News & Analysis

Oil further highs; S&P500 breaks 2600; EUR surges – EURUSD above 1.1900; Eightcap CFD Forex insights.

Nov 27, 2017 | Daily Market Outlook

Today’s high impact news:

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Friday saw new highs set as buyers jumped into action. Oil made new 2017 highs, buyers taking price above $58.80. The S&P500 crossed 2600 for the first time setting new records and yearly highs. Wall Street is betting on strong holiday shopping season. The EUR was the big mover on Friday, making strong gains across the board. The EURUSD broke above 1.1900 with a 77 pip gain. The EURJPY added 128 to be trading back above 133. The USD made two-month lows on Friday night, despite this Gold traded lower to finish $3.50 in the red. The USD made gains to a weaker JPY and AUD. The Bitcoin train shows no signs of slowing down as buyers smashed another 1000 price block breaking above 9000. Price has rallied over $1000USD in two sessions.

This morning – the ASX200 has started the week higher influenced by strong U.S lead. 5993 is the top of an ascending triangle we’re looking for buyers to beat. The JPY has started the week lower, USDJPY continues to make gains and we made a note of this potential counter rally on Friday. The AUDJPY and EURJPY could be extended, we would be looking for a retracement before thinking about any buy positions. The USD is slightly higher. AUDUSD is trading lower a break of .7600 could set up a trend continuation pattern that started forming on Friday. The GBPUSD continues to see resistance from 1.3336 while this level holds, a wait and see approach should be taken. EURUSD after Friday’s surge above 1.1900, short-term resistance is seen at 1.1945. Like the Cable, the market needs more time.

No key news today, OPEC is meeting on Wednesday, this is followed by the EIA crude inventories on Thursday. Oil could have a volatile week.

GBPUSD – Lower open this morning has started to set up a lower high. 1.3336 continues to hold buyers at bay. We’re neutral atm, close lower starts to set up possible sell ideas.

USDCAD – flat session on Friday, sellers failed to break through current 1.2665 support level. Buyers have reemerged this morning. The overall pattern remains in a descending triangle, any potential upside may be limited to the pattern line around 1.2778. 

Good trading from Eightcap.

Sources; Reuters, CNBC

* The information provided here has been prepared by EightCap’s team of analysts. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and do not reflect the opinions of EightCap.

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