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 pushed up from support
Information is not investment advice
The ECB cut the deposit rate yesterday and announced a new round of QE. Still, the euro has managed to recover from the news pretty quickly. EUR/USD spiked down to the September low in the 1.0930 but failed to stay there and closed around 1.1060 on Thursday. This kind of bottom means that if the pair overcomes the current resistance at 1.1090 (200-period MA on H4), the advance to 1.1130 (50-day MA) and potentially 1.1180 (100-day MA) will be triggered. Selling will become an option once again if the pair returns below 1.1020.
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.
XAU/USD is eyeing $1 850. Will it be able to reach it?
Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.