EUR/USD has recovered some ground this week, but remains capped by the 1.2500 mark in the late European session. According to our forecast, a break above this hurdle could open the way to the next bullish targets at 1.2550 and 1.2600. On Thursday euro zone is scheduled to release a bunch of data with the November German Preliminary CPI as a headliner. The market sentiment towards the euro will strongly depend on the news.
GBP/USD has breached the ascending triangle to the upside. The pair’s correcting up as the market seems tired of the USD longs. A fix above 1.5790 will open the way to 1.5875. Pound is now at the upper border of the short-term rising channel. If resistance holds, look at support at 1.5670 and 1.5625.
USD/JPY is consolidating in the 117.70 area. The bias is to the downside, although the pair moves very slowly. Support is at 117.35 and 117.00 ahead of 116.15.
AUD/USD is testing the 0.8500 mark to the downside on Wednesday, testing the levels unseen since 2010. We see from the monthly chart, that in November the price has fallen below the lower border of the Ichimoku (0.8540). Aussie remains under pressure because of the RBA, China and falling commodity prices. Daily close below the 0.8500 mark would be a strong selling signal. On Thursday Australia is scheduled to release Q3 private capital expenditure data (forecast – negative).
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Trading Plan: November 27, 2013
Published 11/27/2014, 01:50 AM
Updated 10/19/2022, 07:05 AM
Trading Plan: November 27, 2013
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