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The SP500 index was trading 0.15% higher during the London session on Friday and was seen hovering around 2,645 USD, with volatility expected to be elevated throughout the day.
Investors are waiting for today’s US labor market numbers. The unemployment rate is projected to stay at 4.1%, while the non-farm payrolls number is expected to weaken to 198,000 from 261,000 previously. Wage growth will most likely strengthen in November.
Moreover, the USDJPY pair was rising notably on Friday and jumped to 113.60 in the morning, which was also supportive for stocks.
The index remains bought on dips and is still trading above the first short-term support at 2,620 USD. As long as the index remains above, the outlook seems bullish.
The resistance is located at 2,645 USD and if broken, further rise toward the current cyclical highs of 2,665 USD might occur. In all cases we strongly recommend to have rigorous money and risk management.
It has been a volatile week for the German DAX, but it managed to erase all the losses and was trading 0.4% stronger during the London session on Thursday.
German industrial production slowed further to -1.4% on the monthly basis, down from -0.9% previously. Analysts had expected an improvement to 0.9%. Traders rather ignored this number.
In addition, the eurozone third quarter GDP was kept unchanged at 0.6% quarter-on-quarter, which supported the European stocks.
Later in the day, Mario Draghi is due to hold a press conference presented by the Bank for International Settlements, hosted at the ECB in Frankfurt.
The Maginot line is located around 12,900 – 12,850 and has been tested many times in the near past, with all dips to this line bought successfully. As long as the index trades above, the outlook appears bullish.
The resistance is seen at 13,200, which has held a couple times already. If broken, further rise toward 13,400 might occur very quickly. In all cases we strongly recommend to have rigorous money and risk management.
The pound declined notably on Tuesday and the GBPUSD pair was trading 0.80% weaker during the London session and dropped below the 1.34 mark.
The UK and EU failed yet again to reach a Brexit deal, which triggered a selloff in the British Pound. The GBPUSD pair dropped from Monday’s highs above 1.35 below the 1.34 mark. In addition, markets totally ignored positive construction PMI for November, which improved markedly from 50.8 to 53.1.
Today, the services PMI is projected to ease slightly to 55.2 from 55.6. Furthermore, the FPC meeting minutes are due, which is a detailed record of the BOE Financial Policy Committee’s most recent meeting.
Cable is now dropping toward the strong support of previous highs at 1.33. If not held, further decline toward the 100 day moving average near 1.32 might occur. The 100 DMA has been a major support in the recent past and all dips to it had been bought.
The resistance is located at the psychological level of 1.35. sterling will continue to be sensitive to news about the Brexit negotiations, therefore volatility will likely remain elevated in the next weeks. In all cases we strongly recommend to have rigorous money and risk management.