US Dollar bounced on Turkey day while oil plummeted | Vantage FX

US Dollar bounced on Turkey day while oil plummeted

November 28, 2014

The trading was relatively light in the American session as US market celebrated Thanksgiving. However, we still saw some movements as Dollar strengthened on the first day this week while commodities slumped.

The news about OPEC deciding not to cut the oil production sent WTI to $70 per barrel below level. The price war started as Saudi Arabia want to use lower price to drive out the US shale gas manufacturers. However, since the oil price has already fallen to $69, the space for further decline was already limited. Technical buys may support the price.

As the bearishness of oil continues, Canadian Dollar also fell yesterday. We may see USDCAD rise back to 1.14 level again.

Australian Dollar rebounded back to the 0.86 level during Asian trading hours but erased the whole gain back to 0.8540 after the day, leaving a doji on the daily chart. The outlook of Aussie Dollar remains bearish. The market seems to have no intention to change the current bearishness.

Gold once fell to $1186 per ounce during the Asian session but shortly recovered. However, as we discussed yesterday, the price was suppressed by the downward channel. The support levels below are the low of last Friday $1186.7 and $1180.

Most Asian stock markets remained rising. The rose of Shanghai Composite continues. The index surged 1% to 2630, refreshed 3-year high for 4 days in a row. ASX 200 also advanced 0.1% to 5400. In the European stock markets, the UK FTSE was down 0.09%, the German DAX rose 0.6% and the French CAC Index gained 0.2%.

On the data front, New Zealand ANZ Business Confidence will be released at 11:00 AEDST. Euro area Unemployment rate and CPI Flash Estimate are the main data in European session. Also, Canada GDP will be released at midnight.

Have a great trading day!


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