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Market News Watching the foreign exchange market on November 11: technical analysis of the euro, the pound sterling and the Australian dollar
Watching the foreign exchange market on November 11: technical analysis of the euro, the pound sterling and the Australian dollar
The euro fell nearly 1% in the market on Wednesday against the dollar, falling below the recent strong support level of 1.15 in one fell swoop. Many factors have been pressured on the pound recently. The Australian dollar against the US dollar is also in a state of decline along with other major non-US currencies.
2021-11-11
7896
Currency: EUR/USD
Resistance 2: 1.1610
Resistance 1: 1.1520
Spot price: 1.1481
Support 1: 1.1470
Support 2: 1.1400
The U.S. October CPI rose 6.2% year-on-year, and the core CPI rose 4.6% year-on-year. The CPI in the United States in October increased at an annual rate of 6.2%, and the monthly rate increased by 0.9%. The core consumer price index (cpi) was also higher than expected, rising 4.6% from the same period last year and up 0.6% from the previous month. The latest US data show that the number of initial jobless claims rose by 267,000 last week, which was only slightly lower than expected. The inflation rate in the United States continues to rise, increasing expectations for interest rate hikes in the US dollar. The US dollar continues to be strong in the foreign exchange market, and non-US currencies have collectively fallen. In Europe, according to the results of the Oxford Economic Research Institute, it is believed that the foundation of the euro zone's recovery is still solid but the speed is expected to slow down. Moreover, the analysis believes that the momentum of economic recovery in the fourth quarter has obviously regressed, and the current stage of recovery is slow and difficult. Comparing the two sides, the core meaning that the euro will lag behind the United States regardless of economic growth or interest rate hikes. For this reason, the euro fell nearly 1% against the US dollar on Wednesday, breaking the recent strong support level of 1.15 in one fell swoop. At present, from the 4-hour or daily chart, the euro against the dollar has fallen far below the short-term moving averages, and the recent strong support mark 1.15 should fall below. Although the technical indicators are oversold, the downward momentum has become obvious, even after short-term The adjustment is also afraid that it will be difficult to change the euro's decline. The downward target may continue to test the 1.14 area. If this area is not preserved, the flat area 1.11-1.14 in mid-2020 may become a short target.
Currency: GBP/USD
Resistance level 2: 1.3600
Resistance 1: 1.3500
Spot price: 1.3411
Support 1: 1.3313
Support 2: 1.3200
In the foreign exchange market on Wednesday, the pound fell 1.2% to 1.3401 against the dollar, the lowest since December 2020. The main reason is that overnight the United States announced that the October Consumer Price Index (CPI) rose sharply by 6.2% year-on-year, leading to a surge in US Treasury yields. In addition, the United Kingdom failed to implement the relevant Brexit agreement after Brexit last year, and has been delaying the implementation of some border inspections between Northern Ireland and EU member Ireland. The European Union stated that London is obliged to implement the Brexit agreement. The threat of unilateral clauses necessitates strong action against Britain. Therefore, the pound has been under pressure recently. From a technical graphic point of view, the pound is oversold severely on the hourly chart, and there is a desire for adjustment, but from a medium-term perspective, signs of the pound's downward trend appear. If the 1.34 mental barrier is broken, the further downside target may be aimed at the 1.32-1.30 area. The main defense against the downside risks of the pound in the near future is the main focus.
Currency: AUD/USD
Resistance 2: 0.7450
Resistance 1: 0.7400
Spot price: 0.7318
Support 1: 0.7300
Support 2: 0.7280
On Thursday morning, the Australian Bureau of Statistics (ABS) announced that the number of jobs in Australia unexpectedly dropped by 46,300 in October, and is expected to increase by 50,000. The unemployment rate rose from 4.6% in the previous month to 5.2%, higher than the expected 4.8%. It can be seen that in the development of the epidemic, the two-week blockade in New South Wales and Victoria still has a greater impact on the economy. This is more likely to weaken the tone for the RBA to enter the ranks of interest rate hikes as soon as possible. The Australian dollar against the US dollar is also in a state of decline along with other major non-US currencies. Since yesterday's intraday break below the 100-day moving average of 0.7386, the Australian dollar has accelerated to 0.73 against the US dollar. On the daily chart, the exchange rate is far below the 20-day moving average, and various technical indicators are developing downward. The downward trend of the Australian dollar against the US dollar is obvious. If the 0.73 psychological barrier falls, the next target area may aim at around 0.71. The resistance in the upper 0.7380-0.7420 area is currently strong.
Wang Gang, Bank of China Guangdong Branch
Source: Bank of China official website
Original Title: Forex Watching Trend November 11, 2021
Resistance 2: 1.1610
Resistance 1: 1.1520
Spot price: 1.1481
Support 1: 1.1470
Support 2: 1.1400
The U.S. October CPI rose 6.2% year-on-year, and the core CPI rose 4.6% year-on-year. The CPI in the United States in October increased at an annual rate of 6.2%, and the monthly rate increased by 0.9%. The core consumer price index (cpi) was also higher than expected, rising 4.6% from the same period last year and up 0.6% from the previous month. The latest US data show that the number of initial jobless claims rose by 267,000 last week, which was only slightly lower than expected. The inflation rate in the United States continues to rise, increasing expectations for interest rate hikes in the US dollar. The US dollar continues to be strong in the foreign exchange market, and non-US currencies have collectively fallen. In Europe, according to the results of the Oxford Economic Research Institute, it is believed that the foundation of the euro zone's recovery is still solid but the speed is expected to slow down. Moreover, the analysis believes that the momentum of economic recovery in the fourth quarter has obviously regressed, and the current stage of recovery is slow and difficult. Comparing the two sides, the core meaning that the euro will lag behind the United States regardless of economic growth or interest rate hikes. For this reason, the euro fell nearly 1% against the US dollar on Wednesday, breaking the recent strong support level of 1.15 in one fell swoop. At present, from the 4-hour or daily chart, the euro against the dollar has fallen far below the short-term moving averages, and the recent strong support mark 1.15 should fall below. Although the technical indicators are oversold, the downward momentum has become obvious, even after short-term The adjustment is also afraid that it will be difficult to change the euro's decline. The downward target may continue to test the 1.14 area. If this area is not preserved, the flat area 1.11-1.14 in mid-2020 may become a short target.
Currency: GBP/USD
Resistance level 2: 1.3600
Resistance 1: 1.3500
Spot price: 1.3411
Support 1: 1.3313
Support 2: 1.3200
In the foreign exchange market on Wednesday, the pound fell 1.2% to 1.3401 against the dollar, the lowest since December 2020. The main reason is that overnight the United States announced that the October Consumer Price Index (CPI) rose sharply by 6.2% year-on-year, leading to a surge in US Treasury yields. In addition, the United Kingdom failed to implement the relevant Brexit agreement after Brexit last year, and has been delaying the implementation of some border inspections between Northern Ireland and EU member Ireland. The European Union stated that London is obliged to implement the Brexit agreement. The threat of unilateral clauses necessitates strong action against Britain. Therefore, the pound has been under pressure recently. From a technical graphic point of view, the pound is oversold severely on the hourly chart, and there is a desire for adjustment, but from a medium-term perspective, signs of the pound's downward trend appear. If the 1.34 mental barrier is broken, the further downside target may be aimed at the 1.32-1.30 area. The main defense against the downside risks of the pound in the near future is the main focus.
Currency: AUD/USD
Resistance 2: 0.7450
Resistance 1: 0.7400
Spot price: 0.7318
Support 1: 0.7300
Support 2: 0.7280
On Thursday morning, the Australian Bureau of Statistics (ABS) announced that the number of jobs in Australia unexpectedly dropped by 46,300 in October, and is expected to increase by 50,000. The unemployment rate rose from 4.6% in the previous month to 5.2%, higher than the expected 4.8%. It can be seen that in the development of the epidemic, the two-week blockade in New South Wales and Victoria still has a greater impact on the economy. This is more likely to weaken the tone for the RBA to enter the ranks of interest rate hikes as soon as possible. The Australian dollar against the US dollar is also in a state of decline along with other major non-US currencies. Since yesterday's intraday break below the 100-day moving average of 0.7386, the Australian dollar has accelerated to 0.73 against the US dollar. On the daily chart, the exchange rate is far below the 20-day moving average, and various technical indicators are developing downward. The downward trend of the Australian dollar against the US dollar is obvious. If the 0.73 psychological barrier falls, the next target area may aim at around 0.71. The resistance in the upper 0.7380-0.7420 area is currently strong.
Wang Gang, Bank of China Guangdong Branch
Source: Bank of China official website
Original Title: Forex Watching Trend November 11, 2021
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