Market updates on December 2

Market updates on December 2

Key events ahead:

German Markit Manufacturing PMI Final – 10:55 MT time (08:55 GMT)

American ISM Manufacturing PMI – 17:00 MT time (15:00 GMT)

  • EUR has started the day with a passive sideways movement. On the H4 chart of EURUSD, the Bollinger’s bands are pinched together. That means most probably the market is gathering power to start a more active movement soon. The MACD is slowly rising and preparing to cross the zero-line bottom-up. Once it is done, that would confirm the market’s intention to make a bullish move. For this scenario, the resistance may be placed at 1.1024 and 1.1029. The supports may be located at 1.1003 and 1.0990.EURUSDH4.png
  • USDJPY made a rise to the level of 109.70 this morning and bounced down. On the H4 chart of USDJPY, the Stochastic is preparing to enter the overbought zone, while the MACD is within the peak level. These indications mean that the price is likely to keep rising or move sideways for a while, before dropping. Once the Stochastic’s fast line crosses the slow one upside-down above the 80% level and the MACD rises above the signal line, that would be a signal that the market is overbought and it is time to open shorts. In this case, the support may be placed in the range of 109.45 – 109.41. The resistance may be kept at 109.70.USDJPYH4.png
  • USD is in an indecisive mode against the CAD so far. On the H4 chart of USDCAD, the price is continuing the sideways movement that has been in place since last Wednesday. The Bollinger’s compressed bands and the MACD’s low magnitude movement right at the zero-line show that the market is consolidating before making a stronger move in either direction. The support may be located within the range of 1.3271 – 1.3262. The resistance levels may be placed at 1.3297, 1.3308 and 1.3324.USDCADH4.png


Inflation Risks Return To The Markets
Inflation Risks Return To The Markets

Lagarde says difficult times have come, and the ECB raised the rate not to cause a recession but to stabilize prices. Read the report to learn the freshest news of the day!

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ECB Key Rate is in Focus

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Fed’s Rate Pause and UK Inflation Slows
Fed’s Rate Pause and UK Inflation Slows

Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.

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