyer’s initiative.
Alternative scenario: if the price rises above 115.15, the uptrend will likely resume.
Oil prices continue to decline amid news that a new variant of the Omicron virus is resistant to vaccines, adding to fears that there could be an excess of supply in the first quarter of next year. The Canadian dollar is a commodity currency, so the CAD is falling sharply against the dollar amid a drop in oil.
From the technical point of view, the trend of the USD/CAD currency is bullish. The MACD indicator has become inactive, but buyer pressure remains high. Under such market conditions, it is better to look for buy trades from the lower border of the flat corridor. Sell deals should be considered from the resistance levels of the higher time frames.
Alternative scenario: if the price breaks down through the 1.2646 support level and fixes below, the downtrend will likely resume.
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
By Christopher Decker, University of Nebraska Omaha The Federal Reserve held interest rates steady at…
By JustMarkets At Tuesday's close, the Dow Jones Index (US30) added 0.23%, while the S&P 500 Index (US500) was…
By RoboForex Analytical Department Brent crude oil prices have dropped to $83.95 per barrel on…
By ForexTime USDJPY sees over 700-pip swing Copper selloff rewards bears EURCAD hits all bearish targets…
By Selcuk Uluagac, Florida International University You probably know better than to click on links…
By Denisa Mindruta, HEC Paris Business School “This isn’t mine; this is one for the…
This website uses cookies.
