Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
AUD/CHF suffered losses
Information is not investment advice
The attempt of AUD/CHF to overcome 0.6800 so far hasn’t been successful. The pair formed a “spinning top” candlestick on the D1 on Tuesday. During the Asian session on Wednesday, it has gone down to test 0.6736 (the 100-day MA; 38.2% Fibonacci of the August-November advance) as Australia released weaker-than-expected GDP growth and the overall market sentiment worsened. The slide below 0.6730 will confirm the formation of an "ascending wedge" to the downside and may be a cue for selling with a target in the 0.6695 area.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
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The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
World shares paused on Monday to assess a record-breaking month