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Technical Analysis for 25/11/2016

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Technical Analysis for 25/11/2016

Technical Analysis for 25/11/2016
November 25
09:00 2016

EUR / USD – EURO US DOLLAR

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The American market was closed on Thursday. America was celebrating the Thanksgiving Day. Nevertheless, the dollar is growing in comparison with the euro. The lower profitability of German and English bonds is being observed in the credit market. The economic situation in the Eurozone doesn’t make happy as well. This week the negative reports about the macroeconomic indicators of the Eurozone were released. All those factors put pressure on the euro.

On the contrary, the rate increase in December, planned by the FRS, influences the US dollar in the best possible way. Moreover, the positive data on the American economy has also strengthened the US dollar.

The dollar is being traded at its maximum in comparison with the euro. Bears are at their target, 1,0516. Though, the currency pair EUR / USD can still turn downwards and test local minimums. But if the EURUSD manages to stabilize under the 1,0500 level, then the correction till the level 1,0800 is possible.

MACD is at the zero level. RSI is in the neutral zone.

GBP / USD – BRITISH POUND DOLLAR

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The currency pair EUR / USD hasn’t even fluctuated. The quotations cannot decide where to move – to the level 1,2300 or rather to 1,2500.

This is connected with the forecast for the NGP for the next two years. The Finance Ministry of Great Britain announced, that the NGP may decrease as there are fears that Brexit will influence the British economy in a negative way.

It is necessary to follow the news about the NGP in Great Britain. This report may seriously affect the movement of the currency pair EURUSD. The sterling price increased, but very insignificantly. This happened without testing of the 1,2300 level. Though, the US dollar is still the market leader, while the sterling has already become a constant outsider. It is expected that the currency pair EUR / USD will fall till the level 1,2300.

If that is the case, then EURUSD may turn from the lower line and to start the upward movement.

USD / JPY – US DOLLAR JAPANESE YEN

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The attention of investors is attracted by the inflation report for October, published in Japan. According to the data, the consumer activity of Japanese people hasn’t increased as the salary level stayed the same. Instead of the inflation,  deflation is observed in the country. This influences the price of the Japanese yen in a negative way, as the factor of “thirst for risk” plays here an important role.

The currency pair USD / JPY is being traded above the level 112,00. Its correction is expected though, and after that it again continues growing. If that is the case, the currency pair USDJPY has all chances to reach the level 113,85.

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