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

Latest news

Boris Johnson drives the GBP up

The British pound has rallied versus the other major currencies on the growing expectations that Prime Minister Boris Johnson would win a majority at December 12 election.

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