19.11.2013- After a confident growth before, the EUR / USD
After a confident growth before, the EUR / USD, as we expected, have corrected to the level of 1.35, and is now trading between 1.3500 and 1.3520 levels. The fundamental cause of the correction was the speech the president of the Federal Reserve Bank of New York - William Dudley. In his speech he mentioned fairly optimistic outlook for the U.S. economy, although he did not touched upon a monetary policy of the U.S. Federal Reserve. As a result, the dollar strengthened against the euro. Today we can see the ongoing decline of the euro. From the point of technical analysis the price of the pair can get to the next level of support - 1.3480 and 1.3440. The quotes will be affected by the data of the index of economic sentiment in Germany and the Euro zone, which will be released at 10:00 GMT. In addition, you should pay attention to the comments of Finance Minister Jack Lew (speaks at 13:45 GMT) and the President of Federal Reserve Bank of Chicago Charles Evans (speaks at 19:15 GMT). The British pound continues to consolidate near the level of 1.61. Players will not to accommodate new positions before the publication of the report on inflation issued by the Bank of England. Thus, we should expect a strong movement, which will depend on the information given in the report. In case of decrease - the nearest support levels are 1.6050, 1.6000 and 1.5880. In case when the growth will continue the price may reach 1.6200 and 1.6250. Asian markets show mixed performance. Japanese Nikkei225 is consolidated near the level of 15,000. Restrains the growth a long overdue correction in the U.S. markets, which also failed to consolidate above the strong resistance levels - 1800 by S & P and 16,000 on the DJI. Strengthening of the yen against the U.S. dollar also restrains the growth of Japanese stock market. We expect the price movement of yen to be in the corridor between 99.20 and 100.40. A strong fundamental factor is needed to break through this channel. The Australian dollar had a rather restrained reaction on the publication of the previous of monetary policy meeting minutes of the Reserve Bank of Australia. AUD / USD pair is in the local uptrend. The next target in case of further growth will be 94.50. The closest support line is at the level of 92.90. The situation with the prices of gold remains stable. Quotes of the yellow metal remain in the range 1265-1290. Before the New Year prices can be supported by the increased demand in China, at the same time the cutting of quantitative easing programs are constantly postponed in the major central banks of the world. So until restraining above-mentioned programs we do not expect a strong growth. But in long range we keep bullish view on gold. In September, the Kingdom of Saudi Arabia produced the maximum amount of oil since 2005 - 10.12 million barrels per day. The threat of disruption of oil supplies in Libya and Iraq support the oil prices on the market. But, the prices on “black gold” are still under the pressure of expectations of the nuclear program resolution in Iran that would allow the country to increase the export of oil. In general the prices of oil in the U.S. in the long run will be influenced the so-called shale revolution that already leads to the growth of commercial oil reserves in the United States due to replacement of oil with shale gas in some sectors of the economy. The closest objectives for Brent crude oil are 107 and 106 dollars per barrel. In the morning futures on U.S. and European indices are traded near yesterday's closing levels. There is no definite mood on the stock markets.