Daily Market Review: 17th November 2014

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Binary Options Daily Market Review 17th November

Today's Hot AssetToday’s Hot Asset for you to Trade On: GBP/USD.

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GBP/USD

US Dollar (USD)  Vs British Pound Sterling (GBP)

The pair was able to correct itself slightly and moved up above 1.5700 after dropping over 300 pips along the last three trading days. The strengthening dollar over the back of the disappointing data from Japan made the pair drop once more. Within the first hours of today’s European session, the pair dropped to 1.5630.
The U.S. Industrial Production data will be released later today and is expected to show an increase of 0.2%. All eyes will be on the published report, as any reading greater than the projected figure may add to the bearish sentiment.

The trend is slightly bearish. Support is found at 1.5590 and resistance at 1.5750.

Trend: Slightly Down

 

EUR/USD

US Dollar Vs Euro

The EUR/USD dropped down after bouncing off its resistance at 1.2575. The pair was first driven by the dollar, which showed weakening signs after a dovish speech made by Federal Reserve president James Bullard. In his speech Bullard stated that low interest rates should be maintained by the FED, at least long enough for the global market to recover. Monday morning saw the Japanese GDP data came out. The report released a very disappointing 0.4% quarterly decrease and not the expected 0.5% increase. A recession is not an uncommon word in the Japanese analyst circle these days and for that reason the Greenback is gaining once again. Today, pay attention to the European Central Bank president address, set to take place at 2.00PM (GMT). The movement is slightly bearish.

Support is found at 1.2240 and resistance is at 1.2575.

Trend: Slightly Down

 

Gold

Daily Gold Market Report

Gold was able to finally break from its narrow sideways channel and rose over its technical resistance at $1,180/ounce. The price continued to climb, in reaction to the weaker dollar and reached a high of $1,194/ounce. The National Swiss bank is forecasted to raise its metal reserves from 8% to 20%, thus keeping trading above above $1,180/ounce during the first hours of trading on Monday.
Some analysts consider the option that if no price corrections will be made and the $1,180/ounce level holds, the price may go as high as $1,230/ounce. The movement is sideways.

Support is found at 1,178 and resistance at 1,200.

Trend: Sideways

 

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Disclaimer: The information in Market analysis should serve for informative purposes only. Binary Options Wire shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of forex pairs, commodities, stocks or indices.

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, also known among professionals under her nickname “Moneymaker”, is an experienced stock broker and Forex trader. Promoting and guiding new traders to the binary options market is Nancy''s way of saying "thank you" to the industry that helped her realise her dreams.

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