New York Forex Report: US Traders Thoughts Turning To Thanksgiving Turkey

New York Forex Report: US Traders Giving Thanks

New York Forex Report: EURUSD initially traded the lowest since March 2015 at 1.0520 Seems absence of US traders today inspires profit-taking to 1.0578 thereafter. Profit taking pushes USDJPY back below 113.00 after tangling with 113.50 offers market has failed to register an hourly close above 113.37 pivot. USDCAD fell half-a-cent after scaling a six day peak of 1.3535 during the European session. Expect a quiet afternoon as US traders digest their Turkey

FX Majors: EUR If signs continue to point towards Italian Prime Minister Matteo Renzi losing his referendum on constitutional reforms, the EURUSD pair is expected to remain under downward pressure. GBP The Chancellor announced massive investment projects, including R&D spending up to 2 billion per annum until 2020/21, investment of 23 billion into the National Productivity Fund for next 5 years and 2.3 billion Housing Infrastructure Fund for a million homes. Also, in the Autumn Statement, the outlook for the GDP growth in the UK for 2016 is revised upward to 2.1% from previously forecast 2.0% JPY Japan’s top currency diplomat Masatsugu Asakawa said there will be no change to Japan’s currency policy after US President-elect Donald Trump forms his administration, according to the Nikkei newspaper reported today.

EURUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: Bears have the ball the breach of 1.07 shifts bearish attention towards 2015 lows at 1.05. Near term resistance is sited at 1.07, medium term 1.0850 is a key upside hurdle which will need to be captured on a closing basis to stabilise the pair.
Retail Sentiment: Bullish
Trading Take-away: Short

GBPUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: Bears target symmetry swing objective at 1.2270 as 1.2510 contains upside reactions, over 1.2520 opens a retest of 1.2580 ahead of 1.2670

Retail Sentiment: Bullish
Trading Take-away: Short

USDJPY
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bullish

Technical: Bulls achieve 1.11 pivot, while 1.0960 supports 1.1242 becomes the next upside objective representing the 50% retracement of the 2015/16 decline. Below 1.0830 opens 1.0740, only below 105.50 concerns bulls
Retail Sentiment: Bearish
Trading Take-away: Long

EURJPY
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bullish

Technical: 116.20 primary upside objective achieved, this level now becomes near term support.The top side expansion through 117 opens 121.41 equidistant swing objective. A break back below 116 opens 115.30, only close below 114.60 questions bullish thesis
Retail Sentiment: Bearish
Trading Take-away: Long

Commodities FX: GOLD slid to a nine-month low on Wednesday as a buoyant dollar extended its rally on the back of strong US data that further cemented a case for increasing interest rates next month. OIL prices cut early losses after Iraq said it was willing to “shoulder responsibility” for some of OPEC’s planned production cuts and as U.S. government data showed crude inventories fell last week. But gains were capped by investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude. AUD recorded a fairly choppy session yesterday which rallied sharply to the day’s high of 0.7444 despite the release of a weaker than expected Australian Q3 construction work done figures. CAD weakened against the USD as US figures reinforced expectations of Federal Reserve interest rate hikes.The loonie hit its weakest in eight months last week, but recovered a little in recent days as oil rallied on hopes of a supply cut at an upcoming meeting of the Organisation of the Petroleum Exporting Countries

AUDUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: The breach of 7412 symmetry support now opens .7092 AB=CD. as the next downside objective. Near term resistance is sited at .7440 ahead of pivotal 7530
Retail Sentiment: Neutral
Trading Take-away: Neutral

USDCAD
Outlook: Short Term (1-3 Days): Neutral – Medium Term (1-3 Weeks): Bullish

Technical: 1.3573 achieved expect some profit taking pullback is testing symmetry support at 1.3407, as this area contains the pullback 1.3620 becomes the next upside objective. Only a close below 1.3250 concerns the bullish bias.
Retail Sentiment: Neutral
Trading Take-away: Neutral

XAUUSD
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: Bears achieve the targeted equidistant swing objective sited at 1203, near term resistance is sited at 1223 as this level contains 1190 is the next downside objective. Only a close over 1240 stabilises the decline..
Retail Sentiment: Bullish
Trading Take-away: Short

USOIL
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Technical: Offers emerge at 48.92 equidistant swing resistance as this level contains upside reaction opportunity for a move to the downside targeting symmetry swing objective at 39.78. A breach of 49.00 opens a quick test of offers above 50.00 .
Retail Sentiment: Bearish
Trading Take-away: Long