S&P 500 Price Forecast – Stock Markets Wait for a Slew of Data

US Stock Market Forecast Video for 30.11.22

S&P 500 Technical Analysis

The S&P 500 looks as it is seeing a lot of noisy behavior, as we wait for a massive slew of date of this week. We have the ADP employment figures, we have the Jerome Powell speech, we have the employment figures on Friday, and of course we have the Core PCE number coming out on Thursday that a lot of people will pay close attention to, due to the fact that the Federal Reserve really likes that indicator to determine inflation.

After all, inflation is the only thing that people are thinking about right now, because quite frankly the last 14 years have been all about liquidity coming out of the Federal Reserve, and now a lot of people who desperately need liquidity to return are assuming that it will.

Ultimately, this is a situation where the market continues to fight with a 200-Day EMA, as well as a downtrend line. I think this week could be very noisy, perhaps eventually taken off in one direction or the other. If we break down below the 3900 level, that I think we could get a 3800 quickly. On the other hand, if we break above the 4100 level, then it’s possible that we could go into the 4200 level.

We are stuck between the 200-Day EMA and the 50-Day EMA, so if we break out in one direction or the other, that could kick off the next leg either higher or lower. In the short term, I suspect you are looking at more chop than anything else, so a range bound short-term trading system probably works out the best here.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Forecast – Silver Gives Up Early Gains

Silver Price Forecast Video for 30.11.22

Silver Markets Technical Analysis

Silver markets have initially tried to rally during the trading session on Tuesday but gave back gains to show signs of hesitation. That being the case, the market is likely to continue to be very noisy but that’s nothing new for silver. Silver has outperformed gold as of late, and now it looks like we are trying to figure out where we are going to go next.

The 200-Day EMA underneath could offer a significant amount of support going forward, especially as it sits right at the $21 level. With that being said, I think it is probably only a matter of time before we have to ask questions of this area. If we were to break down below it, then it’s likely that we would see the market go down to the $20 level. It is probably worth noting that the $20 level have a lot of psychology attached to it, so that could cause a bit of noise.

On the other hand, if we turn around and taken the $22.50 level, then it is very possible that we could see silver take off. I don’t necessarily know what will cause that, perhaps just the US dollar or inflation itself. We are looking at a situation where industrial demand is probably going to continue to suffer, so that is something worth paying attention to as well.

Silver has a long history of punishing retail accounts, as JP Morgan has been caught more than once manipulating the market. Because of this, if it rises too quickly, you can probably expect more of that type of behavior as the fines that they pay are nowhere near the types of profits they make by manipulating the paper silver market.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Price Forecast – Crude Oil Markets Recover

Crude Oil Prices Forecast Video for 30.11.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday, after initially forming a hammer for the week on Monday. The $80 level has been targeted, so now if we can break above there I think we could get a little bit more of a recovery. Crude oil has been moving back and forth based upon the idea of supply being tight, but at the same time demand falling off of a cliff.

If we are going to continue to see economies around the world slowdown, that is going to be bad for oil. However, that does not mean that it’s going to go straight down from here. There will be the occasional rally, which quite frankly probably offers a nice selling opportunity.

Brent Crude Oil Technical Analysis

Brent markets have rallied during the trading session on Tuesday to show signs of life, breaking above $85 level. At this point, the market is trying to bounce a bit, and quite frankly if it does that is probably going to give you an opportunity to start shorting again. The market may be a little bit overdone at this point, so I would look at signs of exhaustion to take advantage of. Having said that, if we were to break down below the hammer from the session on Monday, that opens up an attack on the $80 level, and perhaps even a move much lower than that.

Looking at the chart, the question is now whether or not we are trying to form a double bottom, or if we are going to go crashing from here. One thing is for sure, demand is most certainly something that people are worried about.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Price Forecast – Natural Gas Markets Continue to Undulate

Natural Gas Price Forecast Video for 30.11.22

Natural Gas Technical Analysis

Natural gas markets have fallen just a bit at the beginning of the trading session on Tuesday, but at this point in time it still looks like a market that is trying to figure out where it’s going longer term. The market will continue to be very noisy and dangerous, so at this point it’s difficult to imagine a scenario where we would see easy trading. In fact, natural gas is extraordinarily dangerous for retail traders, because it relies so much on weather predictions. If you get the weather right, a lot of times you’ll get the market right.

The 50-Day EMA underneath offers support, while the $8.00 level above offers resistance, as we have seen just a few sessions ago. Ultimately, when you look at this chart you can see we are in a huge consolidation area, and basically in the middle of it making this a “50-50 proposition.”

If we break down below the 200-Day EMA, that is likely that we will see a move down to the $5.50 level. The $5.50 level is the beginning of significant support at the bottom of the range, just as if we were to see the market break above the $8.00 level, we could see this market move to the $10.00 level which is the very top of the range.

I think this winter is going to be rather wild for natural gas in general, so position sizing is going to be paramount as the market still tries to figure out what to do with the whole EU situation, although in the future ConocoPhillips will be providing gas from Qatar to Germany.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Forecast – Gold Markets Continue to Hang Around the Same Area

Gold Price Predictions Video for 30.11.22

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday to peek above the 200-Day EMA for a moment, only to show that we are not ready to go anywhere very quickly. After all, you have to keep in mind that the gold markets are going back and forth as we try to figure out what to do about the Federal Reserve. Ultimately, the Federal Reserve is throwing the interest rate market around, as people try to figure out exactly what it is they are going to do going forward.

The $1750 level offers a little bit of support, as does the 50-Day EMA underneath at the $1719 level. After that, then you have support near the $1700 level. If we turn around and break above to the upside, we could be looking at the $1800 level. The $1800 level of course is a large, round, psychologically significant figure, and an area where we have seen noise in the past. Breaking above that area then will almost certainly leave no doubt that the gold market is in a bullish run, and it could go to the $2000 level of the longer term.

In the meantime, a lot of what we are seeing is related to interest rates, as it has a massive negative correlation right now. However, we may start to focus on the idea of the recession, which in and of itself can be good for gold as people try to preserve well. We might be in the middle of that switch, so that’s part of what we are going to see over the next several sessions, as the market tries to figure out what they are going to do.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Forecast – US Dollar Continues to Test Support

USD/JPY Forecast Video for 30.11.22

US Dollar vs Japanese Yen Technical Analysis

The US dollar has pulled back a bit during the trading session on Tuesday to test a major trend line. At this point, it looks like the market is trying to figure out whether or not we will continue to punish the Japanese yen, or if interest rates in America are going to drop enough to make this trend change. Ultimately, it seems very unlikely that the US dollar breaks down completely against the Japanese yen, mainly because of the Japanese yen being punished by the Bank of Japan as they continue yield curve control.

On the other hand, if we turn around a break above the ¥140 level, then it’s very possible that we could go to the ¥142.50 level. If we can break above the ¥142.50 level, then we would almost certainly continue the longer term uptrend. Ultimately, this is a market that will continue to look at the behavior of the Bank of Japan and whether or not it is going to continue to work against its own currency.

Even if we were to break down below the trendline, the 200-Day EMA is near the ¥135 level, so I think that will be a very important support level as well. Anything below there could change a lot of attitudes, but right now it looks as if we are in a situation where we will continue to see a lot of noisy behavior, so keep in mind that not only do we have the Core PCE numbers coming on Thursday, we also have the jobs number coming out on Friday.

For a look at all of today’s economic events, check out our economic calendar.

GBP to USD Forecast – British Pound Pulls Back

GBP to USD Forecast Video for 30.11.22

British Pound vs US Dollar Technical Analysis

The British pound has pulled back after initially rallying during the day on Tuesday, as we continue to see the markets try to figure out what the Federal Reserve is going to do next. After all, the Federal Reserve drives what happens with the dollar, and a lot of people have speculated that they are at least going to slow down, if not even pivot. Ultimately, they have to decide on how many basis points raise rates in December, with most money betting on 50. That being said, it’s a future direction that a lot of people are looking at plus there are a lot of other things and people are starting to pay close attention to.

The British pound of course has an economy behind it that is heading into a two-year recession according to the Bank of England, which does not exactly scream potential strength. Ultimately, if we break down below the bottom of the candlestick for the last couple of days, it’s very likely that we go down to the 1.18 level. Breaking down below the 1.18 level opens up the possibility of a retest of the 50-Day EMA. After that, then we are starting to talk about the 1.15 level. We are clearly in an area that a lot of people will be paying attention to, not only due to the 200-Day EMA but the 50% Fibonacci ratio.

The alternate scenario is that we take out the 1.22 level on a daily close, allowing the market to break through a significant barrier. If that were to happen, it’s likely that the British pound will go to the 1.25 level.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Forecast – British Pound Noisy Against the Japanese Yen

GBP/JPY Forecast Video for 30.11.22

British Pound vs Japanese Yen Technical Analysis

The British pound has gone back and forth during the trading session on Tuesday, as we hang around the 50-Day EMA. The ¥165 level underneath should continue to be of interest, and therefore I think it’s a situation where we like the idea of paying close attention to that region, because it is very psychologically and structurally important as potential support. After that, then you have the 200-Day EMA sits at the ¥162.50 level and could offer significant support yet again.

On the upside, if we take out the top of the candlestick for the trading session on Tuesday, we almost certainly will go looking to reach the ¥167.50 level, and then maybe the ¥168.50 level, where we had pulled back from over the last several sessions. Regardless, keep in mind that this pair is highly sensitive to risk appetite, as in times of fear it does tend to fall. However, the Bank of Japan continues to print unlimited yen in order to buy unlimited bonds, so that does keep this market somewhat buoyant due to the fact that the yen itself is so toxic.

On the other side of the equation, you need to keep in mind that the British pound has a lot of issues in and of itself, so I do think that this pair continues to be a bit of an underperformer when it comes to yen related pairs. While I would not necessarily short this market, I don’t like buying this pair as much as other yen related pairs when the Japanese yen falls such as the NZD/JPY as an example. Ultimately, choppiness should be expected.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Forecast – Euro Continues to Struggle for Direction

EUR/USD Forecast Video for 30.11.22

Euro vs US Dollar Technical Analysis

The Euro has initially tried to rally during the trading session on Tuesday, as we reached the 1.04 level before pulling back. The 200-Day EMA is right there as well, so keep that in mind. Ultimately, this is a scenario where we are trying to figure out whether or not the longer-term move to the upside can happen, or if it is a situation where we have peaked.

At this point, it’s very likely that we will continue to see the US dollar be attractive, based upon the fact that there are a lot of headwinds out there economically, then it could of course have people running to the US dollar for safety. Ultimately, that is what I would anticipate, especially if inflation in the United States continues to soar, which recently had been slowing down. However, there are economic numbers this week that will most certainly have a lot of people looking into it as a potential continuation of the problem.

The 200-Day EMA typically attracts a lot of attention by itself, but the fact that we have so many different things going on at the same time does suggest that we are going to have a lot of volatility, so I suspect that choppy and sideways trading is probably the norm for most of this week, but we will get an impulsive candlestick soon that tells us which direction we are going to go for the bigger move. To the upside, if we were to take out the 1.05 level, then the Euro can go much higher. On the other hand, if we take out the 1.03 level underneath, we continue the longer term downtrend.

For a look at all of today’s economic events, check out our economic calendar.

AUDUSD Forecast – Australian Dollar Fills the Gap

AUDUSD Forecast Video for 30.11.22

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has rallied quite nicely during the trading session on Tuesday, breaking above the 0.67 level. The 0.67 level is an area that has been important multiple times in the past, so the fact that we are paying attention to it right now makes quite a bit of sense. In fact, it’s very likely that we continue to see a lot of back and forth over the next couple of days, because we have so many major announcements this week.

We have Federal Reserve chairman Jerome Powell speaking at the Brookings Institute, the ADP employment figures, the Core PCE figures, and then of course the BLS employment figures. Because of this, it’s very likely that the US dollar will be somewhat noisy this week, and that lends itself to a situation where the market spends its wheels and goes back and forth.

It’s worth noting that we are between the 50-Day EMA underneath and the 200-Day EMA above. That typically allows for the market to squeeze given enough time and go lower or higher quite rapidly. We are still technically in a downtrend, so if we break down below the bottom of this market it’s likely that we could go down to the 0.65 level. On the other hand, if we turn around and take out the 200-Day EMA to the upside, then we have a situation where we could go looking to the 0.70 level, an area that has a lot of psychology attached to it as it is a large, round, psychologically significant figure.

For a look at all of today’s economic events, check out our economic calendar.

S&P 500 Price Forecast – Stock Markets Look Skittish

US Stock Market Forecast Video for 29.11.22

S&P 500 Technical Analysis

The S&P 500 has fallen a bit during the trading session on Monday, as we continue to struggle with not only the 200-Day EMA, but also the major downtrend line that I have marked on the chart. It’s worth noting that we are hanging about the 4000 level, which is an area that people will think is important from a psychology standpoint.

Keep in mind that there are a lot of concerns about a recession and a lack of earnings, which is almost certainly going to be a major problem. If we break down below the 4000 level, we could see this market try to go back down to the 3900 level, an area that has previously been supported. Breaking down below there opens up the possibility of a move down to the 50-Day EMA, which is currently at the 3886 level. Anything below there could resume the longer-term downtrend with a bit of aggression.

On the other side of the equation, if we were to turn around and take off to the upside, meaning that we cleared the daily downtrend line on a daily candlestick, then it is possible that we could see this market try to go to the 4150 level, followed by the 4200 level. Nonetheless, I think the one thing you can probably count on is a lot of choppiness and noisy behavior, as we try to sort out where we are going for the rest of the year. Furthermore, there is a natural tendency to buy stocks at the end of the year by money managers in order to show clients that they are holding on to the correct assets. However, the Federal Reserve meeting in December is going to overshadow almost everything.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Forecast – Silver Bounces After an Initial Selloff

Silver Price Forecast Video for 29.11.22

Silver Markets Technical Analysis

Silver markets have initially pulled back a bit during the trading session on Monday, to reach down to the 200-Day EMA. The 200-Day EMA is an indicator that a lot of people will pay close attention to, so it’s not a huge surprise to see that it has offered support. Furthermore, the 200-Day EMA sits at the $21 level, which has a lot of psychology attached to it. It also has been previous resistance, so the fact that it offered support should be expected.

If we were to break down below the $21 level, then we could test the 50-Day EMA which is closer to the $20.27 level, which is also rising. On the upside, the $22 level could offer significant resistance, and if we were to break above the $22.50 level, then it’s very likely that we could see the silver market really take off to the upside, perhaps opening up the possibility of a move to the $25 level. At this point, I suspect that silver is going to remain very choppy, but one of the things that could cause a lot of problems is going to be a potential lack of industrial demand. Remember, this is an industrial metal, not just a precious metal.

Ultimately, you should also pay attention to the US dollar and yields in America, because they have a strong negative correlation to silver. With this being the case, I suspect that we’ve got some noise ahead of us, but once we break out of this consolidation it’s likely that we get a much bigger move. At this point, silver looks neutral but is trying to break out.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Price Forecast – Crude Oil Markets Continue to Break Down

Crude Oil Prices Forecast Video for 29.11.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen again during the trading session on Monday, as we have broken below the hammer from last week. This has negated a “double bottom” that was potentially set up. At this point, the market is likely to continue going lower due to the fact that we are in the midst of a “demand recession”, as the global economy slows down. Supply has been a bit of an issue, but at this point, it’s likely that we see crude oil continue to struggle. At this point, it’s probably easier to short oil on signs of exhaustion.

Brent Crude Oil Technical Analysis

Brent markets have also broken down to a fresh, new low, breaking below the $82.50 level, an area that was a potential “double bottom” just waiting to happen. Now that we are below the level, it opens up the possibility of a move much lower, with the $80 level perhaps offering a little bit of support between here and there. If we break down below the $80 level, then it’s likely that we could go to the $77.50 level.

Rallies at this point will more likely than not get sold into, because global demand is falling off of a cliff, and China continues to lock itself down, which of course is one of the largest consumers of crude oil in the world. As long as that’s an issue, it’s difficult to imagine how crude oil does fairly well. That doesn’t mean it’s going to zero, just that rallies look suspicious until we can get better signs in the economy, starting with transportation.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Price Forecast – Natural Gas Markets Fall Hard

Natural Gas Price Forecast Video for 29.11.22

Natural Gas Technical Analysis

Natural gas markets have fallen hard to kick off the trading session on Monday, as milder temperatures in the United States are causing a bit of an issue. Furthermore, the market may have gotten way ahead of itself so it does make a certain amount of sense that we would have to have a correction. At this point, I anticipate that the 50-Day EMA just below could cause some support, right along with the 200-Day EMA. If that were to be the case, then a bounce could be forthcoming. Keep in mind that natural gas markets remain very volatile overall, as the situation in Europe becomes direr.

Ultimately, the volatility is probably going to get worse, not better. After all, the natural gas demand in Europe is going to be plenty strong, but they have major problems when it comes to supply, and of course, the entire situation only gets worse with Qatar signing a 27-year agreement with China. Another factor is going to be that the economy is slowing down, so that may bring down a bit of industrial demand, so as you can see, there are plenty of things throwing this market around at the same time, suggesting that choppy behavior is going to continue to be an issue.

Keep your position size reasonable regardless of what you do but it does look like this pullback will probably find buyers, and it’s possible that we could go looking to the shooting star above, which is essentially the $8.00 level. If we break above that, then we could get to the top of the overall range. On the other hand, if we break down below the 200-Day EMA, it’s possible that we could go looking to reach the $6.00 level in general.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Forecast – Gold Markets Continue to Grind

Gold Price Predictions Video for 29.11.22

Gold Market Technical Analysis

Gold markets went back and forth during the course of the trading session on Monday, as we continue to hang around the $1750 level, an area that has been important a couple of times. Furthermore, we also have the 200-Day EMA sitting just above, offering a significant amount of resistance, and that tends to attract a lot of trading attention. Ultimately, gold markets will continue to be very noisy due to the fact that the 200-Day EMA comes into the picture and then of course we had the 50-Day EMA underneath. In other words, we are essentially squeezing in general.

This is a market that I think will continue to see a lot of volatility based upon concerns about interest rates around the world, and of course inflation. If we were to break out of these moving averages, then it could open up the possibility of a bigger move, perhaps to the $1800 level. Anything above the $1800 level could send this market much higher, perhaps all the way to the $2000 level.

On the other hand, if we were to turn on a breakdown below the 50-Day EMA, it would send gold markets plunging down to the $1680 level. The $1680 level is an area that had previously been resistant, so it should now be supported. If we were to break down below there, then the market could plunge down to the lows again. Keep in mind that the US dollar, interest rates in America, and interest rates, in general, have a negative correlation to gold over time. With this, I think we are rapidly approaching a major decision.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Forecast – US Dollar Bounces From Trendline

USD/JPY Forecast Video for 29.11.22

US Dollar vs Japanese Yen Technical Analysis

The US dollar has bounced a bit from the uptrend line that we have been following for some time on Monday. Furthermore, we have tested the ¥137.50 level, which is an area that of course has been important once before. Looking at this chart, the question now will become whether or not this is a double bottom, or if it is a situation where we are trying to break down through the trendline.

We have seen some weakness in the US dollar as of late, but this week could change things completely. We have the core PCE figures coming out this week, which is the favored inflation measure of the Federal Reserve. This could obviously have a major influence on perception as to what the Fed may do going forward, so therefore you will need to be somewhat cautious. Beyond that, we also have the jobs number which obviously will have a major influence on the currency markets and the relationship of these 2 currencies as they are heavily influenced by interest rate differentials.

If we turn around and rally from here, the ¥140 level will be an area that a lot of people pay close attention to, as it is a large, round, psychologically significant figure. It also is an area where we have seen some action in the past so of course it’ll be interesting to see how this plays out. If we break down below the trendline, then the next area of major support will be at the 200-Day EMA which coincides quite nicely with the ¥135 level. Either way, we are on the precipice of making significant decisions in the future direction.

For a look at all of today’s economic events, check out our economic calendar.

GBP to USD Forecast – British Pound Chops Back and Forth to Kick Off the Week

GBP to USD Forecast Video for 29.11.22

British Pound vs US Dollar Technical Analysis

The British pound has gone back and forth during the course of trading on Monday, as we try to figure out what to do with the idea of the 200-Day EMA sitting right there. It is obviously an indicator that a lot of people pay attention to, so it’ll be interesting to see whether or not this is the end of the relief rally in the British pound, or if it’s going to end up being a more significant trend change. I think at this point a lot of people were going to be paying close attention to the 1.22 level, which is an area that is a large, round, psychologically significant figure, and also an area where we have seen a previous double top. In that scenario, things get quite interesting as we try to figure out what to do with ourselves.

If we break down below the 1.20 level, then I think it’s very likely that we pull back to the 1.18 level. The 1.18 level had seen a certain amount of support and resistance in the past, so I think that’s a little bit of a battleground setting up, although I don’t necessarily think that it is going to be a major one. Breaking down below there opens up the possibility of moving down to the 1.16 level, which is basically where the 50-Day EMA sets. After that, then you have the 1.15 level that obviously carries a lot of psychology attached to it.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Forecast – British Pound Bounces From 50-Day EMA

GBP/JPY Forecast Video for 29.11.22

British Pound vs Japanese Yen Technical Analysis

The British pound has fallen rather hard initially during the trading session on Monday but found enough support near the ¥166 level and the 50-Day EMA to turn things around and show signs of life again. By doing so, the market looks like it is trying to hang on, and perhaps continue the longer term uptrend. That being said, this market is very choppy to say the least and I think that will continue to be the case. Ultimately, this pair is highly sensitive to risk appetite, and as long as that is all over the place, it does make a certain amount of sense that we would see quite a bit of confusion.

Underneath the 50-Day EMA, I would anticipate that the ¥165 level should be significant support, while the ¥168.50 level should be significant resistance, at least based upon the recent trading action. To the upside, the ¥170 level is an area that a lot of people will be paying attention to, because if we can break above there it’s likely that we go back to the highs, and perhaps even break out from there.

Keep in mind that the Bank of Japan continues to buy unlimited bonds in order to practice yield curve control, something that is inherently bad for currency. Because of this, I do think that shorting this market is going to be very difficult, but you should keep in mind that the British pound has a lot of its own issues. With the British economy going into a two-year recession, the Bank of England will only be so aggressive when it comes to fighting inflation. In other words, expect messy trading with a slightly upward bias.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Forecast – Euro Continues to Push Higher

EUR/USD Forecast Video for 29.11.22

Euro vs US Dollar Technical Analysis

The Euro has had a strong session on Monday, breaking above the previous high but pulling back slightly once he got there. At this point, traders are speculating on the idea that the ECB will be forced to raise rates even further, as inflation is a major problem in the European Union. Because of this, it’s very likely that we will see noisy behavior, but it also could turn around in a flash as this week will give us multiple things to think about when it comes to the US dollar.

Core PCE comes out this week, which is the favorite inflation metric that the Federal Reserve uses. Furthermore, the jobs number also comes out on Friday so that almost always has a major influence on where we go next. With this in mind, I believe that we have a situation where the Euro could continue to go higher and finally break to the upside for a more sustained and perhaps trend changing move, or we will pull back over the next couple of days.

It would make a certain amount of sense to consolidate around the 200-Day EMA, because a lot of technical traders will be paying close attention to it. That being said, moving averages are lagging indicators so you can only read so much into it. The market had recently gotten way ahead of itself, so now it will be interesting to see whether or not we get enough “risk on behavior” to send the Euro higher for a more sustained move. Quite frankly, the European Union is not kicking up economic numbers that would cause a lot of betting on the Euro, this is all about interest rates.

For a look at all of today’s economic events, check out our economic calendar.

AUDUSD Forecast – Australian Dollar Continues Consolidating

AUDUSD Forecast Video for 29.11.22

Australian Dollar vs US Dollar Technical Analysis

The Australian dollar has initially fallen during the trading session on Monday, to reach down to the 0.6670 level before bouncing a bit to show signs of life around the 0.67 handle. Ultimately, this is a market that is trying to figure out whether or not it is going to continue to consolidate, or if it is ready to make a bigger move.

Another thing that you need to keep in the back of your mind is that we are not only hanging around a large, round, psychologically significant figure in the form of 0.67, but we are also between the 50-Day EMA underneath, with the 200-Day EMA above.

Quite often, being between these 2 moving averages can cause quite a bit of noise. With that in mind, I think you have a situation where there will be a lot of choppiness, which does make quite a bit of sense considering that the core PCE numbers, which is the Federal Reserve members favorite inflation metric, and the jobs number both come out this week.

This suggests that there could be a lot of choppy and volatile behavior, as we try to determine what the next major move is going to be. Keep in mind that this is also through the backdrop of a lot of economic concerns. In this environment, you would have to assume that we could go in either direction rather quickly. I do believe that there are a lot of people out there trying to determine whether or not we go “risk on”, or if we start to sell off again. I think we have the potential to make a violent move this week, but the first couple of days might be a bit choppy.

For a look at all of today’s economic events, check out our economic calendar.