Market updates on November 12

Market updates on November 12

Key events ahead

British Claimant Count Change – 11:30 MT time (09:30 GMT)

European ZEW Economic Sentiment Index – 12:00 MT time (10:00 GMT)

On Monday, GBPUSD rose to the resistance of 1.2873. Today, it has continued rising after a short correction. On the H4 chart of GBP/USD, the bulls may locate their additional resistance levels at 1.2873 and 1.2890 for the upward direction. The downward trend will have the possible support levels at 1.2806, 1.2790 and 1.2770.GBPUSDH4 November 12.png

The euro has also started the day rising against the USD. On the H1 chart of EUR/USD, the resistance level of 1.1038 is its closest mark for the bullish scenario. Otherwise, the support levels may be placed at 1.1027, 1.1025 and 1.1016.

EURUSDH1 November 12.png

The Australian dollar shows a very similar scenario in relation to the USD today. On the H1 chart of AUD/USD, after slumping down to 0.6837 it has risen back to the level of 0.6853. If it keeps the same upward direction, the bulls may locate their resistance levels in the range of 0.6857 – 0.6861. Otherwise, for the market reversal scenario, the support levels may be placed at 0.6848, 0.6845 and 0.6837.

AUDUSDH1 November 12.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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