2020-12-22 • Updated
The new Covid-19 strain has been found in the United Kingdom. The new virus variant appears to be 70% more contagious than other strains. The market sentiment immediately worsened after the report. As a result, investors poured their capital into safe-haven assets like the USD, the JPY, and the CHF. The USD was the number one reserve currency this year. It has started to lose its dominancy due to the vaccine rollout and the global recovery. However, fears of the new wave of stricter global lockdowns increased the demand for the USD.
"With EUR/USD already pressuring key tactical support near 1.2175, if this fails to hold, the bulls may beat a retreat to the key 1.2000 area," says Saxo Bank.
EUR/USD dropped enormously yesterday. However, the 50-period moving average at 1.2165 limited the further falling. If the pair plummets below the psychological mark of 1.2200, the way down to the 50- moving average of 1.2180 will be open. However, the pair shouldn’t cross this strong support as it has failed to break through the 50-period MA many times since early November, that’s why we can expect the pullback to the upside. Resistance levels are 1.2240 and 1.2270.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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