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Entry Price – Sell 107.014
The EUR/USD pair continued its bullish streak for the 5th consecutive day on Thursday. They rose above 1.1600 level, amid E.U. Summit's success & broad-based U.S. dollar weakness in the wake of increasing coronavirus cases in the U.S. However, the gains were limited because of rising safe-haven appeal after the tensions between the U.S. & China escalated over consulate issues.
The EUR/USD surged dramatically on the back of risk-on sentiment amid positive reports over the COVID19 vaccine, which dragged the pair higher above the 1.2074 level. On the higher side, the violation of the 1.2010 resistance level is now working as a support, and it can lead the pair further higher until 1..2160. The bullish bias remains dominant today, especially over the 1.2015 level. However, the EUR/USD pair has recently formed a tweezers top pattern around 1.2076, suggesting the bearish retracement's odds. In this case, the EUR/USD can also drop until the support level of 1.2017 that marks 23.6% Fibonacci retracement. Let's keep an eye on the 1.2060 support level today.
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 GBP/USD managed to extend its early-day gains and drew some bids on the day essentially due to the broad-based U.S. dollar instability, triggered by the market upbeat trading sentiment. Besides this, the long-lasting deadlock surrounding the much-awaited U.S. fiscal stimulus also weighed on the safe-haven U.S. dollar and contributed to the currency pair gains. On the contrary, the long-term Brexit woes became the key factor that kept the lid on any additional gains in the currency pair. Also, the Brexit fears overshadowed British business houses' optimism, as shown by the government data. At this particular time, the GBP/USD currency pair is currently trading at 1.3085 and consolidating in the range between 1.3054 - 1.3115.
The EUR/JPY is trading with a bullish bias at 121.400 after placing a high of 121.556. Overall the movement of EUR/JPY remained bullish throughout the day. The pair EUR/JPY started its week on the front foot as the Japanese yen faced pressure despite the increased protests across the US, which lead most of the investment into the European markets.
Today in the early European trading session, the AUD/USD currency pair Managed To stop Its Previous Session losing streak and drew some modest bids on the back of the upbeat China trade numbers, which came out better than forecast. Also, capping the losses could be the light calendar in Asia amid the U.S. holiday. On the contrary, the fresh risk aversion wave, triggered by the US-China renewed tussle and Brexit issue, turned out to be a major factor that kept the lid on any further gains in the currency pair.
The USD/JPY currency pair broke its previous session consolidation range near 106.70-75 region and rose above 107.00 level mainly due to the risk-on market sentiment, which undermined the safe-haven Japanese yen and contributed to the currency pair gains. On the flip side, the broad-based US dollar edged lower on the day backed by the lack of safe-haven demand in the market kept a lid on any additional gains in the currency pair.
The EURAUD cross has experienced a strong upward movement that brought its value beyond the top of a descending regression channel. After topping the upper line, which, as we know, is 2 sigmas above the mean line, the price has made a consolidation on the line, making a series of lower highs.
The AUDJPY pair has moved in a bullish sequence that started in the end week of October and ended with a sharp and large 4H candle on Nov 09. There it began a consolidation cycle that started as a sideways move and finally retraced pushed by the selling pressure to near the begging of the last bullish 4H Candle. From there, it is making an upward movement that is supported by its 50-period SMA.
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 failed to stop its previous meeting, losing streak and dropped to 1.3566 level. However, the declines in the currency pair were completely sponsored by the emergence of some U.S. dollar selling bias in the wake of modest risk-on market sentiment backed by the hopes of heavy stimulus from global policymakers. The weaker oil prices triggered by the continuous surge in COVID-19 cases undermined the commodity-linked currency, the loonie also kept a lid on any additional losses in the currency pair. At this particular time, the USD/CAD currency pair is currently trading at 1.3569 and consolidating in the range between 1.3561 - 1.3600.
Our forex trading signal on the GBP/USD pair is doing well as the market has bounced off over the 1.3330 support level. On the higher side, Cable may find resistance at 1.3400 level that’s extended by the double top pattern on the two-hour timeframe. Simultaneously, the bullish crossover of the 1.3400 level is likely to open additional room for buying until the 1.3446 level. On the 4 hour timeframe, the GBP/USD pair has formed a bullish channel that supports the pair at the 1.333 area, and violation of this level on the lower side can drive a strong selling trend until the 1.3270 mark. The RSI and MACD are suggesting a selling trend in sterling. However, I will prefer to open a buying trade over the 1.3330 area today as the market has the potential to go after the 1.3400 level.
Chart EUR/JPY H1 Chart
The GBP/USD currency pair failed to stop its 3-day losing streak and dropped to 1.2212 and represented 0.09% losses on the day as the BOE Governor Andrew Bailey’s recent indication about negative rates weighed on the Cable. Moreover, the reason for the pair declines could also be attributed to the broad-based U.S. dollar strength in the wake of intensifying US-China tussle. The GBP/USD is trading at 1.2220 and consolidating in the range between 1.2201 and 1.2239. However, the traders will be cautious to place any strong position ahead of the U.K. Retail Sales data.
The EUR/USD prices were closed at 1.08066 after placing a high of 1.08504 and a low of 1.08004. Overall the movement of the EUR/USD pair remained bearish throughout the day.
The USD/JPY failed to extend its previous session bullish moves and witnessed some selling moves around 105.55 level mainly due to the broad-based U.S. dollar weakness. The worries triggered that the second wave of COVID-19 cases in the United States could ruin the recovery in the world's biggest economy. Also weighing factor for the greenback was a failure over the much-awaited stimulus. The risk-on market sentiment (backed by the positive reports about the coronavirus treatment and hopes of the Sino-American trade discussion), undermined the safe-haven Japanese yen, which become the key factor that helped the currency pair to limits its deeper losses. The fresh reports about the further relief employment subsidy by the Japanese government largely ignored by the currency pair traders, at least for now. Currently, the USD/JPY currency pair is currently trading at 105.69 and consolidating in the range between 105.52 - 105.80.
Today in the early European trading hours, the GBP/USD currency pair managed to stop its early-day losing streak and drew some modest bids on the day mainly due to the broad-based U.S. dollar weakness, triggered by the market upbeat trading sentiment. The long-lasting deadlock surrounding the much-awaited U.S. fiscal stimulus also weighed on the safe-haven U.S. dollar and contributed to the currency pair gains.
The USD/JPY pair was closed at 103.364 after placing a high of 103.758 and a low of 103.174. The USD/JPY pair was dropped to its lowest since 8th March. The U.S. dollar against the Japanese Yen on Friday dragged the pair to a fresh 8-months lowest level as the chances for Joe Biden to win the U.S. election increases. The USD/JPY pair followed the USD weakness throughout the week and reached the 103 level.
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.
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The GBP/USD trades bullish around 1.2030 in the wake of less dovish than expected monetary policy decisions. The central bank left the interest rate unchanged at 0.10%. However, it has warned that the measure and term of the economic collapse arising from the coronavirus pandemic will be "wide and dramatic but should eventually prove short-lived."
The USD/JPY currency pair traded bullish to hit the three-months high at 108.94 before declining to 108.40. As of writing, the USD/JPY currency pair is trading near the 108.40s and
The EUR/GBP pair is trading at 0.9028 level, holding above the triple bottom support area of 0.9020 level. Overall, the EUR/GBP is trading with a bullish bias, both from fundamental and technical perspective. For instance, the headline IFO Business Climate Index was improving to 85.0 against 79.5 previously. While, the Current Assessment sub-index was arriving at 84.0 this month, while the IFO Expectations Index – indicating firms' projections for the next six months – is likely to come out at 87.0 in the reported month vs. 80.1 last.
During Wednesday's early Asian trading session, the USD/CAD currency pair failed to stop its overnight losses and remain depressed around the 1.3030 level, mainly due to the broad-based U.S. dollar weakness. The prevalent downtrend in the U.S. dollar was mainly tied to the confidence over a potential vaccine for the extremely contagious coronavirus disease, which struggling to keep market trading sentiment positive. Moreover, President-elect Joe Biden faces difficulties from Donald Trump, which also weighs on the already weaker U.S. dollar. The reason for the declines in the currency pair could also be attributed to the fresh upward movement in the crude oil prices, which tend to underpin the commodity-linked currency the Loonie and contributes to the currency pair's losses. However, the crude oil prices were being supported by fresh released upbeat American Petroleum Institute (API) data. As of writing, the USD/CAD currency pair is currently trading at 1.3028 and consolidating in the range between 1.3024 - 1.3037.
The EUR/USD pair is trading with a bullish bias over 1.1418 level, after having crossed over the horizontal resistance level of 1.1410. For now, the EUR/USD pair is expected to find resistance at 1.1485 level. It seems like the U.S. dollar is getting weaker amid an increasing number of new coronavirus cases and the probability of repeated lockdowns. The broad-based U.S. dollar failed to put any bid and reported losses on the day.
During Tuesday's Asian trading session, the yellow metal prices extended its previous day winning streak and edged higher on the 2nd-day of a new week. However, the bullish sentiment around the yellow-metal prices has remained supportive by the prevalent selling bias surrounding the U.S. dollar. The losses in the U.S. dollar was seen as one of the key factors that helped the dollar-denominated commodity. Hence, the U.S. dollar was being pressurized by the doubts over the U.S. fiscal stimulus measures. Besides, the upbeat market mood, backed by the combination of factors, also undermined the U.S. dollar and contributed to the bullion gains. It is worth mentioning that the market trading sentiment was supported by the news suggesting that the Phase III clinical trial went very well, and the vaccine could be ready by November/December.
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 yellow metal prices extended its Friday's winning streak and took bids around the $1,936 level, mostly due to the risk-off market sentiment. That was witnessed by the negative performance of the S&P 500 Futures. However, the reason for the downbeat trading sentiment could be associated with the worrisome headlines concerning Brexit and on-going tension between the U.S. and China. This, in turn, helped the gold prices to put safe-haven bids. In the meantime, the coronavirus (COVID-19) worries also keeps the market trading sentiment cautious.
The EUR/USD currency pair extended its early-day gains and rose further to 1.1290 level ahead of the much-awaited negotiations on the European Union’s (EU) long-term budget. However, the modest gains in the currency pair were supported by the hopes of a recovery package from the European Council president Charles Michel.
Entry Price – Buy 0.69468
During the Friday's European trading hours, the USD/CHF currency pair stopped its early-day bearish rally and drew some fresh bids around above 0.9100 level despite the cautious mood around the equity markets. Besides this, the prevalent selling bias surrounding the U.S. dollar also failed to drag the currency pair down. Hence, the broad-based U.S. dollar came under pressure instantly after the Thursday's rather unimpressive U.S. economic data.
The EUR/JPY is trading with a bullish bias at 126.285 level, holding mostly over the triple top resistance become support level of 126.169 level. Continuation of a selling trade can extend bullish bias until the 126.560 mark. The pair is also gaining support amid 10 & 20 periods EMA supporting bullish trend continuation in the market. The MACD and RSI are supporting an upward momentum in the EUR/JPY pair. On the hourly chart, we can see the pair has closed bullish engulfing, which may help support the EUR/JPY pair's buying trend. Check out a trading plan below:
The NZD/USD pair is trading bearish at 0.6375 level in the wake of profit-taking in New Zealand. The growing optimism about the easing of lockdown restrictions in most of the countries fueled the hopes for the sharp V-shaped recovery for the global economy, which eventually undermined the safe-haven U.S. dollar. The reason for the selling bias in the U.S. dollar could be associated with the absence of any conflicting news from the US-China, which ultimately boosted the market's risk sentiment.
The yellow metal prices extended its early-day bullish rally and remained well bids around above the 1,900 level. However, the bullish sentiment around the bullion prices could be associated with the broadly weaker U.S. dollar. The risk-on market sentiment undermined that. Meanwhile, the U.S.'s prevailing political uncertainty also pushed the U.S. dollar down for the second consecutive day. Thus, the U.S. dollar losses could be considered one of the key factors that kept the gold prices higher as the price of gold is inversely related to the price of the U.S. dollar. Apart from this, the surge in the coronavirus (COVID-19) numbers in the U.K. and Europe also favoring the yellow-metal bulls.
The EUR/JPY is trading bearish at 116.450, having violated the support level of 116.600 level. Holding below this strong resistance can extend selling bias until 115.650 areas in the coming days. It's the COVID 19, which is consistently impacting the exchange rate of the EUR/JPY pair.
The safe-haven-metal prices flashing green and take bids around the $1,710 while representing 0.50% gains on the day mainly due to fresh allegations on China by the United States helping to increase the safe-have demand in the market. The Sino-US relationship was eased after both parties agreed to improve the atmosphere for fulfilling the phase-one deal's promises. This came after President Donald Trump threatened new tariffs on Chinese goods in case of not buying $200 worth U.S. farm products by China.
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 cross-currency pair EUR/GBP traded bullish, adding its moderate gains throughout the early European session. It's been trading at 0.9113 level, consolidating with a narrow trading range of 0.9130 - 0.9085.
Today in the European trading session, the GBP/USD currency pair stopped its early-day winning streak and gained some bearish traction around 1.3165 level, mainly due to the broad-based US dollar strength. That was supported by the renewed hopes of the US next round of fiscal stimulus measures. Apart from this, the cautious market sentiment, triggered by the US-China tussle, also underpinned the US dollar and contributed to the currency pair gains. Furthermore, the concerns about the second wave of coronavirus infections also gave support to the US dollar and dragged the currency pair down.
The AUD/NZD pair is trading with a bullish bias at 1.07901 level, facing immediate support at 1.07820 level. On the higher side, the pair may find resistance at the 1.07990 level, and a bullish crossover of 1.0799 level can extend the buying trend until the 1.0810 level. The MACD is closing histograms over 0, suggesting bullish bias in the AUD/NZD pair. In any case, the pair can drop until the 1.0782 level before extending further higher. Here's a trade plan...