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The safe-haven-metal prices regain its bullish traction and rose from a one-week low of $1,717.34 to $1,734.05, mainly due to the risk-off market sentiment in the wake of US-China intensified tussle and coronavirus (COVID-19) second wave fears. On the other hand, the U.S. dollar also draws safe-haven bids and managed to limit any additional gains in the gold prices. At this moment, the safe-haven-metal prices are currently trading at 1,734.97 and consolidating in the range between 1,724.50 and 1,735.55.
The EUR/GBP pair continues to exhibit selling bais since European session as it's prices fell from 0.8900 level to 0.8943 level on the back of weaker Euro and stronger GBP. The risk-off market sentiment was further bolstered by Trump's action to impose restrictions on the use of China technology Huawei. In the meantime, the U.S. started an investigation about the origin of COVID-19, which also weighed on the market risk sentiment.
The GBP/USD currency pair failed to stop its 3-day losing streak and dropped to 1.2212 and represented 0.09% losses on the day as the BOE Governor Andrew Bailey’s recent indication about negative rates weighed on the Cable. Moreover, the reason for the pair declines could also be attributed to the broad-based U.S. dollar strength in the wake of intensifying US-China tussle. The GBP/USD is trading at 1.2220 and consolidating in the range between 1.2201 and 1.2239. However, the traders will be cautious to place any strong position ahead of the U.K. Retail Sales data.
The USD/CAD pair was closed at 1.39549 after placing a high of 1.39701 and a low of 1.38908. Overall the movement of USD/Cad pair remained bullish throughout the day.
The AUD/USD prices have exhibited sharp bullish bias during the European and the U.S. session in the wake of stronger Aussie. The AUD/USD pair is currently holding around 0.6609. Meanwhile, the minutes of the Reserve Bank of Australia revealed that the Central Bank admitted that the Australian economy was set to experience a contraction due to coronavirus pandemic. Bank also believed that fiscal and monetary measures would reduce the impact of the virus crisis on the economy.
The EUR/USD prices were closed at 1.09228 after placing a high of 1.09759 and a low of 1.09020. Overall the movement of the EUR/USD pair remained bullish throughout the day.
Gold prices were closed at $1744.21 after placing a high of $1747.91 and a low of $1725.74. Overall the movement of gold prices traded downward throughout the day. Gold prices posted gains after US Treasury Secretary; Steven Mnuchin warned that if coronavirus lockdown continued for months, then the US economy could face permanent damage. He added that job numbers would fell on a worse level before they get better. US administration’s officers said that the government could suffer losses from the risky loans it issued during the pandemic.
The safe-haven currency Japanese yen is losing it's appeal in the wake of the risk-on market sentiment, which could be attributed to the latest optimism about the coronavirus vaccine. Moderna shared the positive results of its phase one experiment for its COVID-19 vaccine, which weakened the demand for the safe-haven Japanese yen and pushed the currency pair AUD/JPY higher.
The safe-haven-metal prices flashed green and erased its previous session losses mainly due to intensifying trade war tensions between the US-China. However, the yellow metal hit its highest level since December of 2012 at $1,765 on Monday, but after that, the gold prices dropped sharply during the American trading session. The reason for the sharp decline could be attributed to the positive news about the COVID-19 vaccine.
EURAUD has been moving inside a slightly ascending channel. The last interaction of the price drove the pair to the bottom of the channel. On Monday afternoon, the price did a strong reversal on increased volume, confirmed by a second bullish candle. We see also that the MACD made a bullish transition, as the RSI reversed from the 30 level.
The GBP/JPY pair flashing green as the currency pair soared from multi-day lows below the 129.260 as the Brexit uncertainty and also BOE's willingness to act weighed on the pair. Whereas, the slowdown in the UK's coronavirus (COVID-19) cases helping the currency pair to erase its early-day losses.
The USD/CAD pair was closed at 1.40460 after placing a high of 1.41406 and a low of 1.40318. Overall the movement of the USD/CAD pair remained bearish throughout the day. After posting gains for the last 3 days, the USD/CAD pair dropped on Thursday amid the increased demand for crude oil. WTI Crude Oil gained ground after the International Energy Agency (IEA) improved its oil demand outlook for 2020. Oil prices rose to $27.92 barrel on Thursday and gave strength to commodity-linked currency-Loonie.
The USD/CAD pair was closed at 1.40160 after placing a high of 1.40424 and a low of 1.39000. Overall the movement of the USD/CAD pair remained bullish throughout the day.
The EUR/USD prices were closed at 1.08066 after placing a high of 1.08504 and a low of 1.08004. Overall the movement of the EUR/USD pair remained bearish throughout the day.
The safe-haven-metal prices flashing green and take bids around the $1,710 while representing 0.50% gains on the day mainly due to fresh allegations on China by the United States helping to increase the safe-have demand in the market. The Sino-US relationship was eased after both parties agreed to improve the atmosphere for fulfilling the phase-one deal's promises. This came after President Donald Trump threatened new tariffs on Chinese goods in case of not buying $200 worth U.S. farm products by China.
The Japanese cross EUR/JPY is on a bullish run, having crossed over 50 periods EMA at 115.551. As for the Japanese economic data is concerned, the Monetary Base for the year from Japan showed a decline to 2.3% against the expectations of 4.5% and weighed on JPY, which resulted in the upward movement of the EUR/JPY pair.
Earlier today, the NZD/USD trading signal got into losses and closed at stop-loss, costing us 60 red pips, even before we could update about its setup. The market is quite uncertain today and moving sideways without any clear setup. Anyways, now let's take a look at the USD/CAD pair as it's been on the move since the U.S. session has begun.
The price of Bitcoin Cash (BCH/USD) is preparing to develop a new rally that could take it to beat the previous highs of March, located in the area of 352.96.
The EOS prices develop a bullish sequence following the Elliott wave structure of a leading diagonal pattern, which began on the March low at 1.4200.
Yesterday on Tuesday, the ETH/USD pair had exhibited slight bullish momentum on the 4-hour timeframe, which leads Ethereum prices to soar over 200 resistance levels. With this, the ETH/USD pair has crossed over 50 periods EMA and has also closed three white soldiers pattern on an 8-hour timeframe, which suggests odds of the bullish trend.
The GBP/USD currency pair failed to stop its 3-day losing streak and still trading below 1.2390 while representing 0.46% declines on the 4-hour timeframe. Sell-off came after the United Kingdom registered the highest death toll in Europe. The receding expectations of the government aid package also keep the currency pair under pressure.
The USD/JPY currency pair failed to stop its 4th-consecutive session losing streak and dropped to fresh seven-week lows, around the 106.20 regions on Wednesday as the US dollar still depressed against its Japanese counterpart. The intensifying tension of the US-China war boosted the Japanese yen safe-haven demand, which eventually keeps the currency pair under pressure.
Litecoin is progressing slightly upward within a complex structural series, which leads to foresee two possible scenarios.
Gold prices continue to move in a sideways trading range of 1,710 - 1,690, while the recently formed symmetric triangle pattern is stretching the trading range. The fresh trading range is likely to provide selling below 1,700 and buying above 1,680. The gold prices are exhibiting mixed bias in the wake of mixed risk sentiment as many nations have also joined the United States in this blame-game to China because of the increased number of deaths and the global economic slowdown, both caused by the coronavirus pandemic.
The U.S. WTI crude oil futures continue to advance at $24.39 a barrel in the wake of optimization around the market sentiment and weaker U.S. dollar. Besides this, the latest report about the slowdown in inventories at Cushing since mid-March also continues to support crude oil prices.
The EUR/JPY is trading bearish at 116.850, falling below the triple top resistance level of 117.500. The broad-based selling pressure of the Euro made it difficult for the EUR/JPY pair to come out of the negative territory. The 10 Year US Treasury bond yield added in the downfall of USD/JPY when it fell more than 2% on Friday.
USDCAD Limit Buy entry at 1.4050 with a target of 1.4525 and SL of 1.3980
The USD/CAD pair slipped sharply to form the double bottom pattern around 1.3864 level on the 4-hour chart. The primary reason behind a sharp sell-off in the USD/CAD pair is the risk-on market sentiment, which is increasing demand for crude oil following the report of successful clinical trials of Gilead Sciences' retroviral drug Remdesivir. The drug will be used to treat those infected by COVID-19, and investors are expecting the market will be back to its feet once this medicine gets success.
The USD/CAD is trading with a bearish bias at 1.3970 level since the pair has violated the descending triangle pattern, which supported the pair around 1.4000. It seems like most of the selling is triggered in the wake of increased crude oil prices. The WTI prices soared despite on-going worries about oversupply and a lack of storage space across the world. These concerns come after the most significant US exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses, which eventually weakened the Canadian dollar.
The USD/JPY failed to stop its four-day declining streak and witnessed some further selling near two-weeks lows at 106.65 level, mainly due to the cautious mood around the equity markets, which strengthens the Japanese yen's safe-haven demand and sent the pair down.
The AUD/USD currency pair registered 5-day winning streak and continues to taking bids mainly due to the risk-on market sentiment. The pair has succeeded in recovering around 25-30 pips from the session lows and reached near the high end of its daily trading range at 0.6479 as most of the governments showing a willingness to reopen their economies. On the other hand, the latest pullback of the US dollar keeps the currency pair gains limited.
On Thursday, the single currency euro slipped to its weakest level in a month following data, which showed a dramatic slowdown in the Eurozone's economic activity. The business activity is mostly halted by government-imposed lockdowns to prevent the coronavirus pandemic.
During the Asian session, the precious metal gold was trading at 1,713 area. Technically, gold has entered the overbought zone, and it may help show us a slight bearish retracement below 1,718 area until 23.8% Fibonacci retracement level of 1,705 before showing further bullish trends in the market.
The EUR/CHF is trading in a selling channel, having dropped from 1.0520 level heading to test the triple bottom support zone of 1.0509. The demand for safe-haven appears to have increased due to the increased number of coronavirus cases around the globe. The strength of the single currency Euro is also keeping the pair supported. Most of the selling in the single currency euro rise in the wake of the dovish ECB monetary policy stance in the wake of the COVID19 crises.