Bullish optimism in the market continues

Bullish optimism in the market continues

Did you expect your trading day to be as bullish as today? Indeed, the reports that the US and China trade talks are going “very well”, the news that China has agreed to buy agriculture goods and the US has canceled its planned tariffs boosted the risk-on sentiment in the market.

The final note which increased the market’s confidence comes from a tweet by the US president, where he commented that “something significant would happen”. He was talking about his meeting with Chinese Vice Premier later today.  

How does the anticipated announcement affect the pairs?

·        EUR/USD stuck above the 1.1 level and tested the 1.1059 level. If this level is broken, the next resistance will lie at 1.1068-1.1073.  From the downside, pay attention to the support at 1.1038, 1.1028 and 1.1014. RSI is moving within the overbought zone, close to its border. If it leaves this zone, selling opportunity may appear.

·        USD/JPY has broken the strong resistance at 108.46 and moved to the highest levels since August 1. The next resistance will lie at 108.65. After that, reaching the 108.9 level may be possible. In case of risk aversion, the pair will slide downwards and the fall to the 108.14 level may be possible. The next key level in the focus of bears will be placed at 107.84.

·        As the risk sentiment improved, the price for the yellow metal weakened. Gold’s price tested the support at $1,475.8. If this level is broken, the next support will be placed at $1,464.1. In case of a reversal, the $1,487 level will be important for bulls. After it is broken, the resistance level will lie at $1,494.

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