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Japan’s Retail Trade Climbed At Its Fastest Pace In 10-Months In October
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 113.61.
Data indicated that Japan's retail trade climbed 3.5% on an annual basis in October, rising at its quickest pace in 10-months and more than market expectations for a rise of 2.7%. In the prior month, retail trade had advanced 2.1%. On the contrary, the nation's large retailers' sales slid 0.8% on a monthly basis in October, following an advance of 0.4% in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 113.37, with the USD trading 0.21% lower against the JPY from yesterday's close.
The pair is expected to find support at 113.14, and a fall through could take it to the next support level of 112.91. The pair is expected to find its first resistance at 113.82, and a rise through could take it to the next resistance level of 114.27.
Looking ahead, investors would await Japan's jobless rate and industrial production, both for October, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Swiss Franc Trading Higher, Ahead Of Crucial GDP Data
For the 24 hours to 23:00 GMT, the USD declined 0.54% against the CHF and closed at 0.9934.
In the Asian session, at GMT0400, the pair is trading at 0.9925, with the USD trading 0.09% lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9898, and a fall through could take it to the next support level of 0.9871. The pair is expected to find its first resistance at 0.9979, and a rise through could take it to the next resistance level of 1.0033.
Trading trend in the Swiss Franc today is expected to be determined by Switzerland’s 3Q gross domestic product, slated to release in a while.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Loonie Trading A Tad Higher In The Morning Session
For the 24 hours to 23:00 GMT, the USD declined 0.19% against the CAD and closed at 1.3273.
In the Asian session, at GMT0400, the pair is trading at 1.3270, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3221, and a fall through could take it to the next support level of 1.3173. The pair is expected to find its first resistance at 1.3339, and a rise through could take it to the next resistance level of 1.3409.
Moving ahead, investor would keep a close watch on Canada’s current account data for 3Q, scheduled to release later in the day
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Aussie Trading Slightly Higher In The Morning Session
For the 24 hours to 23:00 GMT, the AUD rose 1.09% against the USD and closed at 0.7307.
LME Copper prices rose 0.5% or $28.5/MT to $6198.0/MT. Aluminium prices rose 0.2% or $3.5/MT to $1921.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7308, with the AUD trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 0.7243, and a fall through could take it to the next support level of 0.7179. The pair is expected to find its first resistance at 0.7350, and a rise through could take it to the next resistance level of 0.7393.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Trading On A Stronger Footing This Morning
For the 24 hours to 23:00 GMT, Gold rose 0.55% against the USD and closed at USD1227.40 per ounce, amid broad weakness in the US dollar.
In the Asian session, at GMT0400, the pair is trading at 1229.40, with gold trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 1219.53, and a fall through could take it to the next support level of 1209.67. The pair is expected to find its first resistance at 1236.53, and a rise through could take it to the next resistance level of 1243.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
Silver: White Metal Trading Higher In The Morning Sessions
For the 24 hours to 23:00 GMT, Silver rose 1.09% against the USD and closed at USD14.41 per ounce, tracking gains in gold prices.
In the Asian session, at GMT0400, the pair is trading at 14.43, with silver trading 0.10% higher against the USD from yesterday’s close.
The pair is expected to find support at 14.26, and a fall through could take it to the next support level of 14.09. The pair is expected to find its first resistance at 14.54, and a rise through could take it to the next resistance level of 14.66.
The white metal is trading above its 20 Hr and 50 Hr moving averages.
Crude Oil: Oil Reverses Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, Crude Oil declined 2.81% against the USD and closed at USD50.55 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose 3.6 million barrels to 450.0 million in the week ended 23 November.
In the Asian session, at GMT0400, the pair is trading at 50.66, with oil trading 0.22% higher against the USD from yesterday’s close.
The pair is expected to find support at 49.63, and a fall through could take it to the next support level of 48.59. The pair is expected to find its first resistance at 52.13, and a rise through could take it to the next resistance level of 53.59.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
USDJPY Looking For Further Strength
Short term Elliott Wave View in USDJPY suggests that the pullback to 112.27 ended Minute wave ((x)). Internal of Minute wave ((x)) unfolded as a zigzag Elliott Wave structure where Minutte wave (a) ended at 113.07, Minutte wave (b) ended at 113.7, and Minutte wave (c) of ((x)) ended at 112.27. Minute wave ((y)) rally is now progressing as a double three Elliott Wave structure. Up from 112.27, Minutte wave (w) ended at 114.04 with internal as a zigzag Elliott Wave structure. Subminutte wave a of (w) ended at 113.23, Subminutte wave b of (w) ended at 112.63, and Subminutte wave c of (w) ended at 114.04. Near term, Minutte wave (x) is expected to find support in 3-7-11 swing as far as pivot at 11/20 low (112.27) remains intact. We don’t like selling the pair.
USDJPY 1 Hour Elliott Wave Chart
EUR/AUD Expected To Continue Downtrend After 38.2% Fib Bounce
The EUR/AUD is now in a potential wave 3 (orange) and could move lower towards the Fibonaccitargets. A bullish bounce could indicate a retracement within wave 4 (orange) as long as price does not break above the bearish channel.
The EUR/AUD is testing a key support trend line (green) but the bearish momentum is strong, which is why a bearish breakout as part of a wave 5 (green) is the most likely scenario at the moment.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 145.13; (P) 145.48; (R1) 146.12; More...
Intraday bias in GBP/JPY remains neutral as consolidation from 144.02 is still in progress. As long as 145.99 resistance holds, further decline is mildly in favor. On the downside, break of 144.02 will resume the fall from 149.48 and target 139.39/47 key support zone. On the upside, above 145.99 support turned resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.
In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.
