Daily Forex News and Analysis — November 23rd 2017

Wall Street finished mixed as the S&P 500 touched 2,600 points during the trading day. The Dow Jones fell by 0.27%, the S&P 500 by 0.08%, and the NASDAQ added 0.07% to its value. The US dollar traded lower against the other major currencies following the release of poor economic data, with the Unemployment Claims coming out at 239K and the Durable Goods Orders at -1.2%. Today, no economic data is expected due to the Thanksgiving holiday in the US. Gold rose, by 0.70%, closing at $1,290 an ounce. Crude Oil rose by 2.02%, closing at $57.98 a barrel.

The euro rose by 0.66% versus the dollar, closing at 1.1815. On the 1-hour chart, the pair has breached the resistance at 1.1805 with the RSI above 50. Holding above the resistance may lift the pair towards 1.20, while crossing below the line may push it down towards 2.2750. Today, the Manufacturing PMI is expected at 58.3 and the Flash Services PMI at 55.3. The pound rose by 0.57% versus the dollar, closing at 1.3315. On the daily chart, the pair is trading in a triangle with the Stochastic around 100. Breaching the upper side of the triangle may lead the pair towards 1.35, while crossing the lower side may drop it towards 1.31. Today, the Second Estimate GDP is expected unchanged at 0.4%.

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