USD Recovers After Huge Drop

USD Recovers After Huge Drop

Latest news

  • The US dollar plunged sharply yesterday after a set of weak economic data. GDP dropped to 2.0% while the forecast was 2.6%. The previous GDP growth was 6.7%. It marked US growth slowed more than expected in the third quarter, pressed by supply chain problems and a resurgence in Covid-19 cases. US Pending Home Sales was worse than the market estimates as well: -2.3% vs the forecast of 0.4%.
  • The US broad-market index S&P 500 dropped after Amazon reported poor earnings results. Apple delivered slightly better-than-expected earnings but the revenue was worse than the forecasts. Thus, Apple and Amazon dropped in after-hours trading.
  • Australian PPI came out better than the forecasts: 1.1% vs the forecast of 0.6%. AUD/USD has approached the 4month high. Will it help AUD/USD to overcome the 200-day moving average of 0.7550?
  • Mark Zuckerberg claimed on Thursday that Facebook will now be called Meta. The official corporate name will be Meta Platforms. Besides, the stock will be traded under the ticker symbol MVRS starting December 1.

Technical analysis

EUR/USD has started falling after touching the strong resistance level of the 50-day moving average and the 50% Fibonacci retracement level at 1.1700. It is getting closer to the support zone of 1.1650-1.1660 near the 38.2% Fibo level, which will be hard to cross. We may expect the pair to trade sideways near this level. However, if it manages to drop below it, the way down to 1.1610-1.1600 will be open.

EURUSDDaily.png

Gold is moving inside the ascending channel. Gold got closer to the lower line of the channel which also lies at the 200-day moving average of $1792. The metal should struggle to cross it and reverse up back to the recent high of $1800-1810.

XAUUSDDaily.png

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