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/USD: a bet on the stronger greenback
Information is not investment advice
How to make a bet on a less dovish Federal Reserve? One of the options is to try selling AUD/USD. The pair’s trading below the weekly pivot point in the 0.7060 area. This area provided support for the pair in February and at the beginning of April. Now it will act as resistance. The decline may target the psychologically important level of 0.70 as well as 0.6950.
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