Insights for the Asian Forex trading session Wednesday 28/11/2018 - FXStreet

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Insights for the Asian Forex trading session Wednesday 28/11/2018


***  AUD/USD: Australian dollar bounced at 0.72035 and attempted to secure its position above 0.72145

***  GBP/USD: The British Pound looks for support at 1.27245; resistance at 1.27685

***  EUR/USD: Euro has fallen deep into bearish territory 

***  USD/JPY: US dollar extended its impressive run to 113.840

*** USD/CAD: US dollar retreats to 1.32875

*** U.S. CB Consumer Confidence - Down to 135.7 vs 135.9 forecast


Wednesdays critical macro summary


** U.S. API Weekly Crude Stock - 08.30 hrs

** Australia Construction Work Done QoQ - 11.30 hrs

*** U.S. Gross Domestic Product (GDP) QoQ - 00.30 hrs

** U.S. Gross Domestic Product (GDP) Price Index QoQ - 00.30 hrs

** U.S. Goods Trade Balance (Oct) - 00.30 hrs

** U.S. New Home Sales MoM (Oct) - 02.00 hrs

*** U.S. New Home Sales (Oct) - 0.200 hrs

*** U.S. Crude Oil Inventories - 02.30 hrs


 The FX Majors Current positions and its future forecast

What is going on now with AUD/USD?

AUD/USD: The Australian dollar bounced at 0.72145 as indicated in yesterdays update and burst to the upside; however, it only remained for three minutes above 0.72650 before falling to 0.72275 support. The pair had a second attempt to head back up but failed at 0.72510 and fell to 0.72035 in this morning's trades.

Our forecast

AUD/USD: The Australian dollar has bounced at 0.72035 in this morning's trades and now attempts to push through 0.72145 resistance. The pair needs to remain above 0.72145 to proceed to 0.72275 and 0.72365. The Australian dollar could fall to 0.72035 if it fails to continue at 0.72145

Support/short target - 0.72145, 0.72.035, 0.72035, and 0.71880

Resistance/Long Target- 0.72275, 0.72365, and 0.72150

Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

What is going on now with GBP/USD?
 
GBP/USD: The British Pound failed to maintain its position above 1.28065 as indicated in yesterdays update and fell to 1.27245 support. The pair made several attempts to head back up but failed at 1.27685 and was pushed back down to 1.27245 support.

Our forecast

GBP/USD: The Pound is currently trading at 1.27345 just above the current support at 1.27245 in the 60 minutes price chart. The Pound needs to remain above the current support price level to avoid further decline. The next support is estimated at 1.26965. The Pound could head back up and retest resistance at 1.27685 if it remains above 1.27245

Support/ Short- 1.27245,1.26965, and 1.26705

Resistance/ Long - 1.27685, 1.28065, and 1.28480

Chart 1: The short-term view of the GBP/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the GBP/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

What is going on now with EUR/USD?
 
EUR/USD: The Euro has fallen deep into bearish territory and could extend its downward run to 1.12810 and 1.12580 support if it fails at 1.12965. The pair fell in yesterdays session to 1.13110 after failing to continue to the upside at 1.13420. There were several attempts made to head back up at 1.13275 during the Europen session but all failed, and the pair continued down to 1.12810 support.


Our forecast

EUR/USD: The Euro bounced at 1.12810 support in this mornings trades and attempted to break through at 1.12965 on its first attempt but failed and has been rejected.  The pair currently trades at 1.12925 and needs to remain above 1.12965 to continue to 1.13110 and 1.13275

Support/short - 1.12810, 1.12580, 1.12420, and 1.12120

Resistance/Long -1.12965, 1.13110, 1.13275, and 1.13420

Chart 1: The short-term view of the EUR/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the EUR/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points


What is going on now with USD/JPY?

USD/JPY: The US dollar bounced at 113.430 support in yesterdays session and extended its run to 113.840 during the overnight session. The US dollar has reached a critical resistance spot at 113.710 and needs to maintain trading activities above this point to continue it


Support/short target - 113.710,113.560, 113.485, and 113.430

Resistance/Long Target- 113.840, 119.990,

s run to its next target at 113.990. The pair could pull back to 113.710 if it fails to remain above 113.840 and 114.425

Chart 1: The short-term view of the USD/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the USD/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points


What is going on now with USD/CAD?

USD/CAD: The US dollar had two failed attempts at 1.32635 resistance during the Asian session in yesterdays trades. However, the US dollar broke through on its third attempt during the European session and reached 1.13165 before pulling back to 1.32875 support in this mornings session.

Our forecast

USD/CAD: The US dollar currently trades at 1.32929 and needs to hold at the current support at 1.32875 to head back up and retest 1.13165. The pair could continue down to 1.32635 if it fails at 1.32875

Support/Short Target -1.32875, 1.32635, and 1.32340
Resistance/Long Target -1.33165, 1.33485, and 1.33685

Chart 1: The short-term view of the USD/CAD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points



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