Home Forex News Vantage FX Market Outlook for 19th Nov 2020

Vantage FX Market Outlook for 19th Nov 2020

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#Risk sentiment. Asian stock markets edged lower, retreating from their recent highs as the rising number of Covid-19 cases worldwide weighed on the market risk sentiment. Elsewhere, optimism around the developments of the potential Covid-19 vaccine after Pfizer and BioNTech had a successful first stage clinical trial, indicating 94% effectiveness of the vaccine in preventing Covid, limited downside in the stock markets.

#DXY The dollar fell further overnight again as fresh hopes of a successful vaccine being developed was announced. Pfizer announced that in its clinical trials, its vaccine is about 94% successful with deliveries possibly starting before Christmas this year. Across the board traders saw risk havens drop further on a capital flight to risk on assets. Until the US Fed Chair Jerome Powell makes a clear decision on the Fed’s next actions, the focus still remains on the vaccine situation.

#Gold prices continued to fall slightly on Thursday, as more encouraging news on vaccine developments came in from Pfizer, who are pushing for the first U.S. regulatory authorization for their COVID-19 vaccine within days. Despite this, gold prices still look to be bullish in the long term, with the U.S. facing a long uphill battle against rising COVID-19 cases and the stimulus measures expected to come in the near future.

#CrudeOil #Oil Oil prices fell from its 2 months high as New York city implements another round of lockdown due to resurgent virus cases. Investors are also seen to have lost faith in OPEC+ earlier promises to cut its production in January 2021. There are reports saying that UAE could be considering a break away from the OPEC+ group of countries due to what is seen as unfair allocation of output targets. WTI dipped by 0.1%, whilst Brent dropped by about 0.3%.

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

Description:

Price is approaching our Pivot point at 1.18537, which is in line with our 61.8% Fibonacci retracement and horizontal graphical overlap. We could potentially see price drop from this level towards our 1st support at 1.18003. It’s worth noting that Stochastic Oscillator is showing bearish divergence in line without analysis.

Pivot: 1.18537
Why we like it:
61.8% Fibonacci retracement and horizontal graphical overlap

1st Support: 1.18003
Why we like it:
38.2%, 61.8% Fibonacci retracement and horizontal graphical overlap

1st Resistance: 1.18838
Why we like it:
78.6% Fibonacci retracement 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 1.32340, which is in line with our 61.8%, 161.8% Fibonacci retracement and horizontal graphical overlap. We could potentially see the price rally towards our 1st resistance level at 1.33680. It’s worth noting that price is currently trending above the Ichimoku cloud and is showing bullish momentum.

Pivot: 1.32340
Why we like it:
61.8%, 161.8% Fibonacci retracement and horizontal graphical overlap

1st Support: 1.31672
Why we like it:
78.6% Fibonacci Retracement and Horizontal graphical support.

1st Resistance: 1.33680
Why we like it:
61.8% Fibonacci extension, -27% Fibonacci Retracement and Horizontal graphical 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 104.121 which is in line with our 23.8%, 61.8%, 78.6% Fibonacci Retracement and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 103.247. It is worth noting that the Ichimoku cloud and MACD are showing bearish pressure.

Pivot: 104.121
Why we like it:
23.8%, 61.8%, 78.6% Fibonacci Retracement and horizontal graphical overlap

1st Support: 103.247
Why we like it:
-61.8% Fibonacci retracement and Horizontal swing low support

1st Resistance: 104.028
Why we like it:
38.2% Fibonacci retracement and 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 0.91423, which is in line with our 23.6% Fibonacci Retracement and horizontal graphical level. Price could potentially drop towards our 1st support level at 0.90630. It’s worth noting that price is trending under a descending trendline and MACD is also showing bearish momentum.

Pivot: 0.91423
Why we like it:
23.6% Fibonacci Retracement and horizontal graphical level

1st Support: 0.90630
Why we like it:
61.8% Fibonacci extension and 61.8% fibonacci retracement

1st Resistance: 0.91806
Why we like it:
88% Fibonacci retracement and horizontal graphical resistance

Trading FX & CFDs carries high risk.

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