November 24 in the US is a day off, Thanksgiving Day is celebrated. Yesterday, November 23, US stock indices closed in different directions, staying near the opening level, as investors did not show a propensity to take risks, on the eve of Thanksgiving Day holiday and the increased volatility of Black Friday. Indices show growth since the completion of the presidential election, when the victory was won by Republican nominee Donald Trump. Expectations that the US government will pursue a program to stimulate economic growth by deregulating tax reform, and fiscal stimulus raises positive market expectations. Shares almost did not change after the Federal Reserve released the minutes of its last meeting in November. Fed protocols have confirmed that, according to financial officials, an increase in interest rates may be appropriate in the near future for the economy. The Nasdaq traded in negative territory, mainly due to weakness in the biotechnology sector, which was declining, amid some negative drug trials. The stock market also felt pressure from the strengthening of the US dollar, whose index reached a 13-year high. Investors fear that a strong dollar could reduce the profits of multinational companies. Economic data published yesterday was generally positive. Orders for durable goods rose by 4.8% in October, largely due to strong demand for commercial aircraft. Separately from these data, the number of Americans applying for unemployment benefits rose more than expected in the last week, but slightly, 251 thousand, while waiting for 250 thousand applications. The Dow Jones Industrial Average rose 59.31 points, or 0.31%, to close at 19.083.18 points. The S & P 500, which was in negative territory for most of the session, closed with an increase of 1.78 points, or 0.08%, at the level of 2,204.72. The Nasdaq Composite Index fell by -5.67 points, or 0.11%, to close at 5,380.68 points. November 24, Asian stock markets traded in different directions, Strong economic data in the United States, strengthened the outlook, higher interest rates in the United States, which could lead to capital outflows from Asian markets. At the same time, the decline in regional currencies against the US dollar, supported the shares of local exporters. Nikkei Stock Average rose 170.47 points, or 0.94%, ending trading at 18.333.41 points. S P ASX 200 almost did not change, adding only 0.73 points, or 0.01%, and closed at the level of 5.485.08 points. The Shanghai Composite Index remained close to the opening of the session, adding 0.60 points, or 0.02%, to close at the level of 3,241.74 points. The Hang Seng Index trades in negative territory, losing -57.80 points, or -0.25%.
At yesterday’s forex currency market, the USD / JPY currency pair prices rose significantly, breaking through and consolidating above 111.87. Indicator MACD, showing growth, indicating the continuing potential of the bulls. this situation, we can expect the continuation of the bullish dynamics, in the direction of the key resistance level 116.01.
Today, the AUD / USD quotes continued moving south after yesterday’s reversal. The MACD indicator continues to decline, demonstrating the potential of bears. In this situation, we can expect the continuation of the downward movement, currency quotations of the pair AUD / USD, to test the key support level of 0.7305. Alternative option. In case of resumption of growth, currency quotations of the pair AUD / USD and the breakdown of the High level, yesterday’s daily candle, the bulls can continue to move north, in the direction of the key resistance level of 0.7490.
During yesterday’s trading, quotes of the currency pair NZD / USD, actively declined, while breaking through and consolidated below the level of 0.7053. The MACD indicator continues to decline, demonstrating the potential of bears. In this situation, we can expect the continuation of the downward movement, in the direction of the key support level of 0.6880. Alternative option. In the case of renewed growth, the quotes of the NZD / USD currency pair and the breakdown of the key resistance level of 0.7053, the bulls can continue to move in the direction of the key resistance level of 0.7296.
Yesterday, gold quotations sank significantly, while breaking through and consolidating below 1206.80. The MACD indicator continues to decline, showing the continuing potential of bears. Against the background of which, we can expect the continuation of the decline in quotations of gold, in the direction of a key support level of 1142.34. Alternative option. The RSI indicator is in the oversold zone and indicates the probability of a correction, to the north. So, in case of resumption of growth and breakdown of the key resistance level of 1206.80, bulls can continue the correction to the north, in the direction of the key resistance level of 1240.62.
Overview prepared by Fort Financial Services Analytics