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Downside risks have dominated ZAR/JPY both in the long and medium term. The most senior pattern is a falling wedge in force since late November, 2016. A more recent bearish pattern is a three-month channel down that guided the rate from one wedge boundary to the other. After testing the 7.80 mark, the South African Rand began a new wave up in the medium pattern—a move which is constrained by a minor channel up. As apparent on the chart, the rate is currently testing this short-term pattern and it seems that a breakout to the downside might be successful. This assumption is also supported by technical indicators. The rate is likely to remain near the weekly PP and the 200-hour SMA circa 7.69 during this week and subsequently edge even lower down to the weekly and monthly S1s near 7.86. It is expected that the bottom boundary of the medium-term channel would not be reached, as the Rand should push for the upper wedge boundary during the following weeks.

A release of the disappointing US data created an upside momentum that enabled the pair to break through combined resistance formed by the 100-hour SMA, the weekly PP and the 38.2% Fibonacci retracement level. The subsequent publication of the FOMC Meeting Minutes as well as lowered anxiety about political situation in Germany only extended the surge and elevated the pair to October 26 high located at the 1.1837 mark. From trade patterns perspective, yesterday’s soar signified a rebound from the bottom boundary of a senior ascending channel. In essence, the pair is free to continue the surge, facing barriers only near the 1.1860 and 1.1880 levels. However, an area around the 1.1840 represents location of an alleged upper edge of the dominant descending channel, which is likely to a new rebound.

Although initially the Pound was hit by first lines of the budget announcement, the subsequent revelation of details changed the sentiment lifted the rate to the weekly R1 at 1.3300, as expected. A release of the Fed Meeting Minutes only deepened the surge and pushed the rate to October high at 1.3338, as markets concentrated on traditional concerns over inflation and uncertainty about interest rate hikes next year. During this trading session the pair is projected to move in southern direction not only because the upside momentum came to an end but also because it made a rebound from the upper edge of still active junior ascending channel. Even though today the UK will release its Second Estimate GDP no substantial volatility is expected due to upcoming holidays in the United States.

In line with expectations, a release of data on the US Durable Goods Orders as well as the Fed Meeting Minutes only bolstered the breakthrough through the monthly S1 at 112.05. In result of the downfall, the Dollar lost 0.8% against the Yen and was stopped only by the bottom boundary of the currently active descending channel near the 111.10 mark. As the pair still remains within the pattern, the buck is expected to start a gradual recovery. But to due to beginning of the Thanksgiving holidays and reduced liquidity the surge might be postponed even until the next week. To put it differently, this trading session the currency pair is likely to spend fluctuating between the weekly S1 at 111.40 from the north and support near the 111.10 from the south.

The gold continued to rally against the buck after making a rebound from the bottom trend-line of a medium-term ascending channel. By the end of the day the pair has reached resistance near the 1,294.50 mark and made a rebound amid optimistic economic outlook expressed in the FOMC Meeting Minutes. Accordingly, in first half of this trading session the pair might temporarily retreat to the weekly PP located. However, the deeper plunge is unlikely due to support provided by the rising 55-, 100- and 200-hour SMAs. On the other hand, as bearish momentum comes to an end, the rate might actually stay within boundaries of junior ascending channel and try to bypass the above resistance one more time. In general, appreciation of the bullion is expected to last at least for another three days.

The Kiwi strengthened against the US Dollar on New Zealand's retail sales data on Wednesday. The NZD/USD currency pair rose 0.14% or 10 base points to 0.6890 to continue fluctuating in the 0.6880 area.

Statistics New Zealand stated that the country's retail sales growth slowed markedly in the Q3 due to sings that a slowdown in the property market dented consumer optimism, pointing to a weaker spending in the course of the year ahead. The report showed that retail sales volumes grew a seasonally adjusted 0.2% in the September quarter, mostly affected by a 3.1% decrease in spending on food and beverages. The results are set to reinforce the RBNZ resolve to maintain the key interest rate at a record low level of 1.75%.

The Greenback failed to strenghtnen against the European single currency over the row of the US economic releases on Wednesday. The EUR/USD pair entered an upmove after durable goods data, followed by the FOMC meeting minutes report, which caused 21 base points jump to the 1.1820 mark.

Commerce Department stated that the US durable goods orders fell sharply 1.2% in October, while its core measure marked sligtly weaker increase of 0.4% in the same period. However, the solid growth trend was sutained, pointing to the stronger contribution to the GDP in the Q4. Meanwhile, the FOMS minutes suggested that the key interest rate could be raised soon, if the medium-term prospectives remain upbeat.

The pair holds in red for the second day and extends pullback from record high at 3.9814 as the greenback came under pressure from dovish remarks from Fed policymakers on FOMC minutes on Wednesday.

This comes as a relief for Turkish lira which is under strong pressure.

Wednesday's close in red which formed bearish outside day pattern, signals deeper correction.

Today's fresh weakness eyes first pivot at 3.8934 (rising 10SMA) loss of which would expose next key support at 3.8530 (rising 20SMA).

South-heading slow stochastic which reversed just under overbought border, supports the notion.

Underlying strong uptrend sees limited corrective action (to be contained above 20SMA) ahead of fresh push higher for test of psychological 4.00 target.

Res: 3.9470, 3.9814, 4.0000, 4.0500
Sup: 3.9040, 3.8934, 3.8532, 3.8448

Bitcoin is trading sideways around $8000. The technical structure shows a tremendous positive short-term momentum. Hourly support is located at 5605 (13/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the shortterm, the digital currency should continue rising.

In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $10'000.

Crude oil has finished its consolidation and is now ready to challenge again its 1-year high. Expected to show further short-term bullish increase. Indeed the technical structure has a history of decent consolidation phase.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the pair lies in an upside momentum. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).