The AUDUSD pair fell slightly during the session on Friday, but found enough support near the 0.74 level to bounce and test the 0.7450 level again. We found resistance there, as we have in the past, so now it looks very choppy to say the least.
For obvious reasons, all the focus is on the OPEC meeting. As we pointed out the possibility yesterday, oil prices have bounced back very strongly today on renewed hopes that oil ministers will, after all, be able to hammer out a deal later on to limit crude production.
After months of uncertainty and speculation you would think there will be some clarity about the crude oil situation just days ahead of Wednesday’s OPEC meeting. Well, you would be wrong. In fact, very wrong.
USDJPY is trending higher on its 1-hour chart, moving above an ascending trend line connecting the latest lows of price action. Price is currently testing this support area, which lines up with the 61.8% Fibonacci retracement level and the 100 SMA dynamic inflection point.
Black Friday means financial markets will close earlier than usual today, but don’t despair as there is a lot to look forward to next week.
It has been a relatively quiet day in the markets due in part to the lack of any major economic news. The US economic calendar in particular will be rather light this week due to Thanksgiving on Thursday.
China’s economic growth may continue to slow in 2017 to 6.5 percent before possibly bottoming out in 2018, a new report showed Monday.
USDCAD seems to be tired from its climb, as a double top pattern formed on its 1-hour time frame. Price is still testing the neckline at the 1.3400 major psychological level before conrfirming this reversal signal.
The Australian dollar rally during the day on Monday, as we continue to see a bit of a bounce later in the session.
It is safe to say that markets don’t like uncertainty but this is on another level. Fears that Donald Trump was going to win the election saw risk-sensitive assets drop faster than Hillary Clinton’s hopes of becoming the next US President overnight.
