Forex technical analysis:
Positive news about you. S. -China trade relations have weighed on USD’s safe-haven buying, while a slowdown in trading on Thanksgiving has added to the pressure on USD to pull backwards. In gain, the weak performance of U.S. Economic data released on the day dragged Down DXY pressure.
On the morning of November 26, Liu He, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, Vice Premier of the State Council and China’s leading Chinese negotiator for the China-U.S. Comprehensive Economic Dialogue, spoke with U.S. Trade Representative Leishize and Finance Minister Mnuchin, according to the press office of China’s Ministry of Commerce. The two sides discussed resolving each other’s core concerns, reached consensus on resolving relevant issues, and agreed to keep communication on the remaining issues of the first phase of negotiations. The Global Times said on Monday that the two nations were very close to reaching the first phase of the agreement. U.S. President Donald Trump also said Tuesday that the U.S. And China is close to gaining an agreement on the first phase of a trade deal.
Data released Tuesday indicated that the U. S. The merchandise trade deficit fell sharply in October, with both imports and exports falling, suggesting that trade flows continue to decline, blamed on the Trump administration’s “America First” policy. U.S. Consumer confidence fell for a fourth straight month in November amid worries about job conditions and job prospects, but remained at a level large enough to support steady growth in consumer spending.
The GBP/USD is falling modestly in the coming days as a poll shows the Conservatives’ lead is narrowing ahead of next month’s general election. Expectations that a Tory victory will end more than three years of Brexit turmoil have boosted the GBP in the recent term, despite concerns about a no-deal Brexit.
Forex fundamental analysis:
DXY’s rally on Tuesday was held in 98.40, with a correction above 98.20 and closing at 98.24, meaning the USD is likely to persist in the correction after a short rally. If DXY bounces below 98.35 today, the quarry of the post-market correction will point to 98.20-98.10. Today, DXY short-term resistance at 98.30-98.35, short-term important resistance 98.40-98.45. DXY short-term support at 98.15-98.20, short-term important support at 98.10-98.15.
EUR/USD fell above 1.1005 on Tuesday, rebounding below 1.1025 and closing at 1.1022, meaning the EUR/USD short-term correction is likely to stay on a rally. If the EUR/USD correction is supported above 1.1010 today, the quarry of the post-market rally will point to 1.1030-1.1040. Today EUR/USD short-term resistance at 1.1025-1.1030, short-term important resistance at 1.1035-1.1040. EUR/USD short-term support at 1.1010-1.1015, short-term important support at 1.1000-1.1005.
Forex Trading Strategy Recommendations:
DXY: 98.35 Sell, 98.50 Stop Loss, 98.15 Take Profit
EUR/USD: 1.1010 Buy, 1.0990 Stop Loss, 1.1040 Take Profit
GBP/USD: 1.2835 Buy, 1.2800 Stop Loss, 1.2905 Take Profit
USD/CHF: 0.9985 Sell, 1.0005 Stop Loss, 0.9950 Take Profit
USD/JPY: 108.85 Buy, 108.65 Stop Loss, 109.35 Take Profit
AUD/USD: 0.6770 Buy, 0.6750 Stop Loss, 0.6810 Take Profit
USD/CAD: 1.3255 Buy, 1.3235 Stop Loss, 1.3335 Take Profit