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The NZD/USD currency pair flashed green and rose to 0.6230 level, mainly due to weaker crude oil prices, which undermined the commodity-linked currency the loonie and exerted some bullish impact on the currency pair. While, the broad-based U.S. dollar is selling bias rolled out to be one of the key determinants that held a lid on any additional gains in the currency pair, at least for now. As in result, the currency pair remained confined in a three-day-old trading range.
The USD/CAD pair was closed at 1.33219 after placing a high of 1.33483 and a low of 1.32795. On Friday, the currency pair USD/CAD remained confined in a consolidated range throughout the day. The USD/CAD pair dropped in an earlier trading session on Friday amid the strong Canadian GDP and other economic data. However, the pair started falling in late session due to the declining crude oil prices on the day. Meanwhile, the US dollar was strong over the board ahead of the US Presidential elections and the strong macroeconomic data on the day.
During Monday's Asian trading session, the USD/CAD currency pair failed to stop its overnight losses and remain depressed around below the 1.2750 level due to the broad-based U.S. dollar weakness. The prevalent downtrend in the greenback was mainly tied to the fresh optimism over a potential vaccine for the highly contagious coronavirus disease, which kept the market trading sentiment positive and undermined the safe-haven USD dollar. Furthermore, the U.S. dollar losses were further bolstered by the renewed probabilities that the Fed will keep interest rates low for an extended period at its last policy meeting of 2020.
The precious metal gold prices fell sharply from 1,694 level to 1,671 level on the release of U.S. NFP figures. Earlier today, the gold was supported as the concerns between the United States and China getting worse day by day and not showing any sign of slowing down, rather U.S. Secretary of State Mike Pompeo showed love about Nasdaq's move on listing rules for Chinese companies.
The safe-haven-metal prices rose slightly to $1,731 before falling to intraday low pf at 1,708 level due to the risk-off market sentiment triggered by the second wave of coronavirus (COVID-19) outbreak which tends to underpin the safe-haven assets like gold. On the other hand, the traders did not give any significant attention to the upbeat comments from the Dallas Federal Reserve President Robert Kaplan.
The Japanese cross EUR/JPY is on a bullish run, having crossed over 50 periods EMA at 115.551. As for the Japanese economic data is concerned, the Monetary Base for the year from Japan showed a decline to 2.3% against the expectations of 4.5% and weighed on JPY, which resulted in the upward movement of the EUR/JPY pair.
Gold prices were closed at $1710.53 after placing a high of $1735.38 and a low of $1708.78. Overall the movement of gold remained bearish throughout the day. Gold prices followed its previous day's trend and continued to fall on Tuesday and reached near the level of $1700 support on the back of increased risk appetite in the market. The Risk-on market sentiment was caused by the reopening of the US economy from the coronavirus induced lockdowns.
During the European session, the EUR/USD pair flashed red and dropped to 1.1230 before bouncing off towards the 1.1270 level. The broad-based U.S. dollar just started to erase its early-day losses and gained some bullish traction due to the risk-off market sentiment, which also exerted some downside pressure on the currency pair.
The GBP/USD prices are on a bearish mode, falling from 1.2400 level to 1.23700 area. Overall, the pair was supported around 1.2400 zones, but since this level is already violated, the Cable has strong odds of falling further until the 1.2290 area.
The USD/CAD pair was closed at 1.30589 after placing a high of 1.30967 and a low of 1.30192. The USD/CAD fell to its lowest since 1st September on Friday before rising and posting gains for the day.
The GBP/USD currency pair failed to extend its previous day gains and dropped from the near 2-weeks high to 1.2320, mainly due to broad-based US dollar strength in the wake of risk-off market sentiment as tensions between the US-China are getting worse day by day. Whereas, the buyers failed to cheer the latest optimism about drug treatment for famous coronavirus (COVID-19). The GBP/USD is trading at 1.2323 and consolidating in the range between 1.2310 and 1.2348.
The AUD/USD currency pair failed to stop its early-day losing streak and drew some further offers around well below the 0.7200 level, mainly due to the risk-off market sentiment. The intensification of the Sino-American tussle drove that. The American stimulus package's ambiguity also weighed on the market trading tone, which eventually undermined the Australian dollar's perceived risk currency and contributed to the currency pair declines.
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Entry Price – Buy 1.24947
Entry Price – Sell 1969.87
During Wednesday's Asian trading session, the yellow metal prices extended their bullish overnight rally and remained well bids around above the $1,850 level. Let me remind you that the bullion prices surged more than $20 an ounce for their biggest one-day gain in a week. However, the bullish sentiment around the gold prices was being supported by the weaker U.S. dollar as the price of gold is inversely related to the price of the U.S. dollar.
Entry Price – Buy 121.763
Entry Price – Sell 2014.48
The EOS prices develop a bullish sequence following the Elliott wave structure of a leading diagonal pattern, which began on the March low at 1.4200.
The AUD/USD pair was closed at 0.68886 after placing a high of 0.69766 and a low of 0.68332. Overall the movement of AUD/USD pair remained bearish throughout the day. The decreased risk appetite after increasing fears of the second wave of coronavirus in China and renewed lockdown restrictions to hold the spread of the virus again in Beijing.
The USD/CAD pair was closed at 1.26766 after placing a high of 1.27234 and a low of 1.26297. Despite the continuous rise in crude oil prices, the USD/CAD pair posted gains on Wednesday amid the rebound in US dollar prices. After the two-day OPEC+ meeting, Saudi Arabia announced that they would be voluntarily cutting their output in February and March that will amount to 1 million barrels per day. West Texas Intermediate (WTI) 's barrel gained more than 5% and preserved its bullish momentum on Wednesday. The Crude oil prices reached $50.9 per barrel on Wednesday to their highest level in more than ten months and gave strength to commodity-linked Loonie that capped further upside in the currency pair USD/CAD pair.
Bitcoin had a sharp reversal movement early morning today. This movement is creating an engulfing candle in the daily chart. The hourly chart shows a complex reversal formation followed by a large bullish candle which creates a morning star figure on strong volume.
The USD/CAD pair was closed at 1.26879 after placing a high of 1.27334 and a low of 1.26633. The USD/CAD pair rose on Thursday due to a strong rebound of the US dollar and Canada's negative economic data.
Entry Price – Sell 1.23654
The safe-haven-metal prices took bids and rose to $1,721 while represented 0.15% gains on the day due to the risk-off market sentiment in the wake of intensifying tussle between the United States and China over Hong Kong. As well as, the US dollar selling bias also boosted the yellow-metal. At the press time, the safe-haven-metal prices are currently trading at 1,720.83 and consolidating in the range between 1,712.92 and 1,722.94. However, investors are cautious about placing any position ahead of an expected announcement by President Donald Trump on China later in the day.
The USD/CHF pair seems to be trading sideways within a narrow trading range of 0.9520 - 0.9510 aimed at increased risk sentiment. The reason for the soured risk sentiment could be attributed to the statement that the Dragon Nation recently imposed strict measures on air travel to stop outbreak 2.0 and planned to impose further lockdown restrictions as the new coronavirus cases rose above 557 far.
The yellow metal prices managed to stop its previous day losing streak and took some modest bids around well above the $1,830 level mainly due to the broad-based U.S. dollar weakness, which tends to underpin the gold prices as the price of oil is inversely related to the price of the U.S. dollar. However, the sentiment around the U.S. dollar was being pressured by the optimism over the coronavirus vaccine and the probability of U.S. economic stimulus measures, which urge investors towards riskier currencies and higher-yielding assets against the safe-haven asset.
The yellow metal gold has traded sharply bearish, dropping from the 1,930 mark to the 1,912 level. Gold gained support at 1,912, the same level that extended support previously after a violation of a symmetric triangle pattern. Gold fell despite a dip in the U.S. stocks as they posted modest losses after a choppy session. The Dow Jones Industrial Average fell 98 points (-0.35%) to 28210, the S&P 500 dropped 7 points (-0.22%) to 3435, and the Nasdaq 100 eased 12 points (-0.11%) to 11,665.
Yesterday on Thursday, the ETH/USD pair had exhibited dramatic bullish momentum on the daily timeframe, which leads Ethereum prices to soar to 174.68 resistance level. With this, the ETH/USD pair formed an ascending triangle pattern, which can be seen on the daily chart, and it is extending substantial resistance around 174.68 along with support at 164.
The safe-haven asset failed to break its previous session's confined trading range near below $1,730 level but erased its some losses from an intraday low mainly due to the risk-off market sentiment triggered by the fresh US-China tension. The second wave of coronavirus (COVID-19) also fueled the risk-off market tone, which eventually provided some support to the gold prices. At the moment, the yellow-metal press is currently trading at 1,724.06 and consolidating in the range between 1,717 and 1,730.07.
The AUD/USD closed at 0.77665 after placing a high of 0.77984 and a low of 0.77280. The currency pair AUD/USD remained flat throughout the day on Friday and closed its day at the same level it began its day with as the risk rally pushed the pair higher and the US dollar strength dragged the pair AUD/USD lower at the same time.
The AUD/USD pair was closed at 0.68540 after a high of 0.70039 and a low of 0.68392. Overall the movement of AUD/USD pair remained bearish throughout the day. The risk perceived Aussie posted losses on Thursday in risk-off market sentiment, which was caused by the gloomy outlook of the US economy by Federal Reserve in its monetary policy meeting. The FED in its report said that the impact of coronavirus could last for a more extended period of time than Fed expected, and recovery would also be slower than expected.
After climbing from 12,500 to $15800, Bitcoin has been making a consolidation structure shaping a triangular formation. The volatility has been declining as well, as is usual in a triangle.
On the news front, the market is likely to remain muted in the absence of high impact events. Italian banks will be closed in observance of Immaculate Conception Day while the Frend Trade Balance, European Revised GDP q/q, and German ZEW Economic Sentiment will remain in the highlights today.
The GBP/USD pair continues trading sideways between a narrow trading range of 1.3740 - 1.3703 level. On the lower side, a bearish breakout of 1.3703 level can extend the selling trend until the next support level of 1.3679 level. Conversely, the bullish crossover of 1.3740 can extend buying trend until the 1.3775 level. Let's keep an eye on the 1.3700 level today.
The EUR/JPY extended its previous session losing streak and dropped below 119.785 level, mainly due to increased safe-haven demand of Japanese yen. The reason for the EUR/JPY pair declines could also be attributed to the risk-off market sentiment underpinning the safe-haven Japanese yen and contributing to the currency pair gains.
The safe-haven-metal prices remain depressed under the lowest level of more than a month around $1,680, mainly due to the risk-on market sentiment in the wake of better-than-expected U.S. employment report. The reason for the upbeat trading sentiment could also be attributed to the news about the merger of drug majors AstraZeneca and Gilead, which eventually exerted some downside pressure on the safe-haven assets.
The safe-haven-metal prices flashed green and drew bids around the $1,766 level, mainly due to the risk-off market sentiment backed by the Virus fears, trade war, and many more, which eventually underpinned the safe-haven demand in the market and contributed to the gold gains. As a result of high safe-haven demand, the broad-based U.S. dollar climbed from the previous session low as Jump in Covid-19 Cases Boosted Safe-Haven Demand, which becomes one of the main thing that kept a lid on any additional profits in the gold prices. At the press time, the yellow metal prices are currently trading at 1,763.20 and consolidating in the range between 1,755.49 and 1,766.12.
The USD/JPY pair is trading sharply bearish after violating the bearish flag at the 104.680 level. Below this level, we may have more selling trade opportunities. The USD/JPY pair traded with a positive note during the whole Thursday session after a goodish pickup in the U.S. dollar demand. The rebounded U.S. dollar helped currency pair USD/JPY to gain positive traction and move away from the six-week lowest level it touched on Wednesday.
The precious metal gold is trading with a bullish bias around 1,742 area, bouncing off above start support level of 1,736 level on the 4-hour chart. Most of the buying is fundamentally driven as the broad-based U.S. dollar is experiencing a sell-off on the day as investors turned into the safe-haven assets due to the latest retaliation between the U.S. and China.