Reasons behind the USD's advance, the earnings season in the United States, the outlook for EUR, JPY, Apple, Amazon, and more in this video!
US dollar: forecast for Nov. 27 - Dec. 1
The US dollar has been heavily sold for 3 weeks in a row. The fundamental picture for the USD remains weak. The Federal Reserve Chair Janet Yellen expressed concerns about the potential decline in inflation if rate hikes come too fast. Durable goods orders fell by 1.2% in October. The minutes of the Fed meeting showed that not all members of the central bank were in favor of a rate hike in the short-term. Finally, there are concerns about the US tax reform as the House of Representatives and the Senate have very different views about it.
In the coming days, America will release new home sales, CB consumer confidence, preliminary GDP, pending home sales, unemployment claims, core PCE price index, Chicago PMI and ISM manufacturing PMI.
Technically what we see on the weekly chart may be a “Three black crows” pattern. This pattern is regarded as a sign of bearish reversal. Some short-term attempt to recover may be expected at the start of the new week. At the same time, the 200-week MA will now act as resistance at 93.37 ahead of 93.50 (50-day MA). Downside targets lie in the 92.60 area (October lows), 92.00 and 91.50.
This week, we will continue monitoring the developments in the stock and commodity markets as tensions between Ukraine and Russia and Fed’s tightening cycle remain the main issues driving the markets.
Watch the video to discover what's happening with US500, Japanese yen, US dollar, gold, oil, and gas.
Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!
This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.