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Sharp profit-taking in AUDUSD
The euro remains under pressure heading into the European Central Bank (ECB) meeting. The EURUSD extended weakness to 1.0955 on dovish ECB expectations. The event risk is high and traders should stand ready for two-sided volatility. The key Fibonacci resistance, at 1.1078 (major 38.2% retracement) should distinguish between a short-term bullish reversal to 1.1200/1.1280, and a further fall to 1.0910 (Jun 23rd low), before 1.0880/1.0850 area.

The USDJPY rebounded from 103.17 yesterday and traded in a tight range of 103.35/103.78 in Tokyo. The lack of conviction weighs on the positive momentum, yet a sudden attempt toward 105.00, max 105.50 could still not be ruled out. Critical short-term resistance is eyed at 103.00 / 102.89 (major 38.2% retracement), if broken, should suggest a short-term bearish reversal.

Even the combination of a solid inflation and labour data couldn’t give the GBPUSD the momentum it needed for a positive breakout. The pair trades rangebound a touch higher than 1.2240/1.2275 area, including the 50, 100 and 200-hour moving averages. The next resistance is eyed at 1.2440 (Fibonacci 50% retracement on Sep 28th to Oct 7th crash), while support is eyed at 1.2155 (one-week ascending channel base).

The AUDUSD sharply reversed trend after hitting 0.7734 mid-term resistance in Sydney. Profit-taking and tactical shorts sent the pair back to 0.7655, a touch higher than 0.7647 (major 38.2% retracement on Oct 13th to Oct 20th rise). Holding support at this level, we could expect a re-test of 0.7730/0.7750, while breaking below should encourage a deeper correction to 0.7620 (50% level) and 0.7608 (200-hour moving average).

Gold extended gains to $1270 and is preparing to test the mid-term resistance at $1277, the 200-day moving average, for a further advance to $1297 (minor 23.6% retrace). Failure to clear the $1275/1277 resistance should trigger a minor fall to $1255/ 1250 (major 38.2% retracement on Dec 16th to Jun 5th rise).

The WTI is testing the $52 resistance for the second time in two weeks, suggesting that appositive breakout could encourage a surge toward the $53/$55 mid-term resistance. The key support is eyed at $50.18 (minor 23.6% retracement on Sep 20th to Oct 20th rise) and $48.94 (major 38.2% retrace).

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