USD moves lower after US equity indices advance

USD moves lower after US equity indices advance

2020-11-09 • Updated

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EURUSDM30 (12).png

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading above the cloud. Further bullish pressure will lead the currency pair to retest the previous highs.

CADJPYM30 ich.png

Fibonacci Levels

 XAU/USD: Gold achieves another full retracement. Gold bulls control market as USD losses strength.

XAUUSDM30 (8).png

European Market View

Stocks surged, oil prices jumped and the US dollar lost strength on Monday as expectations of fewer regulatory reforms and more monetary stimulus under US President-elect Joe Biden supported risk appetite. The Democratic candidate's election victory was already largely priced in by markets, which had been trading with the view of a Biden presidency and a Republican-controlled US Senate since last week.

EU Key Point

  • Germany reports 13,363 new coronavirus cases in latest update today.
  • US equity index futures skyrocket.
  • China is beginning to hint at an exit from stimulus.
  • BOJ Summary says need to avoid prematurely ending easy monetary policy.

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Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.

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