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Day: November 6, 2019
November 62019
Canadian Dollar Falls on Disappointing Exports, Lower PMI
The Canadian dollar is falling against multiple major currency rivals midweek, caused by disappointing trade numbers and a lower purchasing managersâ index (PMI) reading. The loonie, which has been one of the best-performing currencies in international markets, continues to lose its momentum as the year winds down. On Wednesday, the October Ivey PMI reading came in at 48.2, down from 48.7 in September â anything below 50 indicates a contraction. This is […]
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November 62019
EUR/USD to End Its October Correction with Double Top Reversal?
EUR/USD has formed a classical example of a double top pattern on its daily chart. It had started on about October 17 and had finished its development by November 5. The double top caps the corrective wave that had started back on October 1 inside a larger long-term downtrend experienced by the euro against the US dollar. Will this pattern spell an end to the bullish tendency or will it fizzle out? It […]
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November 62019
AUD/JPY Very Close to the 76.00 Target
The Australian dollar versus the Japanese yen currency pair extended the gains and reached the 75.40 rate. The question is now whether the appreciation will continue or not. Long-term perspective The downwards movement that started after the confirmation as resistance of 80.54 ended at 71.09 with the false break that printed the low at 69.95. After that and the confirmation of 71.09 as support the price rallied to 73.93 from where it corrected and then continued the appreciation that, […]
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November 62019
EUR/USD Backs Off After Rallying Intraday
EUR/USD rose intraday but has backed off by now as markets were choppy today, having trouble to find direction. Nonfarm productivity fell 0.3% in Q3 2019 after rising 2.3% in Q2. That is instead of rising by 1.0% as analysts predicted. (Event A on the chart.) US crude oil inventories climbed by 7.9 million barrels last week, much more than analysts had predicted — 1.9 million, and were above […]
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