Wednesday, November 27, 2019

EURUSD Bearish if breaches below 1.0915

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Currency

Currency

Comodities

Comodities

EUR USD

Bearish if breaches below 1.0915

EUR USD

After trading lower for four straight sessions, the Euro posted marginal gains against the US Dollar yesterday, as data showed that the consumer confidence in Germany is set to improve in December. At present, the pair is trading with a downside bias on the 1H chart, hinting at possible negative momentum in the coming session. Additionally, a recent signal line crossover from above by the MACD indicator, further validates the above stance. Immediate support is placed at the 1.0980 level, followed by the 1.0950 and 1.0915 levels. A move back below the latter might lead to bearishness in the pair. On the bright side, key technical resistance is positioned at the 1.1050 level, followed by the 1.1085 and 1.1120 levels. A clear break above the latter might trigger further positive momentum in the pair.

Dow Jones

Bullish if breaks above 28360

Dow Jones

The Dow Jones index traded higher for the third straight session yesterday, lifted by gains in consumer discretionary, retail and financial sector stocks. Moreover, Walt Disney Co. rose after reports emerged that its streaming service averaged nearly 1 million new subscribers per day. Presently, the index is trading in an upward trending channel on the 1H chart, indicating at a bullish technical scenario. Important resistance is aligned at the 28200 level, followed by the 28275 and 28360 levels. A surge above the latter might lead to further positivity in the index. However, a possible signal line crossover from above by the MACD indictor, suggests that the upside might remain limited. Key support is seen at the 28040 level, followed by the 27965 and 27880 levels. A breach below the latter might trigger downside momentum in the index.

GBP USD

Bearish if breaches below 1.2750

GBP USD

The Pound traded in the red against the US Dollar in the previous session, after data indicated that the mortgage approvals in the UK dropped to its lowest level in 7 months in October. Currently, the pair is trading with a bearish tone on the 1H chart, as the British shop prices fell for the sixth consecutive month in November. Adding to it, the MACD indicator is tranquil below its centreline, further endorsing the bearish view. Important support is situated at the 1.2820 level, followed by the 1.2780 and 1.2750 levels. A move back below the latter might trigger further bearishness in the pair. On the contrary, key resistance is positioned at the 1.2890 level, followed by the 1.2920 and 1.2955 levels. A break above the latter might lead to bullish momentum in the pair.

FTSE 100

Bullish if breaks above 7500

FTSE 100

The FTSE 100 index edged marginally higher yesterday, as gains in financial and mining sector stocks were offset by losses in energy and utility sector stocks. Meanwhile, Compass Group plummeted after the company reported a drop in its profit for the full year. As of now, the index is trading above its short-term and long-term EMAs on the 1H chart, reflecting at a bullish technical picture. Crucial resistance is observed at the 7440 level, followed by the 7470 and 7500 levels. A surge above the latter might lead to further bullishness in the index. However, the MACD indicator is sharply moving downwards, suggesting that the upside might remain limited. Key support is placed at the 7370 level, followed by the 7335 and 7300 levels. A breach below the latter might trigger bearish momentum in the index.

USD JPY

Strong if breaks above 110.20

USD JPY

The US Dollar rose against the Japanese Yen for the fifth consecutive session yesterday, as the US housing price index rose more than expected in September. However, gains were limited, as the US goods trade deficit touched its lowest level in 17 months in October. At present, the pair is trading with a strong bias on the 1H chart, ahead of the key economic releases in the US, due later in the day. In addition, the MACD indicator is placed above its centreline, further confirming the bullish view. Immediate resistance is placed at the 109.50 level, followed by the 109.85 and 110.20 levels. A break above the latter might lead to further upside momentum in the pair. On the flipside, crucial support is located at the 108.80 level, followed by the 108.50 and 108.15 levels.

GOLD

Bearish if breaches below $1456

GOLD

The yellow metal registered considerable gains yesterday and ended at $1460.30, led by a weaker US Dollar. However, gains were pared, after the US President Donald Trump stated that the US is close to an interim trade deal with China. Presently, the safe-haven commodity is trading in a downward trending channel on the 1H chart, hinting at possible bearish momentum in the coming session. Besides, the MACD indicator is heading towards the south, further elaborating the above view. Crucial support is placed at the $1462 level, followed by the $1459 and $1456 levels. A move back below the latter might lead to downside momentum in the precious metal. Conversely, key resistance is positioned at the $1470 level, followed by the $1473 and $1476 levels. A break above the latter might generate further acceleration to the upside.

Crude Oil

Positive if breaks above $65.90

Crude Oil

The Brent Crude advanced for the second successive session yesterday to end at $64.27, buoyed by rising optimism over the US-China trade deal. However, gains were limited, after data by the American Petroleum Institute showed an unexpected rise in the US crude oil inventories in the last week. As of now, the commodity is trading with a positive showing on the 1H chart, ahead of the EIA’s weekly crude oil inventory data, due later today. Additionally, the MACD indicator is tranquil in its positive territory, further validating the above stance. Immediate resistance is seen at the $64.75 level, followed by the $65.30 and $65.90 levels. A surge above the latter might lead to further acceleration to the upside. On the contrary, crucial support is placed at the $63.50 level, followed by the $63.00 and $62.40 levels.