During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
AUD/JPY represents some recent risk averse attitude
2020-12-08 • Updated
Ichimoku Kinko Hyo
AUD/JPY: The pair is trading below the cloud. Further bearish pressure will lead the currency pair to retest the previous lows.
Fibonacci Levels
XAG/USD: Silver bulls return aggressively and send price above the 61.8 % retracement area. It seems that further bullish rally is possible.
European Market View
Asian equity markets were mixed after an uninspiring handover from the US where stocks pulled back from record levels. In the US, the House will conduct a vote on a 1-week continuing resolution on Wednesday to provide lawmakers more time to work on government spending and virus relief. Looking ahead, highlights from the macroeconomic calendar include German ZEW, EZ GDP (final). The dollar slid against most currencies as investors eyed potential stimulus and vaccine development. Sterling clung to hopes of a meeting between British Prime Minister Boris Johnston and European Commission President Ursula von der Leyen salvaging a Brexit trade deal. Oil prices fell, extending losses from the previous session
EU Key Point
- France's Beaune: There is still room to negotiate on Brexit
- Germany reportedly to discuss tighter virus measures sometime this week
- Pfizer tells US officials that it cannot provide substantial additional vaccine doses until late June
- Germany reports 14,054 new coronavirus cases in the latest update today
- Gold extends gains to a fresh two-week high.
Similar
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...