Forex forecasts and market outlooks

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09.12.2019

EUR/NZD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (1.6860). The closest resistance level is Kijun-sen line (1.6920).

CAD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is ascending. The instrument has entered the cloud. Borders of the cloud serve as the closest support (81.94) and resistance (82.23) levels

GBP/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (1.7374). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7451).

Building Permits. Canada, 15:30 (GMT+2)

At 15:30 (GMT+2), the data on Building Permits issued in October will be published in Canada. The indicator records the change in the number of applications issued by the Canadian government for the construction of real estate on a monthly basis, and is one of the most important indicators of the construction sector. It is expected that in October the volume of permits will be reduced for the second month in a row, this time by another 2.0%. The implementation of the forecast could put pressure on CAD.

Housing Starts. Canada, 15:15 (GMT+2)

At 15:15 (GMT+2), Canadian Housing Starts data for November will be published. The indicator captures the number of houses whose construction began in the reporting month, and is one of the most important indicators of the Canadian construction market. The indicator is expected to grow from 202.0K to 221.2K. If the forecast proves to be true, this may render support to CAD.

USD/JPY: general review

The main driver that determined the direction of the movement of the pair for this and the next week was the statement by the board member of the Bank of Japan Yutaka Harada. Investors were alarmed by the statement that the regulator would not take additional steps to the plan to stimulate the economy and increase the rate of quantitative easing. The stimulating plan provides for an injection of 26 trillion yen, including fiscal expenses of 13.2 trillion yen.

WTI Crude Oil: general analysis

In the middle of last week, data on crude oil inventories were published, which unexpectedly showed a decrease of –4.856M against –1.734M expected. The data reversed the long-term trend of increasing stocks and gave a positive impetus to the instrument. Also, the spread in the arbitration position of WTI Crude Oil and Brent again returned to the average values ​​of the year around $6, which indicates the completion of the global operation and the start of a new one.