Daily Technical Levels 08-Nov-2017
Daily Technical Levels 08-Nov-2017 Of Major Pairs + Commodities...
Market Morning Briefing: Dollar-Yen Again Rose Above 114.00 (08-Nov-2017 at 09:00:36 am)
Dollar-Yen (113.78) again rose above 114.00 yesterday to a high of 114.34, but has
come off again from there. It is running into sustained selling every time it rises past
114.00. This is because the US-Japan 10Yr Spread (2.28%) has been coming down
and has broken a near-term rising trend line.
Daily Technical Analysis: EUR/USD, GBP/USD, USD/JPY, USD/CHF (08-Nov-2017 at 08:08:34 am)
The EUR/USD attempted to push lower yesterday slipped below 1.1580 support area
but still unable to stay consistently below that area and hit 1.1606 earlier today in
Asian session. The bias is neutral in nearest term. Overall I remain bearish as a part
of the “head and shoulders” bearish reversal scenario as you can see on my daily
chart below but need a clear break below 1.1580 to continue the bearish scenario
targeting 1.1500 – 1.1450 region. Immediate resistance is seen around 1.1650/70. A
clear break above that area could trigger further bullish pressure testing 1.1725 but
as long as stay below 1.1900 I remain bearish and any upside pullback should be
seen as a good opportunity to sell.
Japanese Yen Trading Flat In The Asian Session (08-Nov-2017 at 11:36:12 am)
The pair is expected to find support at 113.51, and a fall through could take it to the
next support level of 113.23. The pair is expected to find its first resistance at 114.21,
and a rise through could take it to the next resistance level of 114.63.
Swiss Franc Trading Marginally Higher This Morning (08-Nov-2017 at 11:32:04 am)
The pair is expected to find support at 0.9973, and a fall through could take it to the
next support level of 0.9956. The pair is expected to find its first resistance at 1.0013,
and a rise through could take it to the next resistance level of 1.0036.
BoC Governor Defended Inflation Target, Stayed Neutral On Interest Rates (08-Nov-2017 at 11:30:13 am)
The pair is expected to find support at 1.2712, and a fall through could take it to the
next support level of 1.2656. The pair is expected to find its first resistance at 1.2822,
and a rise through could take it to the next resistance level of 1.2876.
USD/CAD Canadian Dollar Lower After USD Resurgence (08-Nov-2017 at 07:13:22 am)
The Canadian dollar depreciated on Tuesday with little support from Bank of Canada
(BoC) Governor Stephen Poloz who gave a speech in Montreal. U.S. Federal Reserve
officials Randal Quarles and Fed Chair Janet Yellen did not provide any new insights
to markets on the plans of the central bank. The geopolitical risk that was triggered
by the arrests in Saudi Arabia over the weekend has faded and the US dollar has
reasumed the upward move that was interrupted by the low wage growth data
released with the U.S. non farm payrolls (NFP) on Friday.
Gold Slips On Sharp US Employment Report (08-Nov-2017 at 07:10:37 am)
Gold has posted considerable gains in the Tuesday session. In North American trade,
the spot price for an ounce of gold is $1275.19, down 0.53% on the day. On the
release front, JOLT Job Openings edged up to 6.09 million, easily beating the
estimate of 5.98 million. Later in the day, Fed Chair Janet Yellen will speak at an event
in Washington.
NZD/USD Under Pressure Ahead Of RBNZ (08-Nov-2017 at 07:06:33 am)
The Reserve Bank of New Zealand will be releasing its rate decision and monetary
policy statement on Thursday in Wellington, followed by a highly-anticipated press
conference. This meeting will be the first for Acting Governor Grant Spencer, who is
temporarily in the role while the newly-formed NZ government led by new Prime
Minister Jacinda Ardern decides on a permanent appointee. Markets currently expect
that the central bank will keep its official cash rate steady at the record low 1.75%, to
which it was lowered exactly a year ago on Thursday.
USD Off On Reports Of Tax Delay (08-Nov-2017 at 07:03:02 am)
The US dollar falling off its Tuesday highs and equity futures are off (SPY -6, DOW
Futures -35) on Washington Post report that US Senate Republicans may delay the
corporate tax cuts by 1 year. But details could change ahead of Thursday's formal
release of the bill by the Senate Finance Committee. The euro slumped again Tuesday
but a late-day bounce showed the next move could be drawn out. The US dollar was
the top performer on the day while the New Zealand dollar lagged. The Asia-Pacific
calendar is light but Trump is in South Korea and could stir up geopolitical risk. The
EUR/USD and FTSE trades were stopped out before a new trade has been posted in a
major index (before the Tax story broke).
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