Download - ForexCT Market Insight Report 11/30/2011
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Market Insights 30 November 2011
Markets continue to buy risk with equities and commodity currencies higher
Aussie pushes back above parity helped by sharp jump in US consumer confidence data
Euro pops higher on US confidence numbers but then falls back below 1.3400
Gold ends higher but cant break 1720; oil surges back above 100
US sharemarket higher in line with other equity markets; Dow finishes 2.6% higherA massive night ahead, with EU meeting and ADP jobs numbers
Headlines
AUD/USD
GOLD
Resistance
1.0080
Support
0.9970Market Sentiment
Neutral
The Aussie is looking more bullish now it has stamped support at 0.9930 and 0.9970 but the market will need to see a littlemore price action before switching the a more bullish view. For now, however, a pullback to 0.9930/70 will be seen asbuyable.
Golds trading in a tight band between 1705 and 1720 but is clearly finding major resistance up at 1720. Traders are likelyto continue to favour the short side until we see a clear break of 1720.
Resistance
1720
Support
1705Market Sentiment
Bearish
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EUR/USD
GBP/USD
USD/JPY
The dollar-yen reversed after making a false break above 78.20 but weve now found support at 77.60 and this is suggestive ofurther gains in the near term. On a very short-term basis, a break of 78.00 could see a move back to 78.20. Dont forget whave ADP employment tonight.
Cable is also showing signs of breaking out of the recent downtrend with a move above 1.5660. The market will now beactively considering longs from either 1.5570 or on a break of 1.5660.
The Euro produced a false break above 1.3400 and this means the market is likely to maintain its bearish view on this pair. Abreak of the weekly lows at 1.3270 could be seen as the next opportunity for sellers. Any positive news out of the EU meetingtonight could see this pair push significantly higher.
Resistance
1.3400
Support
1.3210Market Sentiment
Bearish
Resistance
1.5660
Support
1.5570Market Sentiment
Neutral
Resistance
78.20
Support
77.60Market Sentiment
Neutral
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AUD/JPY
Resistance
76.70Support
74.00Market Sentiment
Bearish
SILVER
USD/CHF
GBP/JPY
The sterling-yen is now at resistance at 121.80 and traders will be looking for longs on a break above 121.80. Any positivnews out of the EU meeting tonight could see this pair push significantly higher.
The dollar-Swiss remains volatile and traders are likely to try and build new positions at lower levels. The major support levelare now seen at 0.9100. Dont forget we have ADP employment tonight.
We havent seen a lot of action on silver over the last 24 hours with the pair still trapped between 31.00 and 33.00. Thmarket is likely to play the range in the near term.
Resistance
33.00
Support
31.00Market Sentiment
Neutral
Resistance
0.9340
Support
0.9100Market Sentiment
Bullish
Resistance
121.80
Support
120.70Market Sentiment
Neutral
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OIL
Economic Calendar
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Forex Capital Trading Ph 1800 ForexCT
F/Cast Last F/Cast Last
JPY: Prelim IP 1.1% -3.3% EUR: Unemployment 10.2% 10.2% AUD: Private Capital Exp 8.2% 4.9% USD: ADP Employment 131k 110k EUR: ECB Draghi CAD: GDP 0.3% 0.3% EUR: German Unemployment -6k 10k USD: Chicago PMI 58.5 58.4 EUR: CPI Flash 3.0% 3.0% USD: Beige Book
Oils seen a false break above 100.00 overnight and this is likely to attract selling interest. Traders will be now looking for apotential move back to 97.20.
The Aussie-yen has seen some solid gains over the last 24 hours in line with the turnaround in risk appetite. Traders will nowbe looking for longs on a break and ongoing trade above 78.30
Resistance
100.00Support
97.20Market Sentiment
Bearish
AUD/JPYResistance
78.30Support
77.20Market Sentiment
Neutral