Investing.com - The New Zealand dollar gained more than 1% on Wednesday in Asia after the country’s central bank unexpectedly left interest rates unchanged.
Gold markets pulled back a bit during the trading session on Tuesday to test the $1450 level for support. So far, it has in fact found support there, but if it gives that level up it’s likely that the 200 day EMA will be next.
The US dollar has seen a lot of noise when it comes to trading against the Japanese yen, testing that massive 61.8% Fibonacci retracement level. Ultimately, this is a market that should continue to cause a lot of volatility.
It has been a sleepy Tuesday session. The Canadian dollar, British pound and EUR/GBP are all trading sideways and traders can expect a quiet North American session.
The British pound went back and forth during the trading session on Tuesday, showing signs of stability just below at the crucial 1.28 level.
The British pound has gone back and forth during the trading session on Tuesday, dancing around the ¥140 level. After the recent explosion to the upside, it makes sense that market participants may need to take a break.
The Euro initially tried to rally during the trading session on Tuesday but gave back the gains in order to show signs of weakness again. We are sitting at the 1.10 level, which of course is a large, round, psychologically significant figure, and attracts a lot of attention.
The Australian dollar went back and forth during the trading session on Tuesday, as we have reach down towards the 50 day EMA but then bounced a bit. Ultimately, this is a market that looks as if it is trying to catch its footing.
Investing.com – The greatest trade distraction of the century remains alive, markets heard Tuesday, prompting safe-haven gold to climb a few notches in afterhours trade.
Based on the early price action and the current price at 1.1018, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the resistance cluster at 1.1029 and the downtrending Gann angle at 1.1016.
GBP/USD rallied sharply higher on Monday on political developments in the UK but is struggling to hold on to the gains as the pair is strongly offered in early day trading on Tuesday.
The downtrend is pretty clear, but in order to continue to generate the downside pressure, yields must continue to rise, the dollar has to remain strong and demand for equities must continue to strength. This is because there are wildcards out there that could shift investor sentiment fairly quickly.
Investing.com - The U.S. dollar was slightly higher on Tuesday, but traders remained cautious as they waited for an update on a trade deal with China from U.S. President Donald Trump.
The ZEW indicator of economic sentiment for Germany rose to -2.1 in November, a gain of 20.7 points from October. Economists polled by FactSet expected a -14.8 reading. "There is growing hope that the international economic policy environment will improve in the near future, which explains the sharp rise in the ZEW Indicator of Economic Sentiment in November. In the meantime, the chances for a agreement between Great Britain and the EU and thus for a regulated withdrawal of Great Britain have noticeably increased," said Achim Wambach, president of the ZEW.
EUR/USD posted a small gain on Monday to end a five-day losing streak. The pair was firmly bid from a horizontal support level yesterday which looks to be once again holding the downside in today’s early day trading.
Investing.com – Wall Street was flat on Tuesday as investors waited for U.S. President Donald Trump to give more insight on resolving the 16-month long trade war with China.
The U.K. unemployment rate in the three months to September edged down to 3.8%, while employment fell by 58,000, the Office for National Statistics said. Average weekly earnings slowed to 3.6% from 3.8%. Jobless claims rose 33,000 in October. Economists polled by FactSet expected a 3.9% unemployment rate, a 22,500 rise in claims and 3.8% growth in earnings.
Japanese government bond (JGB) prices fell on Tuesday after a poorly received auction of 30-year debt sparked concern about demand for longer-dated bonds.
The GBP/USD made a strong bullish bounce at the 144 ema close, which could indicate the completion of a bearish ABC (orange) correction and a potential restart of the uptrend.
Based on the early price action, the direction of the AUD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at .6850.
The Australian dollar and Chinese yuan are trading sideways, shrugging off key Australian and Chinese releases. The New Zealand dollar is lower against the greenback.
The direction of the December Comex gold futures contract on Tuesday is likely to be determined by trader reaction to Monday’s close at $1457.10.