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.
NZD/USD has met resistance
Information is not investment advice
The NZD hasn’t been feeling very well recently as it declined versus most other currencies. NZD/USD failed to overcome the resistance at 0.6430: yesterday’s close below 0.6385 confirmed the short-term victory of sellers. On the H4, we can see a “double top”. Negative pressure will increase if the pair declines below 0.6360 (50-period MA on the H4, 38.2% Fibo of the advance from Oct. 16). In this case, it will be vulnerable for a fall to 0.6340 (50% Fibo). Then the exchange rate may find some support and further selling will be possible only below 0.6315 (targeting 0.6285). On the upside, the return and fix above 0.6385 will allow a move to 0.6415.
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 seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.
A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.
EUR/AUD rose to 1…