In the last week we have seen some concerns from investors about the rate hike by the Fed in December. Probably we will not see any clear signal from the Fed till the meeting on 16th December, so there could be some interesting movements with nice trading opportunities.
EUR/USD probably below 1.06
The euro could gain some ground against the US-Dollar after the FOMC Minutes, but the statement from ECB president Mario Draghi about a possible extension of the bonds purchase progam turned the price back downwards. In the the euro area some manufacturing PMI will be published, and if the don't meet the forecasts, this could accelerate the downtrend in this pair and it should break below the 1.06 with 1.058 as the first target.
GBP/USD Correction
The british pound also increased againt the greenback on Thursday, but turn on Friday and lost all the winnings it made after the FOMC Minutes, just stopped by the resistance at 1.519. After a drop of almost 100 pips, today we could see a slightly correction to 1.523. This could turn again, when the today coming US-figures are positive.
AUD/USD Ranging
The Australian dollar could raise agains the US dollar also on Friday, pushed by the recent data from Australia, which were quite good. We could also see an slightly correction in this pair, but probably it wil range between 0,7223 and 0,7249. A further correction could start, if the annouced US-data are better than expected. In this case the first target should be at 0,7195.
Risk disclaimer:
The opinions of the author to market behaviour does not constitute a solicitation to buy or sell any financial products, but are merely a personal opinion. When you go into the trade in leveraged financial products, you must be aware that a loss up to the amount of your deposit is possible, and in addition can also be an obligation to arise. Make yourself familiar with active trading or get independent advice before you invest your own money and use only money to invest that you can lose in the worst case