2018-11-15
EUR/USD despite the initial rejection at the 38% Fibonacci retracement, made a higher low and is now making a higher high. Medium- and longer-term trend remain bearish as price remains inside a bearish channel and below 1.15.
Green lines - expected path
Blue dots - medium strength support
Dark blue dots - maximum strength support
The anticipated bounce from 1.1250 has come according to our plan. Now we see that the more probable scenario is for EUR/USD to top around the 61.8% Fibonacci retracement at 1.1390 area and reverse for new lows. As long as we trade below 1.15 we remain medium-term bearish looking for a move below 1.10. Short-term support is at 1.1260 and resistance at 1.1390.
Technical analysis for Gold for November 15, 2018
2018-11-15
Gold price as expected has finally bounced towards $1,210-15 area. I expect prices to get rejected at current levels or from slightly higher. Major resistance and stop for bears is at $1,243.50. Support at $1,196.
Blue dots - medium strength support
Dark blue dots - maximum strength support
The anticipated bounce from 1.1250 has come according to our plan. Now we see that the more probable scenario is for EUR/USD to top around the 61.8% Fibonacci retracement at 1.1390 area and reverse for new lows. As long as we trade below 1.15 we remain medium-term bearish looking for a move below 1.10. Short-term support is at 1.1260 and resistance at 1.1390.
Technical analysis for Gold for November 15, 2018
2018-11-15
Gold price as expected has finally bounced towards $1,210-15 area. I expect prices to get rejected at current levels or from slightly higher. Major resistance and stop for bears is at $1,243.50. Support at $1,196.
Red rectangle - major resistance
Blue rectangle - major support
Magenta rectangle - resistance
Green lines expected path
Gold has bounced and is now challenging the 38% Fibonacci retracement resistance of the recent decline. Gold could move higher towards the 61.8% ratio but again I believe the most probable scenario would be a rejection and a bearish reversal for new lows. As long as Gold price is below $1,243.50 we remain bearish expecting another longer-term leg lower below $1,100.
Fundamental Analysis of AUD/USD for November 15, 2018
2018-11-15
AUD/USD has been quite impressive with the recent bullish gains after the bounce off the 0.7150-0.7200 support area with a daily close. Despite recent positive economic reports from the US, AUD gained more momentum in the market due to upbeat employment data today.
Today AUD Employment Change report was published with a significant increase to 32.8k from the previous figure of 7.8k which was expected to be at 19.9k and Unemployment Report was unchanged at 5.0% which was expected to increase to 5.1%. Moreover, RBA Assistant Governor Debelle spoke today about the housing lending issue. Besides, he addressed the repayment problems of the borrowers, so he suggested certain policies to reduce future shocks due to lending and monetary policy issues.
On the other hand, recently US CPI report was published with an increase to 0.3% as expected from the previous value of 0.1% and Core CPI also increased to 0.2% as expected from the previous value of 0.1%. The readings were in line with expectations, however USD failed to gain momentum which indicates temporary weakness of the US currency. The market-moving event today is FED Chair Powell's speech which is expected to signal another rate hike this year. Thus, USD could find support from Powell's remarks before the weekend.
Meanwhile, AUD is quite strong fundamentally and technically which might lead to certain gains in the pair, but there are still chances of USD to regain momentum as Powell's speech may contain the hawkish remarks which will encourage dollar bulls. If the US provides strong statistics in the coming days, further indecision and correction may persist in the market for longer. Otherwise, AUD may set a strong impulsive bullish trend in the future.
Now let us look at the technical view. The price is currently pushing higher towards 0.7300 from where it has a probability to push lower towards 0.7150-0.7200 area. Though the recent price structure is in a range, further bullish pressure will persist with a target towards 0.7450-0.7500 resistance area in the future as the price breaks above 0.7300 with a daily close. As the price remains above 0.7150-0.7200 area, the bullish bias is expected to continue.
SUPPORT: 0.7150, 0.7200
RESISTANCE: 0.7300, 0.7450, 0.7500
BIAS: BULLISH
MOMENTUM: IMPULSIVE
Blue rectangle - major support
Magenta rectangle - resistance
Green lines expected path
Gold has bounced and is now challenging the 38% Fibonacci retracement resistance of the recent decline. Gold could move higher towards the 61.8% ratio but again I believe the most probable scenario would be a rejection and a bearish reversal for new lows. As long as Gold price is below $1,243.50 we remain bearish expecting another longer-term leg lower below $1,100.
Fundamental Analysis of AUD/USD for November 15, 2018
2018-11-15
AUD/USD has been quite impressive with the recent bullish gains after the bounce off the 0.7150-0.7200 support area with a daily close. Despite recent positive economic reports from the US, AUD gained more momentum in the market due to upbeat employment data today.
Today AUD Employment Change report was published with a significant increase to 32.8k from the previous figure of 7.8k which was expected to be at 19.9k and Unemployment Report was unchanged at 5.0% which was expected to increase to 5.1%. Moreover, RBA Assistant Governor Debelle spoke today about the housing lending issue. Besides, he addressed the repayment problems of the borrowers, so he suggested certain policies to reduce future shocks due to lending and monetary policy issues.
On the other hand, recently US CPI report was published with an increase to 0.3% as expected from the previous value of 0.1% and Core CPI also increased to 0.2% as expected from the previous value of 0.1%. The readings were in line with expectations, however USD failed to gain momentum which indicates temporary weakness of the US currency. The market-moving event today is FED Chair Powell's speech which is expected to signal another rate hike this year. Thus, USD could find support from Powell's remarks before the weekend.
Meanwhile, AUD is quite strong fundamentally and technically which might lead to certain gains in the pair, but there are still chances of USD to regain momentum as Powell's speech may contain the hawkish remarks which will encourage dollar bulls. If the US provides strong statistics in the coming days, further indecision and correction may persist in the market for longer. Otherwise, AUD may set a strong impulsive bullish trend in the future.
Now let us look at the technical view. The price is currently pushing higher towards 0.7300 from where it has a probability to push lower towards 0.7150-0.7200 area. Though the recent price structure is in a range, further bullish pressure will persist with a target towards 0.7450-0.7500 resistance area in the future as the price breaks above 0.7300 with a daily close. As the price remains above 0.7150-0.7200 area, the bullish bias is expected to continue.
SUPPORT: 0.7150, 0.7200
RESISTANCE: 0.7300, 0.7450, 0.7500
BIAS: BULLISH
MOMENTUM: IMPULSIVE
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