The EURO currency pair managed to break and resist the key resistance at 1.2270. This is likely to be a short term move lower and a test of that level which is already serving as support. The forecast has helped 1.2270 deal with the pressure to resume the upward move for the currency pair and test the local high at 1.2308. Today, investors will focus on the first data on US jobless claims.
By and large, the rise of 1.0635 is viewed as the third part of the pattern of 1.0339 (2017 low). Another rally can be seen at the next 1.2555 (from 1.6039 to 1.3516 at 38.2% retracement at 1.2516) for cluster resistance. This remains the favorite case until 1.1602 is supported. We will be notified at the direction sign at 1.2516 / 55. However, permanent breaks have long-term effects.
The pair has been at significant levels after breaking key resistance at 1.3620 but cannot stay above it for now. Expectations are another resistance test at 1.3620 followed by a break of the level and a local high at 1.3647. The first significant support can be found at 1.3539.
Stable trading from the first month high below 1.3625 / 20 could continue to lead GBP / USD sellers towards the 1.3600 round, with a break of 1.3450 at the 21-day SMA level. can do. Meanwhile, the March 2018 low near 1.31010 could attract cable buyers during the recent uptrend near 1.3649.
The pair didn’t stay above the support at 103.01 and took corrective action to test resistance at 103.27 but continued to stay above. As such, the currency is currently trading in a narrow range between the 103.01 and 103.27 levels and a breach of just one of the two will determine the future direction for the pair.
“In addition to the delay in the US economic debate, market participants are keeping an eye on the latest data on the coyote, which shows that the virus is once again fueling the healthcare system in the northern hemisphere.” There are strict measures as well as sanctions.
The USD / CAD pair remained depressed during the Asian session and was last traded below the mid 1.2700 level at a two-week low. The pair extended their recent retreat from just above the 1.2900 mid-point and saw some sell-offs for the fourth straight year on Thursday.
In 2021 markets will begin to recover from epidemics and resume normal economic activity. The comparative data did not provide any rational analysis for the 2020 USD / CAD rise or anything. The release of the epidemic risk premium dominated the US Dollar / CAD appreciation in 2020 but ended at 1.3400 in July.
Gold reached over 2,000 in 2020 .. The gold forecast for 2021 remains strong as central banks pledge to support the recovery. The XAU / USD could continue to rise if it crosses 1,930.Gold traded negatively during the early European session and was last seen below the 1890 level near the bottom of its daily trading range.
WTI is trading at around 48 48.40 at the close of trading on Wednesday. The energy benchmark rose for the second year in a row, taking into account the weekly Rig Count data from the USA. Baker Hughes’ US Oil Reg counter rose 267 for the last week of 2020. Two US B52 bombers travel to the Middle East to warn Iran.