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During Monday's early Asian trading hours, the AUD/USD currency pair failed to stop its previous week's bearish moves and took further offers near well below the 0.7000 level mainly due to prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., which exerted some selling pressure on the perceived riskier Aussie and dragged the currency pair below 0.7000 marks. However, the global risk sentiment was further pressured by the fading hopes of additional U.S. fiscal stimulus.
During Monday's Asian trading hours, the USD/CHF currency pair failed to extend its last week winning streak and edged lower around the 0.9027 level. However, the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the possibilities of further monetary easing by the U.S. Federal Reserve, which weakens the U.S. dollar and contributes to the currency pair losses. Moreover, the optimism over a potential vaccine for the highly dangerous coronavirus infection urges investors to retreat from the safe-haven asset, which also kept the U.S. dollar on the defensive and push the currency pair down. In that way, the COVID-19 vaccine optimism also weighed on the safe-haven CHF and became the key factor that helps the currency pair to limit its deeper losses. On the contrary, the on-going uncertainty over Brexit trade talks and fears of a full-fledged trade/political war between the West and China keep probing the upbeat market performance, which might push the currency pair further down. Currently, the USD/CHF currency pair is currently trading at 0.9029 and consolidating in the range between 0.9026 - 0.9047.
The USD/CAD pair was closed at 1.29331 after placing a high of 1.30087 and a low of 1.29277. The USD/CAD pair fell on Tuesday despite the declining WTI crude oil prices due to weak US dollar demand on the day.
Today in the early European trading session, the AUD/USD currency pair stopped its Asian session losing streak and took further bids at the high around closer to 0.7200 marks mainly due to the upticks in the equity market, supported by the latest optimism over treatment for the highly infectious coronavirus. This, in turn, underpinned the perceived risk currency Australian dollar and contributed to the currency pair gains.
Today in the early European trading session, the AUD/JPY extended its previous session bullish trend and took further bids around an intraday top closer to 75.10 level, mainly due to the risk-on market sentiment, backed by the on-going optimism over treatment for the highly infectious coronavirus.
The AUD/USD pair is trading with a bullish bias on Wednesday, soaring from 0.6190 to 0.6220. Bullish bias in Aussie triggered over a better coronavirus scenario in China, especially after China lifted Wuhan city's lockdown. Australia's parliament passed an emergency A$130 billion stimulus package to combat the economy from the coronavirus pandemic, which is helping limit deeper declines and keep the pair above 0.6190 support.
The AUD/USD currency pair succeeded to stop its early-day losses and drew some fresh bids around closer to the 0.7200 level mainly due to the risk-on market sentiment, backed by the positive news over the U.S. President Donald Trump's recovery from COVID-19, which eventually underpinned the perceived risk currency Australian dollar and contributed to the currency pair gains. As per the latest report, the doctors of U.S. President Donald Trump said that he and his wife could be discharged from the hospital as soon as Monday.
During the Friday's European trading hours, the EUR/JPY currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 125.00 level mainly due to the risk-on market sentiment, backed by the prevalent optimism over treatment for the highly infectious coronavirus, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Moreover, the market risk tone was further boosted by the increasing expectations of further US stimulus package, which provided further boost to the currency pair.
The USD/JPY has violated the horizontal support level of 108.300, which can ve seen on the 4-hour chart. Closing of candles below this level may extend selling bias until 107.450 as the demand for safe-haven assets remains solid.
Today in the early Asian trading session, the USD/CAD currency pair extended its previous session bullish bias and hit the session high around above 1.3300 level. However, the bullish sentiment around the currency pair was being supported by a pickup in the U.S. dollar demand and the ongoing drop in crude oil prices, which tend to undermine demand for the commodity-linked currency – the loonie. Hence, the broad-based U.S. dollar succeeded in gaining some positive traction on the day amid growing market worries about surging coronavirus cases in Europe and the United States, which keeps the market trading sentiment under pressure and undermined the safe-haven U.S. dollar. In addition to this, the long-lasting impasse over the next round of the U.S. fiscal stimulus measures added further burden on investors' sentiment and benefitted the USD's status as the global reserve currency. Across the pond, the reason for the currency pair bullish bias could also be attributed to the weaker crude oil prices, which undermined the demand for the commodity-linked currency the loonie and contributed to the currency pair gains. As of writing, the USD/CAD currency pair is currently trading at 1.3320 and consolidating in the range between 1.3319 - 1.3326.
The GBP/USD pair closed at 1.33222 after a high of 1.33975 and a low of 1.32636. The British Pound raised to its 10-weeks high level and then gave up some gains against the U.S. dollar in late trading sessions on the back of U.S. dollar strength. The rise in GBP/USD pair came in after the rising optimism over a Brexit deal after the European Commission reportedly told E.U. ambassadors that 95% of a post-Brexit deal had been agreed.
The USD/CAD pair was closed at 1.31447 after placing a high of 1.31519 and a low of 1.30808. Overall the movement of the USD/CAD pair remained bullish throughout the day. In the early trading session on Wednesday, the USD/CAD pair followed its Tuesday's move and dropped to its lowest since 7th September over the US dollar's weakness. The decline in crude oil prices also played a role in raising the USD/CAD pair on board. The negative macroeconomic data from Canada also added strength to the USD/CAD pair gains on Wednesday.
The GBP/USD currency pair remains on the bullish track and taking rounds around above the mid-1.3200 level, mainly due to the hotter-than-expected U.K. consumer inflation figures, which initially underpinned the Pound sterling and contributed to the currency pair gains. On the other hand, the broad-based U.S. dollar fresh weakness, backed by the upbeat market mood, also played its role in gaining positive traction for the currency pair.
The yellow metal prices failed to stop its previous day losing streak and dropped to 1,923.20 level mainly due to the broad-based U.S. dollar strength, backed by the upbeat prints of the NFIB Small Business Index and anti-risk moves. However, the broad-based U.S. dollar strength could be considered as one of the main reasons behind the yellow-metal latest weakness.
The EUR/JPY currency pair extended its Asian session declining streak and remain depressed around below 124.50 level mainly due to the cautious mood around the equity markets, which tend to underpin the Japanese yen's safe-haven demand and turned out to be the key factor that exerting some pressure on the EUR/JPY currency pair. Apart from this, the latest optimism over the US-Japan relationship provided further support to the Japanese yen, which add further pessimism around the currency pair.
The AUD/USD failed to stop its previous session bearish moves and hit the one-week around well below 0.7700 level. The cautious sentiment ahead of U.S. President-elect Joe Biden’s office term, as well as the lack of major data/events and a long weekend in the U.S., played their major in undermining the market trading sentiment. The AUD/USD currency pair is currently trading at 0.7669 and consolidating in the range between 0.7659 - 0.7711.
Entry Price – Sell 2059.13
The AUD/USD pair was closed at 0.72859 after placing a high of 0.73371 and a low of 0.72651. On Monday, AUD/USD pair rose and reached a near 0.73380 level amid the risk-on market sentiment; however, the gains started to decline and eventually ended up losing due to increased demand for the US dollar.
Entry Price – Buy 0.70425
The AUD/USD opened at 0.75996, and it has placed a high of 0.76185 and a low of 0.75824 so far. AUD/USD pair seemed to extend its previous gains after moving in a bullish trend for two consecutive sessions on Monday. The upward momentum in the AUD/USD pair could be attributed to the US dollar weakness and rising risk sentiment in the market after a long weekend. The main reason behind the improved risk sentiment and the US dollar weakness was the news that US President Donald Trump has signed the second stimulus relief bill on Sunday.
The AUD/USD pair was closed at 0.71398 after placing a high of 0.71513 and a low of 0.70954. Overall the movement of the AUD/USD pair remained bullish throughout the day. After posting massive losses on Tuesday, the AUD/USD pair reversed its direction on Wednesday and started to rise and managed to recover most of its previous daily losses.
During Tuesday's European trading session, the AUD/USD currency pair succeeded to extend its previous session winning streak and caught some further bids around above 0.7700 level mainly due to the fresh upticks in S&P 500 futures, which tend to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment got support from the fresh hopes of the coronavirus vaccine and the U.S. covid stimulus.
The AUD/USD pair was closed at 0.71185 after placing a high of 0.71461 and a low of 0.71025. The AUD/USD pair fell on Monday and gave a bearish candle for the day. The AUD/USD pair struggled to find a direction throughout Monday however it pared to its losses amid the broad-based US dollar strength in late American hours. The risk-averse market sentiment after the rising number of coronavirus cases across the globe and the deadlock over the US stimulus package caused a surge in the greenback due to its safe-haven status.
The safe-haven-metal prices flashed green and erased its previous session losses mainly due to intensifying trade war tensions between the US-China. However, the yellow metal hit its highest level since December of 2012 at $1,765 on Monday, but after that, the gold prices dropped sharply during the American trading session. The reason for the sharp decline could be attributed to the positive news about the COVID-19 vaccine.
The AUD/USD pair was closed at 0.73658 after placing a high of 0.73732 and a low of 0.73248. The AUD/USD pair extended its gains on Wednesday after falling to the 0.73200 level. The pair fell in an earlier trading session on the day but reversed its direction after releasing U.S. macro-economic data.
Today in the European trading session, the AUD/USD currency pair succeeded in stopping its previous session losses and took fresh bids above the 0.7280 level as the U.S. stock futures turned positive. The fresh gains were backed by the optimism over a potential vaccine/treatment for the highly infectious coronavirus, which eventually underpinned the perceived risk currency Australian dollar and contributed to the currency pair gains.
The EUR/JPY failed to extend its early-day bearish moves and rose well above 119.820 support levels, mainly due to bullish correction. It seems like a sharp rise in the coronavirus cases in Europe and on-going tensions between the EU-US undermined the shared currency and kept a lid on any additional gains in the pair, at least for now. Currently, the EUR/JPY trading at 120, holding right below an immediate resistance level of 120.193. However, the hopes of the European Union (E.U.) Recovery Fund deal kept the positive tone around EUR/JPY pair high.
During Monday's early Asian trading session, the AUD/USD currency pair succeeded to stop its overnight losing streak and caught some sharp bids around above mid-0.7200 level mainly due to the risk-on market sentiment, which tend to support the observed risk currency Australian dollar and offers to the currency pair gains. Therefore, Democratic candidate Joe Biden's victory in the U.S. presidential elections was supported by the market trading bias. Aside from this, the market trading sentiment was further supported by Brexit's confidence, which boosted the currency pair. Across the pond, the broad-based U.S. dollar selling bias, triggered by the marker risk-on sentiment, also played its major role in supporting the currency pair.
The yellow metal prices failed to extend its bullish overnight rally and instantly dropped below the $1,940 level after hitting 9-day high overnight. However, the overnight gains could be attributed to the report suggesting the second week of U.S. stock selloff and fall in the U.S. dollar. Still, the gains in the precious metals were short-lived as the market trading sentiment turned positive.
The NZD/USD currency pair is trading slightly bullish around 0.5990, having violated the symmetric triangle pattern, which is likely to drive the bullish trend in the pair. The New Zealand Dollars proceeded to outperform as risk appetite gained on expectation that the spread of the novel coronavirus in the United States and Europe could be reduced, though an outbreak in Japan worsened.
Chart EUR/JPY H1 Chart
During Tuesday's European trading session, the USD/CHF currency pair failed to stop its previous session bearish moves and dropped to fresh multi-years low just around the 0.9035, mainly due to the broad-based U.S. dollar weakness. That was triggered by the disappointing U.S. economic data and worries that the second wave of COVID-19 cases in the United States could ruin the recovery in the world's biggest economy.
The AUD/USD pair was closed at 0.72907 after placing a high of 0.73338 and a low of 0.72823. Overall the movement of the AUD/USD pair remained bearish throughout the day. Despite the positive comments from Prime Minister Scott Morrison, the AUD/USD pair dropped on Friday amid the declining risk sentiment.
Today in the early European trading session, the AUD/USD currency pair extended its previous session bullish bias and took further bids around a weekly high 0.7329 level, mainly due to the risk-on market sentiment, backed by the on-going optimism over treatment for the highly infectious coronavirus. Moreover, the renewed Sino-American trade optimism also helped the market risk tone, which underpinned the Australian dollar's perceived risk currency and contributed to the currency pair gains.
Today in the early European trading hours, the GBP/USD currency pair failed to stop its previous session declining streak and took further offer below the 1.3100 level while represented 0.15% losses on the day mainly due broad-based U.S. dollar on-going strength. On the other hand, the reason behind the currency pair declines could also be associated with the coronavirus woes. The rising Brexit uncertainty also joined the on-going pessimism around the Cable and contributed to the currency pair losses. In the meantime, the reports that more than two years would be needed to reach pre-pandemic U.K. economy size also weighed on the Cable. At this particular time, the GBP/USD currency pair is currently trading at 1.3089 and consolidating in the range between 1.3064 - 1.3119.