28 November Daily Forex trading tips with ECB President Draghi speaking twice this week as main focus will be on the OPEC meetings and Non-Farm Payroll data at the end of the week. USD bullish?
AtoZ Forex – 28 November Daily Forex trading tips shared ahead of week full of scheduled key economic data from Canada, China, Europe, UK and USA. With traders primarily focused on the NFP data on Friday. Will USD continue its bullish move?
There are twenty-five (25) high impact data news events in total, including seven (7) high impact non-data based events this week.
AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times.
28 November Daily Forex Trading Tips
# 1 EURUSD – Week ahead
Fundamentals – President Mario Draghi will be speaking on Monday and Wednesday and is expected to talk about the consequences of Brexit. If what is said hawkish, expect some impact on GBP. The main pressure for the EUR will be primarily from the upcoming Italian referendum.
Economic side – The following could impact the EUR. The German Preliminary inflationary data and the Euro zone inflation data
Technicals – Both the daily 20sma and 100sma are indicating bearish on the Daily chart. Since the rapid drop from Nov 7th, on the Nov 24th the EURUSD rebounded off the strong weekly support of 1.0520 level. Current bullish price action could target the weekly resistance level of 1.0805-07 level. Possible for a further move to the upside to the Daily resistance level of 1.0851, which is also a pip above the 1.0850 psychological level.
Intraday (H1 chart) – the hourly 20sma has crossed the 100sma supporting the near term daily bullish price action. With price stalling possibly at a weak resistance level of 1.0726. Just above this is the stronger weekly resistance of 1.0805-07 level. On the downside if the daily level of 1.0643 is breached, further downside move to 1.0610 would be easily achieved.
#2 GBPUSD – Week ahead
Fundamentals – President Mario Draghi is to testify about the European Central Bank’s perspective on economic and monetary developments. He will also speak about and the consequences of the Brexit before the European Parliament’s Economic Committee, in Brussels. If what he says appears hawkish, expect some impact on GBP.
Economic side- The economic calendar appears to light for the GBP this week. Traders should expect GBP volatility on Wednesday November 30 with the Bank Stress Test report. On Friday December 2 with the NFP data from USA.
Technicals – Lack of volatility due to US thanksgiving, results in a narrow range. Both the daily 20sma and 100sma are indicating bearish on the Daily chart supported by MACD point down and below the neutral level. RSI below the 50 level. Current bullish price action could target the daily resistance levels of 1.2792 and 1.2860. If the 1.2860 price is breached and remains above this level, the next daily resistance level of 1.3367 could be tested. To the down side price there is a strong daily support of 1.1850. A break below the 1.1846 would support a further bearish move.
Intraday (H1 chart) – the hourly 20sma and 100sma are supporting bullish price action. Both MACD and RSI supporting bullish direction. MACD is pointing up and in positive territory. RSI is above the 50 level. Price is testing the resistance at 1.2512, 1.2557 and should the 1.2557 level break further upside move can be expected to the 1.2674.
#3 USDCAD – Week ahead
Fundamentals – Due to correlation between the CAD and oil, if there is any news regarding oil, would impact the CAD.
Economic side- Bank of Canada Governor Poloz speaks on Tuesday Nov 29 and the OPEC meetings on Wednesday Nov 30 are two high risks events are concerned. There is also the Canadian GDP data, with general view of a slow down in the Canadian economy.
Technicals – Both the daily 20sma and 100sma are bullish on the Daily chart. MACD point down and above the neutral level. RSI above the 50 level. Current bearish price action is testing the weekly resistance levels of 1.3455. If price closes and remains above this level, expect further movement to the upside. A daily close below this level we could see possible test of the 1.3310 level. Any further downside move would encounter several strong support at 1.3272, 1.3145 and 1.3060 levels.
Intraday (H1 chart) – the hourly 20sma is pointing down; 100sma is pointing up; MACD pointing down and in negative territory; RSI below 50. With price testing the support of 1.3465 level. A break below this level would definitely rebound of the 1.3456 strong support level. A break below the 1.3456 would target the next support at 1.3432 level.
Further pairs will be added to these analysis in the coming days.
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