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Technical Analysis – EURUSD upside risks remain, regardless of slight ebbing

Posted on December 3, 2020 at 10:24 am GMT

EURUSD is conveying a strong bullish tone rocketing above the Ichimoku lines and the simple moving averages (SMAs), despite currently receding from seven-month high levels. The soaring Ichimoku lines are promoting positive price action while the advancing SMAs are defending positive sentiment. The short-term oscillators are reflecting some waning in positive momentum. The MACD, quite some distance in the positive region, is stalling ever so slightly above its red trigger line, while the RSI is making efforts to remain in [..]

Daily Market Comment – Dollar sinks again on rising optimism but stock rally cools

Posted on December 3, 2020 at 10:03 am GMT

Dollar slide deepens as stimulus and vaccine hopes drive positive theme But vaccine-led rally may have run its course in equity markets as stocks mixed today Tense Brexit talks keep pound on edge, euro roars past $1.21 Oil slips ahead of OPEC+ decision; gold extends rebound The US dollar slipped further on Thursday, slumping to fresh 31-month lows against a basket of currencies, as investors dumped the world’s reserve currency in the face of increased optimism about the global economic [..]

Technical Analysis – AUDUSD the highest since 2018; targets 0.7500

Posted on December 3, 2020 at 8:40 am GMT

AUDUSD, having surpassed September’s top, is trading at the highest price since August 2018 and above all its simple moving averages (SMAs), giving a new impetus to its March uptrend. The RSI has also stretched to a fresh peak in the bullish territory and has yet to enter the overbought zone, while the MACD seems to be regaining strength above its red signal line after flattening a bit, both pointing to more progress in the short run. Note that the momentum [..]

Technical Analysis – WTI futures hovers around almost 9-month peak

Posted on December 3, 2020 at 7:49 am GMT

WTI crude oil futures found some footing around the 34.00 level last month and returned to a bullish trend shortly thereafter. The price is currently hovering around the almost nine-month high of 46.22 and a former restrictive area, where any decisive close higher may prove valuable to the market. The RSI indicator is approaching the overbought territory, while the MACD is strengthening its bullish move above its trigger and zero lines, suggesting more gains. A jump above the 46.22 resistance may meet immediate resistance [..]

Technical Analysis – GBPJPY holds bullish hopes as advances deteriorate

Posted on December 2, 2020 at 3:14 pm GMT

GBPJPY retreated aggressively from a freshly logged high of 140.43 under the mid-Bollinger band, hitting the 50-period simple moving average (SMA) at 139.11. Nonetheless, safeguarding positive sentiment are the advancing simple moving averages (SMAs). The short-term oscillators are reflecting a rise in negative momentum. The dwindling MACD has slid below its red trigger line in the positive region, while the weakening RSI has dipped beneath the 50 level. In the current negative scenario, sellers may face immediate reinforced support from [..]

NFP report could flag slowing jobs recovery; may accelerate dollar slide – Forex News Preview

Posted on December 2, 2020 at 2:18 pm GMT

The November nonfarm payrolls report will take centre stage on Friday (13:30 GMT) as cracks begin to appear in America’s economic recovery from the pandemic. If recent weekly jobless claims are any indication, the US labour market slowed notably during November. An expected cooling in jobs growth is likely to add pressure on the Federal Reserve to inject more monetary stimulus. But as the dollar goes into freefall in anticipation of a December move, are investors underestimating the risk of [..]

Technical Analysis – EURGBP spikes to 3-week high; stochastic turns south

Posted on December 2, 2020 at 12:42 pm GMT

EURGBP skyrocketed to a new three-week high of 0.9043 earlier today, peaking slightly above the 61.8% Fibonacci retracement level of the down leg from 0.9148 to 0.8860 at 0.9037. The MACD oscillator is holding well above its trigger and zero lines, suggesting more gains, though the fast stochastic oscillator has already posted a bearish crossover within its %K and %D lines in the overbought territory, indicating a possible downside retracement. A close above the 61.8% Fibonacci could take the price towards the 0.9050-0.9070 resistance and then up to the [..]

Technical Analysis – Gold’s advances yet to conquer dominant bearish structure

Posted on December 2, 2020 at 10:06 am GMT

Gold is engaging the 1,825 level, in-line with the Ichimoku cloud’s lower surface, which happens to be the 61.8% Fibonacci retracement of the up leg from 1,670 to the all-time high of 2,074. Simultaneously thrusting above the 1,818 border coupled with the 50-period simple moving average (SMA), the bulls are still facing a commanding bearish structure, echoed within the falling slopes of the SMAs. The short-term oscillators are reflecting strengthening positive momentum. The MACD is some distance above its red [..]

Daily Market Comment – Stimulus, vaccine euphoria push stocks to new highs, dollar sags

Posted on December 2, 2020 at 9:52 am GMT

US stimulus hopes revived after fresh efforts to kickstart talks Vaccine rollouts edge closer after UK approval Stocks scale new heights, but signs of exhausted rally Dollar slump deepens even as Treasury yields jump Brexit jitters take steam out of pound rally Optimism soars as stimulus talks back on Markets had plenty to cheer about on Wednesday as reports of renewed efforts by US lawmakers to kickstart the stalled stimulus talks were followed by news that Pfizer-BioNTech’s vaccine has won [..]

Canada to add modest jobs, loonie may not abandon its bullish trend yet – Forex News Preview

Posted on December 2, 2020 at 9:24 am GMT

In addition to GDP readings, Canada will publish employment data for the month of November on Friday at 12:30 GMT, providing its latest update on the health of its export-oriented economy. Although the numbers may not be exciting, they are not expected to darken the economic outlook either, likely helping the Canadian dollar to maintain balance against its US counterpart. Q4 could send Canada to negative area The reopening of the economy from the initial lockdown in the third [..]

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