Market Forecast Ahead of US ISM Manufacturing PMI (Nov)!

The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI)shows business conditions in the US manufacturing sector , It is a significant indicator of the overall economic condition in United States.

Release date and time : It will be published today at 15:00 GMT.

Usual Effect: A high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.

Frequency: Released monthly, on the first business day after the month ends.

Last Read :59.0

Expectations :58.0

Actual : ?!!!

Volatility : high

Market Impact : a reading above 58.0  is likely to bring a bullish move for the USD while a reading below 58.0 is likely to bring bearish move for the USD.

Market Impact on major & minor pairs :

EURUSD : 

The pair still in recovery mode , trading above the key support 1.2440 , positive US data will build strong pressure on the 1.2440 , stability below this level will turn focus on the 1.2360 levels. while negative US data could send the pair beyond 1.2503 levels , stability above this level will turn focus on the 1.2550/1.2600 levels.

GBPUSD:

Daily resistance comes at the 1.5720 levels , at the moment it hovering around resistance level , positive US data could mean a return to the 1.5600 levels , while negative data could mean a return to the 1.5600 levels.

USDJPY :

The pair is very bullish as long as support 117.68/ 117.22 holds , positive data will accelerate  the bullish move towards the 119.00/120.00 levels , while negative data could test support 117.22 before the next rise..

USDCHF :

The pair is trapped within 0.9690/0.9550 levels , positive data could mean a retest to the 0.9690 levels while negative data will keep the pair under pressure with risk towards the 0.9550 levels.

AUDUSD:

The pair is under pressure hovering around resistance 0.8485 , positive US  data will accelerate the expected bearish move towards the 0.8370 levels while negative data will bring rebound towards the 0.8545/0.8617 levels.

USDCAD: 

The pair is very bullish as long as support 1.1325 holds , positive data will accelerate  the bullish move towards the 1.1515 levels , while negative data could test support 1.1325 before the next rise..

NZDUSD:

This pair is neutral , trapped within 0.7770/0.7916 range , at the moment , It’s almost in the middle of the range , positive US data could mean a retest to the key support 0.7770 , a cut will open 0.7659 levels, while negative US data will build pressure on the key resistance 0.7916 where a breach will turn focus on the 0.8033 levels..

MARKET DATA

UPCOMING ECONOMIC EVENTS