
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
2019-11-11 • Updated
Friday is full of economic events.
On Thursday, the US dollar index has been falling. The economic data were weak and as a result, the index tested the support at $94.20. If Friday economic data are greater than the forecast, the US dollar index will be able to recover. Resistances are at the psychological levels of $94.50 and $95. If the data are weak, especially the NFP, the index will continue falling.
Friday is an important day for the Canadian dollar as well. Employment change, trade balance, and unemployment rate data will be out at 15:30 MT time. The forecast is mixed. The Friday direction of the CAD will depend on the actual data. If they are greater than the forecast ones, the Canadian currency will appreciate. Otherwise, the CAD will depreciate.
The key levels are the support – 1.3075 (200-hour MA), the resistance – 1.3215 (the pivot point, 50-hour and 100-hour MAs).
On Thursday, EUR/USD rebounded from the support at 1.1645 (the pivot point) and tested the resistance at 1.1665 reaching levels near 1.17. Friday direction will depend on the strength of the USD as no important European economic data will be released. If the USD is weak, the EUR/USD will reach the resistance at 1.1760 (50-day MA). Otherwise, there are risks of the reversal to the support at 1.1645.
The GBP/USD pair has been moving up. It reached the resistance at 1.3280. However, couldn’t break it. No important economic data will be released on Friday. As a result, there are risks of the fall to the support at 1.3180.
Moreover, the Brexit deal weighs on the pound’s rate. The Prime Minister’s Cabinet will meet on Friday to finalize the Government’s Brexit trade policy and desired customs arrangement with the EU prior to publishing the official White Paper.
If there are positive comments on the meeting, the pound will appreciate, otherwise, it will fall.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
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