Forex forecasts and market outlooks

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09.12.2019

EUR/JPY: 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 above the price chart, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (119.883). The closest resistance level is the upper border of the cloud (120.322).

EUR/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.0923). The closest resistance level is the upper border of the cloud (1.0984).

Gross Domestic Product. Japan, 01:50 (GMT+2)

At 01:50 (GMT+2), the data on Japanese GDP in Q3 2019 will be released. The GDP is the main indicator reflecting the state of the national economy. It takes into account domestic consumption, investment, government spending and exports. It is expected that the growth of the Japanese economy on a quarterly basis will remain at around 0.1%, and on an annualized basis it may increase from 0.2% to 1.3%. If the forecast proves correct, it can support JPY.

06.12.2019

GBP/NZD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.9925). The closest resistance level is Kijun-sen line (2.0000).

EUR/GBP: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (0.8370). The closest resistance level is Tenkan-sen line (0.8440).

GBP/AUD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are 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 (1.9215). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9252).

Key releases

USD is strengthening against EUR and GBP but weakening against JPY. American investors are focused on trade relations between the United States and China. Yesterday, US President Donald Trump confirmed that the two largest world economies will conclude a deal soon. However, the Wall Street Journal reported that the parties still cannot agree on the size of China's purchases of US agricultural products. The US administration insists on increasing purchases to the amount of $40–50 billion, while last year China acquired it only for $8.6 billion. Moreover, US officials insist on China publicly announcing procurement amounts, which he does not agree to.