Don’t waste your time – keep track of how NFP affects the US dollar!
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EUR/GBP has reached the lower end of the bullish channel visible on the D1. As long as it’s trading below 0.9100, we will keep seeing a top on the chart that greatly resembles a “Head and Shoulders” pattern. Selling will become an option in case the pair breaks below the channel support at 0.9040. The downside targets will lie at 0.9000 (38.2% Fibo of the March-August advance) and 0.8900 (50% Fibo, H&S target). On the upside, if the price rises above 0.9140, the next resistance will be at 0.9180. An advance above this level will open the way back up towards 0.9300.
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.
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.
USD/CAD is eyeing 1.2900. What’s next?
Asian equities traded mixed and attempted to shrug off the weak handover from the US where there was a slight negative bias.
Let's trade exotics. The Russian ruble and the Mexican peso may gain some value against the US dollar in the short-term.
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