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Gold tanks to 1171, AUD upbeat
The EURUSD consolidates losses below its 100-hour moving average (1.0595). Selling pressures are expected to challenge the 1.0525-suppport and encourage a further sell-off toward 1.0460 (March 2015 dip). Intra-day resistances are eyed at 1.0595 (100-hour moving average), 1.0640 (200-hour moving average), before 1.0703 (minor 23.6% retracement in Nov 9th to Nov 24th decline). Option puts are expected to weigh below 1.0550/1.0600 before the weekly closing bell.

The USDJPY continues its journey north. Buyers are impatient to build on fresh long positions; as such, the pair is given little room to correct on its way higher. Option markets are supportive of a further rise toward the 115.00 handle. Intra-day support is eyed at 112.68 (50-hour moving average), 111.75 (100-hour moving average), max 110.80/110.65 (minor 23.6% retracement on Nov 9th to Nov 25th rise / 200-hour moving average).

The GBPUSD trades a touch above its 50, 100 and 200-hour moving averages, 1.2430-1.2435. The rising negative pressures are expected to limit the upside attempts pre-1.2487 (Fib 50% level on Nov 11st to Nov 18th decline), max 1.2531 (major 61.8% retrace). Breaking below the 1.2430 should encourage a further slide toward 1.2389 (minor 23.6% retrace), before 1.2300.

The AUDUSD is testing the 200-hour moving average on the upside, despite weak carry inflows and looming downside risks. The recovery should find a base at 0.7390 (weekly ascending channel base & 100-hour moving average). The key short-term resistance is presumed at 0.7489 (major 38.2% retracement on Nov 8th to Nov 21st decline), if surpassed, should signal a short-term bullish reversal to 0.7528 (200.day moving average) and 0.7543 (Fib 50% level).

Gold rebounded from the critical $1171 (major 61.8% retracement on Dec’15 to Jul’16 rise) in Asia. Short-term recovery to $1180 (former support), $1194 (50-hour moving average) and $1202 (100-hour moving average) could be expected given the oversold market conditions (daily RSI at 23). A slide below $1270 should encourage a further sell-off to $1150, $1121 (minor 76.4% retrace).

The WTI broke below its 100-hour moving average for the first time in a week. Rising negative momentum suggests a potential decline to $46.75/46.70 (major 38.2% retracement on Nov 14th to Nov 22nd rise / 200-hour moving average), before $46.00 (Fib 50% level) and $45.20 (200-day moving average). Solid offers stand at $48.00 before $50.00.

14-12-2020

GBP jumps on Brexit talks extension
The British pound has jumped in early trading this week after the UK Prime Minister and EU Commission President agreed to extend Brexit talks beyond Sunday. MARKETSThe S&P 500 fell on Friday, wrapping up a losing week, as the outlook for additional fiscal… Read more

10-12-2020

AirBnB IPO today
At its IPO price of $6 per share, Airbnb ABNB, is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion. MARKETSStocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares strug… Read more

9-12-2020

S&P 500 closes over 3,700
MARKETSThe S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite clim… Read more

8-12-2020

Global stock market cap reaches $100 trillion for 1st time
The value of all the stocks in the world put together has reached a giant $100 trillion for the first time. MARKETSThe Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminen… Read more

4-12-2020

Pfizer vaccine supply chain problems
MARKETS The S&P 500 fell slightly from record high. Major U.S stocks indices cut gains quickly in the final hour of trading after Dow Jones reported Pfizer now expects to ship half of the doses it had previously planned this year after finding raw materia… Read more

2-12-2020

Dollar Purge Continues
The US dollar dropped to fresh two-and-a-half year lows on Tuesday, with EUR/USD rising above the widely-watched 1.20 handle. MARKETSNews• Stocks in Asia-Pacific were mixed in Wednesday morning trade after major indexes on Wall Street surged to record highs o… Read more

1-12-2020

Bitcoin hits record high
The price of Bitcoin climbed 8.7% on Monday to reach a fresh record high of $19,857.03 - overtaking its previous peak made in 2017. MARKETSNews• Asia stocks rise as the Caixin/Markit manufacturing Purchasing Managers’ Index for November came in at 54.9 — its… Read more

30-11-2020

OPEC meeting starts
Today OPEC+ begin a 2-day meeting to decide whether to begin producing an extra 2 million barrels per day of oil, or delay for another 3-6 months. MARKETSNews• Asia-Pacific markets are mixed this morning while S&P 500 futures are down half a per cent. Ind… Read more