Technical Analysis

Market Review for November 29, 2018

The U.S. Dollar retreated from two-week highs and nearly its highest level of the year as short-term Treasury yields fell, following dovish comments from Fed Chair Jerome Powell which raised expectations that the U.S. central bank is closer to the end of its rate hike cycle.
 The U.S. Dollar retreated from two-week highs and nearly its highest level of the year as short-term Treasury yields fell, following dovish comments from Fed Chair Jerome Powell which raised expectations that the U.S. central bank is closer to the end of its rate hike cycle.

Powell said the policy rate, at 2-2.25 percent, is now “just below” the broad range of estimates of neutral, which in September was 2.5-3.5 percent. His new remarks were a contrast with comments on October 3 when Powell said the Fed might raise rates past neutral, adding at that time that they are probably “a long way” from that point.

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Support and Resistance for November 28 2018 - US Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1440 1.2870 114.80 0.7350 25100 1220.00
Resistance 2 1.1380 1.2840 114.40 0.7305 25050 1217.50
Resistance 1 1.1320 1.2805 114.00 0.7270 25000 1215.00
Market 1.1280 1.2769 113.90
0.7230 24940 1212.00
Support 1 1.1270 1.2720 113.40 0.7205 24900 1210.00
Support 2 1.1240 1.2680 112.70 0.7170 24840 1207.50
Support 3 1.1200 1.2640 112.20 0.7140 24800 1205.00
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Support and Resistance for November 28 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1440 1.2870 114.80 0.7350 24900 1220.00
Resistance 2 1.1380 1.2840 114.40 0.7305 24840 1217.50
Resistance 1 1.1320 1.2805 114.00 0.7270 24800 1215.00
Market 1.1285 1.2763 113.75
0.7232 24780 1213.50
Support 1 1.1270 1.2720 113.40 0.7205 24750 1210.00
Support 2 1.1240 1.2680 112.70 0.7170 24700 1207.50
Support 3 1.1200 1.2640 112.20 0.7140 24650 1205.00
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Market Review for November 28, 2018

Economic data released through the Asian session this morning was on the lighter side, with key stats limited to 3rd quarter construction work done figures out of Australia.

For the Aussie Dollar, construction work done fell by 2.8% in the 3rd quarter, quarter-on-quarter, coming up well short of a forecasted 0.9% increase, whilst also reversing a 2nd quarter 1.6% rise.

According to figures released by the ABS,

  • Quarter-on-quarter, building work down fell by 1.5%, with residential and non-residential work down falling by 1% and by 2.4% respectively, while engineering tumbled by 4.5%.
  • Year-on-year, construction work done was down by 16.9%, with engineering work done sliding by 34.4% to pull total work done into the red.
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Support and Resistance for November 27 2018 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1480 1.2870 114.80 0.7350 24700 1227.50
Resistance 2 1.1420 1.2840 114.40 0.7305 24640 1225.00
Resistance 1 1.1380 1.2805 113.70 0.7270 24600 1222.50
Market 1.1315 1.2750 113.60
0.7232 24580 1221.00
Support 1 1.1270 1.2720 113.40 0.7205 24550 1220.00
Support 2 1.1240 1.2680 112.70 0.7170 24500 1217.50
Support 3 1.1200 1.2640 112.20 0.7140 24450 1215.00
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