This market brief is an overview of the week ahead and some of the events we see as being important to the markets.
Please be aware that our views may change throughout the course of the week, and we do not publish updates of such changes. For up-to-the-minute market analysis see our live trading room.
INDICES
AUSTRALASIA
ASX – 8159 (-67 or -0.81%)
AU200 shows a moderate downward trend, declining from 8226 to 8159 this week, indicating a weak bearish movement.
VOLATILITY ALERTS:
Tue 09:00 – AUD Judo Bank Services PMI (Oct)
Tue 14:30 – AUD RBA Interest Rate Decision
Thu 11:30 – AUD Balance of Trade (Sep)
For a move to the upside, we must now see this market close above 8179. Should this occur, we will look for a move into 8200, and if the upside momentum is strong, we could see a move higher into 8221 and potentially 8251.
If we cannot close above 8139, we could see a move back to test 8118 before a pause to the downside. A break below this level may result in a sharp move lower into 8097, and any further breaks to the downside may see a bigger move into 8057.
EUROPE
DAX (30) – 19224 (-270 or -1.39%)
DAX30 shows a notable downward trend, dropping from 19,494 to 19,224 this week, signalling a moderately strong bearish move.
VOLATILITY ALERTS:
Mon 19:00 – EUR Unemployment Rate (Oct)
Wed 19:15 – EUR HCOB Services PMI (Oct)
Thu 21:00 – EUR Retail Sales YoY (Sep)
For a move to the upside, we must now see this market close above 19272. Should this occur, we will look for a move into 19320, and if the upside momentum is strong, we could see a move higher into 19368 and potentially 19464.
If we cannot close above 19176, we could see a move back to test 19128 before a pause to the downside. A break below this level may result in a sharp move lower into 19080, and any further breaks to the downside may see a bigger move into 18984.
US
S&P 500 – 5730 (-104 or -1.78%)
The US500 is showing a moderate downward trend, with a significant dip from 5834 to 5730 this week.
VOLATILITY ALERTS:
Tue 16:00 – USD Presidential Election
Fri 00:30 – USD Initial Jobless Claims (Nov/02)
Fri 06:00 – USD Fed Interest Rate Decision
For a move to the upside, we must now see this market close above 5744. Should this occur, we will look for a move into 5758, and if the upside momentum is strong, we could see a move higher into 5772 and potentially 5801.
If we cannot close above 5715, we could see a move back to test 5701 before a pause to the downside. A break below this level may result in a sharp move lower into 5687, and any further breaks to the downside may see a bigger move into 5658.
FOREX
AUD/USD – 0.6599 (-7 or -0.11%)
AUD/USD shows a slight downward trend, with minimal movement suggesting weak bearish momentum over the past week.
VOLATILITY ALERTS:
Tue 09:00 – AUD Judo Bank Services PMI (Oct)
Tue 14:30 – AUD RBA Interest Rate Decision
Thu 11:30 – AUD Balance of Trade (Sep)
Tue 16:00 – USD Presidential Election
Fri 00:30 – USD Initial Jobless Claims (Nov/02)
Fri 06:00 – USD Fed Interest Rate Decision
For a move to the upside, we must now see this market close above 0.6615. Should this occur, we will look for a move into 0.6632, and if the upside momentum is strong, we could see a move higher into 0.6647 and potentially 0.6681.
If we cannot close above 0.6583, we could see a move back to test 0.6567 before a pause to the downside. A break below this level may result in a sharp move lower into 0.6552, and any further breaks to the downside may see a bigger move into 0.6518.
EUR/USD – 1.0876 (+82 or +0.76%)
EURUSD shows a moderate upward trend this week with a solid gain, suggesting a potential strengthening in bullish momentum.
VOLATILITY ALERTS:
Mon 19:00 – EUR Unemployment Rate (Oct)
Wed 19:15 – EUR HCOB Services PMI (Oct)
Thu 21:00 – EUR Retail Sales YoY (Sep)
Tue 16:00 – USD Presidential Election
Fri 00:30 – USD Initial Jobless Claims (Nov/02)
Fri 06:00 – USD Fed Interest Rate Decision
For a move to the upside, we must now see this market close above 1.0901. Should this occur, we will look for a move into 1.0931, and if the upside momentum is strong, we could see a move higher into 1.0961 and potentially 1.1001.
If we cannot close above 1.0851, we could see a move back to test 1.0821 before a pause to the downside. A break below this level may result in a sharp move lower into 1.0791, and any further breaks to the downside may see a bigger move into 1.0751.
GBP/USD – 1.2967 (+9 or +0.07%)
The GBP/USD is trending upward, showing strong momentum with a notable increase. Watch for potential continuation in this direction!
VOLATILITY ALERTS:
Tue 11:01 – GBP BRC Retail Sales Monitor YoY (Oct)
Tue 20:30 – GBP S&P Global Services PMI (Oct)
Thu 23:00 – GBP BoE Interest Rate Decision
Tue 16:00 – USD Presidential Election
Fri 00:30 – USD Initial Jobless Claims (Nov/02)
Fri 06:00 – USD Fed Interest Rate Decision
For a move to the upside, we must now see this market close above 1.2980. Should this occur, we will look for a move into 1.3017, and if the upside momentum is strong, we could see a move higher into 1.3044 and potentially 1.3083.
If we cannot close above 1.2954, we could see a move back to test 1.2937 before a pause to the downside. A break below this level may result in a sharp move lower into 1.2909, and any further breaks to the downside may see a bigger move into 1.2881.
USD/JPY – 152.48 (-52 or -0.34%)
The USD/JPY is showing signs of upward potential despite a recent dip, indicating a possible rebound ahead.
VOLATILITY ALERTS:
Tue 16:00 – USD Presidential Election
Fri 00:30 – USD Initial Jobless Claims (Nov/02)
Fri 06:00 – USD Fed Interest Rate Decision
For a move to the upside, we must now see this market close above 152.62. Should this occur, we will look for a move into 152.98, and if the upside momentum is strong, we could see a move higher into 153.35 and potentially 153.81.
If we cannot close above 152.36, we could see a move back to test 152.10 before a pause to the downside. A break below this level may result in a sharp move lower into 151.73, and any further breaks to the downside may see a bigger move into 151.28.
COMMODITIES
GOLD – 2735 (+1 or +0.04%)
The gold price shows a slight upward trend this week, indicating weak momentum with minimal movement. Positive sentiment remains.
For a move to the upside, we must now see this market close above 2738. Should this occur, we will look for a move into 2740, and if the upside momentum is strong, we could see a move higher into 2742 and potentially 2747.
If we cannot close above 2732, we could see a move back to test 2730 before a pause to the downside. A break below this level may result in a sharp move lower into 2727, and any further breaks to the downside may see a bigger move into 2722.
CRYPTOS
BITCOIN – 69023 (+939 or +1.38%)
Bitcoin is trending strongly upward this week, with a notable rise from 68,084 to 69,023, indicating bullish momentum.
For a move to the upside, we must now see this market close above 69,073. Should this occur, we will look for a move into 69,123, and if the upside momentum is strong, we could see a move higher into 69,173 and potentially 69,251.
If we cannot close above 69,023, we could see a move back to test 68,973 before a pause to the downside. A break below this level may result in a sharp move lower into 68,923, and any further breaks to the downside may see a bigger move into 68,823.
