Technical analysis recommendations for EUR/USD and GBP/USD on December 2

EUR / USD
On Friday, the players on the upside showed activity and made an attempt to change the situation, which they partially succeeded. The other day, opportunities were formed for an upward correction and the weeks closed with a candle of uncertainty, but it was not possible to significantly change the mood of the month on its last day. As a result, it can be stated that it is important for the players on the downside to stay in the bearish zone relative to the daily cloud, maintain support for the weekly short-term trend and securely gain a foothold below the monthly minimum (1.0981). The most significant resistance zone is now located in the range 1.1030 – 1.1082 (daily cloud + daily cross + weekly levels). Now, consolidating above can serve to further strengthen the players to increase, with the goal of testing for strength the most important levels of this section, located in the area 1.1145 (monthly Tenkan + weekly Kijun).
In the lower halves, the players on the upside consolidated above the key supports 1,1009-12 (central Pivot level + weekly long-term trend). Therefore, they have an advantage. Now, the weakening factors are the circumstances that…

China Manufacturing Sector Accelerates In November – Caixin

The manufacturing sector in China continued to expand in November, and at a faster pace, the latest survey from Caixin revealed on Monday with a manufacturing PMI score of 51.8. That’s up from 51.7 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Individually, there were solid increases in output and new business, while employment was broadly stable. Inflationary pressures remained weak, while higher buying activity contributed to an increase in stocks of purchases, albeit only marginal. The material has been provided by InstaForex Company – www.instaforex.com…

Philippines Manufacturing PMI Eases To 51.4 In November

The manufacturing sector in the Philippines continued to expand in November, albeit at a slower pace, the latest survey from IHH revealed on Monday with a manufacturing PMI score of 51.4. That’s down from 52.1 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Individually, production levels rose at their weakest pace since April, while new orders grew at a solid but slower rate. Employment stagnated after four straight months of solid job creation. The material has been provided by InstaForex Company – www.instaforex.com…

Malaysia Manufacturing PMI Falls To 51.4 – IHH

The manufacturing sector in Malaysia continued to expand in November, albeit at a slower pace, the latest survey from IHH revealed on Monday with a manufacturing PMI score of 51.4. That’s down from 52.1 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Individually, production levels fell to their lowest level since April, while new orders continued to advance at a solid if slower pace. Employment stagnated after four straight months of job creation. The material has been provided by InstaForex Company – www.instaforex.com…

Forecast for EUR/USD on December 2, 2019

EUR/USD
The euro worked out the entire range of the previously noted consolidation of 1.0985-1.1026 onFriday. Today, in the Asian session, the price expects the arrival of new impulses for further movement. On the daily chart, the situation is rising – the price is above the MACD line and the Marlin oscillator formed a weak convergence. Growth prospect – the area of convergence of the Fibonacci level of 123.6% with the embedded line of the price channel at the price of 1.1075.
Despite the unambiguous testimony of technical indicators, this scenario is by no means unambiguous. Oil slumped 4.63% (WTI) on Friday, natural gas fell 7.60%, copper dropped 1.30%. Such a movement in the commodity sector cannot but pull the currency market, especially since the closest target for WTI crude oil is seen at 50.60 (June 5 low, which is -8.7%). According to ISM, the November manufacturing activity index for the US manufacturing sector, released today, is expected to rise from 48.3 to 49.2. All these factors can turn the euro down even from current levels, especially since the price has not yet fixed itself above the MACD line, for this you need to close the daily session above…

Forecast for GBP/USD on December 2, 2019

GBP/USD
The British pound continues to form a kind of fourth peak on the daily chart. To do this, it still needs to grow by 70-90 points and also return to the bottom of the formation in the region of 1.2790. The growth may last slightly higher, to the high of the first peak on October 21 at the price of 1.3012. The signal line of the Marlin Oscillator is in the declining trend zone, but this does not prevent the price from growing short-term.
In the main version, the growth may end in the range of Fibonacci levels of 100.0-110.0% on a four-hour chart (1.2975/95). The option of price growth in the short term is strengthened by today’s gap, which has not yet been closed. The Marlin Oscillator on H4 in the growth zone.
The material has been provided by InstaForex Company – www.instaforex.com…

Australia Manufacturing Sector Slips Into Contraction – AiG

The manufacturing sector in Australia fell into contraction in November, the latest survey from the Australian Industry Group revealed on Monday with a seasonally adjusted Performance of Manufacturing Index Score of 48.1. That’s down from 51.6 in October and it slides beneath the boom-or-bust line of 50 that separates expansion from contraction. It also represents a three-year low for the index. Individually, the faster rate of contraction of the new orders index in November suggests a weak Christmas period ahead for Australian manufacturers. However, some manufacturing sectors are reporting better conditions than others, with manufacturers in the large food and beverage sector continuing to report buoyant conditions. The material has been provided by InstaForex Company – www.instaforex.com…

China Manufacturing PMI Data Due On Monday

China will on Monday see November numbers for the manufacturing PMI from Caixin, highlighting a busy day for Asia-Pacific economic activity. The index is predicted to see a score of 51.3, down from 51.7 in October. Australia will see October numbers for building approvals, Q3 data for company profits and November results for the Performance of Manufacturing Index from AiG, the inflation forecast from TD Securities, job ads from ANZ and the commodity price index from the Reserve Bank of Australia. Building approvals rose 7.6 percent on month and fell 19.0 percent on year in September. Company profits were up 4.5 percent on quarter in Q2 and inventories were down 0.9 percent. In October, the inflation forecast suggested an increase of 0.1 percent on month and 1.5 percent on year, while the manufacturing index saw a score of 51.6. Job ads fell 1.02 percent and the commodity index dropped 4.2 percent to a score of 116.5. Japan will release Q3 figures for capital spending and company profits, plus final November numbers for the manufacturing PMI from Nikkei. In Q2, capital spending was up 1.9 percent (down 1.7 percent excluding software), while company profits fell 12.0 percent and sales added 0.4…

Control zones for AUD/USD on 12/02/19

The downward movement of the pair remains a medium-term impulse, and thus, holding a short position is the main plan. On the other hand, closing of trading in November occurred at almost the minimum of the month. This indicates a high interest of market sellers who make trading at less favorable prices.
Working in the downward direction will be the main plan in the first week of December. The goal of the reduction is the Weekly Control Zone of 1/2 0.6739-0.6733. Now, reaching the zone will close most of the sales.
The proximity of the target zone Weekly Control Zone 1/2 suggests the need to consider the formation of a correctional model. If the zone test leads to an increase in demand and the pattern of “absorption” or “false breakdown” is formed, then purchases from the Weekly Control Zone 1/2 will come forward.
Daily CZ – daily control zone. The zone formed by important data from the futures market that changes several times a year.
Weekly CZ – weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly CZ – monthly control zone. The zone that reflects…