Markets have been mixed today as it seems investors are winding down for the festive season. In Europe, stocks are mildly down on the day although the UK FTSE has posted small gains, up 0.67% at time of writing.
EURUSD is set for its 3rd day of gains as it edges up past its 1st intraday resistance level of 1.0950. Oil remains in a sideways range whilst Gold peaked above 1080 before retracing back around the 1075 mark.
US Q3 GDP data just released, showed the world’s largest economy grew at a healthy rate coming in at 2% versus 1.9% expected so we could see US indexes open higher in the coming minutes.
New Zealand November trade balance improved to -779m from -963, with an expected deficit of 810m. This is a solid data for NZD, who has lately dipped but generally performed positively in December. However, whether this sizable deficit will offer an effective support for NZD remains to be seen.
Trading quote of the day: What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower. William O’Neil
Currency Updates:
EUR/USD
Pivot: 1.09
Our preference: long positions above 1.09 with targets @ 1.098 & 1.101 in extension.
Alternative scenario: below 1.09 look for further downside with 1.0845 & 1.08 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1.1035 ***
1.101 **
1.098 ***
1.095 Last
1.09 ***
1.0845 ***
1.08 ***
USD/JPY
Pivot: 121.5
Our preference: short positions below 121.5 with targets @ 120.65 & 120.05 in extension.
Alternative scenario: above 121.5 look for further upside with 122.15 & 122.6 as targets.
Comment: as long as 121.5 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
122.6 ***
122.15 **
121.5 ***
121.03 Last
120.65 ***
120.05 ***
119.50 ***
GBP/USD
Pivot: 1.491
Our preference: short positions below 1.491 with targets @ 1.48 & 1.476 in extension.
Alternative scenario: above 1.491 look for further upside with 1.495 & 1.499 as targets.
Comment: a break below 1.48 would trigger a drop towards 1.476.
Supports and resistances:
1.499 *
1.495 ***
1.491 **
1.4825 Last
1.48 **
1.476 **
1.472 **
AUD/USD
Pivot: 0.7185
Our preference: long positions above 0.7185 with targets @ 0.725 & 0.728 in extension.
Alternative scenario: below 0.7185 look for further downside with 0.715 & 0.711 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
0.7315 ***
0.728 ***
0.725 ***
0.723 Last
0.7185 **
0.715 ***
0.711 ***
SPI 200 (ASX)
Pivot: 5010
Our preference: long positions above 5010 with targets @ 5107 & 5130 in extension.
Alternative scenario: below 5010 look for further downside with 4960 & 4920 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
5160
5130
5107
5066 Last
5010
4960
4920
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