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Dukascopy Forex Overview: 24-11-2014 - Afternoon

Dukascopy Bank analytic desk report
Published: 24/11/2014 16:25
Community Forecasts
Community member pelords on GBP/USD
“A retracement is occurring after reaching the 61.8 Fibonacci level at 1.5655.”
Dukascopy Technical Analysis
NZD/USD
"The move reflects Chinese policymakers' determination to keep growth above 7 per cent year-on-year."
-Westpac Bank (based on the New Zealand Herald)
Even though the pair gained in the last two days of the previous week, it failed to consolidate above the 0.79 level.
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Dukascopy Fundamental Analysis
CAD
Consumer prices in Canada rose more than expected in October, as prices of gasoline and clothing soared.
Expert Commentary
"The Bank of Japan is going to be pumping a lot of liquidity into the system that should naturally be biasing the Yen weaker against other currencies."
- Jonathan Cavenagh, Currency strategist at Westpac, on Yen
I believe there are two predominant drivers for the Yen. The first thing is the domestic situation in Japan, since the BoJ is maintaining a very accommodating monetary policy stance: its balance sheet is already at 57% of GDP, and is going to grow larger from where it is. >>
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Press Review
BBC News
Oil price slide and sanctions 'cost Russia $140bn'
The falling oil price is costing Russia up to $100bn a year, while Western sanctions have hit the country by $40bn, its finance minister has said.
Market Research
Currency Index & Volatility: USD
The overall level of the USD volatility has fallen palpably at the end of October and still has not returned to higher levels.
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Dukascopy Bank Sentiment Index
October’s release of Dukascopy Sentiment Index report shows that professors around the world remain pat on the global sentiment, as the corresponding short and long-term gauges were unchanged from the previous month.
Global Stock Market Review
Europe’s faltering growth
Equity market in Europe traded in a mixed environment, mostly declining over last five trading days. The industrial production in the Eurozone added 0.6% in September, comparing to a negative growth of 1.4% in a month earlier.
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Commodity Overview
Industrial Metals Slide on Disappointing Chinese Data
Aluminum was little changed through the last week by losing 0.05% from its value. The key event that impacted its price were disappointing Chinese and British manufacturing data at the beginning of the week, and the US jobs data at the end of the week.
Trade Pattern Idea
USD/TRY 1H Chart: Double Bottom
The USD/TRY is still trading within the boundaries of the double bottom pattern. >>

EUR/USD 4H Chart: Channel Down
The shared currency has been depreciating against the Buck since the middle of September, as it has led to emergence of the bearish channel on a four-hour chart. >>
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Economic Research

Forecasting Models for Exchange Rate
The science of prognostics has been going through a rapid and fruitful development in the past decades, with various forecasting methods, procedures and approaches flooding the economic world. It is estimated that there are more than 100 prediction methods, and sometimes the diversity makes it difficult to choose the one that would do the trick.
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min and 1H time frame charts for major pairs for the last 144 periods till 16:30 GMT.
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Disclaimer:
This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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