News & Analysis

Oil hits new 2017 highs; EURUSD eyes 1.1860; Stock Indices mixed; Eightcap CFD Forex insights

Nov 24, 2017 | Daily Market Outlook

Today’s high impact news:

N/A

Light trade overnight, European indices finished mixed. DAX closed 6.49 points lower the FTSE closed 1.78 lower. The CAC added 26.78 as French employment grew to its strongest level in 16 years. The USD finished mixed with gains to the CAD and JPY. The EUR rallied to the USD for the third day closing in on 1.1860 resistance. This level has stood firm since late September. Oil made further gains last night adding 45 cents. Price closed at $58.45 setting a new 2017 high. Gold finished flat at 1291.09.

Today- ASX200 started the day weaker but has seen a fight back. Buyers have so far locked in 5960 as support. The AUDUSD has started Friday flat.7624 continuing to hold buyers form further gains. The USDJPY is seeing gains we’re looking for 111.04 low to continue to offer support to buyers. EURJPY reconfirmed 131.45 level as support. While this holds we’re looking for further upside. The GBPUSD failed to break 1.3321 last night. This level is seen as medium-term resistance. There’s price action suggesting a potential turn, the current weakness may end up being short-term. The market needs time to run a retracement before buys can be thought about.

Market set-ups developing.

EURUSD – price has touched a potential supply zone with divergence developing. We’re watching price for further confirmation sellers are gaining an imbalance

USDJPY – buyers could be setting up a counter-rally as 111.04 level held overnight. Divergence has set up, with yesterday’s candle breaking lower cancelling out an inside bar. We would like to see support hold with buyers making a new higher high. A break of 111.04 cancels out the counter rally idea. 

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.

In addition to the disclaimer on our website, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. EightCap accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.

Please note that past performance is not a guarantee of or prediction of future performance. This communication must not be reproduced or further distributed without prior permission.

Follow Us