Weekly Market Commentary | 27.11 – 3.12

By Tomasz Wisniewski|

Published: November 27 2023, 06:38 GMT+0

Weekly Market Commentary | 27.11 – 3.12

Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know!

Monday:

  • Quiet start with no major tier one data.
  • ECB President Lagarde’s speech scheduled during the European session.
  • New home sales data from the US to be released.

Tuesday:

  • Australian retail sales figures expected, with a forecasted 0.1% rise.
  • Speech by Reserve Bank of Australia Governor Bullock.
  • The day concludes with the US CB Consumer Confidence data, anticipated to be around 101.

Wednesday:

  • Australian inflation data, projected to decrease to 5.2%.
  • New Zealand’s interest rate decision, likely to hold steady at 5.5%.
  • Inflation reports from Germany and Spain.
  • Prelim GDP from the US, expected at 5%.
  • Speech by Bank of England Governor Bailey.

Thursday:

  • Manufacturing PMI from China, forecasted at 49.6.
  • Beginning of OPEC meetings.
  • Canadian GDP data, with an expected 0.1% increase.
  • Core PCE Price Index from the US, projected at 0.2%.
  • US unemployment claims, estimated to be around 219,000.

Friday:

  • Employment data from Canada, with the unemployment rate predicted to stay at 5.7%.
  • ISM Manufacturing PMIs from the US, anticipated at 47.7.
  • Speech by Fed Chairman Jerome Powell.
  • Note: This Friday does not include non-farm payrolls, which are scheduled for the following week.

 

 

Setups for This Week:

NASDAQ:

Primary View:

    • Bullish sentiment despite a correction attempt at the start of the week.
    • Testing key horizontal support at 15,900 points (green line).
    • A potential false bullish breakout (yellow color) could signal a sell if the support is broken.

Alternative View:

    • A bounce from the green support area would reinforce the bullish trend and create a buy signal.

AUDUSD:

Primary View:

    • Buy signal activated following the breakout above the orange resistance.
    • Target set at the black downtrend line.

Alternative View:

    • A reversal below the orange support line would shift the sentiment to bearish, signaling a sell.

Silver:

Primary View:

    • Bullish scenario with a buy signal activated after breaking the black mid-term downtrend line.

Alternative View:

    • A reversal below the black uptrend line would change the market sentiment to bearish, presenting a sell signal.

 

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