Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Market updates on November 21
Key events ahead:
ECB monetary policy meeting accounts – 14:30 MT time (12:30 GMT)
Flash consumer confidence for the Eurozone – 17:00 MT time (15:00 GMT)
- EUR/USD has been targeting the 1.1090 level on H4. If this level is broken, the next resistance will be placed at 1.1103. From the downside, if the pair falls below the 100-period SMA at 1.1072, the next support level will lie at 1.1063. After that the pair will fall as far as the 1.1056 level will be reached. RSI oscillator is about to enter the overbought zone. If it leaves this zone, it may provide us a selling opportunity.
- USD/JPY is having a volatile session. During the Asian trading session, the pair has fallen towards the 108.28 level but managed to recover towards the 108.6 level. If this level is broken, the next resistance will lie at 108.7. From the downside, if the Japanese yen strengthens, the pair will slide towards the 108.46 level. The next support will be placed at 108.36.
- USD/CNH has been declining towards the ascending trend line on H4. If the risk sentiment in the market increases, the pair will fall to the 7.0314 level. The next support will be placed at 7.0230. From the upside, if the pair retests the 7.0436 level, the next resistance will lie at 7.0525.
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Last week was super intense! Geopolitical turbulence made the Russian ruble the most volatile currency. Gold rose and fell by more than 8000 points each time.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.