Forex trading plan for Nov. 28
On Thursday the market attention was glued to the OPEC meeting in Vienna. As many expected, oil cartel members left the output quotas unchanged. As a result, oil prices decline resumed. USD/CAD jumped back above the 1.1300 mark on the news. Note that the US markets have been closed on Thursday (Thanksgiving Day celebration), so the OPEC’s decision will strongly impact the market on Friday.
EUR/USD consolidated below the 1.2500 figure on Thursday. The single currency could gain some ground on German retail sales data and French consumer spending early on Friday, but be ready for new losses on euro zone’s CPI at 10:00 GMT. Strong resistance – 1.2550 и 1.2600, while support lies at 1.2440 and 1.2350.
AUD/USD attempted to recover on Thursday, but failed to overcome the 0.8600 resistance. Next levels below the price– 0.8520/00 and 0.8470.
GBP/USD was rejected by resistance in the 1.5800 area and slid below the 100-period MA on H4. The pair returned to the middle of the rising channel. Support is at the current levels of 1.5730 and at 1.5680/70. A break below will confirm a flag and make the pair to renew lows. Further resistance is at 1.5875.
USD/JPY found support in the 117.20 area. Resistance is at 118.20 and 118.55. Further support is at 116.10. The market players will watch Japan’s inflation data due during Friday’s Asian session – a bit lower figures are expected – such outcome will help USD.