Technical Analysis

Market Review for November 08, 2016

In China this morning, China’s trade surplus expanded in October, data from the General Administration of Customs reported Tuesday.

China’s trade surplus rose to 325 billion yuan in October, from 278.4 billion the previous month. Economists forecast the surplus to widen to 300 billion yuan.

In US-denominated terms, Beijing’s surplus widened to $49.06 billion from $42 billion in September.

Imports declined at an annualized 1.4%, continuing a multi-year downtrend that was interrupted briefly in August.

The value of exports declined at a bigger than expected 7.3% annualized rate, following a 10% drop the month before.

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Support and Resistance for November 08, 2016 - European Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD USD/CHF
GOLD
Resistance 3 1.1180 1.2600 105.60 0.7900 0.9900 1288.90
Resistance 2 1.1120 1.2520 105.10 0.7835 0.9860 1286.80
Resistance 1 1.1080 1.2450 104.60 0.7715 0.9820 1285.20
Market 1.1045 1.2398 104.40 0.7700 0.9741 1282.60
Support 1 1.1005 1.2350 104.05 0.7610 0.9725 1281.50
Support 2 1.0950 1.2280 103.45 0.7530 0.9690 1279.50
Support 3 1.0850 1.2190 102.85 0.7455
0.9650 1277.90
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Support and Resistance for November 07 , 2016 - US Session

Support Resistance:

Currency Pair EUR/USD GBP/USD USD/JPY AUD/USD Dow Jones
GOLD
Resistance 3 1.1180 1.2600 105.60 0.7900 18370 1298.95
Resistance 2 1.1120 1.2520 105.10 0.7835 18250 1296.50
Resistance 1 1.1080 1.2450 104.60 0.7715 18175 1293.30
Market 1.1063 1.2424 104.31 0.7681 18123 1287.10
Support 1 1.1005 1.2350 104.05 0.7610 18100 1285.25
Support 2 1.0950 1.2280 103.45 0.7530 18050 1285.25
Support 3 1.0850 1.2190 102.85 0.7455
18000 1280.80
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5 Top Economic Calendar Events for November 7–11

The first half of the week, at least, will be dominated by politics as the US Presidential and Congressional election campaigns take centre stage.

After another headline-grabbing week, markets will remain wary of further last-minute revelations and twists in the campaign.

There should be some degree of calm if Clinton wins, while victory for Republican Trump would cause a similar reaction to the UK referendum vote with major uncertainty over the impact.

Trends in risk appetite will certainly be very important during the week ahead.

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Market Review for November 07, 2016

In Japan, The Bank of Japan (BOJ) had a lengthy discussion on its new monetary policy framework in September and laid out possible options for additional easing should inflation continue to undershoot its target.

With regard to possible options for additional easing, the Bank can cut the short-term policy interest rate and the target level of a long-term interest rate, which are two key benchmark rates for yield curve control. It is also possible for the Bank to expand asset purchases as has been the case since the introduction of QQE. Moreover, if the situation warrants it, an acceleration of expansion of the monetary base may also be an option,” the minutes of the September 20-21 policy meeting showed on Monday.

The BOJ uprooted monetary policy at its September meeting following a “comprehensive assessment” of the economy and its existing stimulus program. The meeting resulted in a shift in strategy from quantitative easing to interest rate targeting. This included purchasing Japanese government bonds so that the 10-year JGP rate will remain at zero.

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