
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.
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On the W1, EUR/NZD formed a candlestick with a long upper wick - a sign that sellers are strong in the 1.76 area. This zone has prevented the pair from going higher since the beginning of August. On The D1, the price formed a couple of inside bars and then broke lower: currently it’s testing levels below the 50-day MA which has provided support for almost three months. The formation of the top may bring the euro to the lower part of its August-October range between 1.7250 (38.2% Fibo of the July-October advance) and 1.7180 (100-day MA).
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.
U.S. stocks are set to open lower later, on a combination of the pandemic news and the downbeat news from Tech’s Old Guard late on Thursday.
Oil fell below $52.00 because investors expect a weaker oil demand amid rising Covid-19 infections and new lockdowns.
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels
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