The dollar slightly grew on Tuesday relative to the yen due to media reports that the US will not introduce new duties on Chinese goods from December 15th as “negotiations continue in an optimistic manner.”
But stock indexes are not in a hurry with such optimism; Yesterday, the S&P 500 fell 0.11%, while the Nikkei225 is losing 0.24% today. Chinese stock indexes hover near zero.
On the daily chart, the current growth began after the price touched the trend line of the red price channel on Monday, and the MACD line connected on Tuesday. But the Marlin indicator line remains in the negative trend zone. Investors are in no hurry to take further action before today’s Federal Reserve meeting and tomorrow’s election to the British Parliament. At the same time, the Tankan indices are expected to deteriorate on Friday – quarterly indicators of business activity in the manufacturing and non-manufacturing sectors: Tankan Manufacturing may fall from 5 to 3 in the 4-1 quarter, Tankan Non-Manufacturing is expected to be 16 points versus 21 in the previous period.
The signal line of the Marlin oscillator in the growth zone on the H4 chart. This factor makes it possible to sustain growth, and overcoming the resistance of the MACD line (108.96) can extend the growth in the range of 109.30/50. Price fall below the signal level of 108.44 – the low of December 9 and 4, opens the target of 107.60 – support of the green price channel embedded line. The down option is still the main one.
Origin: InstaForex
