Technical Analysis

Economic releases week ahead 24-28 December 2018

For the Dollar, it’s a quiet week ahead, with key stats limited to house price figures on Wednesday, December consumer confidence and new home sales numbers on Thursday and pending home sales figures, trade data and PMI numbers out of Chicago on Friday. Focus will be on the housing sector and consumer confidence numbers, though expect some market response to Friday’s trade data, another widening in the trade deficit likely to rile U.S President Trump and the markets. Outside the numbers, talk of Trump looking to fire FED Chair Powell could give the market some swings in the shortened week. The Dollar Spot Index ended the week down 0.50% to $96.956.

For the EUR, it’s a particularly quiet week with the European markets in a shortened week, the ECB economic bulletin and job seekers numbers out of France the first numbers to consider on Thursday. While we would expect some market response to the ECB’s economic bulletin, which is unlikely to be EUR positive, prelim inflation numbers out of Spain and Germany will also provide direction for the EUR on Friday, Spain’s finalized GDP number unlikely to have an impact on the day. The EUR/USD ended the

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Support and Resistance for December 20 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1605 1.2805 113.40 0.7240 23450 1262.50
Resistance 2 1.1550 1.2780 112.70 0.7205 23400 1260.00
Resistance 1 1.1500 1.2740 112.20 0.7170 23340 1257.50
Market 1.1480 1.2695 111.72
0.7140 23300 1255.60
Support 1 1.1430 1.2680 111.50 0.7105 23250 1252.50
Support 2 1.1395 1.2620 111.00 0.7070 23200 1250.00
Support 3 1.1305 1.2580 110.40 0.7020 23140 1247.50
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Market Review for December 20 , 2018

Economic data released through the Asian session this morning included 3rd quarter GDP numbers and November trade data out of New Zealand and November employment figures out of Australia. Outside of the stats, the BoJ monetary policy decision is due out later this morning, with BoJ Governor Kuroda scheduled to speak at the BoJ press conference. Out of China, there could be more updates from the CEWC that could also provide direction through the day.

For the Kiwi Dollar,

The economy grew by 0.3% in the 3rd quarter, the slowest growth rate since Dec-13, according to figures released by NZ Stats, with growth coming up short of a forecasted 0.6% and a 2nd quarter 1.00%,

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Support and Resistance for December 18 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1480 1.2805 114.05 0.7305 23900 1255.00
Resistance 2 1.1430 1.2750 113.40 0.7280 23850 1252.50
Resistance 1 1.1395 1.2680 112.70 0.7240 23800 1250.00
Market 1.1380 1.2640 112.40
0.7195 23740 1248.50
Support 1 1.1305 1.2620 112.20 0.7170 23700 1245.00
Support 2 1.1260 1.2580 111.50 0.7140 23650 1242.50
Support 3 1.1205 1.2540 111.00 0.7100 23600 1240.00
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Market Review for December 18 , 2018

Economic data released through the Asian session was limited to December ANZ Business Confidence figures out of New Zealand. While the data was on the lighter side, the RBA’s monetary policy meeting minutes were also released. Of greater significance through the morning would be any updates from the China’s Annual Central Economic Work Conference (“CEWC”), where the markets will be watching out for any news on plans to combat the negative effects of the ongoing U.S – China trade war to support the economy.

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