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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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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Wave Analysis: #Copper is expected to fall further and re-test the next support level 265.00. Read more

Wave Analysis: #GBPNZD is expected to fall further and re-test the next support level 1.8620. Read more

Important upcoming events and publications for November 28 (GMT):

🇬🇧07:00 U.K. Bank Stress Test Results may cause increased volatility on #GBP. In fact, Britain has to exit from the EU, so, stressful scenarios can easily become a reality.

🇺🇸 13:30 US Goods Trade Balance can noticeably increase the fluctuations of #USD on the G20 summit eve. The main agenda there promises to be the meeting of China and US leaders due to resolve trade disputes.

🇺🇸15:00 U.S. New Home Sales is a significant indicator of consumer confidence and could predict business cycle pivot points. The latest data has noted sales failure to its lowest levels in two years, after a four-month decline. There is expected partial recovery from October data. If the forecasts are not met, this can be a serious factor of the #USD pressure.

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

The meeting of the leaders of the USA and China in the upcoming weekend has sparked a positive market sentiment. However, we believe that one should not heavily rely on this meeting’s outcome.

None of the parties has expressed desire to retreat from its positions in the sake of settling the trade disputes.

Moreover, neither the United States, nor China, have yet fully felt the effect of the tariffs that have already been imposed. The tariffs imposed aimed to reduce foreign trade imbalances, but businesses, on the contrary, sought to increase purchases during the year in order to avoid another increase in tariffs.

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In case that China A50 index falls below 10800, and if the U.S. and China do not find a mutual agreement, the index may quickly roll back to the area of 10000-10100, which was the lower border of consolidation in early 2017.

Wave Analysis: #USDCAD is expected to rise further and re-test the next major resistance level 1.3390. Read more

Wave Analysis: #Platinum is expected to fall further and re-test the next support level 810. Read more

Important upcoming events and publications for November 29th (GMT):

🇬🇧 09:30 U.K. Net Lending to Individuals is a significant indicator of consumer activity. A slight decrease is expected both in total loans and in mortgages, due to uncertainty over Brexit. If the data is lower than expected, it may cause pressure on #GBP.

🇩🇪 13:00 Germany Consumer Price Index is expected to slow its annual dynamic from 2.5% to 2.2%. However, for the last several times, actual data had turned out to be above expectations, reflecting stronger inflationary pressure in the country and supporting #EUR.

🇺🇸 13:30 The US Personal Income and Spending are an important indicator of consumer activity. In fact, growth is favorable for #USD. Mention, that the Fed also pays attention to the PCE Price Index, considering it as a key indicator of inflation. It is expected to show decline from 2.0% up to 1.9%.

🇺🇸 19:00 Fed FOMC Minutes can be a key event of the day. Detailed comments on the economic situation can shed light on the Fed’s future plans and significantly affect the markets' dynamics, including #USD. In the focus: possible hints about the pause in the rate hikes and a concern about the economic market.

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