Daily Market Charts and Analysis November 24, 2020

Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

USDSGD

Singapore’s economy expanded by 42.3% in the final month of the third quarter. However, the country’s gross domestic product (GDP) is still down by-5.8% in yearly comparison. Despite the somewhat positive data from Singapore, investors are still expected to put their money on the US dollar. The reason for this was the upbeat data from the world’s largest economy. The Composite, Manufacturing, and Services PMI reports were able to beat analysts’ expectations and their prior results. The figures for these reports were 57.9 points, 56.7 points, and 57.7 points, respectively. The better-than-expected data shrugged off concerns by investors that the rising COVID-19 cases and a high number of claimants for unemployment benefits could derail the US economic recovery. The USDSGD pair was trading below the 50 and 200 moving averages. Meanwhile, the MACD is about to crossover which signals a bullish movement in the coming days.

EURDKK

Consumer confidence in Denmark dropped to -7.6 points against October’s -6.2 points figure. The pessimistic outlook from consumers reflects the worries they had with the resurgence of COVID-19 in the region. The European Union’s economic powerhouses, Germany and France, have disappointing results for their most recent reports as well. Germany posted 52.0 points for Composite PMI, 57.9 points for Manufacturing PMI, and 46.2 points for Services PMI. Meanwhile, France reported 39.9 points, 49.1 points, and 38.0 points, respectively, for these reports. The EU bloc had a more modest decline on these reports compared to France. Figures came in at 45.1 points, 53.6 points, and 46.2 points. The pair is currently trading between the 200 MA as its resistance and 50 MA as its support. However, following the MACD’s successful bearish crossover, prices should fall towards the next key support area at 7.42263.

EURTRY

Following the correction that started on November 09, the EURTRY is back in an uptrend movement once again. The recent strength in the Turkish lira was due to the weakness in the EU reports and not because of upbeat data from the country. Hence, prices will continue to increase in the near term. As for Turkey’s figures in its most recent reports, it is better when compared to its European counterparts. Capacity Utilization for the month of November inched higher to 75.8%. However, the manufacturer’s confidence in the current status of Turkey’s economy was still low at 103.9 points. This was a substantial blow for the report whose recent record was 108.1 points. The national government debts are still soaring. The debt stock for October is now at $1.93 trillion from $1.86 trillion. The pair successfully breached the 50 MA while the MACD is set to have a bullish crossover within the next three (3) days.

GBPAUD

The British pound outperformed its peers in the European Union with its modest result for Manufacturing and Services PMI reports. Figures came in at 55.2 points and 48.5 points, respectively. Germany posted better results for the manufacturing sector than the United Kingdom at 57.9 points but lower against the services sector with 46.2 points. However, France’s figures were both lower than the UK. Manufacturing PMI was at 49.1 points while Services PMI broke the 40 points level with a 38.0 result. In Australia, both actual results for these reports beat their previous records. The numbers were 56.1 points and 54.9 points. A bearish movement is expected as historical data on the moving averages showed that prices tend to trade below 50 MA. This means that there is a high chance that the GBPAUD pair will break down from the moving average support. Meanwhile, MACD was flat and is not expected to become bullish anytime soon.