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.
Dollar hits new 31-month low
2020-12-03 • Updated
Ichimoku Kinko Hyo
EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAU/USD: There is an indecision battle between bulls and bears and stands above key 50% retracement area.
US Market View
U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus. Positive news over the development of Covid-19 vaccines, with the U.K. becoming the first country to approve the Pfizer-BioNTech injection for emergency use on Wednesday, have helped global stock markets post strong gains.
However, the roll out of this vaccine, and others are likely to be approved shortly, will likely take several months. The U.S. is still set for a difficult winter, with more than 100,000 people currently in hospitals across the country sick with Covid-19, for the first time ever. The dollar continued its descent, hitting a fresh 31-month low as the prospect of a recovery next year enticed ever more money out of safe havens and into foreign currencies. The euro rapidly gained another cent after breaking through $1.20 for the first time since April 2018, while the Australian dollar, Korean won won both hit new 30-month highs.
USA Key Point
- US weekly initial jobless claims 712K vs 775K expected
- The GBP is the strongest and the USD is the weakest
- Cable nears the week's highs as buyers hold on to Brexit deal hopes
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.
The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Intraday and swing scenarios based on price action and volume profile.
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.