US non-Farm Payrolls disappointed relative to markets forecast, as US economy added 155K jobs on November and employment rate at 3.7%. OPEC+ agreed to cut their production by 1.2 mb/d with effect from January 2019. Trade deal developments between the US and China have been important market drivers last week and fueled by the arrest of Huawei’s CFO.
EURUSD
There is a high probability to see a leg higher to target the resistance at 1.1520. The pair was trading within asymmetrical triangle, however, by the start of this week we can see buying momentum is building up. Support is seen at 1.1390 and 1.1290.
GBPUSD
The risk is seen higher, Early strength today at the major support would continue to the upper boundary of the descending channel at 1.2880. Support initially seen at 1.2645.
USDJPY
The pair is still trading within symmetrical triangle, after the strong bounce from key support at 112.50. As USDJPY is trading above 112.50 the risk is higher and next resistance is seen at 113.30. Support is initially at 112.50/111.80.
XAUUSD
The spotlight stays directly on the top of the rising channel. On Friday, we saw the rally continue further to the upper band of the rising channel, we could see resumption toward the resistance at 1255/1258. However, the support is seen at 1242/1238.
WTI
The major support at 50.00 still on hold, which will allow a further rebound with next key resistance at 55 and 58.
Dow Jones
Our bias stays bearish; however, we could see a rebound from the current level toward the resistance which is seen at 24,800. Clear break below 24,150 would enforce a more decline toward 23,800.
