The Aussie Dollar just closed below a key support level.

The Aussie Dollar has been making a picket fence on the daily chart for the past 10 days however it finally broke down through the US trading session to close a daily candle at 0.7621 marking a 4-month low and also closing a price that could see more selling pressure in coming days. The closing daily candle as I explain in today’s video is not large enough to signal to the market something substantial happened fundamentally but the closing price of 0.7621 is another blow to the buyers who may simply elect to bail out of their long positions if price continues to drift lower. There is no high impacting news for Australia until Thursday’s official unemployment number so until then a continued move lower on the local currency could be driven by a weaker stock market, stronger US Dollar or weaker commodity prices. Any way you look at it the Aussie Dollar is looking weaker by the day.

We’ve talked about the British PM’s challenges to hold on to the top job before and her tenure as Prime Minister appears to be hanging by a thread as she loses the confidence of her party and the British people. Find a new PM you might say! I agree but it appears nobody wants to step up to the plate and challenge her as they are concerned they don’t have the numbers. What’s causing the political instability is Brexit and the lack of confidence in the British PM’s ability to negotiate positive outcomes for the UK economy. In a twist of fate Theresa May was not the UK PM when the Brexit vote happened last year and in fact, she campaigned at the time for the UK to stay part of the European Union. One of London’s top Sunday papers the Times reported that 40 UK lawmakers from her own party had agreed to sign a letter of no confidence but this is still 8 short of the number needed to trigger a leadership contest. The political instability in the UK has the potential to force the GBP v USD below the 200 EMA on the daily chart so please ensure you watch today’s video update for more details about a potential trade short.

Major Central Bankers will be speaking in Europe over the coming 24 hours so expect to see increased volatility on currency and stock index markets as they gather in Zurich.

About the Author: Andrew Barnett

Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).

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The post Today’s Key Market Drivers – 14th November 2017 appeared first on LTG GoldRock.