Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
The big picture remains bearish for USD despite corrections
2020-12-17 • Updated
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading below the cloud. Downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAU/USD: Gold is trading strongly higher and achieves a full retracement.
US Market View
The Dollar Index fell to its lowest since May 2018, dropping below 90 as progress on a fiscal stimulus package and the promise of loose Federal Reserve policy for years to come encouraged moves into risk assets and alternative assets. U.S. stock markets are set to open higher as negotiators in Washington and Europe grind toward agreement on a U.S. fiscal stimulus package and an EU-U.K. post-Brexit free trade agreement. After a disappointing 1.1% drop in retail sales in November, the market will be looking to the release of data on jobless claims, housing starts and building permits for any further signs of economic weakness. Crude oil prices also hit their highest level since March, with the weak dollar and U.S. government stockpile data helping them to shrug off fears about the near-term demand trajectory.
USA Key Point
- ADP Canada Nov employment +40.8K vs -79.5K prior
- US Initial jobless claims 885K vs. 818K estimate
- US November housing starts 1547K vs 1535K expected
- The NZD is the strongest and the USD is the weakest
Similar
Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
When I started trading stocks a few years ago, I often needed to pay more attention to my technical analysis skills and trust that the market would play fair according to my analysis. I have since discovered that the safer approach to trading stocks is to, more often than not, seek out investing opportunities - that is, catching stock commodities with a potential to rise.
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...