HSI rises as Hong Kong economy improves

XAUUSD

Technical Analysis

Continuation Bullish / Upward

Demand Level: 1978.37 – 1980.38

The forecast for gold suggests a potential continuation of its upward pattern, as overall, gold is still on an upward trajectory. This influence is due to the impact of the US Government Shutdown, which previously indicated uncertainty surrounding it. Despite whether the US Government Shutdown occurs or not, the strengthening of gold tends to take focus due to the lack of confidence in the USD. The looming specter of default tends to overshadow the USD, impacting its long-term predicted decline. The trend also shows that gold remains a safe haven, and investors are leaning towards choosing gold over the USD. Additionally, many candlestick patterns indicate weakness in the US Dollar Index (DXY), which is likely to persist.

OIL

Technical Analysis

Bullish Upward Movement

Demand Level: 75.60 – 75.94

The prediction for Oil today indicates a continuation of the upward trend, potentially impacting oil supply in the US, which seems to be reactivated. This opportunity could be advantageous for short-term investors given the recent price surges. However, it's essential to proceed cautiously to avoid FOMO (Fear of Missing Out) and await further opportunities. Nevertheless, this uptrend might prolong due to the ongoing influence of conflicts in the Middle East, which is yet to find resolution and may continue to affect the market in the coming days. Based on the clear trend showing price hikes and a previous reversal or trend shift, there's a likelihood of further upward movement for Oil.

 

USDJPY

Technical Analysis

Continued Bearish Trend

Supply Levels: 149.855 - 149.689

The prediction of the weakening USD is highly probable due to the increasing expectations of a decline in inflation and the possibility that the Federal Reserve's interest rate hikes will subside. This indicates a long-term decline in the USD. The impact of the USD decline will likely prolong the strengthening of the Japanese Yen. Perhaps this is also influenced by the disposal of nuclear waste into the ocean for the second time, causing prices to trend upward and inflation to occur. Consequently, this could have a rather adverse effect on the Japanese economy if this strengthening trend persists. The overall trend supports a downward movement, and this decline is expected to be sustained, aligning with the future analysis and predictions regarding the USD and Japanese Yen.

 

GBPUSD

Technical Analysis

Bullish Momentum / Upswing

Demand Level: 1.23750 - 1.23907 (updated as of November 19, 2023, with description)

The prediction for the Pound Sterling suggests an inclination toward an upsurge, largely influenced by the anticipated long-term decline in the USD. This is expected to impact the economy of the UK, resulting in a potential rise in prices and subsequent inflation. The Pound Sterling's momentum is also being leveraged to revitalize an economy previously affected by the conflict between Russia and Ukraine. The prevailing trend indicates a strengthening of the Pound Sterling, which had been undergoing a prolonged decline leading up to the cancellation of the US Government Shutdown in October 2023. The chart pattern also indicates a reversal from a downward trend to an upward one, likely to persist for a considerable duration. This presents a significant opportunity for investors interested in the GBPUSD pair or those focused on the Pound Sterling.

 

HSI

Technical Analysis

Bullish Trend / Rising

Demand Levels: 17,500 - 17,674

The prediction for the Hang Seng indicates a tendency for an upward movement. Although there might be a possibility of short-term declines despite the prior upward momentum, the overall trend for the Hang Seng remains bullish. This suggests that there is still potential for an upward trajectory concerning the Hang Seng index. Consequently, this impacts the confidence in consumer purchasing power, leading to a significant upward trend in the economy. This presents an opportunity for investors favoring the Hang Seng index. Additionally, the shift in trend direction further supports the likelihood of an upward movement.