EURUSD: cheap "blue fuel" gives support to the euro
Having passed the next round of correction of gas price in the EU the EURUSD trading instrument is developing a positive trend, testing the level of 1.0609.
According to the Dutch exchange TTF, the transaction value of "blue fuel" with a delivery date in February is at 1120.0 USD per 1.0 thousand cubic meters, the extreme price for June, when peak gas supplies were recorded through the pipeline "Nord Stream". The current price gives eurozone countries a chance to conclude long-term contracts for supplies for the spring, as current reserves are marginal. Meanwhile, the German producer's index level fell 3.9% in November, slowing to 28.2% year-over-year from 34.5% last year.
- Resistance levels: 1.0675, 1.0900.
- Support levels: 1.0525, 1.0320.
AUDUSD: Bears are holding their ground against the Australian currency.
"The Aussie" demonstrates a moderate decline within the "bears" momentum formed earlier. AUDUSD noticeably decreased at the session of Tuesday, having updated the local minimum of November 22, but by the end of trading the "bulls" restored their positions. A moderate negative factor for the U.S. dollar was the publication of weak macroeconomic statistics from the U.S. Thus, the analysts' attention was not avoided by the decrease of the construction works impulse by 0,5% in November, having decreased by 2,1% in the previous month. The level of approved building applications for the same period was down 11.2%, a loss of 3.3% for October.
Meanwhile, a moderate negative trend for the Australian currency is being exerted amid an agreement by Japanese regulator officials to raise the range of the likely retreat of the national securities income indicator from the target. Economists took such decision as a signal for possible rejection of ultra soft monetary vector, which can be caused by inflation in Japan that reached 3.5%.
- Resistance levels: 0.6700, 0.6750, 0.6800 and 0.6850.
- Support levels: 0.6628, 0.6583, 0.6520 and 0.6450.
GBPUSD: pound is under the influence of contradictory factors
Within the Asian trading session the trading instrument GBPUSD reflects a mixed dynamics, testing the level of 1.2165.
At the last meeting the national regulator of Great Britain announced about the recession in Q4, but noted that the economy will return to growth by the beginning of 2024. Tomorrow the release of updated data on the level of GDP (gross domestic product) for Q3 is expected. By the way, the previous figures reflected the downward correction of 0.2% for the quarter and upward correction of 2.4% for the year. Meanwhile, the head of the British government has confirmed the abandonment of the policy proposed by his predecessor to purchase foreign energy resources, and the working commission for contracts with foreign operators will be canceled, because in the opinion of the official, the work of the global gas market should be carried out without the correction of politicians. The day before, an emergency plan from National Grid Plc. was released, providing a set of tools, including a planned schedule of rolling blackouts for power grid customers if the winter is too cold, as well as an end to buying gas from Russia.
- Resistance levels: 1.2240, 1.2311, 1.2400 and 1.2500.
- Support levels: 1.2150, 1.2084, 1.2027, 1.1939.
Gold market analysis
Quotes of the precious metal are trading in correction, moving away from the local high of December 13, updated earlier.
The asset showed rapid strengthening, which is due to the sentiment on the U.S. dollar, which reflected the negative reaction to the release of data from the U.S. residential real estate market. Also bullish dynamics was caused also by fears because of the system interest rates increase by the key regulators of the financial world, which can provoke the beginning of the global economic recession. Earlier the U.S. Federal Reserve, the Bank of England and the ECB (European Central Bank) tightened monetary parameters, strengthening rates by 0.50%, confirming the decrease in the rate of correction in the future. However, the euro zone economic indicators have already started to show signs of recession, and the UK regulator said that the slowdown of economic growth in the country has already begun.
- Resistance levels: 1816.62, 1828.22, 1843.37, 1857.27.
- Support levels: 1800.00, 1786.28, 1765.66, 1753.09.