Top Forex Brokers – Forex Weekly news and analysis For November 25 – December 1, 2024
G20 Forum Recap
The G20 Summit introduced major economic plans, including a proposed 2% wealth tax on billionaires that could raise $250 billion annually if approved. Leaders also pledged $325 million to support renewable energy in developing nations as part of a larger $10 billion climate fund and discussed debt relief for heavily indebted countries like Sri Lanka and Zambia.
Investors may find opportunities in clean energy, emerging market debt, and agriculture, while changes in fiscal policies could bring volatility to currency and bond markets.
On the weekly timeframe above, the USDollar, following a prolonged bullish trend, has reached last year’s high at the 50.0 Fibonacci level. The %R indicator signals an overbought condition.
•If the price breaks the resistance of 107.200, it could reach 109.000 (61.8 Fibonacci);
•A rebound from the resistance level may start a correction to 105.400.
RBNZ Rate Statement
The RBNZ will announce its final Monetary Policy Statement for 2024 on November 27, after cutting rates by 75 basis points since August, bringing the Official Cash Rate (OCR) to 4.75%. Inflation has eased to 2.2% in Q3, within the RBNZ’s target range of 1%-3%, but the economy still faces challenges like rising unemployment and low business investment.
With the next policy meeting not until February 2025, analysts expect a larger rate cut—possibly 50 or 75 basis points—to support the economy.
On the daily timeframe, NZDUSD has been trading sideways for a long time, forming a triple-bottom pattern and testing critical support. The price has crossed the lower Bollinger line, indicating an oversold condition.
•A rebound from support could take NZDUSD back to 0.5950 and 0.6020;
•A break of support may continue the decline to 0.5800 and further to 0.5710.
EURUSD has broken below its long-term range and continues to trend downward, with fundamental metrics confirming the euro’s weakness.
•Consider selling EURUSD with a target of 1.000.
USDCAD started rising after a correction and faces the 1.4000 level and the 38.2 Fibonacci ratio. Meanwhile, the Stochastic oscillator is in the overbought zone.
•If the price overcomes the 1.4000 resistance, it could reach the 1.4100 level;
•A rebound from 38.2 Fibonacci may start a correction to 1.3930 support.
USDJPY is trading within a symmetrical triangle, confined between resistance at 155.10 and support at 154.20.
•If the price breaks above the 155.10 resistance, it could rise to 156.50;
•Breaching below the 154.20 support may trigger a decline to 151.40.
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