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.
USD/SGD: a short-term trade
Information is not investment advice
USD/SGD is recoiling down from the resistance line going back from October highs. Stochastic Oscillator is providing a sell signal on the daily chart. The decline below the 50-day MA at 1.3540 will open the way down to 1.3528 (short-term trendline support) and to 1.3515 (50% Fibonacci) if the slide continues.
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 higher Friday, although gains are likely to be limited with the market set to close early in the aftermath of the Thanksgiving Holiday.
Asian shares stalled near record highs on Friday
CIBC anticipates USD/ZAR will end 2020 at around 15.15, and 2021 at 14.95.