
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.
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USD/JPY is forming on the H1 what looks like a bearish “Butterfly” pattern. The pattern will allow the pair to rise to the 107.50/60 area (limited by the 100-day MA and 100-period MA on the H4). There’s also an obstacle in the form of the 200-period MA on the H4 at 107.40. After the advance to the mentioned levels, the pattern should trigger a decline to the 107.05/00 zone. Trading the pattern should involve some on-the-spot decision making: if you see the signs of reversal near 107.60, you can sell there. If the pair gets above 107.40 and then returns below it, it will mean that the upside is over and a short-term decline has started, so once again you will be able to open a short position. The rise above 107.70 is needed to open the way up to 108.00/50.
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 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
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