Corrective Bearish Scenario: Sells below 38680 with TP1: 38560, TP2: 38500, TP3: 38432 Continuation Bullish Scenario: Buys above 38816 with TP: 39000
USD is the strongest and the AUD is the weakest
2020-11-20 • Updated
Ichimoku Kinko Hyo
AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAG/USD: Silver after many efforts to move higher returns aggressively bearish.
US Market View
U.S. stock markets are set to extend Wednesday’s losses when they open later, on fears that the current wave of Covid-19 cases will weigh heavily on output in the final quarter of the year.
The U.S. passed the grim milestone of over 250,000 deaths from Covid-19 as cities and states across the country moved to tighten restrictions on gatherings and economic life to stop their health systems from being overwhelmed. The number of people hospitalized with the virus rose to a new record high of over 79,000, while the death count hit its highest since early May.
The Central Bank of Turkey raised its key one-week borrowing rate by 475 basis points, as its new governor acted to shore up the world’s worst-performing currency among the big emerging markets this year.
USA Key Point
- November Philly Fed comes at 26.3 vs 23.0 than expected
- IMF's Georgieva supports that global economic recovery may be losing momentum, risks are very high
- Barnier reportedly cancels briefings to EU side planned for next week
Bullish Scenario: Buy between 17515 and 17600 with TP1: 17681; TP2: 17720 intraday, and TP3: 17750 / 18000 in extension. Bearish Scenario in case of breaking the buying zone: Sell below 17500 with TP1: 17469; TP2: 17421, and TP3: 17358 in extension.
Primary Scenario: Sales below 16767 / 16838 (wait for a return to these levels) with targets at 16615.70 and 16513.72 as an extension. Alternative Scenario: Buys above 16730 with targets at 16766 and 16838 as an extension.
Intraday and swing scenarios based on price action and volume profile.
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...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.