DBG Markets: Market Report for Nov 12, 2024

Market Overview

GOLD - GOLD shows RSI divergence, with current price action indicating a small pullback from yesterday‘s massive drop. We also see the MACD showing signs of a possible reversal based on lighter histograms. However, price action suggests continuation and strong bearish momentum. Fundamentally, the dollar’s strength suggests a shift from the safe-haven asset, making a further selloff more likely. Other analysts also recommend considering further sells.

SILVER - GOLD shows RSI divergence, with current price action indicating a small pullback from yesterday‘s massive drop. We also see the MACD showing signs of a possible reversal based on lighter histograms. However, price action suggests continuation and strong bearish momentum. Fundamentally, the dollar’s strength suggests a shift from the safe-haven asset, making a further selloff more likely. Other analysts also recommend considering further sells.

DXY - The dollar shows clear divergence, suggesting a reversal. However, this may only result in a small pullback, which has already occurred. It‘s highly likely we’ll see continued bullishness in the dollar, as previously anticipated. The MACD cross indicates a pullback, though price action supports strong continuation of the bullish momentum.

GBPUSD - The Pound shows RSI divergence, suggesting continued selling momentum, as we expected when price failed to break above the previous swing high. The price now shows enough momentum to break below 1.28508, and we expect continuation after the MACD confirms this movement. However, the current MACD cross suggests buying momentum and may indicate a pullback. Our long-term bias remains bearish.

AUDUSD - The Aussie dollar now reflects the dollars actual strength, despite multiple divergences in the RSI. This means markets are moving with high volatility, surpassing average volume levels. Thus, we may see another aggressive push for selling as the markets establish their true direction outside the range. The MACD also shows weakness, indicating continuation of bearish movement once it crosses below.

NZDUSD - The Kiwi suggests continuation of bearish momentum, with increased selling likelihood as RSI shows divergence alongside weakening MACD histograms. A MACD cross will clarify this outlook. We await a price break from the current consolidation zone for further confirmation.

EURUSD - The Euro shows continuation toward the low as the RSI moves below the middle line. However, the MACD suggests a potential pullback, even though price action indicates strong momentum. While 1.06202 could challenge bearish momentum, our bias remains bearish unless a sudden reversal occurs.

USDJPY - The Yen exhibits multiple RSI divergences with increased volume beyond the average. The MACD cross suggests a pullback from the high, though current price action supports continued buying momentum. We expect the price to continue rising.

USDCHF - The Franc shows a bullish continuation as anticipated. Despite RSI divergence and a MACD cross suggesting a pullback, price action reflects strong bullish momentum, supporting continued buying.

USDCAD - The CAD shows signs of weakness, with price momentum indicating continued bullishness. The RSI points upward, suggesting strong bullish movement, and the recent MACD cross supports further buying in this market.