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: upside won’t be easy
Information is not investment advice
NZD/USD has been trading in a very volatile fashion recently. The latest development has been that the pair met resistance in the vicinity of 0.67. The pair failed to fix above the declining 100-day MA that had gone below the 200-day MA in June. There’s also resistance in the form of the 50% Fibo retracement of the March-May decline. Only an advance above 0.6710 will allow bulls to fight back.
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