MARKET BRIEFING – LONDON OPEN 17.11.2015.
This morning at 10:00 a.m. London time, German Center for the European Economic research (ZEW) will release the German Economic Sentiment data.
Around 350 financial analysts are participating in the survey, which shows the balance between the experts who have an optimistic opinion about the Germany’ economic developments within the next six months and these who are not.
Germany is the 4th largest economy in the world and by far the biggest and the most influential within the European Union, which makes it very influential to the common European currency.
Since the ZEW index is an important indicator which provides with the outlook of the country’s economic health, it typically causes heightened volatility in the EUR currency pairs.
The data above zero will generally indicate optimism and the opposite so below zero.
The German sentiment trend is declining since March 2015 when data reached this year’s high of 54.8. The statistics usually quite volatile and not following a smooth trend.
The forecast for today’s release is expected to read 6.7 which will be a slight improvement on the prior months 1.9 reading.
A higher reading in today’s number would be significant as it would be the first time in over six months that the ZEW would have broken its downtrend.
In case the release will be lower than expected, this will likely to put additional pressure to the recently weak EURUSD pair.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.0775
Target 2: 1.0595
Projected range in ATR’s: 0.0094
Daily control level: 1.0830
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.5295
Target 2: 1.5100
Projected range in ATR’s: 0.0099
Daily control level: 1.5265
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 123.80
Target 2: 122.50
Projected range in ATR’s: 0.71
Daily control level: 122.20
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.0160
Target 2: 1.0025
Projected range in ATR’s: 0.0070
Daily control level: 0.9996
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3415
Target 2: 1.3240
Projected range in ATR’s: 0.0089
Daily control level: 1.3285
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7155
Target 2: 0.7030
Projected range in ATR’s: 0.0066
Daily control level: 0.7110
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1097.00
Target 2: 1070.00
Projected range in ATR’s: 13.70
Daily control level: 1098.00
OIL
The intraday technical outlook
Trend 1 hour: Down
Target 1: 44.00
Target 2: 41.50
Projected range in ATR’s: 1.55
Daily control level: 43.40
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