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EU Session Bullet Report | Markets subdued ahead of new year celebrations
| As 2015 draws to a close, the worlds financial markets seem to be ending the year in a subdued manner. In a year that started with the Swiss National Bank suddenly announcing that it would no longer hold the Swiss Franc at a fixed exchange rate against the euro, panic ensued. It seems that from that moment the trend was set for what has been a volatile year.
Concerns over slowing global economic growth have led to a very rough year for Asian markets in particular, where we have witnessed multiple currency devaluations for the Chinese Yuan. Dominating the year however, has been the US Federal Reserve Bank. The ongoing will they, won’t they saga that has dragged on through the year finally reached its climax on December 16. It seems that the US is reaching the light at the end of the tunnel as continued improved economic data led to the FED raising interest rates for the first time in over 10 years. Of course, the ‘Flash Crash’ in August was a reminder that the world’s economy is not yet out of the woods so what can we expect for 2016? The FED will likely remain centre stage as the guessing game will continue over the timetable of further rate hikes. Inflation will be a word that will become more prominent as central banks around the world wrestle to find the right balance. Following the ECBs press conference earlier this month, markets reacted with scepticism as investors expected greater measures from President Mario Draghi, so further action cannot be ruled out should economic data and growth continue to stagnate in the Eurozone. Oil will be of major interest as slowing growth continues to see demand fall, so will we see further downside towards $20 as many analysts are predicting or will we see the world’s economy turn the corner and at last see some sustained growth? On behalf of everyone at easy forex, we would like to thank our clients and partners for their loyalty and support througout the year and wish you all a very healthy and prosperous 2016. To help you start 2016 in the best possible way, you could be eligible for up to $20,000 bonus on your next deposit. Reply now to find out how!
Green lines are resistance, Red lines are support. EUR/USD Pivot: 1.096 Likely scenario: short positions below 1.096 with targets @ 1.09 & 1.0865 in extension. Alternative scenario: above 1.096 look for further upside with 1.099 & 1.101 as targets. Comment: as long as 1.096 is resistance, likely decline to 1.09. GBP/USD Pivot: 1.487 Likely scenario: short positions below 1.487 with targets @ 1.478 & 1.476 in extension. Alternative scenario: above 1.487 look for further upside with 1.4915 & 1.4945 as targets. Comment: as long as 1.487 is resistance, look for choppy price action with a bearish bias.
AUD/USD Pivot: 0.726 Likely scenario: long positions above 0.726 with targets @ 0.7335 & 0.736 in extension. Alternative scenario: below 0.726 look for further downside with 0.724 & 0.7205 as targets. Comment: the RSI is well directed.
USD/JPY Pivot: 120.75 Likely scenario: short positions below 120.75 with targets @ 120.2 & 120 in extension. Alternative scenario: above 120.75 look for further upside with 121 & 121.3 as targets. Comment: the RSI is badly directed.
USD/CAD Pivot: 1.3845 Likely scenario: long positions above 1.3845 with targets @ 1.3905 & 1.394 in extension. Alternative scenario: below 1.3845 look for further downside with 1.381 & 1.3775 as targets. Comment: the RSI lacks downward momentum.
Pivot: 1066 Likely scenario: short positions below 1066 with targets @ 1056 & 1051 in extension. Alternative scenario: above 1066 look for further upside with 1072 & 1077 as targets. Comment: the upward potential is likely to be limited by the resistance at 1066.
OIL Pivot: 37.16 Likely scenario: short positions below 37.16 with targets @ 36.3 & 36.1 in extension. Alternative scenario: above 37.16 look for further upside with 37.48 & 37.95 as targets. Comment: the RSI is mixed to bearish.
DAX Pivot: 10625 Likely scenario: long positions above 10625 with targets @ 10940 & 11020 in extension. Alternative scenario: below 10625 look for further downside with 10530 & 10400 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
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TIME IS IN GMT(+2) Report prepared by the easy-forex VIP desk 07:40 GMT. Become a VIP client today and take advantage of expert market insight, reduced spreads and much more to help with your trading. To learn more, please contact your relationship manager.
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