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.
Oil is testing support
Information is not investment advice
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus. The spread of the disease may affect the commodity as the demand for it may decline because of the travelling bans. The decline below the support at 51.55 will mean that bulls are too weak to close the gap. Targets on the downside will lie at 50.90 and 50.00.
SELL 51.50; TP1 50.90; TP2 50.10; SL 51.75
To trade WTI with FBS you need to choose WTI-20J in MT4.
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.
Joe Biden will take the post of president of the USA on the morning of 20 January 2021. Trump is going to skip the inauguration. What will be the market reaction? Let’s find out!
Asian equity markets mostly rallied with risk appetite spurred as trade picked up from Monday’s holiday.
Look at the H1 chart for USD/JPY - is it not a perfect example of a reversal in the resistance zone?