Weekly Forex Outlook: November 12-16

Let’s start with the economic calendar.

Average Earning Index figure will affect the GBP on Tuesday.

On Wednesday, traders will get important economic data for the Australian dollar, US dollar, and British pound. Wage Price Index will determine the strength of the Australian dollar. The direction of the USD and GBP will be determined by the inflation data.

On Thursday, again same currencies will be under pressure from economic releases. Jobs data will have an impact on the Australian dollar. Retail sales figures will be important for the British pound and US dollar.

For Friday, we have the inflation report from the Bank of England.

What about market moves?

The US dollar index is close to stick above the psychological level of 97. However, the pressure is high. If the economic data are strong, the index may get lucky to gain a foothold above 97. However, weak data will cause a repeated fall. The first important support lies at 95.55. A break below this level will signal a further plunge to 94.65.

Will GBP/USD break psychological highs?

The pair suffers to return to highs of the middle of October. The British pound needs positive comments on the Brexit deal and encouraging economic data as the European Union forecasts a further slowdown in the British economy. If the economic data are strong and there is a progress on the Brexit, the pair will be able to rise. The first significant resistance to break is at 1.3258. However, in case of more uncertainties, the pair will keep struggling. A break below 1.2922 will pull the pair further down. The next crucial support is at 1.2690.

Will the AUD strengthen the uptrend?

The uptrend of the Australian dollar/US dollar pair is still questionable. To confirm it, the pair needs to be above 0.73. If the Australian economic data are strong, the pair will be able to stick above this level and keep rising. However, if the USD is strong and the economic figures are weak, the pair will suffer. A break below 0.7183 will provoke a further fall. The next significant level is at 0.7049.

Similar

Jackson Hole, Gold, and Powell | Market News
Jackson Hole, Gold, and Powell | Market News

The gold has made a perfect retest, but will it hold against the rising dollar? Also, the Jackson Hole Symposium and Jerome Powell's speech may become critical for most assets, and finally, more economic releases and earnings reports await you.

Latest news

FOMC Meeting, Gold Plunge, and Pound Decrease | Market News
FOMC Meeting, Gold Plunge, and Pound Decrease | Market News

Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera