Market News and Charts for November 26, 2019
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!
The pair is expected to continue moving lower towards a key support line. The European Union and Turkey’s economy are under pressure. However, instead of supporting each other, the two (2) economies are divided over their disputes. Brussels imposed sanctions against Turkey for its illegal drilling activity in Northern Cyprus, officially known as the Turkish Republic of Northern Cyprus. The country was only recognized by Turkey and is still considered by the international community as part of the Republic of Cyprus. However, the EU was under pressure over threats of Turkey that it will open its borders to almost 4 million immigrants from Syria. Turkey has been an official candidate for EU membership since 1999. The stalled negotiation talks between the EU and Turkey and the threats of a looming recession in Europe will further drag the single currency. Germany is set to release Gfk Consumer Climate Index today, November 26.
The pair is expected to breakout from a major resistance line, sending the pair higher toward its 41-month high. Australia is set to report its Construction Work Done Quarter-over-Quarter (QoQ) today, November 26. Analysts are expecting the government to continue disappointing AUD traders and continue its negative reports for the fifth consecutive quarter. Aside from this, the recent comment by Australia’s former top diplomat in the United Kingdom on British election could further weaken the Australian dollar. Alexander Downer suggested that the government of Australian Prime Minister Scott Morrison should substantially reduce its intelligence sharing with the United Kingdom. This was in the event that UK Labour Party leader Jeremy Corbyn will win the general election on December 12. Australia and the United Kingdom were both members of the intelligence-sharing group of Five Eyes.
The pair will continue moving higher in the following days towards an uptrend resistance line. Canada’s Corporate Profits report showed a disappointing figure, increasing pressure for the country’s central bank to cut its interest rate. Figures on the report showed profits from companies experiencing slow growth at 0.4% from 5.2% in the previous quarter. During the recent Canadian election, Canada Prime Minister Justin Trudeau was able to secure his position for the second term. However, his Liberal Party suffered a disappointing defeat, giving him a minority to govern. This is expected to affect his ability to pass key legislations. Aside from this, the country received threats from U.S. President Donald Trump’ national security adviser. Robert O’Brien pressured the Trudeau government to reject Huawei. China reduced its import and export to Canada following the arrest of Huawei CFO on December 01, 2018.
The pair will continue moving lower in the following days after it failed to breakout from a key resistance line. U.S. reports for today, November 26, were mixed. The U.S. Goods Trade Balance showed a narrowing figure, which is beneficial for the greenback. However, the U.S. Wholesale Inventories for the month of October increased to 0.2% following the -0.4% in September. Aside from this, The U.S. Conference Board (CB) Consumer Confidence dropped to 125.5 from 126.1 in September. In the other news, Denmark was seen increasing its political influence inside the European Union. This was following the reelection of Margrethe Vestager as the EU Commissioner for Competition. Under the leadership of former European Commission President Jean-Claude Junker, she was able to target large U.S. technology companies. The two (2) countries are also at odds over the issue of Greenland and Nord Stream pipeline 2.
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