Market Perspective 11.22

This week's shortened trading sessions due to the Thanksgiving Holiday would provide a thinner market conditions except for the forth coming annualized GDP report, minutes of the FOMC, Durable Goods, jobless claims figures and the home sales all before Thanksgiving day. So the market expectations would be a bit more volatile before and after this period. As some of the major players except for a few who may want to take advantage of the absence of the hedge funds from institutional accounts.

Although, the opening prices on the GBPUSD and the EURUSD would have a significant effect as they opened higher from their previous closing prices. As the USD headed lower where we could find the USDX at the 78.10-15 range while Gold also did moved higher at the 1360.45 as of this writing. Again, key prices would be for the USDX to stay afloat towards the end of the month for November above the 77.33 basis point. This would provide some gains for the EURUSD on the opening with the abled assistance of the cross rate of the EURGBP which is at the 0.8582. However, this may prove to be short-lived as the EURUSD would head south as the USD would continue to move higher on a day to day session with some corrective movements along the way. The 1st initial resistance levels is at the 0.8660 while the sustaining support is at the 0.8443-50 levels as it heads lower whenever the USDX goes higher and this is also in line with the Ichimoku Senkao span or lower cloud support levels on the weekly chart. And within the daily cloud formation that would test the lows as the USD goes up.

A more accurate figure for the supports and resistances would be a cross-reference of the Fibonacci fan both from its highest and lowest price points to find the target objectives in between the regular retracement application. A tighter price trading range is expected as long as the prices are found in between these resistance and support levels.

Further details would be discussed along the mid-week of this Thanksgiving holiday period.

Meanwhile, please visit our video on the enhanced Fibonacci trading analysis a sit can only help assist in trading the FX market.