🗓 Important upcoming events and publications for November 22nd (GMT):

🇪🇺 12:30 ECB Monetary Policy Meeting Accounts can increase volatility in pairs with #EUR if it provides clarification in the regulator's views on the macroeconomic forecasts and policy. By the end of the year the ECB is going to wind down balance sheet asset purchases, completing this stage of QE, and expects to start raising rates no earlier than in autumn of 2019.

🇪🇺15:00 EU Consumer Confidence Index had fallen sharply for several months. A preliminary estimate of November’s data is expected to show further deterioration to -3.0. Strong data can support the #EUR, while weak indicator can affect the euro in the negative way.

🇺🇸 On the occasion of the Thanksgiving in the USA, no important statistics will be published and U.S. stock market will be closed on Thursday and will close earlier than usual (at 18:00 GMT) on Friday.

Visit https://fxpro.news/economic-calendar/ for more information.

Markets diligently tried to defend their positions before the holidays in the USA. #DJI had completed the trading on Wednesday almost unchanged, after losing about 4% in first two days of the week.

Despite the negative dynamics of the market favorites in previous months and years, market participants are far from panic.

The easing of the Fed's rhetoric last week has turned the dollar into decline, although this has not yet much affected the stock prices.

The foreign exchange market is often the first to react on the changes in external conditions. And it has already given its verdict to the Fed’s sentiment, throwing away the dollar from the multi-month highs.

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Dear traders!

Due to the Thanksgiving Day, the US stock markets are closed today. On Friday there will be a shortened trading session for a range of instruments.

Please, check the actual trading schedule on our website: https://www.fxpro.com/trading-tools/market-holidays

Trade Responsibly: 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Wave Analysis: #EURCAD is expected to rise further and re-test the aforementioned resistance level 1.5300. Read more

Wave Analysis: #Cotton is expected to rise further and re-test resistance at 80.00.
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Wave Analysis: #Gold is expected to rise further and re-test the next resistance level 1240.00. Read more

Wave Analysis: #GBPNZD is expected to rise further and re-test the next resistance level 1.9000. Read more

Euro and Pound had risen after the draft declaration between the UK and the European Commission. Market reaction seems very moderate, as it is not the end of the negotiations on Brexit. However, there is a good chance for the currencies to turn towards growth in the longer run after bouncing from recent lows.

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#FxProMedia: TOP-6 most interesting publications of this week:

1️⃣ NewsWeek: "Bitcoin Price Crash News: 'Extreme Fear and Sell-off' Grips Cryptocurrency Market"

2️⃣ Finance Magnates: "FxPro Launches New Redesigned Website"

3️⃣ FxEmpire: "Powell Questioned the Dollar’s Growth Trend"

4️⃣ Nasdaq: "Global Stocks Rebound But The Overnight Market Decline Seems to Be the Sum of Individual Stories"

5️⃣ Two Oceans: “Bloodbath” – It’s Been Another Horrendous Few Days For Bitcoin"

6️⃣ BolsaMania: "Bitcoin had lost 1000 dollars"

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Trade Responsibly: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider.

Wave Analysis: #AUDJPY is expected to fall further and re-test the next key support level 81.20. Read more

Wave Analysis: Having just broken through the key support level 60.00, #Brent Crude Oil is expected to fall further. Read more

🗓 Important upcoming events and publications for November 26 (GMT):

🇩🇪 09:00 German Ifo Business Climate indicator is expected to show a slight decrease from 102.8 level to 102.3. In case of discrepancy with the expectations. On Friday, EU PMI show the weakening, and now, in pairs with #EUR, the dynamics may grow, if it confirms (or denies) serious slowdown in the German economy.

🇪🇺 14:00, 16:00 Mario Draghi, the ECB President, will make two speeches in various committees of the European Parliament. These performances will attract market’s attention and are able to influence the #EUR quotes. His statements may include new assessments of the economic situation and some monetary policy forecasts.

🇬🇧 18:30 Mark Carney, the Head of the Bank of England, will comment the Alan Greenspan’s book. Market participants will closely monitor all the statements to find the acute economic forecasts and health assessments of the financial system and for the U.K., that may increase volatility in #GBP.

Visit https://fxpro.news/economic-calendar/ for more information.

During this morning, oil has been trying to return back to the round levels of $60 for Brent and $50 for WTI. However, at the moment there were no driving forces that allow oil to turn to back to growth, as seen in 2016:
Some of the largest producers are still struggling for market share by increasing their supply;
Key regions of consumption – Europe, USA, Asia – are slowing down their growth rate;
Central banks are not in a hurry to abandon plans for tightening policies.
Although Powell from the Fed highlighted the opportunity to pause the tightening policy that weakened the dollar and reduced the yields of U.S. debt, such measures are unlikely to be enough to lift crude prices and it may thus plummet to the bottom again.

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Wave Analysis: #NZDJPY is expected to rise further and re-test the aforementioned resistance level 77.6. Read more

Wave Analysis: #Palladium is expected to rise further and re-test the resistance level 1160.00. Read more

🗓 Important upcoming events and publications for November 27 (GMT):

🇺🇸13:30 Fed's Vice Chairman Richard Clarida will give a speech on “Data dependence and U.S. monetary policy.” The attention of market participants will be focused on the current situation estimates and rates forecasts, which can spur market volatility, including currency pairs with #USD.

🇺🇸15:00 U.S. Consumer Confidence Indicator is designed to reflect the household assessments of prospects and the current situation. October values ​​were the highest since 2000 and were among the highest in the entire more than 30-year history of observations. In November, analysts expect a slight correction of the indicator from 137.9 to 136.2. Further growth will be a pleasant surprise for #USD.

Visit https://fxpro.news/economic-calendar/ for more information.

On Monday, index #SP500 has increased by more than 1.5% while the futures for the index have shown an upturn today morning.

The popular technical indicator –Relative Strength Index – highlights the weakness of the downward trend, taking into account the sequence of the highest lows. However, results show a clear divergence from the price dynamics, since the decline in November was much more profound than in October. Often, such a divergence between the price and the RSI precedes a significant, upcoming rebound.
An important resistance area is situated near 2810, which is 4.7% higher than the current levels, and could become a target for the market bulls.

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It is worth paying attention to the market behaviour near $3,500. This is an area that saw drastic increase back in September 2017

Achieving a previous turning point may put a stop to the cryptocurrency’s plunge. If the decline falls to levels below $3,400, then it will be difficult to stop BTC from falling to $2,750, which is the next important technical level. Nevertheless, we cannot exclude the scenario that BTC’s plunge will not stagnate for a considerable amount of time: the rebound may happen after months or even years.

While the market is closely monitoring the cryptocurrency’s price changes, some structural technological changes are taking place “behind the scenes”.

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