November 29, US stock indexes closed with an increase on Tuesday, as the positive economic data outweighed the negative from the fall in oil prices. On Tuesday, the US Department of Commerce reported that a key indicator of profits, after the payment of taxes by US corporations, grew by 5.2% in the third quarter compared with a year earlier. The report also showed that gross domestic product grew, and the seasonally adjusted growth rate was 3.2% in the third quarter, reaching the strongest level in the last two years. At the same time, consumer confidence rose in November to 107.1, significantly exceeding analysts’ forecasts of 101.2. Oil continued to fall, amid fears that oil producers would not be able to reach an agreement and reduce oil production. The tension between Iran and Saudi Arabia was a stumbling block in the entry of OPEC negotiations. But now, added serious differences with Iraq, which wants to continue to increase oil production, citing high military spending. The Dow Jones Industrial Average rose 23.70 points, or 0.12%, to close at 19.121.60. The S & P 500 index advanced 2.94 points or 0.13%, closing at 2.204.66. The Nasdaq Composite Index added during the bidding 11.11 points, or 0.21%, to close at 5,379.92.
November 30, Asian stock indexes traded in different directions, adjusting mainly due to local news. Investors were quite cautious, awaiting the results of the OPEC summit in Vienna. The volume of industrial production in Japan in October rose by 0.1%, compared to the previous month, while the forecast decline of -0.1%. The number of building permits in Australia decreased by -12.6% in October, compared to the previous month, while the growth forecast was 1.5%. Lending to the private sector in Australia increased by 0.5% in October, compared to the previous month, while the growth forecast was 0.4%. Nikkei Stock Average rose 1.44 points, or 0.01%, ending trading at 18,308.48. S P ASX 200 fell during trading on -17.03 points, or -0.31%, ending trading at 5,440.47. The Chinese market was under pressure, as according to analysts, the actions of the central bank of China in recent days, maintaining the yuan rate, have caused the leaching of additional funds from the banking system. These actions pushed to the top, borrowing costs, domestically. The Shanghai Composite Index went down by – 32.89 points, or = -1.00%, closing at 3,250.03. The Hang Seng Index is growing at 59.34 points, or 0.26%.
Today, the USD / JPY currency pair quotes continued to show growth, after yesterday’s rebound from a key support level of 111.87. In this situation, we can expect the continuation of the bullish dynamics, in the direction of the key resistance level of 116.01. Alternative option. The RSI indicator is still in the overbought zone, indicating the possibility of a downward correction. In the case of a resumption of decline, the USD / JPY currency pair quotes and the breakdown of the key support level of 111.87, we can expect the downward movement of the bears to continue, to the key support level of 107.46.
Yesterday, on the daily chart of the AUD / USD currency pair, a reversal candle was formed, long-legged doji, after which the bears returned to the market. In this situation, we can expect the continuation of the bearish correction, in the direction of the key support level of 0.7305. Alternative option. The MACD indicator continues to grow, showing a return to the bull market. In case of resumption of growth, currency quotations of the pair AUD / USD and the breakdown of the key resistance level of 0.7490, the bulls will be able to continue the upward movement in the direction of the key resistance level of 0.7728.
In today’s trading, the quotes of the currency pair NZD / USD continued the upward movement. The MACD indicator, has resumed growth, showing a return to the bull market. In this situation, we can expect the continuation of the upward movement, to test the key resistance level of 0.7296. Alternative option. In case of a resumption of decline, quotes of the NZD / USD currency pair and breakdown, the opening level, today’s daily candle, the bears may begin a correction to the south, in the direction of the key support level of 0.6880.
Quotes of gold almost did not change, during today’s trading, after yesterday’s downward correction. In the event of a resumption of the decline and breakdown of the Low level of yesterday’s daily candle, we can expect the downward movement of gold prices to continue, in the direction of the key support level of 1142.34. Alternative option. At the same time, the RSI indicator is in the oversold zone, thereby indicating the probability of a correction to the top. So, in the case of the resumption of growth and the breakdown of the high level of yesterday’s daily candle, we can expect the beginning of the correction to the north, in the direction of the key resistance level of 1206.80.
Overview prepared by Fort Financial Services Research.