DAILY MARKET OUTLOOK on Major
Update Time: 21 Nov 2019 03:30GMT
EUR/USD - 1.1077
Despite the single currency's fall to 1.1054 yesterday, subsequent rebound to 1.1081 on usd's broad-based weakness suggests the pullback from Monday's high at 1.1090 has ended there and consolidation with upside bias would be seen for a re-test of said resistance, break would extend recent rise from last Thursday's 1-month trough at 1.0990 to 1.1113/20.
On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.
Pay attention to the release of EU consumer confidence at 15:00GMT. Street forecast is -7.3 vs previous reading of -7.6.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
USD/JPY advances toward 149.50 ahead of crucial BoJ policy decision
USD/JPY is rising toward 149.50 in the Asian session on Tuesday, picking up fresh bids. Traders keenly await the highly-anticipated Bank of Japan policy decision. The BoJ's outlook on the negative interest rate policy and the Yield Curve Control (YCC) will play a key role in influencing the Japanese Yen.
AUD/USD creeps lower to test 0.6550 ahead of RBA’s decision
AUD/USD is grinding lower to test the 0.6550 level in Asian trading on Tuesday. The Aussie Dollar stays on the defensive against the US Dollar as markets prepare for the Reserve Bank of Australia's extended pause but the Bank's rate outlook will hold the key.
Gold awaits Bull Flag confirmation and central banks’ verdicts
Gold price is holding the previous rebounding in Asian trading on Tuesday, as buyers take a breather ahead of the upcoming key central banks’ policy decisions. The US Dollar is stretching higher amid a risk-averse market environment, shrugging off some weakness in the US Treasury bond yields.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market is crashing. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late.
Australia Interest Rate Decision Preview: RBA set to stand pat after discussing rate hikes in February
The Reserve Bank of Australia is widely expected to hold the Official Cash Rate steady at a 12-year high of 4.35% following the conclusion of its March monetary policy meeting on Tuesday. The decision will be announced at 03:30 GMT.