Daily Forex Preview – 11/11


Emerging Stocks Climb on China Run

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Markets were relatively quiet during a trading day that saw not much of market moving events with the exception of a few releases across Australia and Canada. Trading was mostly subdued with the Greenback managing to hold its ground during the latter part of the day as the Fed’s LMCI Indicator came in line with expectations with a reading of 4.

Most of the pairs that gained against the Greenback started to retreat stuck within a tight range. Today’s economic data continues to be light with not much of data from Europe or the US. Trading is expected to drift along technical trading.


Fundamentals Recap – November 10, 2014


  • Australia Home loans m/m -0.7% vs. -0.3% estimates
  • China CPI y/y 1.6%, in line with estimates; PPI y/y -2.2% vs. -1.9% estimates
  • Italy industrial production expected to be soft at 0.2%
  • Eurozone Sentix investor confidence set to come in at -6.9 after last month’s decline to -13.7
  • Canada housing starts decline 184k vs. 200k estimates


Fundamentals – November 11 2014


  • Australia NAB business confidence at 4, down from 5 the previous month
  • Australia HPI q/q 1.5% vs. 1.6% estimates
  • Japan consumer confidence declines to 38.9; Economy watchers sentiment 44 vs. 49.2
  • RBNZ Financial stability report and speech by RBNZ Governor Wheeler


EURUSD Daily Pivots

R3 1.257
R2 1.2539
R1 1.2479
Pivot 1.2448
S1 1.2388
S2 1.2357
S3 1.2297




EURUSD managed a turn around right near the intended level of 1.24655 forming a doji candlestick pattern followed by a large bearish candlestick on the 4-hour chart. We could now see another retest of 1.24655 for resistance followed by a decline to the first technical support at 1.23695 followed by 1.22717. Alternatively, failure to test resistance at 1.24655 could see price bounce off the technical support at 1.23695.


USDJPY Daily Pivots

R3 116.278
R2 115.595
R1 115.228
Pivot 114.545
S1 114.178
S2 113.495
S3 113.128




USDJPY finally touched down to the previous support of the bullish flag pattern near 114.176 and quickly started to rally. Current price action indicates either a decline to 114.9 to test the broken resistance for support or an even steeper decline towards the daily pivot level, which could yet again put pressure on the USDJPY for a test back to 114.176. To the upside, USDJPY will have to struggle to break out from the level of 115.441 levels in order to aim for new yearly highs.


GBPUSD Daily Pivots

R3 1.5968
R2 1.5943
R1 1.5892
Pivot 1.5865
S1 1.5814
S2 1.579
S3 1.5738




After rallying back to the broken support at the start of the upward rising price channel, GBPUSD looks likely to post more decline in the coming days. The lack of any key fundamentals today could see some choppy price action ahead of the BoE’s inflation report hearing scheduled for tomorrow. The final objective for the Cable’s decline is likely to be capped at 1.57423 which will be critical to point to future price action and to indicate if the Cable is likely to decline any further.


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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.