Morning Preview: The Major’s on Monday
Rowan Crosby • 2 min read
Welcome back to another big week in the markets. However, this one might be a little shorter than usual as the US have Thanksgiving, which will keep things quiet at the end of the week. I suspect things might start off with a bang and then taper off. So there might just be some opportunity early in the week.
Last week was moving week in the majors as we saw some big moves in the Euro, Aussie and Kiwi. Here is a quick look at the majors and how they are tracking and what we can expect on Monday.
AUD/USD – The AUD really fell off the face of a cliff last week. I expect there to be more downside to come with a test of 75 cents coming soon. RBA minutes might shake things up.
EUR/USD – The Euro broke out to the upside last week and is now looking bullish. Draghi speaks on Monday which will shape the trading day. ECB Minutes will be worth watching for as they could pull us back. We have some early weakness after some issues with the German Government.
USD/JPY – We’ve fallen away considerably, however, I am looking for a rebound this week along with the USD.
NZD/USD – The Kiwi, like the Aussie, is weak and I expect more downside.
USD/CAD -The CAD is grinding higher and I have a bullish bias here.
USD/CHF – We made a nice bounce off a key moving average last week, however, Friday brought about a retrace. More upside to come.
GBP/USD – We are still range bound for the time being although we are pushing towards upper resistance.
US Dollar Index (DXY) – The USD has fallen away sharply and I expect a rebound this week, although volume will be reduced. I expect 93.50 support to hold up well. FOMC Minutes are due out and could have an impact later in the week.