Subscribe to RSS

Sterling sensitivity ahead of Second Estimate GDP report

The lingering impact of Mark Carney’s inability to provide a concise timeframe on a UK rate rise has punished the Sterling this week. This single currency continues to face headwinds from the Bank of England’s clear reluctance to raise UK interest rates and this has encouraged sellers to depreciate the GBP further.Even though economic data from the UK has picked up in November, the non-existent rise in inflation has contributed to UK interest rate expectations being pushed back further. If the second estimate of the UK’s Q3 GDP points towards slowing economic growth, there is going to be further potential for the Pound to face losses.

Wednesday’s hefty profit taking in WTI Oil came to a halt yesterday with further gains capped at the $43.30 dynamic resistance. The effects of the unexpected comments from Saudi Arabia earlier in the week regarding its willingness to cooperate to achieve stable prices may have fizzled out, as sellers have reappeared. It seems that the reoccurring theme of an excessive oversupply in the markets will continue to weigh heavily on investor sentiment, leaving this commodity fundamentally bearish with doors wide open for a further decline towards $39.

Apart from theawaited UK GDP report, the economic data calendar is relatively light today and this may lead to a price action driven trading session. Focusing on the new month of December, spotlight will likely be directed back towards China as there will be a barrage of economic data releases on the 1st of December from world’s second largest economy, which should offer more perspective on its economic growth.

Currency Spotlight – USDJPY

The increasing likelihood of the Fed raising US interest rates in the December meeting has encouraged bullish investors to propel the USDJPY to 3 month highs of 123.75. Previous resistance at 121.70 may act as a dynamic support which should provide the foundation for bulls to regain momentum. This pair remains technically bullish and the current correction may offer an opportunity for investors to send prices towards the psychological 125.00 resistance. Technical indicators such as the MACD and moving averages also marry this bullish view on the USDJPY.

USDJPY

WTI Oil

WTI oil is technical and fundamentally bearish on the daily timeframe. Prices have found some resistance below the $43.30 and this may offer an opportunity for sellers to drag prices lower. The candlesticks are trading below the daily 20 SMA and the MACD has also crossed to the downside. There may be a decline towards the psychological $40 support.

WTI Oil

FTSE100

The FTSE100 resides in a very wide range with support at 6215 and resistance at 6450. Technically prices are pointing up and will likely trade towards 6450. Prices are trading above the daily 20 SMA and the MACD has also pointed to the upside.

FTSE100

AUDNZD

This pair is technically bullish on the daily timeframe on the daily timeframe. There have been consistent higher highs and higher lows with prices finding some support above the daily 20 SMA. A breakout above 1.1100 may invite an opportunity for prices to trade towards 1.1350.

AUDNZD

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

Forex Monthly Live Trading competition – Tickmill Ltd.

Forex Monthly Live Trading competition – Tickmill Ltd.(0)

Forex Monthly Live Trading Contest. Put your forex trading skills to test and win up to $1000 every Month! Forex Live Trading Contest is only available for clients of Tickmill Ltd.(FSA Regulated) Link:  Weekly Demo Race Trading Contest Link:  $30 Free Welcome Bonus Offer Link:  Forex Monthly Live Trading Contest Available to: All new traders

50% Deposit Bonus and $30 Free Trading Bonus – XM

50% Deposit Bonus and $30 Free Trading Bonus – XM(0)

Get 50% Deposit Bonus and $30 Free Trading Bonus. XM offers its clients multiple trading benefits to stay at XM, starting with a $30 Free Trading Bonus “No deposit required” Link:  $30 Forex No Deposit Bonus Link:  50% Deposit Bonus up to $500 Available to: All new trading account Bonus offer: 50% Deposit Bonus and

$50 Forex No Deposit Bitcoin Bonus Promotions – UFX

$50 Forex No Deposit Bitcoin Bonus Promotions – UFX(0)

$50 Forex No Deposit Bitcoin Bonus Special Promotion to all new trading account holder. Start Forex Trading Bitcoin with UFX and  Get a $50 No Deposit Bonus Link:  $50 Forex No Deposit Bonus Promotion Link:  $50 Free No Deposit Bitcoin Bonus Link:  Halloween Trick or Trade Competition Available to: All new trading account Ending Date:

Up to 100% Bonus Promotions for Each Deposit – AvaTrade

Up to 100% Bonus Promotions for Each Deposit – AvaTrade(0)

Bonus up to 100% for Each Deposit, This Bonus offer is available to USD, EUR, AUD and GBP base currency. AvaTrade Leading Online Forex Trading Broker Start now and get a Deposit Bonus of up to 100%. Link:  100% Bonus to Your First Deposit Link:  35% New Accounts Bonus Promotion Link:  Advantages of Trading Bitcoin

Start Forex Copy Trading your Perfect Partner – ForexTime

Start Forex Copy Trading your Perfect Partner – ForexTime(0)

Start Best Copy Trading your Perfect Partner. Join fxtm cutting-edge forex copy trading programme with fxtm Invest and match up with a suitable trader. Let them trade while you watch your potential forex profits grow. Link:  Start Copy Trading your Perfect Partner Link:  $25 Per Referral Earn up to $10000 Link:  Receive $30 Tradeable Credit

30% Binary Options Deposit Bonus Promotion – Ayrex

30% Binary Options Deposit Bonus Promotion – Ayrex(0)

30% Binary Options Deposit Bonus Promotion to all new Traders. Deposit Bonus can be applied to a deposit that equals 100 EUR/USD or a larger amount Link:  $100 Free Win in Just One Hour Link:  $30 Binary Options No Deposit Bonus Link:  30% Binary Options Deposit Bonus Ending Date: 31 December 2019 Available to: All

$50 Free Bonus Will be credited to Your Account – FBS

$50 Free Bonus Will be credited to Your Account – FBS(0)

FBS offers a Free Welcome of $50 the easiest way to progress on Forex. Trade without depositing with the leverage of 1:500 and make your profit grow! Straightforward and easy conditions, anytime profit withdrawal get your $50 Free now Link:  $50 Free Will be credited to Your Account Link:  $88.8 Forex No Deposit Bonus Link: 

Start Forex Trading Bitcoin with 50 USD Free Bonus – UFX

Start Forex Trading Bitcoin with 50 USD Free Bonus – UFX(0)

Start Forex Trading Bitcoin with UFX and Get a $50 No Deposit Bonus. $50 No Deposit Bonus is subject to your phone verification with UFX Account funding in Bitcoin requires a Bitcoin wallet Link:  $50 Forex No Deposit Bonus Promotion Link:  $50 Free No Deposit Bitcoin Bonus Link:  100% Real Money CashBack Promotion Available to:

Deposit your account $3000 & get $5000 more – InstaForex

Deposit your account $3000 & get $5000 more – InstaForex(0)

Deposit your live account with $3,000 and get $5,000 more! In November we raffle $5,000 within the Chancy Deposit campaign. Get a chance to win by depositing $3,000 to a trading account. Link:  Deposit your account $3000 & get $5000 more Link:  Get 250% Bonus for First Deposit Link:  $500 Forex No Deposit Free Bonus

Forex Free Signals Access to High Quality – CMS Trader

Forex Free Signals Access to High Quality – CMS Trader(0)

Trade Free signal on your mobile and email option and get free messages,email, each having all the necessary information to open a transaction. Static’s shows that 91% of such signals generate profit. Link:  Top Social Copy Trading Platforms Link:  FREE trading signals Special Promo Ending Date:  31 December 2018 Available to:  New Clients only Bonus

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories