{"id":73792,"date":"2023-11-27T10:06:27","date_gmt":"2023-11-27T08:06:27","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=73792"},"modified":"2025-12-11T14:50:33","modified_gmt":"2025-12-11T12:50:33","slug":"the-market-restarts-its-engines","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/ms\/the-market-restarts-its-engines\/","title":{"rendered":"The market restarts its engines"},"content":{"rendered":"<p>The USD continued to weaken against its counterparts, on Friday and during today\u2019s Asian session. The release of the preliminary S&amp;P PMI figures for November on Friday implied a contraction of economic activity for the manufacturing sector which may have weighed on the USD, yet that was also countered by a better-than-expected reading for the services sector. The market in the US is restarting its engines after the long weekend with some construction industrial data while US stockmarkets may see an easing of interest given that the earnings season is slowly drawing to a close.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"OPEC+ to meet on Thursday\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/YBiP_kis9zY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>On a technical level, the AUD gained slightly against the USD on Friday yet remained well between the 0.6620 (R1) resistance line and the 0.6515 (S1) support level. We tend to maintain a bullish outlook for the pair\u2019s direction, given the upward trendline guiding it since the 17<sup>th<\/sup> of the month, yet there are signs of stabilisation, given that the price action is flirting with the upper Bollinger band, which may slow down the bulls and the RSI indicator is edging lower towards the reading of 50. Should the bulls maintain control over the pair as expected we may see AUD\/USD breaking the 0.6620 (R1) resistance line and aim for the 0.6725 (R2) resistance level. Should the bears take over, we may see the pair breaking the prementioned upward trendline in a first sign of an interruption of the upward movement and continue lower to break the 0.6515 (S1) support line, with the next target for the bears being the 0.6400 (S2) support level.<\/p>\n\n\n\n<p>On the commodities front, we note the OPEC meeting in the week and there are reports about a possible compromise between Saudi Arabia and African producers. We expect that any signs of an agreement being reached may imply a retreat of Saudi Arabia\u2019s side and that may weaken oil\u2019s price.<\/p>\n\n\n\n<p>WTI\u2019s price, edged lower during today\u2019s Asian session and is currently testing the 75.00 (S1) support line. Despite the apparent sideways motion after breaking the downward trendline guiding it on the 20<sup>th<\/sup> of November, some bearish tendencies seem to be present as the commodity\u2019s price continues to test the 75.00 (S1) support line repeatedly and the RSI indicator has slipped below the reading of 50 and is aiming for the reading of 30. Should the bears actually take over and the commodity\u2019s price abandon its current sideways motion, we may see WTI\u2019s price breaking the 75.00 (S1) support line and aim for the 70.00 (S2) support level.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>Today in the European session we note the release of the UK\u2019s CBI distributive trades for November and in the American session we get from the US, October\u2019s new home sales figure and November\u2019s Dallas manufacturing index. During tomorrow\u2019s Asian session, we get Australia\u2019s retail sales for October and on the monetary front, BoE Deputy Governor Ramsden and RBA Governor Michelle Bullock are scheduled to speak.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week:<\/strong><\/h2>\n\n\n\n<p>On Tuesday we get Australia\u2019s October retail sales and from the US the consumer confidence for November. On Wednesday we get Germany\u2019s preliminary HICP rate for November and we highlight the release of the revised US GDP rate for Q3. On Thursday we get Japan\u2019s preliminary industrial output for October, Australia\u2019s building approvals and CapEx rates for October and Q3 respectively, China\u2019s NBS PMI figures for November, Turkey\u2019s GDP for Q3, the UK\u2019s Nationwide house prices for November, France\u2019s final GDP rate for Q3 and preliminary HICP rates for November, Switzerland\u2019s KOF indicator for November, Eurozone\u2019s preliminary HICP rates for November,&nbsp; Canada\u2019s Business Barometer for November and we highlight for Loonie traders the GDP rate for Q3, while from the US we get the Consumption rate and the Core PCE price index for October, as well as the weekly initial jobless claims figure. On Friday, we get China\u2019s Caixin manufacturing PMI figure, Canada\u2019s employment data and the US ISM manufacturing PMI figure all being for November.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-4-hour-chart\"><strong>AUD\/USD 4 Hour Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/11\/image-131.png\" alt=\"support zero point sixty five one five and resistance at zero point six six two, direction upwards \" class=\"wp-image-73793\" title=\"aud-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6515 (S1), 0.6400 (S2), 0.6285 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6620 (R1), 0.6725 (R2), 0.6820 (R3) <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wti-4-hour-chart\"><strong>WTI 4 Hour Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/11\/image-132.png\" alt=\"support at seventy five and resistance of seventy nine point fifty five, direction sideways \" class=\"wp-image-73794\" title=\"wti-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 75.00 (S1), 70.00 (S2), 66.85 (S3)<\/p>\n\n\n\n<p>Resistance: 79.65 (R1), 83.40 (R2), 87.50 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2000\" height=\"491\" src=\"\/wp-content\/uploads\/2023\/11\/image-133.png\" alt=\"\" class=\"wp-image-73795\" title=\"benchmark-27-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1088\" height=\"616\" src=\"\/wp-content\/uploads\/2023\/11\/image-135.png\" alt=\"\" class=\"wp-image-73797\" title=\"table-27-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"1051\" src=\"\/wp-content\/uploads\/2023\/11\/image-134.png\" alt=\"\" class=\"wp-image-73796\" title=\"morning-releases-27-11-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD continued to weaken against its counterparts, on Friday and during today\u2019s Asian session. The release of the preliminary<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-73792","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Market Outlook as USD Weakens and Oil Tests Support<\/title>\n<meta name=\"description\" content=\"AUD\/USD market outlook as USD loses momentum, oil prices test key support, and global markets restart with key data releases this week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ms\/wp-json\/wp\/v2\/posts\/73792\/\" \/>\n<meta property=\"og:locale\" content=\"ms_MY\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The market restarts its engines\" \/>\n<meta property=\"og:description\" content=\"AUD\/USD market outlook as USD loses momentum, oil prices test key support, and global markets restart with key data releases this week.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-cn.com\/ms\/the-market-restarts-its-engines\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-27T08:06:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-11T12:50:33+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"The market restarts its engines\",\"datePublished\":\"2023-11-27T08:06:27+00:00\",\"dateModified\":\"2025-12-11T12:50:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/\"},\"wordCount\":780,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"ms-MY\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/\",\"name\":\"Market Outlook as USD Weakens and Oil Tests Support\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/#website\"},\"datePublished\":\"2023-11-27T08:06:27+00:00\",\"dateModified\":\"2025-12-11T12:50:33+00:00\",\"description\":\"AUD\\\/USD market outlook as USD loses momentum, oil prices test key support, and global markets restart with key data releases this week.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/#breadcrumb\"},\"inLanguage\":\"ms-MY\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/the-market-restarts-its-engines\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The market restarts its engines\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-cn.com\\\/ms\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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