Technical Analysis

Support and Resistance for December 10 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1520 1.2840 114.40 0.7305 24500 1255.00
Resistance 2 1.1480 1.2805 113.80 0.7280 24450 1252.50
Resistance 1 1.1420 1.2760 113.40 0.7240 24400 1250.00
Market 1.1405 1.2710 112.85
0.7221 24350 1247.00
Support 1 1.1340 1.2670 112.70 0.7170 24300 1245.00
Support 2 1.1280 1.2620 112.20 0.7140 24240 1242.50
Support 3 1.1240 1.2575 111.50 0.7100 24200 1240.00
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Market Review for December 10 , 2018

Economic data released through the Asian session this morning included October current account and 3rdquarter GDP numbers out of Japan and October new home loan figures out of Australia.

For the Japanese Yen, the numbers were on the disappointing side, with the economy slowing more than had been estimated, with finalized 3rd quarter numbers showing the economy contracted by 2.5% year-on-year. Forecasts were for a 1.9% contraction following the 1st estimate 1.2% contraction.

Quarter-on-quarter, the economy shrunk by 0.6%, which was worse than a forecasted 0.5% and 1st estimate 0.3% contraction.

Japan’s current account surplus also narrowed, with the unadjusted surplus narrowing from ¥1.822tn to ¥1.310tn, coming in below a forecasted ¥1.384tn.

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Economic releases a week ahead 10-14 December 2018

On the Macro

For the Dollar, it’s another busy week ahead, with key stats including October JOLTs job openings on Monday, November wholesale and consumer price inflation numbers due out on Tuesday and Wednesday. A heavy day of stats on Friday includes October business inventories, November retail sales, and industrial production numbers and prelim December private-sector PMI numbers. Thursday’s import and export price index and weekly jobless claims figures will unlikely to have a material impact. Outside the numbers, expect Oval Office chatter, with the markets also likely to be second guessing whether the FED will take a more dovish outlook on rates for 2019. The Dollar Spot Index ended the week down 0.78% to $96.514.

For the EUR, Key stats include October Trade and economic sentiment numbers due out of Germany on Monday and Tuesday, Eurozone industrial production numbers on Wednesday, with prelim December private-sector PMI numbers for France, Germany, and the Eurozone, together with the Eurozone’s 3rdquarter wage growth figures due out on Friday. While finalized November inflation figures due out in the 2ndhalf of the week will likely be ignored, we can expect plenty of movement on the ECB monetary policy decision and more importantly, the ECB press conference. The EUR/USD ended the week up 0.55% to $1.1379.

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Support and Resistance for December 07 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1520 1.2880 114.40 0.7305 24900 1247.50
Resistance 2 1.1480 1.2840 113.80 0.7280 24850 1245.00
Resistance 1 1.1420 1.2805 113.40 0.7240 24800 1242.50
Market 1.1378 1.2780 112.85
0.7212 24780 1241.00
Support 1 1.1340 1.2760 112.70 0.7170 24700 1237.50
Support 2 1.1280 1.2670 112.20 0.7140 24650 1235.00
Support 3 1.1240 1.2620 111.50 0.7100 24600 1232.50
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Market Review for December 07 , 2018

U.S. equity markets settled lower on Thursday, but well off their lows after news hit the market that the U.S. Federal Reserve could tighten monetary policy at a slower pace than previously expected.
 The major stock indexes in Asia are trading higher on Friday, picking up were the U.S. markets left off at the close. Although the U.S. markets traded sharply lower for most of the session on Wednesday, they did recapture most of those losses into the close. This late session momentum has carried over to the Asia markets.

At 0446 GMT, Japan’s Nikkei 225 Index is trading 21621.20, up 119.58 or +0.56%. Hong Kong’s Hang Seng Index is at 26226.79, up 70.41 or +0.27%. South Korea’s KOSPI Index is at 2074.13, up 5.44 or +0.26%. China’s Shanghai Index is at 2607.14, up 1.96 or +0.08%.

U.S. Stock Markets

U.S. equity markets settled lower on Thursday, but well off their lows after news hit the market that the U.S. Federal Reserve could tighten monetary policy at a slower pace than previously expected.

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