Looking back, my EURUSD buy levels were a bit confusing yesterday with the second buy level just 10 pips below the stop of the first level.
However, the message was clear so I hope you did manage to get long & hold it for the bounce!
The USDJPY bounce (triggered by Tuesday's unexpectedly bullish hammer candle) has run further than expected & it was the 50 day moving average that held it in the end. I am sticking with my bearish short term outlook for now. If you are not short I would suggest that a break below 148.90 is a sell signal for today.
Or we have strong resistance at 150.00/150.20.
AUDUSD hit 6520 yesterday, at the upper end of my buy level. I have been looking to buy the pair all week, so one way or another I hope you found a way to get in to a long there after my 2 buy trades...a nice bounce to 6557 this morning.
The GBPUSD long at 1.2460/40 was a beauty, with a low for the day at 1.2446 & a bounce to the first target of 1.2500, as we look for 1.2550 today hopefully.
The NZDUSD long at 6020/10 was not so good with a stop below 6000...unfortunately we ran as far as 5994, but if you did manage to hold the long, we have hit the 1st target of 6040 & can look for 6080 today.
The EURCAD short at 1.4960/80 worked perfectly on the collapse from 1.4986 to the 1st target of 1.4920. A break below 1.4890 today can target 1.4850.
However the NZDCAD long at 8270/50 also had a stop that was a little too tight & we over ran 8240 to hit 8233...again if you happen to have managed to hold the long we have recovered above 8270 as I write so this is a good chance of seeing a decent profit later today (I hope).
I think it has been a decent week already in difficult conditions ahead of the big US holiday weekend so I am not going to push my luck...I have no new ideas for today anyway, because we are not seeing much movement.
I am more concerned about keeping the profit & starting next week feeling confident than worrying about making a few more pips & risking this week's profit...I hope you agree.
You need to know when not to trade!!!
Key points for traders this morning:
- Oil Prices:
- Fell 1% in early Thursday trading.
- OPEC+ postponed a ministerial meeting, raising concerns of potentially smaller output cuts.
- Brent futures fell 1% to $81.15 a barrel.
- WTI crude dipped 0.9% to $76.40.
- Thanksgiving Holiday Impact:
- Trade expected to remain muted due to the U.S. Thanksgiving holiday.
- OPEC+ Meeting Delay:
- OPEC+ delayed the ministerial meeting to Nov. 30.
- Difficulty in reaching an agreement on output levels.
- Linked to African countries, easing investor concerns.
- U.S. Crude Stocks:
- Jumped by 8.7 million barrels, exceeding the expected 1.16-million build.
- U.S. Oil Rigs:
- Remained unchanged at 500 in the week to Nov. 22.
- Gulf of Mexico Production:
- Around 3% of crude oil production (61,165 barrels daily) shut in due to an underwater pipeline leak.
- U.S. Stocks and Dollar:
- U.S. stocks ended higher on Wednesday.
- Dollar bounced back from a 2-1/2-month low.
- Economic data suggested the labor market is not cooling as quickly as expected.
- Nvidia's Earnings:
- Nvidia reported revenue above expectations.
- Shares dropped 2.5% due to a downbeat China sales outlook.
- U.S. Stock Indexes:
- Dow Jones rose 0.53% to 35,273.03.
- S&P 500 gained 0.41% to 4,556.62.
- Nasdaq Composite added 0.46% to 14,265.86.
- European Stocks:
- Hit a two-month high.
- Currency Market:
- The greenback rebounded from a 2-1/2 month low.
- Dollar index rose 0.31%.
- Euro down 0.2% to $1.0887.
- Japanese yen weakened 0.80% to 149.60 per dollar.
- Sterling down 0.36% to $1.2492.
- Treasury Yields:
- Benchmark yields wobbled after robust jobless claims data.
- 10-year yield at 4.41%.
- 30-year yield at 4.5446%.
- Gold Prices:
- Dipped below $2,000 per ounce.
- Spot gold dropped 0.4% to $1,989.79 an ounce.
