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USD is still loosing positions against major currencies. There is a good chance to gain on it! Let’s have a closer look.
EUR had been climbing for over two weeks since May 26, but it dropped on Friday after the encouraging NFP data. Nevertheless, this week EUR started on a positive footing. It’s headed towards pre-crisis highs at 1.15. Support levels are at 78.6% and 61.8% Fibonacci levels, 1.131 and 1.117, respectively.
Now GBP/USD is approaching the 78.6% Fibonacci retracement level at 1.2825. The British pound is likely to gain this week as UK Business Secretary claimed further easing of lockdown restrictions. If it crosses it, it will clear the way up towards the three-month high at 1.31. In opposite, if the pair fails to grow, it will meet the support level at the 200-day moving average at 1.265. If it breaks it down, it may fall deeper to 1.25.
XAU/USD reversed after the pullback last week. It’s going towards the retracement level at the high of May 29 at $1730. If it breaks it out, it will open doors to the highest point for over 8 years at $1750. Otherwise, if it starts falling, it will meet support levels at $1700 and $1680.
USD/JPY has easily passed the support at 107.5. Now it’s getting closer to the next support at 107. If it crosses it, it may plummet even deeper to 106. However, if some factors push USD/JPY up, the pair will meet the resistance – the 200-day moving average at 108.5.
Last week was not full of events, but we still saw decent moves in the charts of majors, S&P500, NASDAQ, oil, and crypto. The upcoming week will bring even more volatility to your favorite assets!
The US will release the Philly Fed Manufacturing Index – the impactful event for the USD and thus for all the major pairs. It will be out on November 18 at 15:30 MT (GMT+2).
The United Kingdom will publish the Inflation Rate on November 17, at 09:00 MT (GMT+2). How will it impact the markets?
ISM Manufacturing PMI will be announced at 17:00 MT (GMT+2) on Wednesday, December 1.
The Eurozone will publish the Indicator of GfK Consumer Confidence on November 25, at 09:00 GMT+2.
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
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