22 November 2019

22 November 2019

powered by Land-FX

Euro-zone PMIs: Friday, 8:15 for France, 8:30 for Germany, and 9:00 for the whole euro-zone. France is experiencing moderate growth – with Purchasing Managers’ Indexes scores above 50. However, Germany’s manufacturing sector is suffering an outright slump – well in contraction territory – that has dragged the economy into recession. The German manufacturing PMI is the most important figure, and a rise from the dismal 42.1 scores is necessary to cheer traders. The euro-zone manufacturing PMI stood at 45.9 points in October and services at 52.2. These preliminary figures for November may impact not only the euro – but all markets – as they indicate tendencies in global growth

EUR
Euro-zone PMIs

  • EURUSD

Update: We remain the same. As could be seen on the chart above that the pair is traded below a downtrend line shown on the chart in red. In case the pair reaches this level and shows up some bearish evidence, we can go short targeting the level of 1.0999 during the week. On the other hand, breaching the downtrend line to the upside, can open the door for further upward movements that it might reach the level of 1.13 followed by 1.14.

Resistance levels: Support levels: Recommended:
▪ 1.1500
▪ 1.1400
▪ 1.1300
▪ 1.0999
▪ 1.0900
▪ 1.0850
We are bearish as long as the pair is traded below the downtrend line.
  • GBPUSD

Update: The candle of yesterday was bearish which supports our bearish scenario. As could be seen on the chart above that the pair is traded below a strong resistance level that is 1.3010. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1.2780. On the other hand, breaching the level of 1.3010 to the upside, can open the door for further upward movement that it might reach the level of 1.3240.

Resistance levels: Support levels: Recommended:
▪ 1.3240
▪ 1.3100
▪ 1.3010
▪ 1.2780
▪ 1.2700
▪ 1.2660
We are bearish as long as the pair is traded below the level of 1.3010.
  • GOLD

Update: The pair started going downwards as expected. The chart above shows that the pair is traded within a bearish channel. We also find that the pair is traded below a strong resistance level that is 1478. Therefore, our overview is bearish as long as the pair is traded below the level of 1478. Our first target is 1454. On the other hand, if the level of 1478 is broken, this opens the door for further upward movement that it might reach the level of 1490.

Resistance levels: Support levels: Recommended:
▪ 1490
▪ 1478
▪ 1454
▪ 1450
▪ 1430
We are bearish as long as the pair is traded below the level of 1478.
  • AUDUSD

Update: We remain the same. The pair is traded below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6700.

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ 0.7000
▪ 0.6700
▪ 0.6600
▪ –
We are bearish as long as the pair is traded below the downtrend line.
  • GBPJPY

Update: The pair is still traded in a very tight range. The chart above shows that the pair is traded below a strong resistance level which meets the (PRZ) of the Harmonic pattern shown on the chart above. Therefore, we are bearish as long as the pair is traded below the level of 141.50. Our first target is 138.95.

Resistance levels: Support levels: Recommended:
▪ 142.30
▪ 142
▪ 141.50
▪ 138.95
▪ 138
▪ 137
Follow the scenarios

Disclaimer: The information contained in this publication is produced by Land-FX and not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Land-FX current judgment and may change without notice. This message is for information purposes only and is not intended as an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation or warranty is made that this information is complete or accurate. Any views or opinions expressed do not necessarily represent that Land-FX. This email and the information it contains may be confidential, proprietary or legally privileged. You must not, directly or indirectly, use, disclose, distribute, copy or store this message or any part of it if you are not the intended recipient. Unless otherwise stated, any pricing information given in this email is indicative only, is subject to changes and does not constitute an offer to deal at any price quoted.