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FX Bazooka (your trading weapon)
EUR/USD: euro is dreaming of the balance of powers

On the EUR/USD daily chart, there are two long-term patterns -  "Head and shoulders" and "Crab". Target 161.8% in the "Crab" pattern corresponds to 1,004. The outlook for this pair is still "bearish", so, correction should be used for the opening of short positions.

 [Image: Screenshot_2016_11_22_08_30_37.png] 

On the EUR/USD hourly chart, there is an acceleration of the downtrend which increases the risk of implementation of reversal pattern "Splash and reversal with acceleration". However, until the quotes rise above the upper boundary of the last downward channel, the "bears" will retain their control over the market.

[Image: Screenshot_2016_11_22_08_30_52.png]


SELL 1,073 SL 1,0785 TP1 1,05 TP2 1,004

SELL 1,076 SL 1,0814 TP1 1,05 TP2 1,004.

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Euro zone composite PMI suddenly increases in November

In November, economic activity in the euro zone suddenly ascended, registering its strongest growth this year, as both the manufacturing and service sector leapt more than forecast, as preliminary data disclosed on Wednesday.

In a report, market research group Markit informed that its flash Euro Zone Composite Output Index, gauging the combined output of both the manufacturing and service sectors soared to 54.1 in November, from the previous month’s reading of 53.3 and above predictions for no change.

The flash services purchasing managers’ index ascended to 54.1 this month, from October’s final outcome of 52.8, ruining expectations for an outcome of 53.0.

The preliminary euro zone manufacturing purchasing managers’ index suddenly leapt to a seasonally adjusted 53.7 this month from a final result of 53.5 in October. It happened to be a 34-month peak.

Experts had expected the index to drop to 53.3 in November.

[Image: European-Union-flag.jpg]

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Crude prices sag on strong greenback

On Friday, crude prices sagged under pressure from a strong greenback, though activity was quite low after the American Thanksgiving holiday and also with many investors reluctant to take big new positions ahead of a planned OPEC-led crude production cut to be decided next week.

International Brent crude futures were trading at $48.57, descending 0.9% from their last close. American West Texas Intermediate crude futures were worth $47.59, down 0.8%, from their last settlement.

Market participants told that Friday’s main drag on prices was the strong greenback, which this month reached levels last observed in 2003 against a basket of other key currencies.

A strong greenback, in which crude is traded, makes fuel purchases less affordable for countries utilizing other currencies at home, potentially crimping demand.

Traders told that market activity was relatively low due to the American holiday, while there was a reluctance to opt for big price directional bets due to uncertainty as for the planned crude output cut, led by the OPEC. 

[Image: Crude-Oil-Descending-Peter-Brandt-Factor.jpg]

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Morning brief for November 28, 2016

USD/JPY slumped to 111.3 from its 8-month high of 113.90 in the course of the latest session as the yields on 10-year US Treasuries slipped down to 2.323 from its 16-month high of 2.417.  The pair may rebound from the present level to the nearest resistances at 112.21 (100-hour MA) and 113.00 (50-hour MA). The nearest support lies around 111.10 (200-hour MA).

rose to 1.0685 having stepped into the Ichimoku cloud on the H4 technical chart. The prices may jump to the next resistance located at 1.0785 (100 H4 MA), or slide back towards the supports at 1.0590 (100-hour MA), 1.0580 (50-hour MA). Today traders will focus on Draghi’s testimony on the ECB’s perspective on economic and monetary developments before the European parliament. It seems that Draghi’s tone will be rather dovish. The ECB has not reached its inflation target yet, so, it’s far too early to discuss the tapering of the quantitative easing program, according to many ECB’s officials. The Governing Council will meet on December 8 to decide whether the ECB should extend its current QE program beyond the current deadline in march or not.

USD/CAD dropped towards the support located at 1.3455 (100 H4 MA). It seems that CAD didn’t pay too much heed to the tumbling oil prices. Brent oil futures and West Texas Intermediate crude slumped after Saudi Arabia withdrew from talks Monday with non-OPEC members.

AUD/USD breached the resistance located at 0.74600. Now it is paving its way towards the 0.7520 (near the 200-H4 MA) having gained momentum from the surging industrial metal prices. Kiwi rose above 0.7090 level in the course of the Asian on the broad USD weakening. But all these losses of the US dollar can be recouped in the nearest future, as there are lots of macroeconomic releases ahead.  

I wish you a good session!

[Image: Draghi_1.jpg]

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South Korean November exports are likely to rebound

In November, South Korean exports are supposed to surge for the first time since August, as the shock from Samsung Electronics' Galaxy Note 7 cancellation as well as strikes at Hyundai Motor Co dissipates, while global trade demonstrates signs of improvement.

Exports are supposed to ascend 1.2% this month from a year ago, rebounding from a 3.2% drop in October. Additionally, imports will probably tack on 2.9% during the same period vs. a 4.8% sag in October.

Shipments have dived every month of the past two years with the exception of August when they whent up.

As the world's sixth biggest exporter with major shipments varying from smartphones to vehicles, South Korea has been considered to be one of the most vulnerable economies, especially considering probable protectionists policies under the incoming Trump administration.

South Korean inflation rate is supposed to pick up for a third straight month to about 1.5% in November from October’s outcome of 1.3%, with prices of some global commodities on the rise.

[Image: -25183.jpg]

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Aussie stands still, Kiwi moves higher

On Wednesday, the Australian dollar remained intact against its American counterpart, after the publication of dismal Australian housing sector data. Meanwhile, the New Zealand dollar leapt notwithstanding a gloomy report on business confidence.

The currency pair AUD/USD was little changed, showing 0.7480.

The Australian Bureau of Statistics earlier informed that in October building approvals sank 12.6%, thus ruining hopes for a 1.5% revenue.

In September, building approvals sank by 9.3%. The figure was revised from a previously assessed 8.7% drop.

The currency pair NZD/USD grew 0.22% to trade at 0.7144, which is the highest outcome since November 11.

Data also demonstrated that the ANZ business confidence index for New Zealand dropped to 20.5 this month from October’s reading of 24.5.

Meanwhile, the US dollar still remained backed by hopes that increased fiscal spending as well as tax cuts under the Trump administration will drive inflation and economic growth. 

[Image: depositphotos_16040475-stock-photo-austr...up-100.jpg]

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Asian shares ascend with Nikkei headed for best close of 2016

On Thursday,
Asian stock markets traded broadly higher, with Japanese Nikkei on track for its highest close this year, after key crude-producing nations signed a deal to drop crude-oil output.

The Nikkei Stock Average NIK managed to grasp 1.1%, hitting 18,513.2 in the midday trading session. Elsewhere, Australian S&P/ASX 200 XJO rose 1%, Hong Kong’s Hang Seng Index HIS leapt 0.5% and Singapore’s Straits Times Index STI added 0.7%.

Notwithstanding much skepticism about the deal, the Organization of the Petroleum Exporting Countries on Wednesday agreed to diminish oil output by 1.2 million barrels a day, thus marking the group’s first concerted effort to slash production since 2008. The given move sent crude prices higher more than 9% overnight.

The OPEC cut represents approximately 1% of global crude output, which will help to reduce a crude glut, which has depressed prices for more than two years.

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Gold eases from 10-month minimums

On Thursday, gold prices retraced some losses, having fallen to almost 10-month minimums as the greenback eased, but the number one precious metal remained under pressure amid hopes for higher American interest rates.

Gold was trading at $1,169.65 per troy ounce, having dropped as low as $1,163.5 earlier in the session, the lowest value since February 5.

Meanwhile, silver futures reached $16.37 a troy ounce, copper futures hit $2.626 a pound. As for palladium, this commodity was at $773.2, levels not observed since June 2015.

On Wednesday, the greenback soared, after the Organization of the Petroleum Exporting Countries came to an agreement on a crude output cut aimed at suppressing global oversupply and shoring up prices.

Hopes for higher crude prices added to American inflation expectations, which have already been spurred by prospects for increased fiscal spending under the Trump administration.

Demand for the greenback was also powered after positive American economic reports lent further credence to the view that the Fed will increase rates already in December.

[Image: image(3).jpeg]

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Gold is intact in Asia

On Monday, gold stood still during Asia trade, as traders reacted cautiously to another round of political turmoil in Italy and the euro zone, following a resounding "No" vote on a referendum in Italy, aimed at political reforms.

In New York, February delivery gold futures traded between small revenues and losses at levels about $1,177.55 per troy ounce.  March delivery silver futures were mostly unchanged, keeping to $16.830 per troy ounce. Meanwhile, March delivery copper futures sank 0.84%, trading at $2.608 a pound.

Market participants didn’t take sharp note of a weaker euro, which fell to a 20-month minimum, as Italian Prime Minister Matteo Renzi resigned, having suffered rather a humiliating defeat in a referendum, aimed to reforming the country's constitution.

Elsewhere, John Key, New Zealand Prime Minister told that he would resign, thus making it clear he wouldn’t consider a fourth term.

Later on Monday, Great Britain is to issue data on service sector activity, while the Institute for Supply Management is expected to publish its non-manufacturing PMI. 

[Image: gold3(2).jpg]

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