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Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
“The markets have good reasons to extend this risk rally because now we have clarity on the peaceful transition of leadership in the U.S. and positive vaccine developments,” claimed HSBC.
EUR/USD has bounced off the key resistance of 1.1900. However, the 50-period moving average of 1.1860 should support the pair as always. If it manages to break it, it will meet the next support at 1.1830. According to UOB Group, EUR/USD is expected to move sideways from 1.1800 to 1.1900 in the coming weeks, but the current risk-on sentiment may push the pair outside the familiar range. Resistance levels are 1.1920 and 1.1950.
XAU/USD dropped to $1 800 as expected. It’s unlikely to fall further as the 200-day moving average just below this level has to support the yellow metal. That’s why we can expect gold to bounce off and turn to the upside. Resistance levels are at the round number of $1 850 and the 50-period moving average of $1 865. On the flip side, if it manages to break the support of $1 800, it may drop to the July low of $1 770.
The stock index has retraced to $3 630 and started forming a green candle. According to market rules, the S&P 500 should move up after that, especially when the sentiment is strongly risk-on like now. The move above the resistance of $3 650 will drive the pair to the next round number of $3 660. In the opposite scenario, if it drops below yesterday’s low of $3 600, the way to Monday’s low of $3 575 will be clear.
WTI oil has just jumped above $45.00, the level unseen since March. If it rises above the high of February 28 at $46.50, the doors towards the high of March 3 at $47.50 will be open. Support levels are $45.00 and $ 43.00.
Follow US reports: GDP and unemployment claims at 15:30 MT time, and consumer sentiment at 17:00 MT time!
The better-than-expected reading will drive the USD up, the worse-than-expected - down.
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The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
The Federal Open Market Committee (a department of the Federal Reserve) will post its statement and an update on the interest rate on January 27 at 21:00 MT time
Jump in to get a short market wrap with fresh trade ideas!
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
The Federal Open Market Committee (a department of the Federal Reserve) will post its statement and an update on the interest rate on January 27 at 21:00 MT time
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