Intraday and swing scenarios based on price action and volume profile.
RISK ON Increases Momentum Despite COVID
2020-11-16 • Updated
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish trend.
XAU/USD: Gold during the last hours has been losing the previous gains and dropped again below the 50% retracement area.
US Market View
Global stocks eyed a fresh record high on Monday as signs of economic recovery in Asia, recent strong corporate earnings, and hopes of a COVID-19 vaccine bolstered investor sentiment. US stock futures in turn pointed to a positive start for Wall Street later in the day. The prospect of economic recovery also helped oil prices strengthen, with both Brent crude futures and West Texas Intermediate up around 1%, just off their intraday highs. The number of new cases across the US rose on Friday to a daily record of over 177 000, the fourth straight day an all-time high was set, according to a Reuters tally of figures from US public health agencies. Governors in several states, including California, Oregon, and Washington have urged residents to avoid traveling out of state, amid concerns that the coming holiday travel season would accelerate already alarming spikes in infections and hospitalizations. Since the pandemic began, the virus has infected 10 690 665 people in the US, killing 243 580 of them, according to a Reuters tally.
USA Key Point
- The CAD is the strongest and the JPY is the weakest
- New Jersey set to announce new indoor restrictions
- Moderna reports that the coronavirus vaccine found to be 94.5% effective
- Bundesbank warns that the German economy could stagnate or shrink in Q4 this year
- It is getting terribly late and maybe too late already for a Brexit deal, says EU official
Corrective Bearish Scenario: Sells below 38680 with TP1: 38560, TP2: 38500, TP3: 38432 Continuation Bullish Scenario: Buys above 38816 with TP: 39000
Bullish Scenario: Buy between 17515 and 17600 with TP1: 17681; TP2: 17720 intraday, and TP3: 17750 / 18000 in extension. Bearish Scenario in case of breaking the buying zone: Sell below 17500 with TP1: 17469; TP2: 17421, and TP3: 17358 in extension.
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The month of February saw markets make several instinctive moves as well as create opportunities for proper leveraging of fundamental releases. Despite being a leap-year, there wasn’t any real impact on price delivery in the course of the month. As we await the opportunities that lie ahead in the month of March, here are a few thoughts to consider.
USD/CHF saw a rebound after declining for two days straight, climbing towards the important psychological level of 0.8800 during Wednesday's early Asian trading session. There's some pressure on the Swiss Franc (CHF) as traders await the Swiss ZEW Survey – Expectations report scheduled for later today. Moreover, investors are keeping...