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.
GBP/JPY tests the upside
Information is not investment advice
It looks like GBP/JPY is finally trying to break out of the recent consolidation. The pair’s trading above 140.30 (the triangle resistance line and 61.8% Fibo retracement of the March-August decline). Moving averages on the D1 are in the positive setup. The advance above October high at 141.50 will open the way up to 143.25 (100-week MA) and 144.00 (78.6% Fibo). If the price returns to 140.30, new buyers may appear. The further support is at 139.40 and 138.45 (200-day MA).
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