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Hey traders! Below are the latest forex chart updates for Tuesday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!

AUD/JPY

The pair failed to break out from a key resistance line, sending the pair lower towards its May 29 low. Japan’s reports for the past two (2) trading days advances against their previous records. Improvements were particularly seen in the country’s labor market. The country’s unemployment rate for the month of October inched higher to 3.1% compared to the previous month’s 3.0% result. However, companies were more willing to hire new employees despite the rising COVID-19 cases in the country. The Jobs/Application ration stood at 1.04% from 1.03% in the month prior. Also, despite posting below 50 points figure on its Manufacturing PMI report, investors are still delighted that it made some improvement against its previous result. The figure came in at 49.0 points compared to October’s 48.3 points. Investors are also optimistic that Japan will be among the countries that will gain the most from RCEP due to its strong ties with China. FinanceBrokerage - Market News: AUD/JPY Chart

AUD/USD

The US dollar will continue to underperform against other currencies as the US Congress resumes its session on Monday, November 30. Passing the new stimulus package was now the institution’s main priority after the initial jobless claims report increased for the past two (2) weeks. The most recent figure for the report was 778,000, a 30,000 increase from the prior week’s 748,000 figure. On the upcoming report on Thursday, December 03, analysts expect a minor improvement for the report at 775,000. Without the proposed $2.2 trillion stimulus, however, investors should still expect higher figures for the upcoming report. The recent status of the US housing market further convinced analysts that investors should be cautious into holding the USD. The Pending Home Sales Index was down to 128.9 points from 130.3 points in September. This suggests that even before the 2nd wave of COVID-19 had peaked, investors were already holding on into their cash.

FinanceBrokerage - Market News: AUD/USD Chart

AUD/CAD

The pair is expected to break out from its current resistance line to reach its March 2018 high. Canada unveiled its biggest stimulus package of $77 billion since World War II to stimulate economic activity in the country. This will bring the federal government into a $294.22 billion deficit by March 2021, or about 3.0% to 4.0% of the country’s GDP, or a year after the coronavirus became pandemic. Canada’s Finance Minister Chrystia Freeland defended this move by the federal government by announcing that without the stimulus, Canada will repeat the country’s collapse during the 2008 financial crisis when the government didn’t intervene in the local market. As for the Canadian dollar, this will mean an eventual downfall for Canada’s currency. The high supply of CAD in the market coupled with a low interest rate will send the value of the Canadian dollar lower. Investors should also keep an eye on how the US stimulus will affect Canada’s economy. FinanceBrokerage - Market News: AUD/CAD Chart

AUD/CHF

The pair failed to break out from a major resistance line, sending the pair lower towards a key support line. Switzerland continues to outshine its peers in Europe with its positive results from its recent reports. Retail Sales YoY was up by 3.1% for the month of October, a major improvement from the prior result of 0.4%. Meanwhile, the KOF Leading Indicator, which is a reflection of 12 leading indicators in Switzerland, managed to remain above 100 points with its 103.5 points record on Monday’s report, November 30. Aside from these, Switzerland has one of the highest GDP figures for the third quarter. The Swiss economy managed to expand by 7.2% in the third quarter, surpassing the percentage decline of -7.0% contraction seen in Q2. That puts the country’s economy just 2.0% below its pre-coronavirus level. With these results, investors are expected to increase their holdings of Swiss assets until COVID-19 is contained. FinanceBrokerage - Market News: AUD/CHF Chart



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