The day after Thanksgiving in the US is called customary Black Friday – the day of sale in US stores and record-breaking sales results. Americans enjoy a long weekend and give over one of the more common passion of modern man – consumerism. Why the “Black Friday” is black we tried to explain in this article. Now we invite you to the last morning macro comment this week.
Night data from the country of the Rising Sun
Shortly after midnight our time, markets got to know a number of macroeconomic data on the Japanese economy – the most important among them proved to be the base index of the Tokyo CPI and that same indicator of national dimension. In addition, the local statistical office informed of the price index of corporate services and investment in foreign securities.
USD/JPY tried to continue its upward rally and even tested the March lows, but at this point we observe correction of these movements. On the graph D1 appeared a pin bar candle – whether it will give a chance for reversal after almost 14 consecutive sessions of gains? At the H1 situation is as follows:
During the Asian session positively moved the indices. The Nikkei finally closed at + 0.26% in the last month, gaining almost 6%. On the plus SCI also Chinese, Korean Kospi and Hang Seng – the index of Hong Kong.
Trading under the British GDP
Today’s macroeconomic calendar due to the long weekend in the US and shortened trading session on November 25, is not full of an excessive amount of macroeconomic data. About 10:30 we will have another estimate of British GDP for the third quarter. Recent projections were at 2.3% YoY and 0.5% QoQ. Analysts assume the maintenance of those are results – any deviation from the norm, however, can strongly influence the GBP.
Chart Intraday GBP/USD at this point is as follows:
Quotations have support area at an altitude of 38.2% Fibonacci retracement in conjunction with the daily Pivot and 33SMA – this is quite a strong confluence support levels, but worse-than-expected preliminary GDP will certainly be able to overcome it. From the growth – with favorable results, the appreciation of the area should not exceed 50% Fibonacci retracement + first resistance pivot.