Forex trading plan for November 27
US dollar trading was rather calm at the thin market on Thursday. Friday can be another quiet day with no releases scheduled in American economic calendar.
EUR/USD closed above 1.0600 on Wednesday despite the speculation about the various monetary easing measures that can be used by the European Central Bank at its meeting next week. Still, the upside for the single currency is limited as the majority of market players think that ECB will take some aggressive steps, which will pull EUR/USD down. On Friday there won’t be many news from the euro area, except German import prices (07:00 GMT) and Spanish CPI (08:00 GMT). Resistance is located at 1.0660, 1.0690 and 1.0725. Support is at 1.0600, 1.0565 and 1.0520.
GBP/USD keeps trading sideways around 1.5100. The UK will release the second estimate of Q3 GDP at 09:30 GMT on Friday. British economic growth is expected to remain unchanged at 0.5%. All in all, the cable remains vulnerable for further declines to the 1.5000 area. Resistance is at 1.5145 and 1.5180.
USD/JPY is trying to hold above 122.50. Japanese inflation figures will be releases early on Friday. Support is at 122.40 and 122.20, while resistance is at 122.75 and 123.00. The short-term outlook is neutral/negative.
AUD/USD was hit by weak capital expenditure figures on Thursday. At the same time, the pair’s ability to hold above 0.7000 means that fresh negative drivers are needed to pull the pair lower. Support is at 0.7200, 0.71575 and 0.7150, which should limit the declines. Resistance is at 0.7250 and 0.7280.