Forex AcademySignals will list Live Trading Signals with Entry, Stop-loss, and Profit Targets (Future addition)
Entry Price – Buy 1.6243
Stop Loss – 1.62496
Take Profit – 1.6283
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The EUR/JPY currency pair failed to stop its early-day losing streak and still flashing red around below 124.50 level mainly due to the intensifying coronavirus cases across Eurozone and lockdown restrictions in France and Germany, which keep fueling the worries over the Eurozone economic recovery and undermines the shared currency. These concerns got further lifted after the German Economic Minister Peter Altmaier said that COVID-19 infection numbers are still much too high in most regions, which adds further burden around the shared currency and contributes to the currency pair losses.
The EUR/JPY currency pair failed to stop its early-day losing streak and still flashing red around below 124.50 level mainly due to the intensifying coronavirus cases across Eurozone and lockdown restrictions in France and Germany, which keep fueling the worries over the Eurozone economic recovery and undermines the shared currency. These concerns got further lifted after the German Economic Minister Peter Altmaier said that COVID-19 infection numbers are still much too high in most regions, which adds further burden around the shared currency and contributes to the currency pair losses.
The EUR/JPY currency pair failed to stop its early-day losing streak and still flashing red around below 124.50 level mainly due to the intensifying coronavirus cases across Eurozone and lockdown restrictions in France and Germany, which keep fueling the worries over the Eurozone economic recovery and undermines the shared currency. These concerns got further lifted after the German Economic Minister Peter Altmaier said that COVID-19 infection numbers are still much too high in most regions, which adds further burden around the shared currency and contributes to the currency pair losses.
Across the pond, the prevalent optimism over a potential vaccine for the highly dangerous coronavirus infection urges investors to retreat from the safe-haven Japanese yen, which could be considered one of the key factors that help the currency pair to limit its deeper losses.
In the meantime, the Japanese Finance Minister Taro Aso said that the Japanese economy remains severe due to the COVID-19 virus, which added further burden around the Japanese yen and becomes the key factor that kept the lid on any additional losses in the currency pair. At this moment, the USD/CHF currency pair is currently trading at 0.9029 and consolidating in the range between 124.31 – 124.67
It is worth recalling that the prevalent optimism over a possible vaccine for the highly infectious coronavirus disease keeps boosting the market risk tone. However, the hopes of the vaccine were boosted after pharmaceutical regulators from the US, Europe, and the UK showed readiness for approving the leading vaccines that have shown almost 90% effective rates during the final rates, which in turn, boosted the hopes of the early arrival of the much-awaited cure to the pandemic. Thereby, the risk-on market mood tends to undermine the safe-haven Japanese yen, which becomes the key factor that lends some support to the currency pair to ease the intraday bearish pressure surrounding the EUR/PY currency pair.
On the other side, the rising coronavirus cases across Eurozone and back-to-back lockdown restrictions in Germany and Franc keep the shared currency under pressure. As per the latest report, German Economic Minister Peter Altmaier said that the COVID-19 infection numbers are still much too high in most regions, putting further pressure around the single currency and contributing to the currency pair declines.
On the contrary, the intensifying market worries regarding the continuous surge in new coronavirus cases in the US and Europe, which keep fueling the concerns over the global economic recovery through imposing new lockdown restrictions on economic and social activity, keep trying to probe the upbeat market performance. Apart from this, the long-lasting inability to pass the US fiscal package and the uncertainty over Brexit, and fears of a full-fledged trade/political war between the West and China also challenging the market risk-on mood, which might push the currency pair further down.
In the absence of significant data/events on the day, the market traders will keep their eyes on the US NFP data, which is due later this week. In addition to this, the updates about the US stimulus package will also be key to watch. In the meantime, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for a fresh direction.
Daily Support and Resistance
S1 122.99
S2 123.66
S3 124.09
Pivot Point 124.33
R1 124.76
R2 125
R3 125.66
The EURJPY has violated the triple top resistance level of 124.730 level and above this it has strong odds of soaring until 125.450. Thus, we have entered the buying trade to capture quick green pips in the market.
Entry Price – Buy 124.932
Stop Loss – 124.532
Take Profit – 125.332
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/CAD pair was closed at 1.29907 after placing a high of 1.30247 and a low of 1.29719. The USD/CAD pair dropped on Friday after posting gains for two consecutive sessions amid the broad-based US dollar weakness.
The USD/CAD pair was closed at 1.29907 after placing a high of 1.30247 and a low of 1.29719. The USD/CAD pair dropped on Friday after posting gains for two consecutive sessions amid the broad-based US dollar weakness.
The USD/CAD pair was closed at 1.29907 after placing a high of 1.30247 and a low of 1.29719. The USD/CAD pair dropped on Friday after posting gains for two consecutive sessions amid the broad-based US dollar weakness.
On Thursday night, the US President Donald Trump said that he would be leaving the White House office as the Electoral Votes were in favor of Joe Biden. The smooth transition of power in the White House was not expected and weighed on the US dollar as Biden has promised to issue massive financial support for the pandemic-hit economy.
Biden has been fighting for a larger stimulus package from Congress since pre-elections, and now as he has won the US Presidency, he would likely deliver a larger fiscal aid to an economy that will add pressure on the US dollar and markets was weighing on the USD/CAD pair.
Another factor involved in the declining USD/CAD pair prices was the rising Crude oil prices. WTI crude oil prices reached the $45.65 level on Friday amid the rising optimism in the market. The risk sentiment improved after several pharmaceutical companies started reporting their vaccine’s efficacy in preventing the coronavirus.
Pfizer and BioNtech started the race to approve US FDA emergency authorization use of the vaccine, and Moderna and AstraZeneca followed them. The hopes that the global economy will soon be free from the pandemic and the social activities will resume to pre-pandemic level raised the bars for increased demand for energy sources. The hopes that energy demand will rise supported the crude oil prices that eventually added strength in the commodity-linked currency Loonie and added weight on USD/CAD pair on Friday.
There was no macroeconomic data to be released from both sides on Friday due to Thanksgiving Holiday, and the pair USD/CAD followed the US dollar’s movement ad Crude oil movement on Friday.
Daily Technical Levels
Support Resistance
1.2992 1.3028
1.2972 1.3044
1.2957 1.3064
Pivot point: 1.3008
Entry Price – Sell 1.29684
Stop Loss – 1.30084
Take Profit – 1.29284
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The risk perceived EUR/USD pair gained traction on Friday after the optimism surrounding the market related to the coronavirus vaccine increased. The hopes for a quick economic recovery also increased along with the vaccine progress and supported the market’s risk sentiment that lifted the global equity market.
The risk perceived EUR/USD pair gained traction on Friday after the optimism surrounding the market related to the coronavirus vaccine increased. The hopes for a quick economic recovery also increased along with the vaccine progress and supported the market’s risk sentiment that lifted the global equity market.
The risk perceived EUR/USD pair gained traction on Friday after the optimism surrounding the market related to the coronavirus vaccine increased. The hopes for a quick economic recovery also increased along with the vaccine progress and supported the market’s risk sentiment that lifted the global equity market.
The news regarding vaccines from several candidates and their efficacy rates raised hopes that the economy would come back to its pre-pandemic levels, and that weighed on the safe-haven greenback. The EUR/USD pair is trading with a bullish bias at the 1.1974 area, facing immediate resistance at the 1.1975 area.
Closing of candles below this level suggests chances of bearish correction as the pair has entered the overbought zone. However, the bullish breakout of the 1.1975 level can extend the buying trend until the next resistance level of the 1.2010 level. The bullish bias remains dominants today. Let us consider taking a selling trade below the 1.1979 level, and above this, the next target stays at 1.1997.
Support Resistance
1.1885 1.1942
1.1856 1.1970
1.1828 1.1999
Pivot point: 1.1913
Entry Price – Buy 0.9025
Stop Loss – 0.9065
Take Profit – 0.8985
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
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.
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.
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 prevalent optimism over a possible vaccine for the highly infectious coronavirus disease keeps providing a boost to the market risk tone. However, the hopes of the vaccine were boosted after pharmaceutical regulators from the U.S., Europe, and the U.K. showed readiness for approving the leading vaccines that have shown almost 90% effective rates during the final rates, which in turn, boosted the hopes of the early arrival of the much-awaited cure to the pandemic. Thus, the risk-on market mood tends to undermine the safe-haven Swiss franc, which becomes the key factor that lends some support to the currency pair to ease the intraday bearish pressure surrounding the USD/CHF currency pair.
Daily Support and Resistance
S1 0.8969
S2 0.9012
S3 0.9029
Pivot Point 0.9056
R1 0.9072
R2 0.9099
R3 0.9143
The USD/CHF has violated the support level of 0.9036 level, and the closing of a candle below the 0.9036 level of 0.9036 can extend selling bias until the 0.8983 level. The MACD has crossed below 0 level suggesting odds of selling trend continuation. Thus, we have opened a sell trade; here is a trade plan below.
Entry Price – Buy 0.9025
Stop Loss – 0.9065
Take Profit – 0.8985
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
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.
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.
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.
Entry Price – Buy 1.33719
Stop Loss – 1.33319
Take Profit – 1.34119
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/USD pair was closed at 0.73570 after placing a high of 0.73742 and a low of 0.73533. The Australian dollar tried to rally during the early session on Thursday but gave back some of its gains and ended up losing. This week has been quite supportive to the riskier currencies like the Australian dollar and Aussie has been on its highest since September level due to the combination of vaccine news, the beginning of Joe Biden transition, and the weakness of the US dollar.
The AUD/USD pair was closed at 0.73570 after placing a high of 0.73742 and a low of 0.73533. The Australian dollar tried to rally during the early session on Thursday but gave back some of its gains and ended up losing. This week has been quite supportive to the riskier currencies like the Australian dollar and Aussie has been on its highest since September level due to the combination of vaccine news, the beginning of Joe Biden transition, and the weakness of the US dollar.
The AUD/USD pair was closed at 0.73570 after placing a high of 0.73742 and a low of 0.73533. The Australian dollar tried to rally during the early session on Thursday but gave back some of its gains and ended up losing. This week has been quite supportive to the riskier currencies like the Australian dollar and Aussie has been on its highest since September level due to the combination of vaccine news, the beginning of Joe Biden transition, and the weakness of the US dollar.
The US dollar was weak on Wednesday after the US Labor Market data showed that the Initial Jobless Claims rose to 778,000 from the previous 748,000 during last week, and the trade deficit was climbed to $80,29B from the previous $79.36B. The negative macroeconomic data on Wednesday also drove the AUD.USD pair on the next day as there was no data to be released due to Thanksgiving Holiday.
During thin trading, the Aussie suffered as the pair were left with the macroeconomic data from Australia. At 05:30 GMT, the Private Capital Expenditure for the quarter in Australia declined to -3.0% from the forecasted -1.5% and weighed heavily on the Australian dollar that added pressure on AUD/USD pair.
Meanwhile, the market’s risk sentiment was also deteriorated because of the increased number of coronavirus cases from across the globe. The total number of worldwide coronavirus cases reached above 60 million and weighed on market sentiment.
Out of 660 Million cases, 12.7M were from the world’s largest economy, the United States. The rising number of coronavirus cases in the US forces many state governments to impose lockdown restrictions that added pressure on the US dollar and the market’s risk sentiment.
The risk perceived Aussie suffered on Thursday despite the latest coronavirus update that Queensland had decided to allow Victorians to enter the state from Dec-1st without quarantining. The pair AUD/USD followed the market mood that was disturbed by the rising number of coronavirus cases, and the pair ended up posting small losses on Thursday.
Daily Technical Levels
Support Resistance
0.7349 0.7371
0.7341 0.7383
0.7328 0.7392
Pivot point: 0.7362
The AUD/USD is approaching a resistance level at 0.73400, which has now been violated and the AUD/USD pair has the potential to go after the 0.7397 level. We have already captured this trade and enchased 30+ pips in a trade. For now, we will be looking for a retracement until the 0.7395-90 area to take another buying position in AUD/USD as bullish bias seems dominant today. Good luck!
The GBP/USD is trading bullish around 1.3396 level, facing resistance at 1.3400 level. The resistance level is extended by the double top pattern at 1.3400 level, and a bullish crossover of 1.3400 level is likely to open further room for buying until 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. The RSI and MACD are suggesting a buying trend in sterling. However, I will prefer to open a buying trade only above the 1.3396 area, and below this, sell trade will be preferred. Therefore, I have shared a sell trade below 1.3395 area to capture quick green pips. Check out a trading plan below…
The GBP/USD is trading bullish around 1.3396 level, facing resistance at 1.3400 level. The resistance level is extended by the double top pattern at 1.3400 level, and a bullish crossover of 1.3400 level is likely to open further room for buying until 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. The RSI and MACD are suggesting a buying trend in sterling. However, I will prefer to open a buying trade only above the 1.3396 area, and below this, sell trade will be preferred. Therefore, I have shared a sell trade below 1.3395 area to capture quick green pips. Check out a trading plan below…
The GBP/USD is trading bullish around 1.3396 level, facing resistance at 1.3400 level. The resistance level is extended by the double top pattern at 1.3400 level, and a bullish crossover of 1.3400 level is likely to open further room for buying until 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. The RSI and MACD are suggesting a buying trend in sterling. However, I will prefer to open a buying trade only above the 1.3396 area, and below this, sell trade will be preferred. Therefore, I have shared a sell trade below 1.3395 area to capture quick green pips. Check out a trading plan below…
Entry Price – Sell 1.33519
Stop Loss – 1.33919
Take Profit – 1.33119
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/CAD pair was closed at 1.30060 after placing a high of 1.30288 and a low of 1.29860. The currency pair USD/CAD rose to1.3030 level in the early trading session but failed to remain there and started to decline on the back of US dollar weakness and the rising crude oil prices on Wednesday.
The USD/CAD pair was closed at 1.30060 after placing a high of 1.30288 and a low of 1.29860. The currency pair USD/CAD rose to1.3030 level in the early trading session but failed to remain there and started to decline on the back of US dollar weakness and the rising crude oil prices on Wednesday.
The USD/CAD pair was closed at 1.30060 after placing a high of 1.30288 and a low of 1.29860. The currency pair USD/CAD rose to1.3030 level in the early trading session but failed to remain there and started to decline on the back of US dollar weakness and the rising crude oil prices on Wednesday.
The US’s mixed macroeconomic data failed to help the greenback gather strength against its rival currencies and forces the USD/CAD pair to lose most of its daily gains in the late trading session. There was no macroeconomic data from the Canadian side, so the pair followed the US data on Wednesday.
On the data front, at 18:30 GMT, the Prelim Gross Domestic Product for the third quarter remained flat at 33.1%. The Unemployment Claims from last week surged to 778K against the projected 732K and weighed on the US dollar. The Core Durable Goods Orders for October surged to 1.3% against the projected 0.5% and supported the US dollar. The Durable Goods Orders rose to 1.3% from the forecasted 1.0% and supported the US dollar. The Prelim Wholesale Inventories for October rose to 0.9% against the expected 0.4% and weighed on the US dollar.
The New Home Sales for October rose to 999K against the forecasted 972K and supported the US dollar. The Personal Income fell to -0.7% from the projected 0.0% and weighed on the US dollar. The Personal Spending raised to 0.5% from the anticipated 0.4% and supported the US dollar.
On the other hand, the weekly report published by the US Energy Information Administration (EIA) showed that the Crude Oil stocks declined by 0.75M barrels last week and boosted oil prices.
The WTI crude oil raised above the $46 level on Wednesday and gave strength to the Canadian dollar that added pressure on the USD/CAD pair.
However, the pair managed to remain on the positive side as the market mood was still risky due to the rising hopes of global economic recovery from the latest progress made in coronavirus vaccines from Pfizer & BioNtech, Moderna, and AstraZeneca.
Meanwhile, from Canada, almost 1,373 cases of coronavirus were reported, along with 35 additional deaths in Ontario. The total number of deaths from coronavirus in Toronto reached 3554 on Wednesday. The currency pair also remained strong ahead of the FOMC minutes release published in the early Thursday session.
Daily Technical Levels
Support Resistance
1.2979 1.3026
1.2959 1.3051
1.2933 1.3072
Pivot Point: 1.3005
The USD/CAD has violated the sideways trading range of 1.3119 – 1.3035 level. A bearish breakout of the 1.3035 level is likely a further selling trend until the 1.2936 level. The pair forms a neutral candle, suggesting indecision among investors, perhaps due to lack of economic events. Secondly, the investors are expecting thin volatility amid the Thanksgiving holiday. Let’s consider staying bearish below 1.3030 today. Good luck!
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.
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.
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.
At 05:30 GMT, the Construction Work done in the third quarter in Australia came in as -2.6% against the forecasted -2.0% and weighed on the Australian dollar. From the U.S. side, at 18:30 GMT, the Prelim GDP for the third quarter came in line with the expectations of 33.1%. The Unemployment Claims from last week surged to 778K against the estimated 732K and weighed on the U.S. dollar that added gains in AUD/USD pair. The Core Durable Goods Orders for October rose to 1.3% against the estimated 0.5% and supported the U.S. dollar. The Durable Goods Orders raised to 1.3% from the anticipated 1.0% and supported the U.S. dollar. The Prelim Wholesale Inventories for October surged to 0.9% against the projected 0.4% and weighed on the U.S. dollar that added further gains in AUD/USD pair.
The New Home Sales for October surged to 999K against the estimated 972K and supported the U.S. dollar. The Personal Income dropped to -0.7% from the anticipations of 0.0% and weighed on the U.S. dollar. The Personal Spending rose to 0.5% from the projected 0.4% and supported the U.S. dollar.
The rising unemployment claims and personal income data weighed on the optimism that economic recovery was near and faded the risk sentiment. The risk rally deteriorated after the mixed macroeconomic data from the U.S. and weighed on the risk perceived Aussie that caused the pair to fall in an earlier session.
The pair managed to end its day on a bullish stance due to U.S. dollar weakness in the absence of any major fundamental. The market mood was smooth on Wednesday and the risk perceived AUD/USD continued following the previous optimism regarding the vaccine development from AstraZeneca and Moderna. Pfizer and BioNtech were close to getting approval from the US FDA for emergency use authorization of their vaccine, causing an immediate rise in risk rally and supporting further the AUD/USD currency pair. Investors also remained cautious on Wednesday and followed the previous daily movement ahead of the release of FOMC minutes from the November meeting.
Daily Technical Levels
Support Resistance
0.7333 0.7383
0.7304 0.7404
0.7284 0.7433
Pivot point: 0.7354
The AUD/USD long term view of the market is bullish. We were approaching a resistance level at 0.73400, which has now been violated and the AUD/USD pair has the potential to go after the 0.7397 level. We have already captured this trade and enchased 30+ pips in a trade. For now, we will be looking for a retracement until the 0.7395-90 area to take another buying position in AUD/USD as bullish bias seems dominant today. Good luck!
During Wednesday’s Asian trading session, the AUD/JPY currency pair failed to halt its modest bearish moves and remained depressed near below the 77.00 level due to Australia’s downbeat housing data, which tends to undermine the Australian dollar and contribute to the currency pair declines. Apart from this, the reason for the currency pair’s losses could also be attributed to the prevalent Brexit risks and trade tussles between China and the West, which keep challenging the upbeat market mood and undermining the perceived riskier Australian dollar.
During Wednesday’s Asian trading session, the AUD/JPY currency pair failed to halt its modest bearish moves and remained depressed near below the 77.00 level due to Australia’s downbeat housing data, which tends to undermine the Australian dollar and contribute to the currency pair declines. Apart from this, the reason for the currency pair’s losses could also be attributed to the prevalent Brexit risks and trade tussles between China and the West, which keep challenging the upbeat market mood and undermining the perceived riskier Australian dollar.
During Wednesday’s Asian trading session, the AUD/JPY currency pair failed to halt its modest bearish moves and remained depressed near below the 77.00 level due to Australia’s downbeat housing data, which tends to undermine the Australian dollar and contribute to the currency pair declines. Apart from this, the reason for the currency pair’s losses could also be attributed to the prevalent Brexit risks and trade tussles between China and the West, which keep challenging the upbeat market mood and undermining the perceived riskier Australian dollar.
On the contrary, the market risk-on sentiment, backed by the optimism over a potential vaccine for the highly dangerous coronavirus infection, tends to undermine the safe-haven Japanese yen and becomes the key factor that helps the currency pair limit its deeper losses. Furthermore, the risk-on market sentiment could also be attributed to the reports suggesting that the U.S. presidential transition has finally started, which offers political certainty. Across the pond, the downbeat Japanese corporate service price index data added further burden around the Japanese yen and became the key factor that kept the lid on any additional losses in the currency pair. Currently, the USD/JPY currency pair is currently trading at 76.67 and consolidating in the range between 76.64 – 77.05.
Despite the lingering doubts about the U.S. economic recovery and the escalating tension between the world’s two biggest economies, the market players continue to cheering optimism over a potential vaccine for the highly dangerous coronavirus infection, boosts the hopes of global economic recovery and supporting the market trading sentiment. Thus, these further developments surrounding the covid vaccine favor the market’s risk-on mood. However, the perceived risk currency Australian dollar is relatively unaffected by the risk-on market sentiment and remains defensive amid downbeat housing data from Australia. At the data front, the Constriction Work Done for the 3rd-quarter (Q3) dropped below -2.0% forecast and -0.7% previous readouts to -2.3% QoQ.
Across the pond, the reason for the upbeat market mood could also be associated with the on-going optimism over the U.S. economy as President-elect Joe Biden has recently been allowed to receive the President’s Daily Brief, the collection of classified intelligence reports prepared for the national leader. This, in turn, undermined the safe-haven Japanese yen and became the key factor that helps the currency pair limit its deeper losses. Moreover, the currency pair’s losses were also capped by the downbeat Japanese corporate service price index data, which tends to undermine the Japanese yen and helps the currency pair to cap its downside momentum.
On the other hand, the intensifying coronavirus woes across the globe and intensifying lockdown restrictions in Europe and the U.S. keep challenging the upbeat market sentiment, which could also be considered one of the key factors the currency pair down. The reason could also be associated with the long-lasting delay in the much-awaited coronavirus (COVID-19) relief package, which also probes the bulls and contributes to currency pair declines.
Looking ahead, the market traders will keep their eyes on the U.S. economic calendar, which will show the releases of the U.S. Preliminary Q3 GDP, Initial Jobless Claims, Durable Goods, and Core PCE Index. This data will likely influence the USD price dynamics and help traders to take some fresh directions. All in all, the updates surrounding the Brexit, virus, and U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 75.57
S2 76.15
S3 76.52
Pivot Point 76.73
R1 77.1
R2 77.31
R3 77.88
The AUD/JPY pair faced resistance at 77 levels, holding below an immediate support level of 76.58. A bearish breakout of the 76.58 level can extend selling bias until the 76.23 level. The MACD and RSI are holding below a double top level of 77, suggesting odds of a selling bias in the AUD/JPY. Continuing a selling trend can lead the AUD/JPY until 76.58 and 76.25 level today, thus we entered the sell trade signal. Stay tuned; good luck!
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.
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.
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.
The market’s risk sentiment was improved after AstraZeneca; the British pharmaceutical said that its vaccine was 90% effective in preventing the coronavirus with the second dosage. The risk perceived Australian dollar gained traction with the increased risk sentiment and supported the AUD/USD pair’s gains on Monday. However, the AUD/USD pair’s upward momentum started to reverse its direction after the US macroeconomic data released. At 15:00 GMT, Flash Manufacturing PMI from Australia in November came in as 56.1 in comparison to the previous 54.2. Flash Services PMI from Australia came in as 54.9 against the previous 53.7. At 19:45 GMT, the Flash Manufacturing PMI from the US in November surged to 56.7 against the estimated 52.5 and supported the US dollar that weighed on AUD/USD pair. The Flash Services PMI rose to 57.7 against the expected 55.8 and kept the US dollar and added pressure on AUD/USD pair.
Another factor involved in the AUD/USD pair’s downward momentum on Monday was the latest punitive measures imposed by the US over China. The US Trump Administration has banned US investment in 89 Chinese companies and reportedly sent a navy admiral to Taiwan.
Many reports suggest plans by Trump’s administration for a series of confrontations with China before Biden’s inauguration on 20th January. These concerns also kept the risk perceived Australian dollar under pressure and added further in AUD/USD pair losses.
Daily Technical Levels
Support Resistance
0.7303 0.7321
0.7290 0.7328
0.7284 0.7340
Pivot point: 0.7309
The general and long term view of the market is bullish. We were approaching a resistance level at 0.73400, which has now been violated and the AUD/USD pair has the potential to go after the 0.7397 level. We have already captured this trade and enchased 30+ pips in a trade. For now, we will be looking for a retracement until the 0.7395-90 area to take another buying position in AUD/USD as bullish bias seems dominant today. Good luck!
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 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 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.
Support Resistance
1.3289 1.3312
1.3274 1.3320
1.3266 1.3336
Pivot point: 1.3297
The GBP/USD traded bearishly at 1.3290, but it now seems to bounce off over the support area of the 1.3292 level. On the higher side, the pair may go after the resistance level of 1.3394. Over there’s an upward trendline that is supporting Sterling on the 2-hour timeframe. Below the 1.3292 level, the Cable may find support at the 1.3240 level while the RSI and MACD are in support of buying. Thus we should consider taking buying trade over the 1.3292 level to target 1.3394.
Entry Price – Buy 1.33583
Stop Loss – 1.33631
Take Profit – 1.33983
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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The USD/CAD closed at 1.30921 after placing a high of 1.30967 and a low of 1.30387. The USD/CAD pair remained on the upward momentum on Friday despite the strength in WTI Crude Oil prices and the Canadian Dollar amid the positive optimism regarding the vaccines. The optimism surrounding the vaccine development from Pfizer and Moderna was also followed by Oxford, the Russian Sputnik V, and China’s Sinovac and raised the market’s risk-on sentiment that supported the risk perceived USD/CAD pair on Friday.
The USD/CAD closed at 1.30921 after placing a high of 1.30967 and a low of 1.30387. The USD/CAD pair remained on the upward momentum on Friday despite the strength in WTI Crude Oil prices and the Canadian Dollar amid the positive optimism regarding the vaccines. The optimism surrounding the vaccine development from Pfizer and Moderna was also followed by Oxford, the Russian Sputnik V, and China’s Sinovac and raised the market’s risk-on sentiment that supported the risk perceived USD/CAD pair on Friday.
The USD/CAD closed at 1.30921 after placing a high of 1.30967 and a low of 1.30387. The USD/CAD pair remained on the upward momentum on Friday despite the strength in WTI Crude Oil prices and the Canadian Dollar amid the positive optimism regarding the vaccines. The optimism surrounding the vaccine development from Pfizer and Moderna was also followed by Oxford, the Russian Sputnik V, and China’s Sinovac and raised the market’s risk-on sentiment that supported the risk perceived USD/CAD pair on Friday.
On the data front, at 18:30 GMT, the Core Retail Sales from Canada raised to 1.0% against the expectations of 0.0% and supported the Canadian Dollar. For September, the Retail Sales also grew to 1.1% from the forecasted 0.2% and kept the Canadian Dollar. The NHPI for October came in line with the projection of 0.8%. At 18:32 GMT, the Corporate Profits for the quarter from Canada also came in line with the anticipations of 44.9%.
The Canadian Dollar was strong across the board on Friday due to supportive macroeconomic data and the rising Crude oil prices. The WTI crude oil was higher on Friday above the $42.5 level after the increased optimism about the coronavirus vaccines from across the world. The rising crude oil prices also supported the commodity-linked currency Loonie that capped further USD/CAD pair gains.
Meanwhile, the Canadian health officials warned that daily coronavirus infections could reach 60K per day by the end of December from their current level of 4.8K if people continue to increase their number of daily contacts. The Canadian PM Justin Trudeau said that Canada saw a massive spike in cases and that there was a risk that hospitals could get overwhelmed. He also said that it was frustrating that Canadians would have to do more to contain the virus from what they did weeks ago. These virus tensions across the North kept the Canadian Dollar weak and supported the rising USD/CAD prices on Friday.
On the US dollar front, the Dollar was strong across the board as the US Federal Reserve Chairman refrained from providing any clues about further easing in the upcoming Fed meeting and supported the USD/CAD pair’s upward momentum.
Daily Technical Levels:
Support Resistance
1.3039 1.3114
1.3007 1.3157
1.2964 1.3189
Pivot point: 1.3082
The USD/CAD pair is trading sideways in between the narrow range of 1.3120 – 1.3045 level. Investors seem to wait for a solid reason to trigger a breakout of the choppy range. The idea will be take a sell USD/CAD pair below 1.3045 level until 1.2937. Conversely, the continuation of a bullish trend over 1.3120 can lead the USD/CAD pair towards 1.3245. Good luck!
During Monday’s Asian trading session, the EUR/JPY currency pair managed to gain positive traction and edged higher above the 130.00 level due to the market risk-on mood, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Hence, the upbeat market sentiment was supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus, which boosted the sentiment around the shared currency and helped the currency pair to stay bid.
During Monday’s Asian trading session, the EUR/JPY currency pair managed to gain positive traction and edged higher above the 130.00 level due to the market risk-on mood, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Hence, the upbeat market sentiment was supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus, which boosted the sentiment around the shared currency and helped the currency pair to stay bid.
During Monday’s Asian trading session, the EUR/JPY currency pair managed to gain positive traction and edged higher above the 130.00 level due to the market risk-on mood, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Hence, the upbeat market sentiment was supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus, which boosted the sentiment around the shared currency and helped the currency pair to stay bid.
On the contrary, the worsening Coronavirus (COVID-19) Condition in Europe keeps fueling the worries over the Eurozone economic recovery, which could be considered one of the key factors that kept the lid on any additional gains in the currency pair. At the moment, the EUR/JPY currency pair is currently trading at 123.31 and consolidating in the range between the 123.02 – 123.34. Moving on, the traders seem cautious to place any strong position ahead of the German/ Eurozone flash PMIs. However, the big miss on expectations would suggest that worsening Coronavirus (COVID-19) is taking a toll on the Eurozone economy, which could lead to big declines in the shared currency.
As we already mentioned that the market trading sentiment remained well supported by the renewed optimism over a possible vaccine for the highly infectious coronavirus disease, which instantly boosted the market risk tone. The vaccine hopes were bolstered after reports came that the vaccinations against coronavirus disease in the U.S. will likely start in 3-weeks, as the FDA is showing readiness to approve drugmaker Pfizer and German partner BioNTech’s experimental candidate in mid-December. Apart from the U.S., the U.K. is expected to give Pfizer’s vaccine a green signal this week. This, in turn, boosted hopes for a global economic recovery in 2021. Therefore, the risk-on market mood tends to undermine the safe-haven Japanese yen, which becomes the key factor that lends some support to the currency pair to put some bids.
Moreover, the market trading sentiment was further bolstered by the positive developments surrounding the Brexit talks between the U.K. and the European Union (E.U.). It is worth recalling that the European Union (E.U.) and the U.K. are very closer to breaking the deadlock over fisheries’ key issue.
On the contrary, the worsening Coronavirus (COVID-19) condition in Europe keeps fueling the worries over the Eurozone economic recovery, which could be considered one of the key factors that kept the lid on any additional gains in the currency pair. However, the shared currency’s ability to stay bid will be tested on the day as a survey-based indicator(Eurozone PMIs) is set to show the true amount of damage to the economy caused by the resurgence of coronavirus. Thus, the big miss on expectations would suggest that worsening Coronavirus (COVID-19) is taking a toll on the Eurozone economy, leading to significant declines in the shared currency. Conversely, the Upbeat PMIs, especially Germany’s manufacturing sector, could push the single currency higher.
Across the pond, the gains in the currency pair were further capped by the latest statements of Christine Lagarde, President of the ECB, that the ECB will be taking action in December and caused the shared currency to come under pressure against its rivals. In the meantime, the Italian Prime Minister Giuseppe Conte said they are considering starting setting nightly curfews in the country, while the German Chancellor Angela Merkel said they are expected to limit contacts between people in private for all winter months. This, in turn, becomes the key factor that kept the lid on any further gains in the currency pair.
Looking ahead, the market traders will keep their eyes on U.S. Markit Manufacturing PMIs along with the German/ Eurozone flash PMIs, which are scheduled to release later in the day. All in all, the updates surrounding the Brexit, virus, and U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 122.27
S2 122.74
S3 122.94
Pivot Point 123.21
R1 123.41
R2 123.68
R3 124.16
Entry Price – Buy 123.281
Stop Loss – 122.881
Take Profit – 123.681
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
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During Monday’s Asian trading hours, the USD/JPY currency pair failed to stop its overnight bearish moves and caught further offers below the 0.9100 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the risk-on market mood, which tends to weaken the safe-haven U.S. dollar. Hence, optimism was supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus. In that way, the positive tone around the equity market also weakened the safe-haven Swiss franc and became the factor that cap further downside momentum for the USD/CHF currency pair. Currently, the USD/CHF currency pair is currently trading at 0.9099 and consolidating in the range between 0.9095 – 0.9117.
During Monday’s Asian trading hours, the USD/JPY currency pair failed to stop its overnight bearish moves and caught further offers below the 0.9100 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the risk-on market mood, which tends to weaken the safe-haven U.S. dollar. Hence, optimism was supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus. In that way, the positive tone around the equity market also weakened the safe-haven Swiss franc and became the factor that cap further downside momentum for the USD/CHF currency pair. Currently, the USD/CHF currency pair is currently trading at 0.9099 and consolidating in the range between 0.9095 – 0.9117.
During Monday’s Asian trading hours, the USD/JPY currency pair failed to stop its overnight bearish moves and caught further offers below the 0.9100 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the risk-on market mood, which tends to weaken the safe-haven U.S. dollar. Hence, optimism was supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus. In that way, the positive tone around the equity market also weakened the safe-haven Swiss franc and became the factor that cap further downside momentum for the USD/CHF currency pair. Currently, the USD/CHF currency pair is currently trading at 0.9099 and consolidating in the range between 0.9095 – 0.9117.
While discussing the positive side of the story, the renewed optimism over a possible vaccine for the highly infectious coronavirus disease boosted the market risk tone. However, the hopes of the vaccine were boosted after Gilead Sciences received US FDA approval for its antiviral therapy to treat the highly contagious coronavirus disease. Elsewhere, the reasons for the risk-on market trading sentiment could also be attributed to rising expectations of further U.S. stimulus package. These hopes were fueled by the positive remarks of President Donald Trump and House of Representatives Speaker Nancy Pelosi, which eventually raised hopes for the measures to be passed before the election.
Despite the worries over the coronavirus pandemic’s resurgence, the renewed optimism over a possible vaccine for the highly infectious coronavirus disease boosted the market risk tone. These hopes were boosted after reports suggesting that the vaccinations against coronavirus disease in America may start in 3-weeks, as the FDA will approve drugmaker Pfizer and German partner BioNTech’s experimental candidate in mid-December. Simultaneously, the U.K. is expected to give a green signal to Pfizer’s vaccine this week. This, in turn, boosted hopes for a global economic recovery in 2021. Thus, the risk-on market mood tends to undermine the safe-haven Swiss franc, which becomes the key factor that lends some support to the currency pair to ease the intraday bearish pressure surrounding the USD/CHF currency pair.
As a result of the upbeat market sentiment, the broad-based U.S. dollar failed to gain any bullish traction and edged lower on the day as doubts persist over the global economic recovery from COVID-19. Besides this, the risk-on market sentiment, backed by the optimism over a potential vaccine for the highly contagious coronavirus disease, also played its major role in undermining the safe-haven U.S. dollar. However, the losses in the U.S. dollar becomes the key factor that kept the currency pair lower. Meantime, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, was down at 92.707.
Across the ocean, the optimism around the equity market was rather unaffected by the intensifying market worries regarding the continuous surge in new coronavirus cases in Europe and the United States, which keep fueling the doubts over the global economic recovery through imposing new lockdown restrictions on economic and social activity. Apart from this, the long-lasting inability to pass the U.S. fiscal package and the jitters over the Sino-US also capped upside momentum for the trading sentiment.
Looking ahead, the market traders will keep their eyes on U.S. Markit Manufacturing PMIs, which are scheduled to release later in the day. All in all, the updates surrounding the Brexit, virus, and U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 0.9045
S2 0.9077
S3 0.9094
Pivot Point 0.9109
R1 0.9125
R2 0.9141
R3 0.9172
The USD/CHF is trading over 0.9093 level, testing the support level of 0.9093 for the fourth time now. Typically the descending triangle pattern breaks on the lower side, and that’s what we are expecting today. If this happens, we may see USD/CHF pair falling towards the 0.9033 area. Checkout a trade plan below…
Entry Price – Sell 0.90995
Stop Loss – 0.91395
Take Profit – 0.90595
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
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The EUR/USD is trading with a bearish bias at the 1.1844 level, having violated an upward trendline on the hourly chart. On the lower side, the support stays at 1.1832, and below this, the EUR/USD may find next support at 1.1814. On the higher side, the resistance can be found at the 1.1867 level. The bullish bias remains dominants today as the MACD and 50 periods EMA support a bullish trend. We are already holding a buying trade from yesterday; therefore, you are advised to follow our forex signals page for more updates on the EUR/USD pair.
The USD/CAD closed at 1.30858 after placing a high of 1.31174 and a low of 1.30341. The USD/CAD pair declined on Wednesday amid the broad-based US dollar weakness and the Canadian dollar’s strength on the day. The risk sentiment was improved on Wednesday after Pfizer and BioNtech said that their vaccine was 95% effective in their study. They were going to seek approval from the US for emergency authorization of vaccine in the coming days. This news raised optimism in the market that vaccines will be delivered soon and would help the global economy recover.
The USD/CAD closed at 1.30858 after placing a high of 1.31174 and a low of 1.30341. The USD/CAD pair declined on Wednesday amid the broad-based US dollar weakness and the Canadian dollar’s strength on the day. The risk sentiment was improved on Wednesday after Pfizer and BioNtech said that their vaccine was 95% effective in their study. They were going to seek approval from the US for emergency authorization of vaccine in the coming days. This news raised optimism in the market that vaccines will be delivered soon and would help the global economy recover.
The USD/CAD closed at 1.30858 after placing a high of 1.31174 and a low of 1.30341. The USD/CAD pair declined on Wednesday amid the broad-based US dollar weakness and the Canadian dollar’s strength on the day. The risk sentiment was improved on Wednesday after Pfizer and BioNtech said that their vaccine was 95% effective in their study. They were going to seek approval from the US for emergency authorization of vaccine in the coming days. This news raised optimism in the market that vaccines will be delivered soon and would help the global economy recover.
The rising risk-sentiment in the market helped risk perceived Canadian dollar gain traction against the US dollar that ultimately added pressure on the USD/CAD pair. Meanwhile, the US dollar was already weak across the board after the chances for a further stimulus package from Congress increased after House Speaker Nancy Pelosi and the Senate Minority Leader Chuck Schumer urged the Senate Majority Leader McConnell to start the talks for fiscal aid.
The US was reporting a rising rate of infection cases that were weighing on its local currency as the virus’s spread was costing record lives. According to Johns Hopkins University, the death toll in the US raised to 250,180, and the fears for economic shutdown to control the virus from being spread increased. The US officials also announced to close the New York schools again from Thursday to fight the pandemic.
The inefficiency of Trump’s administration during the pandemic crisis has cost the United States many American lives. The recent Trump’s refusal to give in his presidency to Joe Biden has also created chaos in the economy has weighed heavily on the US dollar. The US dollar weakness added further to the losses of the USD/CAD pair on Wednesday.
Furthermore, on the data front, at 02:00 GMT, the TC Long Term Purchases rose to 108.9B from the anticipated 41.5B and supported the US dollar. At 18:30 GMT, the Building Permits for October remained flat at 1.55M. The Housing Starts raised to 1.53M from the projected 1.45M and supported the US dollar that ultimately capped further losses in the USD/CAD pair.
From the Canadian side, the Consumer Price Index for October rose to 0.4% against the expected 0.2% and supported the Canadian dollar that weighed on the USD/CAD pair. The Common CPI for the year also surged to 1.6% against the anticipated 1.5% and supported the Canadian dollar that added losses in the USD/CAD pair. The Median and Trimmed CPI for the year came in line with the expectations of 1.9% and 1.8%, respectively.
The positive macroeconomic data and the rising WTI crude oil prices on Wednesday supported the commodity-linked Loonie. The crude oil prices raised above $43.4 per barrel despite the increasing number of crude oil inventories from the US and supported the Loonie that weighed on the USD/CAD pair.
Daily technical Levels
Support Resistance
1.3036 1.3122
1.2991 1.3163
1.2949 1.3208
Pivot Point: 1.3077
The USD/CAD pair is trading over the 1.3060 level, mostly supported by the Retail Sales. A bearish breakout of the 1.3040 level can drive the selling trend until the 1.2935 area. While on the other hand, the resistance stays at the 1.3173 level today. The MACD and RSI support the selling trend; thus, we may consider taking a selling trade only upon the breakout of the 1.3055 level and buying over the 1.3060 level. Good luck!
During Thursday’s Early European trading session, the EUR/JPY currency pair failed to stop its early-day declining streak. They took further offers around below 123.00 level mainly due to the intensifying coronavirus (COVID-19) cases in the U.S., Europe, and some of the notable Asian nations like Japan, which eventually exerted downside pressure on the market trading sentiment and contributed to the currency pair losses. As a result of worsening coronavirus (COVID-19) cases in Europe, the Eurozone started to face the risk of a renewed economic contraction, which tends to undermine the shared currency and contributes to the currency pair losses. Apart from this, the geopolitical tensions between China and some notable countries like the U.S. added a burden around the equity market.
During Thursday’s Early European trading session, the EUR/JPY currency pair failed to stop its early-day declining streak. They took further offers around below 123.00 level mainly due to the intensifying coronavirus (COVID-19) cases in the U.S., Europe, and some of the notable Asian nations like Japan, which eventually exerted downside pressure on the market trading sentiment and contributed to the currency pair losses. As a result of worsening coronavirus (COVID-19) cases in Europe, the Eurozone started to face the risk of a renewed economic contraction, which tends to undermine the shared currency and contributes to the currency pair losses. Apart from this, the geopolitical tensions between China and some notable countries like the U.S. added a burden around the equity market.
During Thursday’s Early European trading session, the EUR/JPY currency pair failed to stop its early-day declining streak. They took further offers around below 123.00 level mainly due to the intensifying coronavirus (COVID-19) cases in the U.S., Europe, and some of the notable Asian nations like Japan, which eventually exerted downside pressure on the market trading sentiment and contributed to the currency pair losses. As a result of worsening coronavirus (COVID-19) cases in Europe, the Eurozone started to face the risk of a renewed economic contraction, which tends to undermine the shared currency and contributes to the currency pair losses. Apart from this, the geopolitical tensions between China and some notable countries like the U.S. added a burden around the equity market.
The downbeat market sentiment tends to underpin the safe-haven Japanese yen and contribute to the currency pair losses. On the contrary, the optimism about promising vaccine trial results helps the market trading sentiment limit its deeper losses, which might support the currency pair. As of writing, the EUR/JPY currency pair is currently trading at 123.12 and consolidating in the range between 122.83 – 123.19.0.
The intensifying market worries regarding the continuous surge in new coronavirus cases in Europe and the United States keep fueling the doubts over the global economic recovery through imposing back to back lockdown restrictions on economic and social activity, which eventually weighed on the market trading sentiment. As per the latest Johns Hopkins University report, the global cases crossed 56 million figures, of which 11.5 million are in the U.S., along with nearly 250,000 deaths, almost one-fifth of total global deaths. Not only from the U.S. but Tokyo also alarmed investors. As in result, New York restricts personal presence at the schools while Japan alarmed alerts in the capital after the daily cases rise crosses 500 on November 16. It is worth mentioning that Japan’s COVID-19 claims raised past-2,000 for the first time since the virus outbreak began. At the same time, Germany reported 22,609 new coronavirus infections, the 3rd-highest daily hike on record. Two hundred fifty-one deaths were recorded, as the total fatalities reached 13,370 so far. This, in turn, exerted downside pressure on the market risk tone and contributed to currency pair gains.
Apart from this, the bearish market sentiment could also be associated with the long-lasting US-China tussle, which continuously picks the pace. As per the latest report, the U.S., U.K., and Australia recently released a joint statement showing their disappointment over the Dragon Nation’s performance in Hong Kong. The global policymakers urged the Asian major to respect international commitment while urging to stop threatening Hong Kong peoples.
On the other side, the Eurozone has been facing the risk of a renewed economic contraction, sparked by the second wave of the coronavirus accelerating in Europe. As in result, the consumer prices are already declining in a worrying sign for the European Central Bank, which is already running an ultra-accommodative policy and has chances to give a dovish surprise.
Looking forward, the traders will keep their eyes on U.S. Unemployment Claims along with Philly Fed Manufacturing Index. The release of Switzerland Trade Balance will be key to watch. Across the pond, the ongoing drama surrounding the US-China relations and updates about the U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 122.04
S2 122.63
S3 122.86
Pivot Point 123.23
R1 123.45
R2 123.82
R3 124.41
The EUR/JPY gained support over 122.981 and has formed a bullish candle followed by a Doji pattern. On the higher side, the pair has strong odds of retracing until the 123.500 level; however, a bearish breakout of the 122.950 level can extend the selling trend until 122.226. There can be a buying trade in EUR/JPY pair if it continues to trade over the 122.950 mark. Let’s wait for a buying trade over 122.950 level near 122.860 level. Good luck!
The USD/CHF failed to stop its overnight losing streak and remain depressed around just above the 0.9100 level mainly due to the worsening coronavirus (COVID-19) woes in the U.S., Europe, and some of the notable Asian nations like Japan, which eventually exerted downside pressure on the market trading sentiment and contributed to the currency pair losses.
The USD/CHF failed to stop its overnight losing streak and remain depressed around just above the 0.9100 level mainly due to the worsening coronavirus (COVID-19) woes in the U.S., Europe, and some of the notable Asian nations like Japan, which eventually exerted downside pressure on the market trading sentiment and contributed to the currency pair losses.
The USD/CHF failed to stop its overnight losing streak and remain depressed around just above the 0.9100 level mainly due to the worsening coronavirus (COVID-19) woes in the U.S., Europe, and some of the notable Asian nations like Japan, which eventually exerted downside pressure on the market trading sentiment and contributed to the currency pair losses.
Apart from this, the geopolitical tensions between China and some notable countries like the U.S. added a burden around the equity market. Thereby, the risk-off market sentiment underpins the safe-haven Swiss franc and contributes to the currency pair losses. Conversely, the broad-based U.S. dollar strength, backed by the market risk-off tone, has become the key factor that kept the lid on any additional losses in the currency pair.
In the meantime, the fresh optimism over Brexit talks and the positive news about vaccine progress help the market trading sentiment limit its deeper losses, which might provide some support to the currency pair. As of writing, the USD/CHF currency pair is currently trading at 0.9109 and consolidating in the range between 0.9104 – 0.9126.
Despite the renewed optimism over the possible vaccine for the highly infectious coronavirus disease, the market trading sentiment failed to extend its overnight positive performance. It started to flash red during the Asian session on the day, possibly due to the combination of factors. Be it the worrisome headlines concerning the US-China tussle or the resurgence of COVID-19 new cases in the U.S., Europe, and Japan; everything has been weighing on the market trading sentiment. This, in turn, provided a boost to the safe-haven Swiss Franc and exerted some additional pressure on the currency pair.
As per the latest Johns Hopkins University report, the global cases crossed 56 million figures, of which 11.5 million are in the U.S., along with nearly 250,000 deaths, nearly one-fifth of total global deaths. Not only from the U.S. but Tokyo also alarmed investors. As in result, New York restricts personal presence at the schools while Japan alarmed alerts in the capital after the daily cases rise crosses 500 on November 16. It is worth mentioning that Japan’s COVID-19 cases raised past-2,000 for the first time since the virus outbreak began. At the same time, Germany reported 22,609 new coronavirus infections, the 3rd-highest daily hike on record. Two hundred fifty-one deaths were recorded, as the total fatalities reached 13,370 so far.
Considering the current condition of virus spreading, Poland is also thinking about imposing a nationwide lockdown while major European economies, including France, Italy, Spain, and the U.K., are already under lockdowns. This, in turn, exerted downside pressure on the market risk tone and contributed to currency pair gains.
Elsewhere, the U.S., U.K., and Australia recently released a joint statement showing their disappointment over the Dragon Nation’s performance in Hong Kong. The global policymakers urged the Asian major to respect international commitment while urging to stop threatening Hong Kong peoples.
As in result, the broad-based U.S. dollar managed to keep its gains throughout the Asian session as the traders are still cheering the risk-off marker mood. However, the U.S. dollar bullish bias was rather unaffected by the worsening coronavirus (COVID-19) conditions in the U.S. or the US COVID-19 aid package delay. However, the U.S. dollar gains turned out to be one of the leading factors that help the currency pair limit its deeper losses. Simultaneously, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies rose to 92.448.
Looking forward, the traders will keep their eyes on U.S. Unemployment Claims along with Philly Fed Manufacturing Index. In the meantime. The release of Trade Balance will be key to watch. Across the pond, the ongoing drama surrounding the US-China relations and updates about the U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 0.9049
S2 0.908
S3 0.91
Pivot Point 0.9111
R1 0.9131
R2 0.9143
R3 0.9174
The USD/CHF has violated the descending triangle pattern, extending resistance at 0.9148 level. Previously, the USD/CHF was extending resistance at the 0.9120 level, and since this level has already been violated, we may have further upward movement until 0.9150 and 0.9199 level. The MACD is also supporting the buying trend; therefore, we can try to capture a quick buy trade over the 0.9110 level today. Good luck!
Entry Price – Buy 0.8973
Stop Loss – 0.9013
Take Profit – 0.8933
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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The AUD/USD pair is trading with bearish bias around 0.7284 level; that’s where we have entered sell trade in the Aussie. The U.S. dollar seems to gain strength amid supported fundamentals. From the U.S. side, at 02:00 GMT, the TC Long Term Purchases for October rose to 108.9B against the estimated 41.5B and supported the U.S. dollar. At 18:30 GMT, the Building Permits for October came in line with the estimation of 1.55M. The Housing Starts also rose to 1.53M from the forecasted1.45M and supported the U.S. dollar that ultimately capped further gains in AUD/USD pair on Wednesday.
The AUD/USD pair is trading with bearish bias around 0.7284 level; that’s where we have entered sell trade in the Aussie. The U.S. dollar seems to gain strength amid supported fundamentals. From the U.S. side, at 02:00 GMT, the TC Long Term Purchases for October rose to 108.9B against the estimated 41.5B and supported the U.S. dollar. At 18:30 GMT, the Building Permits for October came in line with the estimation of 1.55M. The Housing Starts also rose to 1.53M from the forecasted1.45M and supported the U.S. dollar that ultimately capped further gains in AUD/USD pair on Wednesday.
The AUD/USD pair is trading with bearish bias around 0.7284 level; that’s where we have entered sell trade in the Aussie. The U.S. dollar seems to gain strength amid supported fundamentals. From the U.S. side, at 02:00 GMT, the TC Long Term Purchases for October rose to 108.9B against the estimated 41.5B and supported the U.S. dollar. At 18:30 GMT, the Building Permits for October came in line with the estimation of 1.55M. The Housing Starts also rose to 1.53M from the forecasted1.45M and supported the U.S. dollar that ultimately capped further gains in AUD/USD pair on Wednesday.
The rising number of coronavirus cases and extended restrictions in California in the U.S. with New York closing its schools from Thursday weighed on the U.S. dollar. As well as, the death rate from the virus in the U.S. reached above 250,000 numbers and became the highest death rate that depressed the U.S. dollar and supported.
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Daily technical Levels
Support Resistance
0.7273 0.7334
0.7242 0.7364
0.7212 0.7395
Pivot point: 0.7303
The AUD/USD was consolidating near the 0.7291 mark, staying below an immediate resistance area of 0.7330. The AUD/USD is expected to remain supported above 0.7270, but until this level gets achieve, we may have an opportunity to short the Aussie. Checkout a trade signal below…
Entry Price – Buy 0.8973
Stop Loss – 0.9013
Take Profit – 0.8933
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/USD was closed at 0.72998 after placing a high of 0.73393 and a low of 0.72887. After placing gains for two consecutive days, the AUD/USD pair was declined on Tuesday amid the risk-off market sentiment. On Tuesday, the Assistant Governor of Reserve Bank of Australia, Dr. Kent, said that the Aussie’s recent rise was due to the optimistic news of the coronavirus vaccine rather than about the US Presidential election outcome. He said that any positive news about vaccine development would be a good thing for the global economy, including the Australian economy.
The AUD/USD was closed at 0.72998 after placing a high of 0.73393 and a low of 0.72887. After placing gains for two consecutive days, the AUD/USD pair was declined on Tuesday amid the risk-off market sentiment. On Tuesday, the Assistant Governor of Reserve Bank of Australia, Dr. Kent, said that the Aussie’s recent rise was due to the optimistic news of the coronavirus vaccine rather than about the US Presidential election outcome. He said that any positive news about vaccine development would be a good thing for the global economy, including the Australian economy.
The AUD/USD was closed at 0.72998 after placing a high of 0.73393 and a low of 0.72887. After placing gains for two consecutive days, the AUD/USD pair was declined on Tuesday amid the risk-off market sentiment. On Tuesday, the Assistant Governor of Reserve Bank of Australia, Dr. Kent, said that the Aussie’s recent rise was due to the optimistic news of the coronavirus vaccine rather than about the US Presidential election outcome. He said that any positive news about vaccine development would be a good thing for the global economy, including the Australian economy.
Over the chances of negative interest rates by the Reserve Bank of Australia, Kent said it was extraordinarily unlikely that the bank would go for it. These comments from Kent failed to provide any specific movement in AUD/USD pair. Meanwhile, the minutes from the Reserve Bank of Australia were released on Tuesday, showing that the central bank was ready to provide more policy stimulus if needed after cutting rates to record lows. The bank’s board felt taking interest rates negative was not sensible, and any further action would involve increasing bond purchases.
The minutes revealed that the bank has decided to cut its main cash rate by 15 basis points to just 0.1% and launch a new bond-buying program. The board was ready to do more in need, and the focus over the period ahead will be the government bond purchase program. Moreover, on the data front, from the US side, at 19:00 GMT, the Capacity Utilization Rate raised to 72.8% against the estimated 72.3%. It supported the US dollar added further losses in the AUD/USD pair. The Industrial Production came in line with the anticipations of 1.1% in October. At 20:00 GMT, the Business Inventories for September rose to 0.7% against the expected 0.5% and weighed on the US dollar. The NAHB Housing Market Index from the US surged to 90 from the expected 85 and supported the US dollar that weighed on AUD/USD pair.
Another aspect included in the AUD/USD pair’s downward momentum was the risk-off market sentiment due to the rising coronavirus cases across the globe. The second wave of coronavirus forced many governments to re-impose restrictions that raised economic recovery concerns and increased the appeal for safe-haven that weighed on the AUD/USD pair on Tuesday.
Daily technical Levels
Support Resistance
0.7278 0.7329
0.7257 0.7361
0.7226 0.7381
Pivot point: 0.7309
The AUD/USD pair’s technical side hasn’t changed much as it continues to trade around the 0.7291 level, holding below an immediate resistance area of 0.7330 level. The AUD/USD is likely to remain supported over the 0.7270 level, and it may find resistance around the 0.7330 mark. A bearish breakout of the 0.7272 level can extend the selling trend until the 0.7260 level today; let’s keep an eye on the 0.7290 level as below this selling trend can be seen and vice versa. Good luck!
The USD/CAD pair was closed at 1.31037 after placing a high of 1.31164 and a low of 1.30631. After placing losses for two consecutive days, the USD/CAD pair raised on Tuesday amid the declining crude oil prices and weak Canadian dollar. The Canadian dollar was weak on Tuesday as the crude oil prices declined after the coronavirus cases surged in the US to an alarming level and forced many states to re-impose lockdown restrictions. The restrictions meant less use and demand for energy and weighed on crude oil prices that were also considered commodity-linked Loonie. The weak Loonie then eventually pushed the USD/CAD pair higher on Tuesday.
The USD/CAD pair was closed at 1.31037 after placing a high of 1.31164 and a low of 1.30631. After placing losses for two consecutive days, the USD/CAD pair raised on Tuesday amid the declining crude oil prices and weak Canadian dollar. The Canadian dollar was weak on Tuesday as the crude oil prices declined after the coronavirus cases surged in the US to an alarming level and forced many states to re-impose lockdown restrictions. The restrictions meant less use and demand for energy and weighed on crude oil prices that were also considered commodity-linked Loonie. The weak Loonie then eventually pushed the USD/CAD pair higher on Tuesday.
The USD/CAD pair was closed at 1.31037 after placing a high of 1.31164 and a low of 1.30631. After placing losses for two consecutive days, the USD/CAD pair raised on Tuesday amid the declining crude oil prices and weak Canadian dollar. The Canadian dollar was weak on Tuesday as the crude oil prices declined after the coronavirus cases surged in the US to an alarming level and forced many states to re-impose lockdown restrictions. The restrictions meant less use and demand for energy and weighed on crude oil prices that were also considered commodity-linked Loonie. The weak Loonie then eventually pushed the USD/CAD pair higher on Tuesday.
The rising hopes of a coronavirus vaccine after the release of Moderna vaccine promising test results and market speculation about a likely OPEC+ agreement to extend output cuts beyond January 2021 failed to offset fears about the economic consequences of the escalating numbers of infections and deaths in Europe and the US. On the data front, the US dollar remains weak after the release of macroeconomic data on Tuesday. At 18:30 GMT, the Core Retail Sales from the US dropped to 0.2% against the expected 0.6% and weighed on the US dollar that capped further gains in the USD/CAD pair. The Retail Sales in October from the US also fell to 0.3% from the anticipated 0.5% and weighed on the US dollar. The Import Prices in the US for October also fell to -0.1% from the expected 0.2%and weighed on the US dollar.
At 19:00 GMT, the Capacity Utilization Rate from the US surged to 72.8% against the estimated 72.3% and supported the US dollar that provided support to the USD/CAD pair’s bullish moves. The Industrial Production remained flat at 1.1% in October. At 20:00 GMT, the Business Inventories for September raised to 0.7% against the expected 0.5% and weighed on the US dollar. The NAHB Housing Market Index from the US surged to 90 from the expected 85 and supported the US dollar that eventually supported the USD/CAD pair’s gains on Tuesday.
From the Canadian side, the Housing Starts for October were released at 18:13 GMT that dropped to 215K from the forecasted 220K and weighed on the Canadian dollar that eventually pushed the USD/CAD pair higher. At 18:30 GMT, the Foreign Securities Purchases were dropped to 4.46B against the projected 5.0B and weighed on the Canadian dollar that ultimately added strength to the USD/CAD pair. The Wholesale Sales from Canada raised to 0.9% against the forecasted 0.4% and supported the Canadian dollar.
Daily Technical Levels
Support Resistance
1.3070 1.3127
1.3037 1.3151
1.3014 1.3184
Pivot point: 1.3094
The USD/CAD pair is trading over the 1.3060 level, mostly supported by the CPI report. A bearish breakout of the 1.3060 level can drive the selling trend until the 1.2935 area. While on the other hand, the resistance stays at the 1.3173 level today. The MACD and RSI are in support of the selling trend; thus, we may consider taking a selling trade only upon the breakout of the 1.3055 level and buying over the 1.3060 level. Good luck!
EUR/GBP had a bearish day yesterday. The H1 chart shows that the pair made a bearish move to start its trading day and found its support at 0.89420. It produced a bullish inside bar and headed towards the North in search of its resistance. The level of 0.89560 worked as a level of resistance and produced a bearish candle with a tiny lower shadow. However, the candle closed with a long bearish body producing at the 61.8% Fibo level. Thus, the price may continue its bearish move towards support. If it makes a breakout at today’s low, then the sellers may go short and drive the price towards the downside. We have triggered a Sell Stop order at 0.89375.
Trade Summary:
Entry: 0.89375
Stop Loss: 0.89555
Take Profit: 0.89195
The risk for the trade per standard lot is $ 197.94, Mini lot $ 19.79 and Micro lot $1.97. The risk-reward is 1:1. Thus, the reward for per standard lot is $ 197.94, Mini lot $ 19.79 and Micro lot $1.97.
Description
Description
The GBPUSD pair in its 2-hour chart exposes the bearish reaction in the supply zone located between 1.32619 and 1.32882, corresponding to the bearish movement developed by the pound on the past week when the price found fresh sellers at 1.33135.
On the other hand, the cable’s downward movement during the past week, which penetrated below the previous swing low at 1.31280, falling to 1.31050, carries us to expect further declines for the following trading sessions.
The intraday bearish reaction observed in the cable suggests the potential decline, which has a potential profit target in the congestion zone located at 1.3153.
Finally, the bearish scenario’s invalidation level locates at 1.32985, which is placed above the supply zone.
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The USD/CAD pair was closed at 1.30730 after placing a high of 1.31379 and a low of 1.30652. The risk perceived Canadian Dollar received another vaccine driven boost on Monday morning after another drug maker, Moderna announced positive news about their vaccine.
The USD/CAD pair was closed at 1.30730 after placing a high of 1.31379 and a low of 1.30652. The risk perceived Canadian Dollar received another vaccine driven boost on Monday morning after another drug maker, Moderna announced positive news about their vaccine.
The USD/CAD pair was closed at 1.30730 after placing a high of 1.31379 and a low of 1.30652. The risk perceived Canadian Dollar received another vaccine driven boost on Monday morning after another drug maker, Moderna, announced positive news about their vaccine.
After Pfizer and BioNtech, Moderna became the second company to announce that its vaccine has been proved 94.5% effective in phase-3 clinical trials. The market mood improved after this news as hopes raised that their vaccine might be better than Pfizer’s vaccine as it was 5% more effective in results.
The efficacy rate of Moderna’s vaccine was 94.5% against Pfizer’s & BioNtech’s 90%. The second thing that makes Moderna’s vaccine better was that it can be stored at refrigerator temperature while Pfizer’s vaccine must be kept frozen, which presents a key distribution challenge.
After this news, the risk sentiment improved in the market and supported the Canadian Dollar that ultimately weighed on the USD/CAD pair and dragged the prices of the pair on the downside.
Furthermore, the US dollar was also on the back foot as the rising number of coronavirus cases in the US was weighing on the local currency. The US has reported more than 11 million cases of coronavirus so far that raised the need for the further stimulus package, and weighed on the US dollar that ultimately added in the losses of the USD/CAD pair on Monday.
Meanwhile, the WTI Crude Oil prices raised above the $42 level on Monday on the back of rising optimism related to the vaccine and supported the commodity-linked currency Loonie that ultimately added further pressure on the USD/CAD pair.
Moreover, on the data front, at 18:30 GMT, the Manufacturing Sales from Canada for September dropped to 1.5% against the expected 1.7% and weighed on the Canadian Dollar that capped further losses in the USD/CAD pair on Monday. On the US side, the Empire State Manufacturing Index for November dropped to 6.3 against the expected 13.8 and weighed on the US dollar that added further losses in the USD/CAD pair on Monday.
Daily Technical Levels
Support Resistance
1.3043 1.3123
1.3013 1.3173
1.2963 1.3203
Pivot point: 1.3093
The USD/CAD pair is trading with a neutral bias, holding below an immediate resistance level of 1.3100. On the 4 hour timeframe, the USD/CAD pair is facing resistance by the downward trendline, and below this, there are strong odds of selling bias until the 1.3028 level. Further selling bias can extend movement until the 1.2934 level as the MACD is also suggesting selling bias. Thus, we should consider selling below the 1.3100 level today. Good luck!
EUR/NZD has been in a bearish correction on the daily chart. However, the H4 chart shows that the price has been heading towards the South upon finding its resistance around 1.73200. The price consolidated within 1.71900-1.71390. The H4 chart has produced a bearish inside bar at 1.71900. Thus, if the price heads towards the South and makes a breakout at today’s lowest low, it may head towards the South by offering a short entry. The price may find its next support around 1.70500, where it had a bounce earlier. If the price makes an H4 breakout at the level of 1.70500, the pair may remain bearish in the coming days.
Trade Summary:
Entry: 1.71262
Stop Loss: 1.71882
Take Profit: 1.70582
The risk of the trade per standard lot is $ 899.06, $ 89.906 for a mini-lot, and $ 8.99 for each micro-lot. The risk-reward is 1:1.10. Thus, the reward per standard lot is $ $ 988.96, for Mini lot $ 98.89, and for Micro lot $ 9.88.
The EUR/USD currency pair managed to extend its previous 2-day gaining streak and remained bullish around near above mid-1.1800 level, mainly due to the broad-based U.S. dollar selling bias, triggered by the risk-on market sentiment, which keeps the currency pair higher. Hence the market trading sentiment was being supported by the coronavirus vaccine-led enthusiasm.
The EUR/USD currency pair managed to extend its previous 2-day gaining streak and remained bullish around near above mid-1.1800 level, mainly due to the broad-based U.S. dollar selling bias, triggered by the risk-on market sentiment, which keeps the currency pair higher. Hence the market trading sentiment was being supported by the coronavirus vaccine-led enthusiasm.
The EUR/USD currency pair managed to extend its previous 2-day gaining streak and remained bullish around near above mid-1.1800 level, mainly due to the broad-based U.S. dollar selling bias, triggered by the risk-on market sentiment, which keeps the currency pair higher. Hence the market trading sentiment was being supported by the coronavirus vaccine-led enthusiasm.
On the contrary, the buying interest around the currency pair was capped by the intensifying virus fugues in Europe, which raised doubts over the Eurozone economic recovery and became the key factor that has been capped further upside in the currency pair. At the moment, the EUR/USD currency pair is currently trading at 1.1849 and consolidating in the range between the 1.1834 – 1.1854.
The EUR/USD traded bullish at 1.1850 level, but recently it has formed a Doji pattern followed by bullish candles, suggesting that the buyers are exhausted, and sellers may enter the market soon. Therefore, we can expect the EUR/USD price to trade bearish until the 1.1838 level, the support level extended by an upward trendline on the hourly timeframe. Bullish crossover of 1.1856 level can also trigger buying until 1.1880.
Entry Price – Buy 1.18588
Stop Loss – 1.18188
Take Profit – 1.18988
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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During Monday’s early European Asian trading session, the AUD/USD currency pair succeeded to extend its previous session gains and caught some sharp bids around above 0.7300 level mainly due to the risk-on market sentiment, which tend to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by optimism over a potential vaccine for the highly infectious coronavirus disease. Apart from this, the market trading sentiment was further bolstered by China and Japan’s positive data, which suggests gradual recoveries in global economics. This, in turn, provided an additional boost to the currency pair.
During Monday’s early European Asian trading session, the AUD/USD currency pair succeeded to extend its previous session gains and caught some sharp bids around above 0.7300 level mainly due to the risk-on market sentiment, which tend to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by optimism over a potential vaccine for the highly infectious coronavirus disease. Apart from this, the market trading sentiment was further bolstered by China and Japan’s positive data, which suggests gradual recoveries in global economics. This, in turn, provided an additional boost to the currency pair.
During Monday’s early European Asian trading session, the AUD/USD currency pair succeeded to extend its previous session gains and caught some sharp bids around above 0.7300 level mainly due to the risk-on market sentiment, which tend to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by optimism over a potential vaccine for the highly infectious coronavirus disease. Apart from this, the market trading sentiment was further bolstered by China and Japan’s positive data, which suggests gradual recoveries in global economics. This, in turn, provided an additional boost to the currency pair.
Across the pond, the bullish sentiment around the currency pair was further improved after Governor Lowe dimmed negative rates expectations. In addition to this, the broad-based U.S. dollar bearish bias, triggered by the upbeat market sentiment, has also played its major role in supporting the currency pair. Moreover, the losses in the U.S. dollar were further bolstered by the intensifying doubts over the U.S. economic recovery amid rising coronavirus cases in the U.S. Conversely, the long-lasting coronavirus woes in the U.S. and Europe keep challenging the market risk-on sentiment, which becomes the key factor that kept the lid on any additional gains in the currency pair. The AUD/USD currency pair is currently trading at 0.7293 and consolidating in the range between 0.7265 – 0.7310.
Despite the lingering doubts over the global economic recovery from intensifying coronavirus (COVID-19) woes in the U.S. and Europe, the market trading sentiment has remained supportive by the optimism over a potential vaccine for the highly contagious coronavirus disease. Although, the hopes of potential vaccine were further boosted after the vaccine producers showed readiness to release data on their vaccine candidates shortly. Meanwhile, China and Japan’s positive data, which suggests gradual recoveries in global economics, also boosted the market trading tone. On the data front, the Industrial production in China’s economy surged 6.9% year-on-year for the 2nd-straight month in October, surpassing the expected gain of 6.5%. Moreover, the Fixed Asset Investment grew 1.8% year-on-year in October against 1.6% expected and 0.8% previous. At home, Japan’s Q3 Gross Domestic Product preliminary result came in at 5.0% QoQ vs. against 4.4%.
As in result, the S&P 500 futures managed to extend its previous session positive momentum and remained bullish throughout the European session, which tends to undermine the demand for the safe-haven U.S. dollar and extended support to the currency pair. At the USD front, the broad-based U.S. dollar failed to erase its previous session losses and remained under pressure on the day, mainly due to the marker risk-on tone. Apart from this, coronavirus’s resurgence keeps fueling the fears that the U.S. economic recovery could be halt, which also keeps the greenback under pressure. However, the U.S. dollar losses could be considered the major factor that kept the currency pair higher. Meantime, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped by 0.14% to 92.588 by 10:05 PM ET (2:05 AM GMT).
In addition to this, the sentiment around the currency pair was improved further after the RBA Governor Lowe said that negative rates are still unlikely in Australia, which instantly lend support to the Australian dollar and contributes to the currency pair gains. H further added that “Would only apply negative rates if all the world’s major banks had negative rates.”
On the contrary, the intensifying coronavirus woes in the U.S. and Europe and intensifying lockdowns restrictions in Europe keep challenging the upbeat market sentiment, which becomes the key factor that kept the lid on any additional gains in the currency pair. As per the latest report, there were over 54 million cases across the globe and over 1.3 million deaths as of Nov. 16. At the same time, there are approximately 11 million cases in the U.S. separately.
Moving ahead, the market traders will keep their eyes on the economic calendar, which highlights the RBA Gov Lowe Speaks and Monetary Policy Meeting Minutes. In the meantime, the updates surrounding the Brexit trade talks and the U.S. stimulus package could not lose their importance on the day.
Daily Support and Resistance
S1 0.7166
S2 0.7211
S3 0.7241
Pivot Point 0.7257
R1 0.7287
R2 0.7303
R3 0.7349
The technical side of the AUD/USD pair continues to remain the same on the back of lack of economic events; however, it continues to trade bullish, in between 0.7300 -0.7286 level. On the higher side, the AUD/USD is likely to remain supported over the 0.7286 level. On the higher side, the resistance continues to hold around the 0.7298 mark. A bearish breakout of 0.7286 level can extend the selling trend until 0.7276 and 0.7260 level today; let’s keep an eye on the 0.7286 level. Good luck!
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.
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.
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.
Chart 1 – AUDJPY 4H Chart.
We see that the primary trend is still bullish. The 1H chart also shows the recent leg of upward movements with higher highs and lows (which define a bullish trend). We also observe that following the last bullish candlestick, there are several consolidation candles that retrace, but the closes are not trespassing the 50-hour SMA. Now, we see the strength is coming again, and the Voss Predictor indicator also shows a trend shift that could forecast a visit to the highs made in the recent past.
Chart 2 – AUDJPY 1H Chart.
Although we suspect that a new upward phase is just beginning, the setup also considers a confirmation in the form of a breakout of the recent range; thus, the entry signal is a buy-stop order at 76.324, with a 31 pip stop-loss that would trigger if the price goes below the low of the last 1H bullish candle (76.014). The take-profit level is set at 76.774, which is in the region of the last highs. The reward/risk ratio is a decent 1.45.
Entry: Buy-Stop: 76.324
Stop-Loss: 76.014
Take-Profit: 76.774
This trade’s risk is 31 pips, which is 296 USD per traded lot, 29.6 USD per mini-lot, and 2.96 USD per lot. A trader willing to risk 1 percent on each trade should trade about 3 micro-lots every $1,000 on his trading account.
Description
Description
The EURAUD cross in its hourly chart exposes the corrective movement after the intraday descending wedge pattern breakout occurred during the past week. In this context, the upward move looks like a bullish impulsive move, which retraced until the demand zone is located between 1.62435 and 1.62232.
According to the classic technical analysis, a descending wedge’s bullish breakout tends to imply a bullish reversal move.
In this context, the bullish scenario foresees the bullish continuation, at least at the top of the previous impulsive move located at 1.63364. Nevertheless, the price could extend its gains to the next supply zone, situated between 1.63533 until 1.63853.
The invalidation level of the bearish scenario locates at 1.62014. In this regard, if the price extends its drops below 1.62014, it could be indicative of further declines, which could visit the level 1.60.
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A Forex robot is an automated software that executes trades on the trader’s behalf, running as an Expert Advisor (EA) on their trading platform. Do you really need these services? Is there any real advantage to using them? Read this before making a decision. Most of this software is built around the most popular trading […]
A Forex robot is an automated software that executes trades on the trader’s behalf, running as an Expert Advisor (EA) on their trading platform. Do you really need these services? Is there any real advantage to using them? Read this before making a decision. Most of this software is built around the most popular trading […]
A Forex robot is an automated software that executes trades on the trader’s behalf, running as an Expert Advisor (EA) on their trading platform. Do you really need these services? Is there any real advantage to using them? Read this before making a decision.
Most of this software is built around the most popular trading platform, MetaTrader 4. The software usually allows traders to tweak certain settings to their liking in order to change things like stop-loss limits, the times when the bot can trade, etc. Some traders see automated trading software as a great tool because it reduces the need to constantly monitor trades, or it can help beginners to turn a profit without much knowledge about the Forex markets. On the other hand, some traders would tell you to avoid automated trading software because of the associated risks. Below, we will highlight some of the pros and cons of using this software so that our readers can decide for themselves.
Forex robots can trade 24/7 with a strong internet connection and are much better at multi-tasking than humans. Emotion doesn’t get in their way and they can perform much more complex trading strategies with less missed opportunities, but they aren’t without their faults. Many of these options are scams, so thorough research is a must before purchasing. Robots also don’t have the capabilities to learn or take things like economic events into consideration the way humans do. If the market doesn’t have positive trends and signals, then the robot’s efficiency will likely decrease. Still, with monitoring and risk-management, automated trading software can prove to be a convenient and profitable option for most Forex traders.
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 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 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.
Currently, the current 1H bar is making an engulfing pattern and managing to break the recent lows, which acted as supports for the action.
If that happens, the pair may experience a corrective run to the mid of the channel. This setup has a 2.28 reward-to-risk ratio, therefore, suitable for a controlled trade on the short side, using a sell-stop order that triggers below the recent lows.
Entry: Sell-Stop at 1.6295
Stop-Loss: 1.6345
Take-Profit:1.6185
This trade setup has a risk of 52 pips and a 118 pip reward. Then, the dollar risk is 377 USD on one lot, 37.7 USD on a mini-lot, and 3.77 USD on a micro-lot. The reward is 855 USD on a lot, 85.5 USD on a mini-lot, and 8.55 USD on a micro-lot.
Entry Price – Buy 0.8973
Stop Loss – 0.9013
Take Profit – 0.8933
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
During Friday’s Early Asian trading session, the USD/CAD currency pair extended its overnight losses and remain bearish around the 1.3135 level, mainly due to the broad-based U.S. dollar weakness. Hence, the broad-based U.S. dollar was being pressured by the doubts persist over the global economic recovery from COVID-19. This, in turn, undermined the greenback and contributed to the currency pair losses. Moreover, the political uncertainty in the U.S. also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.
During Friday’s Early Asian trading session, the USD/CAD currency pair extended its overnight losses and remain bearish around the 1.3135 level, mainly due to the broad-based U.S. dollar weakness. Hence, the broad-based U.S. dollar was being pressured by the doubts persist over the global economic recovery from COVID-19. This, in turn, undermined the greenback and contributed to the currency pair losses. Moreover, the political uncertainty in the U.S. also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.
During Friday’s Early Asian trading session, the USD/CAD currency pair extended its overnight losses and remain bearish around the 1.3135 level, mainly due to the broad-based U.S. dollar weakness. Hence, the broad-based U.S. dollar was being pressured by the doubts persist over the global economic recovery from COVID-19. This, in turn, undermined the greenback and contributed to the currency pair losses. Moreover, the political uncertainty in the U.S. also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.
On the contrary, the decline in the crude oil prices tends to undermine the commodity-linked currency the Loonie, which turned out to be one of the leading factors that kept the lid on any additional losses in the currency pair contributes to the currency pair’s losses. However, the crude oil prices were being pressured by the worsening coronavirus (COVID-19) conditions in Europe and the U.K. Apart from this, the crude oil prices’ losses were further bolstered after the EIA’s downbeat inventory numbers, which showed a sharp build-up in U.S. crude oil stocks. As of writing, the USD/CAD currency pair is currently trading at 1.3139 and consolidating in the range between 1.3133 – 1.3147.
Despite the optimism over the potential vaccine for the highly infectious coronavirus disease, the market trading sentiment failed to stop its previous negative performance and remain depressed during the early Asian session on the day, possibly due to the combination of factors. Be it the worrisome headlines concerning Brexit or the tension between the US-China, not to forget the coronavirus issues in the U.S. and Europe, everything has been weighing on the market trading sentiment; as per the latest report, the U.S. sanctions 4- Chinese diplomats over the Hong Kong crackdown. Apart from this, the Trump administration shows a willingness to limit investments in Chinese companies, fueling the already intensified tussle.
At the coronavirus front, the U.S. coronavirus cases touched a new daily record high, with 140,543 reported. Almost 10.4 million peoples in the U.S. have been infected by the Covid-19 so far. While nearly 242,000 have died so far, according to the Johns Hopkins University report. As in result, New York has announced a 10 p.m. curfew on bars, gyms, and restaurants to curb the spread. Afterward, Chicago also followed the footsteps of New York and restricted activities.
In addition to the U.S., Europe also imposed lockdown again last week, threatening the oil outlook and undermining oil prices. It is worth recalling that Sweden declared a partial lockdown shutting down bars and restaurants for the 1st-time since the virus started. Thus, the back to back lockdowns restrictions keep harming the crude oil demand.
Despite the risk-off market mood, the broad-based U.S. dollar remained depressed. The investors continue to sell U.S. dollars on the back of optimism over the potential vaccine for the highly infectious coronavirus disease. Moreover, the losses in the U.S. dollar could also be associated with political uncertainty in the U.S. However, the U.S. dollar losses could be considered the major factor that kept the currency pair under pressure. Meanwhile, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped to 92.957.
The crude oil prices dropped further after the U.S. Energy Information Administration reported that crude oil inventories across the country climbed sharply by 4.3 million barrels last week, against expectations for a draw of 913,000 barrels. Moreover, the decline in crude oil prices was further bolstered after Libya’s oil production increased, which eventually raised fears of oversupply and undermined the crude oil prices. Hence, the declines in oil prices undermined demand for the commodity-linked currency the Loonie and became the key factor that helped the currency pair limit its deeper losses.
In the absence of the major data/events on the day, the market traders will keep their eyes on the ongoing drama surrounding the U.S. elections result and updates about the U.S. stimulus package. In the meantime, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for a fresh direction.
Daily Support and Resistance
S1 1.2933
S2 1.3025
S3 1.3084
Pivot Point 1.3117
R1 1.3176
R2 1.3209
R3 1.3302
Entry Price – Buy 1.31412
Stop Loss – 1.31812
Take Profit – 1.31012
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
Today in the Asian trading session, the AUD/USD currency pair erased some of its earlier gains but still trading on the bullish track and taking rounds just closer to the 0.7250 level, mainly due to the broad-based U.S. dollar weakness. Hence, the broad-based U.S. dollar was being pressured by the doubts persist over the global economic recovery from COVID-19. This, in turn, undermined the greenback and contributed to the currency pair gains.
Today in the Asian trading session, the AUD/USD currency pair erased some of its earlier gains but still trading on the bullish track and taking rounds just closer to the 0.7250 level, mainly due to the broad-based U.S. dollar weakness. Hence, the broad-based U.S. dollar was being pressured by the doubts persist over the global economic recovery from COVID-19. This, in turn, undermined the greenback and contributed to the currency pair gains.
Today in the Asian trading session, the AUD/USD currency pair erased some of its earlier gains but still trading on the bullish track and taking rounds just closer to the 0.7250 level, mainly due to the broad-based U.S. dollar weakness. Hence, the broad-based U.S. dollar was being pressured by the doubts persist over the global economic recovery from COVID-19. This, in turn, undermined the greenback and contributed to the currency pair gains.
On the other hand, the optimism over the coronavirus (COVID-19) vaccine/treatment also lends some minor support to the currency pair by underpinning the perceived risk currency Australian dollar. On the contrary, the intensified clashes between the US-China over the Hong Kong crackdown could be regarded as one of the important factors that might cap further upside momentum for the AUD/USD pair. The AUD/USD pair is currently trading at 0.7237 and consolidating in the range between 0.7228 – 0.7242.
The intensifying market worries regarding the continuous surge in new coronavirus cases in Europe and the United States keep fueling the doubts over the global economic recovery through imposing new lockdown restrictions on economic and social activity, which eventually weighed on the market trading sentiment. As per the recent report, the U.S. coronavirus cases reached a new daily record high, with 140,543 reported. Almost 10.4 million peoples in the U.S. have been infected by the Covid-19 so far. While almost 242,000 have died from this, according to the Johns Hopkins University report. As in result, New York has announced a 10 p.m. curfew on bars, gyms, and restaurants to curb the spread. Afterward, Chicago also followed the footsteps of New York and restricted activities.
In addition to the U.S., Europe also imposed lockdown again last week, threatening the oil outlook and undermining oil prices. It is worth recalling that Sweden declared a partial lockdown shutting down bars and restaurants for the 1st-time since the virus started. Thus, the back to back lockdowns restrictions keep harming the crude oil demand.
Besides the virus woes, the reason for the downbeat market sentiment could also be associated with the long-lasting US-China tussle, which fueled further after the U.S. warned China over the Hong Kong crackdown during the previous day. Apart from this, the Trump administration shows a willingness to limit investments in Chinese companies, fueling the already intensified tussle.
Despite the risk-off market sentiment, the broad-based U.S. dollar failed to extend its previous day gains. It slipped lower mainly due to the heavy optimism over the potential vaccine for the highly infectious coronavirus disease. Apart from this, coronavirus’s resurgence keeps fueling the fears that the U.S. economic recovery could be halt, which also keeps the USD under pressure. However, the U.S. dollar losses could be considered the major factor that pushes the currency pair higher. Meanwhile, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped to 92.957.
In the absence of the major data/events on the day, the market traders will keep their eyes on the continuous drama surrounding the U.S. stimulus package. In the meantime, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for a fresh direction.
Daily Support and Resistance
S1 0.7128
S2 0.7186
S3 0.7208
Pivot Point 0.7245
R1 0.7267
R2 0.7304
R3 0.7363
The AUDUSD traded with a bullish bias, but it recently has violated the upward channel at the 0.7245 level. The Aussie has now entered the new region, and it has formed a downward channel on the smaller timeframe now, which is likely to extend resistance at 0.7245 level along with support at 0.7200. A bearish breakout of 0.7200 level can open further room for buying until 0.7122 level. The MACD is also in support of selling; therefore, we should look for selling trades below the 0.7245 level today. Goold luck!
The GBP/JPY pair slipped to drop until 137.500 support level and has closed a Doji candle which is suggesting odds of bullish reversal in the market. On the 4 hour timeframe, the GBP/JPY pair has closed a Doji pattern which is suggesting that the sellers are exhausted and bulls may enter the market. On the higher side, the GBP/JPY pair can find resistance at the 138.687 level. Thus, we have decided to capture this move, and opened a signal with a stop loss at 137.46 and take profit of 138.36. Let’s keep an eye on the pair.
The GBP/JPY pair slipped to drop until 137.500 support level and has closed a Doji candle which is suggesting odds of bullish reversal in the market. On the 4 hour timeframe, the GBP/JPY pair has closed a Doji pattern which is suggesting that the sellers are exhausted and bulls may enter the market. On the higher side, the GBP/JPY pair can find resistance at the 138.687 level. Thus, we have decided to capture this move, and opened a signal with a stop loss at 137.46 and take profit of 138.36. Let’s keep an eye on the pair.
The GBP/JPY pair slipped to drop until 137.500 support level and has closed a Doji candle which is suggesting odds of bullish reversal in the market. On the 4 hour timeframe, the GBP/JPY pair has closed a Doji pattern which is suggesting that the sellers are exhausted and bulls may enter the market. On the higher side, the GBP/JPY pair can find resistance at the 138.687 level. Thus, we have decided to capture this move, and opened a signal with a stop loss at 137.46 and take profit of 138.36. Let’s keep an eye on the pair.
Entry Price – Buy 137.86
Stop Loss – 137.46
Take Profit – 138.36
Risk to Reward – 1:1.25
Profit & Loss Per Standard Lot = -$400/ +$500
Profit & Loss Per Micro Lot = -$40/ +$50
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
During Thursday early Asian trading session, the AUD/USD currency pair successfully extended its overnight winning streak. It drew some further bids around below 0.7300 level, mainly due to the risk-on market sentiment, which underpins the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by optimism over a potential vaccine for the highly infectious coronavirus disease.
During Thursday early Asian trading session, the AUD/USD currency pair successfully extended its overnight winning streak. It drew some further bids around below 0.7300 level, mainly due to the risk-on market sentiment, which underpins the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by optimism over a potential vaccine for the highly infectious coronavirus disease.
During Thursday early Asian trading session, the AUD/USD currency pair successfully extended its overnight winning streak. It drew some further bids around below 0.7300 level, mainly due to the risk-on market sentiment, which underpins the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by optimism over a potential vaccine for the highly infectious coronavirus disease.
Besides this, the upticks in the equity markets were further bolstered by the updates suggesting continuous progress of Brexit talks between the U.K. and the European Union (E.U.), which extended further support to the currency pair. Across the pond, the broad-based U.S. dollar bearish bias, triggered by the marker risk-on mood, has played its significant role in supporting the currency pair. Furthermore, the greenback declines were further bolstered by the intensifying doubts over the U.S. economic recovery in the wake of the intensified U.S. cases.
Conversely, the long-lasting coronavirus woes throughout the world and delays in the U.S. covid stimulus package keep challenging the upbeat market sentiment, which becomes the key determinant that deposited the lid on any additional gains in the currency pair. In the meantime, the gains in the currency pair were further capped by the Weaker Aussie data, which showed that the Consumer confidence in Australia declined more than expected in November. The AUD/USD is trading at 0.7284 and consolidating in the range between 0.7275 – 0.7294.
The market trading bias has been sluggish since the day started. Hence, mixed trading could be attributed to the mixed signals concerning the coronavirus (COVID-19) and the global monetary policy moves, not to forget about the U.S. election results. Talking about positive factors, the leading vaccine producers like Pfizer and Moderna keep struggling to find the deadly virus’s best cure. In the meantime, the U.S. infectious disease expert Dr. Anthony Fauci recently boosted coronavirus (COVID-19) vaccine optimism during the latest comments. He noted that the data from a large trial of its experimental COVID-19 vaccine anywhere between “a couple of days” to “a little more than a week.”
Daily Support and Resistance
S1 0.7176
S2 0.723
S3 0.7255
Pivot Point 0.7285
R1 0.7309
R2 0.7339
R3 0.7394
The AUDUSD is trading with a bullish bias at a 0.7303 area, having crossed over an immediate resistance level of 0.7287. At the moment, this level is working as a support for the AUD/USD pair. On the higher side, resistance stays at 0.7341 and 0.7411 level today. Bullish bias seems strong over 0.7287 today. Good luck!
Today in the early Asian trading session, the USD/CAD currency pair successfully extended its previous day recovery streak and remained bullish around above the mid-1.3000 level. However, the bullish sentiment around the currency pair could be attributed to the modest downticks in the crude oil prices, which ultimately undermined the demand for the commodity-linked currency the loonie, and contributed to the currency pair gains. On the contrary, the broad-based U.S. dollar weakness, triggered by the multiple factors, has become one of the major factors that kept the lid on any further gains in the currency pair. Currently, the USD/CAD currency pair is currently trading at 1.3067 and consolidating in the range between 1.3054 – 1.3073.
Today in the early Asian trading session, the USD/CAD currency pair successfully extended its previous day recovery streak and remained bullish around above the mid-1.3000 level. However, the bullish sentiment around the currency pair could be attributed to the modest downticks in the crude oil prices, which ultimately undermined the demand for the commodity-linked currency the loonie, and contributed to the currency pair gains. On the contrary, the broad-based U.S. dollar weakness, triggered by the multiple factors, has become one of the major factors that kept the lid on any further gains in the currency pair. Currently, the USD/CAD currency pair is currently trading at 1.3067 and consolidating in the range between 1.3054 – 1.3073.
Today in the early Asian trading session, the USD/CAD currency pair successfully extended its previous day recovery streak and remained bullish around above the mid-1.3000 level. However, the bullish sentiment around the currency pair could be attributed to the modest downticks in the crude oil prices, which ultimately undermined the demand for the commodity-linked currency the loonie, and contributed to the currency pair gains. On the contrary, the broad-based U.S. dollar weakness, triggered by the multiple factors, has become one of the major factors that kept the lid on any further gains in the currency pair. Currently, the USD/CAD currency pair is currently trading at 1.3067 and consolidating in the range between 1.3054 – 1.3073.
Despite the renewed optimism about a potential treatment/vaccine for the highly infectious virus, the market trading sentiment has ben flashing mixed signals as the coronavirus woes overshadowed vaccine hopes. However, the increasing market worries over the potential economic fallout from the constant rise in new COVID-19 cases keep weighing on the market trading sentiment. As per the latest report, the country keeps reporting record cases daily, more than 100K per day. Essentially all American states are getting a worse status report of the COVID-19, strengthened by record hospitalizations and daily cases rising past-100,000 in the last few days. As in result, New York has declared a 10 p.m. curfew on bars, gyms, and restaurants to curb the spread. It is also worth mentioning that the COVID-19 hospitalizations in the U.S. exceeded 60,000.
On the bullish side of the story, the prevalent optimism over the potential vaccine for the highly infectious coronavirus disease helps the market trading sentiment limit its deeper losses. The leading vaccine producers like Pfizer and Moderna still show progress over the vaccine for the deadly virus. This was witnessed after the U.S. infectious disease expert Dr. Anthony Fauci said that Moderna could begin analyzing vaccine data within days. However, the market trading mood mostly ignored the U.S. official’s another push to keep vaccine optimism high amid surging virus cases and hospitalizations in the U.S.
Despite the risk-off market sentiment, the broad-based U.S. dollar failed to extend its overnight gains. It edged lower on the day, mainly due to the heavy optimism over the potential vaccine for the highly infectious coronavirus disease. Apart from this, coronavirus’s resurgence keeps fueling the fears that the U.S. economic recovery could be halt, which also keeps the greenback under pressure. However, the U.S. dollar losses could be considered the major factor that pushes the currency pair down. Meanwhile, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped to 92.922.
At the crude oil front, the WTI crude oil prices failed to extend its overnight winning streak and remained under some selling pressure on the day. However, the fresh declines in crude oil could be attributed to reports suggesting the next wave of lockdowns throughout the world, which is threatening the crude oil demand once again. Apart from this, the reason for the modest losses in crude oil prices could also be associated with the latest reports suggesting that OPEC’s oil output in October rose by 320,000 BPD in the wake of recovery in Libya’s production. Thus, the pullback in oil prices undermined demand for the commodity-linked currency – the loonie and remained supportive of the USD/CAD pair’s ongoing recovery momentum.
Moving ahead, the market traders will keep their eyes on the U.S. economic calendar, which highlights the latest data concerning U.S. inflation and jobless claims. In the meantime, the Brexit trade talks’ updates could not lose their importance on the day.
Daily Support and Resistance
S1 1.2951
S2 1.3003
S3 1.3032
Pivot Point 1.3055
R1 1.3084
R2 1.3107
R3 1.3158
The USD/CAD is trading with bullish sentiment at 1.3094, facing immediate resistance at 1.3100. Crossing above this level may drive further upward movement until 1.3177 level. On the downside, the USD/CAD may find support at 1.3025, and below this, the next support level stays at 1.2975 level. The MACD is in support of buying; thus, we may look for a buying trade over the 1.3105 level today. Good luck!
Entry Price – Buy 124.623
Stop Loss – 124.223
Take Profit – 125.023
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
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.
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.
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.
As we already mentioned, the market trading sentiment represented negative performance on the day as the sluggish appearance of Asia-Pacific stocks and declines of the U.S. 10-year Treasury yields tend to highlight the risk-off mood. However, the reason behind the risk-off market bias could be attributed to a combination of factors. Be it the worrisome headlines concerning the Sino-US tussle or the resurgence of the coronavirus. The market trading sentiment has been flashing red since the day started, which ultimately keeps the safe-haven assets supportive on the day.
At the US-China front, the tensions between the United States and China still do not show any sign of slowing down as the U.S. imposed fresh sanctions on 4-Chinese diplomats over the Hong Kong Security Bill crackdown initially overshadowed the optimism over a potential vaccine and weighed on the market sentiment. Elsewhere, the declines in the equity market were further bolstered after U.S. President Donald Trump’s push to block election results to confuse optimists.
Despite the risk-off mood, the broad-based U.S. dollar remained depressed. The investors continue to sell U.S. dollars on the back of optimism over a potential vaccine for the highly contagious coronavirus disease. Moreover, the losses in the U.S. dollar could also be associated with political uncertainty in the U.S. Thus, the losses in the U.S. dollar kept the currency pair lower. Meantime, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, was down at 92.707.
At the crude oil front, WTI crude oil prices remained well bid around above $41 on the day, backed by the COVID vaccine hopes and the victory of Joe Biden, which boosted the market trading sentiment and demand sentiment the crude oil. Apart from this, China has played a significant role in underpinning global oil demand recovery. They showed that the inventories had declined considerably in recent weeks, indicating the domestic economic recovery. Moreover, the crude oil prices upticks were further boosted after the American Petroleum Institute (API) reported the major draw in crude oil inventories of 5.147 million barrels for the week ending November 6. Thus, the crude oil prices’ upticks underpinned the commodity-linked currency the Loonie and exerted some downside pressure on the currency pair.
Daily Support and Resistance
S1 1.289
S2 1.2957
S3 1.2995
Pivot Point 1.3023
R1 1.3061
R2 1.3089
R3 1.3156
The USD/CAD pair is consolidating around the 1.3020 area, testing the resistance level of the 1.3033 mark. On the higher side, the bullish breakout of the 1.3033 level can stretch the buying trend until the next resistance level of 1.3098. While on the lower side, the immediate support stays at 1.3000, and below this, the next support is likely to be found around 1.2935 level. Overall, the USD/CAD isn’t moving a lot as traders are enjoying bank holidays in Canada and the U.S. amid Remembrance and Veterans Day. We may have a thin trading volume and volatility in the market today. Good luck!
The AUD/USD failed to extend its overnight bullish bias and remains on the backfoot after returning from the 8-week high the previous day. The reason for the downbeat market performance could be associated with the latest reports suggesting that Europe’s imposed trade tariff on U.S. goods worth $4 billion. Furthermore, the mixed data from China and Australia exerted an additional burden around the market trading sentiment, which in turn, tempered investors’ appetite for the perceived riskier Australian dollar and contributed to the currency pair declines.
The AUD/USD failed to extend its overnight bullish bias and remains on the backfoot after returning from the 8-week high the previous day. The reason for the downbeat market performance could be associated with the latest reports suggesting that Europe’s imposed trade tariff on U.S. goods worth $4 billion. Furthermore, the mixed data from China and Australia exerted an additional burden around the market trading sentiment, which in turn, tempered investors’ appetite for the perceived riskier Australian dollar and contributed to the currency pair declines.
The AUD/USD failed to extend its overnight bullish bias and remains on the backfoot after returning from the 8-week high the previous day. The reason for the downbeat market performance could be associated with the latest reports suggesting that Europe’s imposed trade tariff on U.S. goods worth $4 billion. Furthermore, the mixed data from China and Australia exerted an additional burden around the market trading sentiment, which in turn, tempered investors’ appetite for the perceived riskier Australian dollar and contributed to the currency pair declines.
Elsewhere, the currency pair’s losses were further bolstered by the on-going fears of rising COVID-19 cases in the U.S. and Europe, which continually fueling worries over the economic recovery and contributes to the currency pair loss. It is worth recalling that Europe still imposing back to back lockdowns restrictions amid surging coronavirus cases. Apart from this, the U.S. registered its 4th consecutive day of over 100,000 new infections and surges from California to the Midwest and the Mexican border.
On the contrary, the prevalent optimism over a potential vaccine for the highly infectious coronavirus disease has become the key factor that helps the market trading sentiment limit its deeper losses.
It is worth recalling that Pfizer experimental vaccine – co-developed with BioNTech – was more than 90% efficient in curbing COVID-19. However, the claim was based on data from the first 94 people infected with the coronavirus in Pfizer’s large-scale clinical trial.
As in result, the greenback failed to gain any positive traction and edged lower on the day as doubts persist over the global economic recovery from COVID-19. Besides this, the mixed market sentiment also played its major role in undermining the safe-haven U.S. dollar. Thus, the U.S. dollar gains become the key factor that kept the currency pair under pressure. Meantime, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, was down at 92.707.
Daily Support and Resistance
S1 0.7194
S2 0.7236
S3 0.726
Pivot Point 0.7277
R1 0.7302
R2 0.7319
R3 0.7361
The AUDUSD is consolidating with bullish sentiment at the 0.7283 area, having crossed over an immediate resistance level of 0.7247. For the moment, this AUD/USD is working as a support for the AUD/USD pair. On the higher side, resistance stays at 0.7341 and 0.7411 level today. Bullish bias seems strong; let’s consider taking bullish trades today, especially 0.7220. Good luck!
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.
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.
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.
The primary trend is still strong; therefore, we can expect a breakout of this triangle on good volume. We see also that the prices have been supported by the lower trendline.
As we see in the chart, we are using the Stochastic RSI indicator, which is the stochasticization of the RSI. That is, applying the Stochastic formula to the RSI values. This operation smoothes out the overall curve and shows evident overbought and oversold levels.
Oscillators work best on sideways markets. In this case, we see bitcoin is moving sideways, so the Stochastic RSI signal is likely to be right.
This sets up a potential trade to the long side. Bitcoin ranges are high; thus, this trade has $200 on a full coin. Thus, please, consider lowering your risk by trading a fraction of Bitcoin if your account doesn’t allow you to risk that much.
Its reward is also high ($530), making it a 2.8 reward/risk trade.
The AUD/USD failed to extend its overnight bullish bias and remains on the backfoot after returning from the 8-week high the previous day. However, the reason could be traced to China’s weaker than expected inflation data for October, which initially undermined the Australian dollar and contributed to the currency pair losses. Besides this, the reason for the bearish sentiment around the currency pair could also be associated with the U.K. government’s defeat to convince the House of Lords over the necessity to have the rights to edit the Brexit deal by the Tory members.
The AUD/USD failed to extend its overnight bullish bias and remains on the backfoot after returning from the 8-week high the previous day. However, the reason could be traced to China’s weaker than expected inflation data for October, which initially undermined the Australian dollar and contributed to the currency pair losses. Besides this, the reason for the bearish sentiment around the currency pair could also be associated with the U.K. government’s defeat to convince the House of Lords over the necessity to have the rights to edit the Brexit deal by the Tory members.
The AUD/USD failed to extend its overnight bullish bias and remains on the backfoot after returning from the 8-week high the previous day. However, the reason could be traced to China’s weaker than expected inflation data for October, which initially undermined the Australian dollar and contributed to the currency pair losses. Besides this, the reason for the bearish sentiment around the currency pair could also be associated with the U.K. government’s defeat to convince the House of Lords over the necessity to have the rights to edit the Brexit deal by the Tory members.
On the contrary, the hopes of the latest optimism over a potential vaccine for the highly infectious coronavirus disease having earlier boosted the market trading sentiment, which could be regarded as one of the key determinants that help the currency pair to limit its deeper losses. Besides this, the losses in the currency pair were also capped by the fresh optimism of the Australian Prime Minister (PM) Scott Morrison over the Australian economy. Meanwhile, the broad-based U.S. dollar weakness, buoyed by the market mixed mood, could also be considered as a major factor that might cap the further downside momentum for the currency pair.
As we already mentioned that the reason for the currency pair bearish bias could be traced to China’s weaker than expected inflation data for October, which initially undermined the Australian dollar and contributed to the currency pair losses. At the data front, China’s headline CPI decreased below 0.8% against forecast to 0.5% YoY, marking the first below 1.0% print since March 2017, whereas PPI reprints -2.1% figures while defying -2.0% market consensus.
Despite the optimism over a potential treatment/vaccine for the highly infectious virus, the market risk sentiment failed to extend its previous day positive performance and remains depressive during the early Asian session on the day amid a combination of factors. Be it the worrisome headlines concerning Brexit or the tension between the US-China, not to forget the coronavirus issues in the U.S., the market trading sentiment has been flashing red since the Asian session started, which ultimately keeps the perceived riskier Australian dollar under pressure. As per the latest report, the U.S. sanctions four Chinese diplomats over the Hong Kong crackdown.
Meanwhile, the reason for the losses in the equity market could also be associated with the U.S. dislikes concerning the European tariffs on goods worth $4 billion, as earlier expressed by the U.S. Trade Representative (USTR) Robert Lighthizer. Furthermore, the British House of Lords rejected the Tory government’s proposal to override the Brexit treaty, which also weighed on the market trading sentiment and contributed to the currency pair losses.
Across the pond, the prevalent worries over the resurgence of the coronavirus pandemic remain on the card as they could ruin the global economic recovery, which keeps the market trading sentiment under pressure and weakened the perceived riskier Australian dollar. The coronavirus COVID-19 cases continue to climb in Europe, U.K., and the U.S. As per the latest report, the coronavirus (COVID-19) cases crossed over 10 million figures in the U.S. as well as 30 million marks from Europe.
Despite the mixed market sentiment, the broad-based U.S. dollar failed to extend its overnight gains and edged lower on the day mostly due to the heavy optimism over the potential vaccine for the highly infectious coronavirus disease.
On the bullish side, the pharmaceutical giant Pfizer announced Monday that early analysis of its coronavirus vaccine trial suggested the vaccine was robustly effective in preventing COVID-19, which earlier boosted the market trading sentiment and was seen as one of the key factors that capped further downside momentum for the currency pair. However, the coronavirus vaccine hopes got an additional boost after the U.S. Health Official Dr Anthony Fauci said that the vaccine is around the corner while terming Moderna’s vaccine similar to Pfizer’s during an interview with CNN.
At home, Australian Prime Minister (PM) Scott Morrison recently said that the confidence in the economy is recovering, as the country is re-opening from its coronavirus imposed the second lockdown, which ultimately helped the currency pair to limits its deeper losses. In the meantime, the October month data from National Australia Bank (NAB) recorded better than previous predictions but were mostly ignored.
The traders will keep their eyes on U.S. economic calendars, which will highlight the release of the NFIB Small Business Index along with JOLTS Job Openings. Apart from this, the traders will also closely watch the FOMC Member Kaplan and FOMC Member Quarles speeches. In the meantime, the updates surrounding the Brexit trade talks could not lose their importance on the day.
The AUDUSD is consolidating with bullish sentiment at the 0.7283 area, having crossed over an immediate resistance level of 0.7247 level. For the moment, this AUD/USD is working as a support for the AUD/USD pair. On the higher side, resistance stays at 0.7341 and 0.7411 level today. Bullish bias seems strong; let’s consider taking bullish trades today, especially 0.7220. Good luck!
The USD/CAD pair was closed at 1.30072 after placing a high of 1.30519 and a low of 1.29281. The USD/CAD pair slipped to its lowest since mid-October 2018 on Monday as the risk appetite increased and weighed on the safe-haven US dollar that ultimately dragged the USD/CAD pair lower.
The USD/CAD pair was closed at 1.30072 after placing a high of 1.30519 and a low of 1.29281. The USD/CAD pair slipped to its lowest since mid-October 2018 on Monday as the risk appetite increased and weighed on the safe-haven US dollar that ultimately dragged the USD/CAD pair lower.
The USD/CAD pair was closed at 1.30072 after placing a high of 1.30519 and a low of 1.29281. The USD/CAD pair slipped to its lowest since mid-October 2018 on Monday as the risk appetite increased and weighed on the safe-haven US dollar that ultimately dragged the USD/CAD pair lower.
On Monday, the primary driver of the USD/CAD was the WTI Crude Oil prices that rose to $41.32 per barrel on the day after the optimism regarding the vaccine development raised in the market. The hopes for economic recovery were also raised as the vaccine news increased the chances of removing lockdowns and restrictions from the countries across the globe.
On Monday, Pfizer in collaboration with the BioNtech, announced together that their vaccine had proven 90% efficient in preventing the infection of coronavirus in its last stage clinical trials. They said that they would seek approval for their vaccine’s emergency use from the US later this month.
This news raised the risk sentiment and decreased the need for lockdowns weighing on the oil prices due to decreased demand during lockdowns. The crude oil prices surged and placed high gains on Monday that gave strength to commodity-linked Loonie that ultimately weighed heavily on the USD/CAD pair.
However, most of its daily losses were recovered after the US dollar rebounded on the hopes of no need for further stimulus measures as the vaccine had been developed. The US dollar strength drove the USD/CAD pair higher and recovered most of its daily losses. There were no macroeconomic releases from both sides s the pair continued following Pfizer and BioNtech’s latest announcement regarding vaccine development.
Daily technical Levels
Support Resistance
1.2932 1.3076
1.2857 1.3145
1.2788 1.3220
Pivot point: 1.3001
The USD/CAD pair is consolidating with a selling bias beneath the 1.3007 zones, disrupting the support region of the 1.3025 mark. On the downside, the bearish breakout of the 1.3025 level can extend selling bias until the 1.29720 level. Continuation of a selling bias can help us capture a quick sell trade until the 1.2972 area. So far, the MACD and EMA are neutral as the market lacks volatility. But we can expect some price action during the European session. Let’s brace for it. Good luck!
Flow Assessment
Location Assessment
Momentum Assessment
Flow Assessment
Location Assessment
Momentum Assessment
GBP/JPY made a bullish move to start its trading day today. The 15M chart shows that the price upon finding its resistance around 136.610 made a strong bearish move and made a bearish breakout at an up-trending trendline.
GBP/JPY made a bullish move to start its trading day today. The 15M chart shows that the price upon finding its resistance around 136.610 made a strong bearish move and made a bearish breakout at an up-trending trendline.
GBP/JPY made a bullish move to start its trading day today. The 15M chart shows that the price upon finding its resistance around 136.610 made a strong bearish move and made a bearish breakout at an up-trending trendline.
The chart produces two bullish corrective candles and finds its resistance around 136.270. It produces a bearish engulfing candle closing at the level where the price had a bounce after the breakout.
We triggered a short entry right after the candle closes. The 15 M chart shows that the price may find its next support around 135.797. The price may continue its bearish move if the level of 135.797 is breached.
Entry- 136.047
Stop Loss- 136.297
Take Profit– 135.797
The risk for the trade is 207 USD per standard lot, 20.7 USD for a mini lot, and 2.07 USD for a micro lot. The risk-reward is 1:1, so the reward is 207 USD per standard lot, 20.7 USD for a mini lot, and 2.07 USD for a micro lot.