by JustForex
Inflationary pressures continue to rise in Germany. Import prices in Germany increased to 24.7% in annual terms in November. Monthly import prices jumped by a colossal 3% in November, which is three times more than the evaluation.
From a technical point of view, the EUR/USD on the hour time frame is still bearish. The MACD indicator has become inactive; volatility is decreasing before the Christmas holidays. It is better to consider sell deals from the priority change level. Buy trades can be considered on the lower time frames from the support level of 1.1293, but only with additional confirmation.
Alternative scenario: if the price breaks out through the 1.1360 resistance level and fixes above, the mid-term uptrend will likely resume.
A study in the UK showed that the risk of hospitalization for the Omicron strain was 50-70% lower than for the delta strain. But hospitalizations are not decreasing because Omicron spreads much faster. Analysts expect the UK economic numbers for Q4 to be weak.
On the hourly time frame, the trend on GBP/USD is still bullish. The weakness of the dollar index has allowed the British currency to strengthen significantly. The MACD indicator is in the positive zone with no signs of reversal. Under such market conditions, traders should consider buy positions from the 1.3362 support level but only with additional confirmation in the form of a buyers’ initiative. Sell trades can be considered from the resistance level of 1.3434, but only with additional confirmation in the form of a sellers’ initiative.
Free Reports:
Alternative scenario: if the price breaks down through the 1.3277 support level and consolidates below, the bearish scenario will likely resume.
In November, Japan’s consumer inflation demonstrated the most significant increase in annual terms due to higher fuel prices for almost two years, signaling the widening impact of rising global commodity prices. Japan’s core consumer price index (CPI), which excludes food prices but includes the cost of oil, increased by 0.5% in November. However, this increase is unlikely to prompt the Bank of Japan (BOJ) to reduce monetary stimulus anytime soon since inflation is still far from the central bank’s 2% target.
The global trend on the USD/JPY currency pair has changed to bullish. The price managed to break through the priority change level and consolidate higher. The MACD indicator is signaling a divergence, which means that a slight correction should be expected. Buy positions should be considered from the 114.12 support level, but with additional confirmation in the form of a buyers’ initiative. There is no optimal entry point for sell positions now.
Alternative scenario: if the price fixes below 113.46, the uptrend will likely be broken.
The Canadian dollar is a commodity currency, so it correlates strongly with oil prices and the dollar index. Oil prices are increasing slowly, while the dollar index was stable yesterday. The Canadian dollar is strengthening. A positive for the Canadian currency was also the GDP data. Canadian GDP increased by 0.8% in November but economic activity is still 0.4% below the pre-pandemic level.
From a technical point of view, the USD/CAD currency pair trend is bullish. The MACD indicator is in the negative zone, but sellers’ pressure is decreasing. Under such market conditions, it is better to look for buy deals from the support level of 1.2809. Sell deals should be considered from the resistance level of 1.2903, but with additional confirmation in the form of a sellers’ initiative.
Alternative scenario: if the price breaks down through the 1.2783 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 JustMarkets At the end of Monday, the Dow Jones Index (US30) fell by 0.13%.…
By ForexTime Gold ↑ 0.9% on risk-off sentiment JPY best performing G10 currency vs USD…
By RoboForex Analytical Department Gold prices rebounded, crossing 2,620 USD per troy ounce on Tuesday,…
RoboForex, which provides brokerage services for trading in global financial markets, has won the “Best…
By JustMarkets At the end of Friday, the Dow Jones (US30) fell by 0.70% (-1.39%…
By RoboForex Analytical Department AUD/USD is showing signs of stabilisation near 0.6465, marking its second…
This website uses cookies.
