nEWS
Coffee price continues to rise – Forecast today – 18-11-2024
Janeth Detomal
20/11/2024
The financial markets are showcasing dynamic movements today, with coffee, natural gas, and currency pairs experiencing significant fluctuations. Below, we break down the key highlights, trends, and forecasts shaping the trading landscape.
Coffee Prices Surge Above Key Levels
Coffee prices continue their bullish momentum, surpassing the first target of 278.50 to fluctuate near 283.25.
Market Insights: Support is expected to form at 274.00, with major indicators signalling positive momentum. This could trigger another bullish rally towards the 293.80 barrier, and if surpassed, the next main target lies at 305.20.
Today’s Trading Range: Anticipated to be between 274.00 and 293.80, with a strong bullish trend forecast.
Natural Gas Shows Bullish Strength
Natural gas prices opened with a bullish gap, jumping above the 2.830$ barrier and recording gains by touching 2.940$.
Market Outlook: Stochastic momentum suggests further upward potential, increasing the likelihood of testing the 3.030$ level. A breakthrough here could open the path to higher targets of 3.120$ and 3.200$.
Today’s Trading Range: Expected to range between 2.850$ and 3.030$, with a strong bullish trend forecast.
Mixed Currency Movements: EURJPY and GBPJPY
Currency pairs are experiencing notable trends, with EURJPY and GBPJPY facing pressure from resistance and breaking key support levels.
EURJPY Forecast: Despite its bullish outlook, the pair dropped below the 163.25 level, hitting 162.25. Further losses are expected if it breaches 162.25, with a target range between 161.65 and 163.30.
GBPJPY Forecast: GBPJPY broke through the 197.00 support, suffering significant losses down to 194.30. An intraday rebound to 195.80 provides temporary relief, but a drop below 195.90 could trigger additional declines towards 193.55 and 192.85.
Today’s Trading Range: For EURJPY, the range is 161.65–163.30, while GBPJPY is forecasted to trade between 194.10 and 196.00. Both pairs lean bearish.
