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28 November Forex daily review

Sergiy Zlyvko
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On Thursday in the Forex market the U.S. dollar against other major currencies closed with a slight decrease. EURUSD rate on the background of a thin market and low volatility due to a holiday in the U.S. has stabilized around the level of 1.3600. Pound/dollar after rising to 1.6355 before, closing the day around 1.6340 level.

Today is Black Friday – the Friday after Thanksgiving Day in the United States. November 29 Christmas season of sales in the United States opens and it is believed that this day trading companies go out of unprofitable areas. It is the most profitable day of the year.

Stores open at about 5 am and some of the largest retail chains – even at midnight. Black Friday is not an official holiday, but many employees take the day off on Friday and three days wandering the shops in search of their loved ones gifts for Christmas and the New Year. The U.S. stock market works on a reduced schedule.

Today in Asian trade the single currency and the pound updated yesterday highs. Key pair stood for further growth against the dollar, but does not forget today is Friday and next week Non-Farm payrolls report will be published. Closer to the U.S. session profits fixing can begin from short positions in the dollar. The main motion under consideration is the movement to the trend to 80.60 level.

On Thursday on the American session, EURUSD traded near 1.36 and this morning the pair reached daily highs. From the area of 1.3590 we expect a new growth to 1.3645. We are considering the growth to 1.3645 level. Break the line is carrying to open the road to 1.3560. There will be no news from the U.S. so that the bulls are likely to take leave to 1.3645 from trading opening in Europe.

GBPUSD rate stabilized at around 1.6345 and in the morning went to 1.6375. The pair can reach 1.6415 without rebounds. We also like to warn that there is a double divergence between AO and the price. There are risks for fixing, so let’s pull the stops and reduce the volume of new purchases.

Euro and the pound strengthened against the dollar, but the Australian and New Zealand dollar – weakened. We believe that a phase of AUDUSD corrective upside came. On Friday we made one scenario. We consider a rebound from 0.9055 low to 0.9100 level. Breakup of the resistance on 0.9120 will open the way to a new goal – 0.92.

CHF found support in the 0.9040. Current exchange rate at 9.59 GMT is trading at 0.9050. There is a strong pressure on the dollar, so we are considering a drop to 0.9015 level as the main scenario. Immediate objective is situated at 0.9020. When the specified level of D1 will be reached, we forward a rebound and maybe a correction will start.

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