Home Forex News Vantage FX Market Outlook for 17th Nov 2020

Vantage FX Market Outlook for 17th Nov 2020

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#Risk sentiment. Risk-on mood ensues as Asian stocks look poised for gains, following their US counterparts after Moderna said that its Covid-19 vaccine was 94.5% effective in the preliminary analysis of a large late-stage clinical trial. Elsewhere, Tesla shares recorded a 14% gain following the announcement that the company will be included in the S&P 500 index on December 21. Looking ahead, while the vaccine could lift investors’ optimism, it also has the potential to drive another global stock rotation, out from the technology industries to value and cyclical sectors.

#DXY The dollar continued to weaken along with safe havens as Moderna, another pharmaceutical company announced that its coronavirus trials have been proven to be about 94% effective. Should the virus situation ease up globally, we should see the dollar weaken further. Certain economists are calling for the dollar to drop as much as 20% by 2021 if and only if the vaccines are easily accessible by the general public. Investors eyes are now on the Fed’s action to bolster the US economy as new President-Elect Joe Biden gets ready to come into office.

#Gold prices steadied on Tuesday, after yesterday’s bumpy session with the release of Moderna’s statement on its COVID-19 vaccine being proven to be 94.5% effective in preliminary analysis. Despite the encouraging progress with vaccines, the pace of infections in the U.S. continues to rise and the dollar continues to weaken, thereby bolstering a positive outlook for gold. Looking forward, we maintain a bullish view on gold as investors continue to seek safe haven in the precious metal during these uncertain times.

#CrudeOil #Oil Oil prices held its gains as Moderna, another vaccine company announced that its coronavirus vaccine trials have proven to be about 94% effective. Further, OPEC+ moved closer to also delaying a planned output cut early next year. However, given rumours of the virus mutating in some countries, the demand outlook for oil still seems gloomy. WTI climbed by another 0.4%, whilst Brent rose by about 0.5%.

#EURUSD, H4 is approaching our Pivot point. Potential for a further rise.

Description:

Price is approaching our Pivot point at 1.18206, which is in line with our 78.6% Fibonacci retracement and horizontal graphical overlap. We could potentially see price rise from this level towards our 1st Resistance at 1.19049. It’s worth noting the Ichimoku cloud and MACD are both showing bullish momentum. Lastly, price is trending above an ascending trendline.

Pivot: 1.18206
Why we like it:
78.6% Fibonacci retracement and horizontal graphical overlap

1st Support: 1.17618
Why we like it:
50% Fibonacci retracement and horizontal swing low support

1st Resistance: 1.19049
Why we like it:
88% Fibonacci retracement, 50% Fibonacci extension and horizontal swing high resistance

Trading FX & CFDs carries high risk.

#GBPUSD, H4 is bouncing from our Pivot point, potential for a rise.

Description:

Price is bouncing from our Pivot point at 1.31822, which is in line with our 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see the price rally towards our 1st resistance level at 1.32712. It’s worth noting that price is currently trending above an ascending trendline, also, the Ichimoku cloud is showing bullish pressure.

Pivot: 1.31822
Why we like it:
78.6% Fibonacci extension and horizontal graphical overlap

1st Support: 1.31143
Why we like it:
50% Fibonacci Retracement, and Horizontal graphical support.

1st Resistance: 1.32712
Why we like it:
78.6% Fibonacci Retracement and Horizontal swing high resistance

Trading FX & CFDs carries high risk.

#USDJPY, H4 is approaching our Pivot point, potential for a further drop.

Description:

Price is approaching our Pivot point at 104.598 which is in line with our 50% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 103.780. It is worth noting that the price is currently trending under a descending trendline and the MACD is showing bearish pressure.

Pivot: 104.598
Why we like it:
50% Fibonacci extension and horizontal graphical overlap

1st Support: 103.780
Why we like it:
78.6% Fibonacci retracement, 88% Fibonacci extension

1st Resistance: 104.855
Why we like it:
38.2% Fibonacci retracement, 38.2% Fibonacci extension Horizontal graphical resistance level.

Trading FX & CFDs carries high risk.

#USDCHF, H4 is approaching our Pivot point, potential for a further drop.

Description:

Price is approaching our Pivot point at 0.91177, which is in line with our 38.2% Fibonacci Retracement, 76.4% Fibonacci extension and horizontal graphical level. Price could potentially drop towards our 1st support level at 0.90275. It’s worth noting that the EMA (89) and price trending beneath a descending trendline are both showing bearish momentum.

Pivot: 0.91177
Why we like it:
38.2% Fibonacci Retracement, 76.4% Fibonacci extension and horizontal graphical level

1st Support: 0.90275
Why we like it:
78.6% Fibonacci retracement and horizontal graphical area.

1st Resistance: 0.91424
Why we like it:
88% Fibonacci extension,23.6% Fibonacci retracement and horizontal graphical resistance

Trading FX & CFDs carries high risk.

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