Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements.
Currency market on December 5
Information is not investment advice
Thursday's start has been quite eventful. The great pound's surge has been highlighting the day, while oil traders are cautiously awaiting the OPEC meeting. Read more about the main market movers below.
Disappointing economic data pulled the AUD down
While the level of retail sales showed a slowdown versus the expected advance by 0.3%, the Australian exports declined from 6.49 to 4.5 billion AUD. On H4, the Australian dollar has kicked off the resistance at 0.6848 and fell below the 200-period MA to the 0.6831 level. The price is trying to form the “Double top” pattern with the neckline at 0.6821. As soon as this level is broken, bears will be ready to move the aussie towards the lower target at 0.6810. The upside momentum is limited by the 0.6848 and 0.6855 levels.
The British pound has continued its bullish momentum
Today we’ve already explained what is going on with the British pound. You can read more about it here. On H4, GBP/USD continues to move up to May’s peak at 1.3170. If bulls manage to successfully break this level, the next resistance will be placed at 1.3220. In case of the reversal, watch at the supports at 1.3082 and 1.3050.
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