European stocks closed: FTSE 100 -56.57 6721.54 -0.83% DAX -166.02 10622.07 -1.54% CAC 40 -70.75 4742.38 -1.47%
U.S.: JOLTs Job Openings, October 7.079 (forecast 7.22)
U.S. Stocks open: Dow +0.01%, Nasdaq +0.23%, S&P 0.00%
United Kingdom: NIESR GDP Estimate, November 0.3%
May is said to seek better Brexit deal at Brussels Summit @zerohedge
Canada: Building Permits (MoM) , October -0.2% (forecast -0.2%)
Canada: Housing Starts, November 215.9 (forecast 196)
|remaining time till the new event being published|
The CADJPY cross-moved higher on Monday and was marginally stronger during the London session, testing the first major resistance of previous lows, which is located near 84.65.
If this level is taken out, further rise toward the 200-day moving average could occur, which is currently slightly below the 85.00 mark. However, the price needs to rise above the medium-term bearish trend line at 85.50 to cancel the downward momentum. If this is achieved, we may see a relief rally toward the 100-day moving average at 85.80 in the initial reaction.
The pair was down again on Friday and was trading 0.15 percent lower during the London session, hovering at around 0.7225.
Bears managed to push the AUDUSD pair back below the 100-day moving average and the is now testing another stronger zone at around 0.7215. If this level is taken out, further losses toward 0.7150 could occur and the trend could switch back to bearish.
The pair dropped on Wednesday and Thursday, but was consolidating on Friday and luckily for bulls, the pair managed to defend the 200-day moving average. It was trading at around 0.6880 during the London session.
Tuesday's daily candle looks like a reversal pattern, either an evening star pattern and/or a bearish pinbar. Both are bearish reversal patterns and the price has moved lower since then. The main support is now at the 200-day moving average, which is located near 0.6850 and if the price drops below, the bearish reversal could be confirmed, with the next target probably around 0.6750.
The bullion failed to rise on Thursday, despite massive losses on the stock market and remained stuck in a narrow range, trading near 1,236 USD, still below the critical resistance of 1,242 USD.
The major selling zone is still at around 1,242 USD, where October highs are located and if the price jumps above this level, we could see another leg higher toward the 200-day moving average, which is currently at 1,255 USD. Jumping above this level might confirm the bullish breakout for the next weeks.
The support is currently at 1,230 USD and if taken out, further losses toward the broken trend line at 1,225 USD could happen, with the next bullish bids probably at the 100-day average at 1,210 USD. Gold needs to stay above this trend line to remain with a short-term bullish outlook.
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