Market updates on December 3

Market updates on December 3

You will never get bored in the anticipation of the US-China trade deal, as the sides have something to surprise the market all the time. While the major currency pairs have taken advantage of the weak USD, Trump has got something to make us worry. According to his comments, the US-China trade deal may come after the next year’s election.  Together with the fresh tariffs against Brazil and France, these announcements will likely determine the market situation now. Pay attention to the risk-weighted currency pairs.

  • The Australian dollar has strengthened after the RBA kept its interest rate on hold at 0.75%. On H4, AUD/USD broke the 200-period SMA and rose higher to the November resistance levels. The bullish momentum is supported by the weaker USD, too. Upside targets for the pair lie at 0.6863 and 0.6872. However, judging by Stochastic and RSI oscillators, a reversal is likely to happen soon. Stochastic oscillator formed a crossover in the overbought zone, while RSI is moving within this zone. As soon as it crosses the 70th level upside down, it may provide us a selling opportunity. From the downside, the support levels lie at 0.6836 and 0.6825.

AUDUSDH4.png

  • The kiwi is demonstrating a strong performance, too. NZD/USD is trading at the early August levels and targeting the resistance at 0.6543 on the 4-hour chart. Bulls may try to break this level and target the next resistance at 0.6561. At the same time, the Stochastic and RSI oscillators are overbought here. While RSI is looking down, a stochastic oscillator formed a crossover above 80. That is why we may expect a correction to the 0.6519 level. If this level is broken, the next support will lie at 0.6504.

NZDUSDH4.png

  • USD/JPY has fallen on the comments by the US President Donald Trump. On H4, the pair has been testing the support at 108.82 (200-period SMA). If the downward momentum continues, the next support will be placed at 108.65. From the upside, keep an eye on the 109.04 and 109.2 levels.

USDJPYH4.png

Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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