Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
USD entering a short period of consolidation
2020-11-10 • Updated
Ichimoku Kinko Hyo
CHF/JPY: The pair is trading below the cloud despite the strong bearish pressure of Japanese Yen since yesterday. Further bearish pressure will lead the currency pair to retest the previous lows.
XAU/USD: Gold moves below 38.2% retracement level. After a remarkable sell off during the last 24 hours, it seems that bulls return.
European Market View
Asian equity markets were mostly higher as the region took its cue from the predominantly strong performance stateside where the S&P 500 and DJIA rallied to fresh record highs. Looking ahead, highlights from macroeconomic calendar include the UK labour market report, German ZEW, Fed's Rosengren, Quarles, Kaplan, ECB's Knot. Scientists, public health officials and investors welcomed the first successful interim data from a large-scale clinical test as a watershed moment that could help turn the tide of the pandemic if the full trial results pan out. President-elect Joe Biden said the news was excellent but did not change the fact that face masks, social distancing and other health measures would be needed well into next year. The World Health Organization called the results very positive but warned there was a funding gap of $4.5 billion that could slow access to tests, medicines and vaccines in low- and middle-income countries.
EU Key Point
- UK October jobless claims change -29.8k vs 28.1k prior
- BOJ introduces special deposit facility to ensure financial system stability
- Germany reports 15,332 new coronavirus cases in latest update today
- US coronavirus hospitalization number the highest since July 10
- On Tuesday Trump has no events scheduled, Biden to speak at 2pm ET
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Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!