China COVID cases hit a record level and German GDP data is due

AUD/USD=> The pair rises over 0.6750

BTC/USD =>The cryptocurrency rises towards 17k

DAX=> The index trades at a 5-month high

AUD rises despite China’s record COVID cases

AUD/USD is rising for a 4th consecutive session as the Aussie continues to capitalize on a weaker USD. The greenback continues to trade lower following the less hawkish Fed minutes, although moves could be muted owing to thin Thanksgiving trade. Gains in the AUD could be capped amid rising COVID cases in China. Australia’s main trading partner logged record COVID cases, and localized lockdowns across the country are ramping up, hurting the economic outlook for the world’s second-largest economy. There is no economic data from the US or Australia today, so market sentiment will likely drive the pair. Australian retail sales are due on Monday.

Where might the AUD/USD price head to?

AUD/USD has rebounded from 0.6170, the 2022 low, rising above the 50 and 100 sma. This, along with the RSI over 50, could keep buyers hopeful of further gains. Buyers will look for a move over 0.68, the weekly high, and the falling trendline resistance. A break above here could create a higher high and bring 0.6915, the September high, into play. Meanwhile, sellers may look for a move below 0.6680, the 100 sma, and July low to bring 0.66 into focus, the weekly low. 

BTC/USD steady in holiday light trade

BTC/USD is holding steady at around 16.5k in quiet trade ahead of the Thanksgiving weekend. The cryptocurrency market has remained relatively stable over the past few sessions as investors continue assessing the fallout from the FTX saga but also remained buoyed by signs that the Federal Reserve would start to raise rates at a slower pace. ETH/USD has also shown a slowdown in momentum as it approaches 1190, with the decline in momentum also being attributed to the US holiday. In crypto news, Russia is set to launch a national crypto exchange. Meanwhile, Belgium has said that Bitcoin and Ether, along with other decentralized coins, are not securities; this is in contrast to the view that the US SEC Chairman Gary Gensler holds.

DAX edges lower ahead of GDP data

DAX is set to open modestly lower after booking solid gains on Thursday. The index closed 0.8% higher and is on track to gain 0.75% across the week in its 8th consecutive weekly gain. Concerns over rising COVID cases in China dampen the marker mood at the end of the week. Still, the DAX finds some support from stronger-than-expected business confidence after the German IFO was stronger than expected, rising to 86.3 in November, up from 84.5. The improving business climate could indicate that the expected recession wouldn’t be as deep as first feared. Today German GFK consumer confidence is expected to improve, in another encouraging sign. Meanwhile, the German GDP is expected to confirm the preliminary reading of 0.3% QoQ.

Ger GFK consumer confidenceExpected: -39.6 (0.4)Previous: -41.9

Support could be seen at 14100 (mid-November low) and 13970 (August high)

Resistance could be seen at 14710 (June high) and 15000 (psychological level).

Please note that does not provide services to residents of the European Union.

If you are seeing this message in error and are not a resident of any EU country, kindly confirm below to continue.


Trade with Simply One of
the Best

Download our mobile trading app and open a world of trading at your fingertips.