Wave analysis of EURUSD, GBPUSD, USDJPY on November 27.
During the previous trading days, we saw quite a sharp increase in the currency pair within the upward impulse [iii]. It is very likely that today, the price will continue to rise, as positive dynamics are observed on the debt market. The yield differential of the 10-year government bonds of Germany and the United States demonstrates growth, and thus helps strengthen the Euro. Also, today we should pay attention to the fact that at 15:00 GMT time the volume of sales of housing in the primary market for November will be published in the US, at which point we can see a sharp jump in prices.
We see the construction of the initial part of a prospective uptrend. Let's pay attention to the fact that in the debt market, there is an increase in the yield of 10-year government bonds in relation to their counterparts from the US and Germany, which is a positive factor for the pound. Also, additional support for the British currency is provided by oil, against the backdrop of the correlation between Brent and GBPUSD. Taking these factors into account, as well as the fact that wave 3 is currently forming, today the growth of this currency pair is possible.
The American stock market on the last trading day of the previous week has updated its previous high, as investors are building up long positions, which is positive for USDJPY. One should also pay attention to the fact that today will be published data on sales of new buildings in the US. These factors can contribute to a small increase in the prices of this currency pair within the framework of the corrective wave of bundle XX.
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