European shares slipped on Tuesday as investors awaited the first U.S. presidential debate and eyed progress of a fiscal stimulus package in Washington
NFP Number Will Drive Markets
2020-08-07 • Updated
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading in a bearish sentiment above the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming a bearish momentum.
XAG/USD: Silver is trading a bit below 23.6% retracement area. Silver remains very bullish.
US Market View
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.
US Key Point
- Dollar firms ahead of NFP report.
- Germany proposes to bring forward stimulus spending of €26 billion to boost economy.
So the pound went all-in bullish yesterday on Brexit hopes. While these hopes still have to manifest, the GBP will have to defend its positions now.
GBP/USD is trading above the key pivot point level. Further bullish momentum will trigger the market to 1.2940.
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher.
BoA released the report with the bullish forecast for the S&P 500 and shared its technical analysis. Let's discuss it in detail.
EUR/USD has violated the first resistance trendline area 1.1680