USDCAD TRADING OUTCOME
USDCAD has formed a double bottom around 1.2630 and has shown massive recovery despite weak US retail sales. It came in at -1.4% in December, compared to the -0.1% forecast. As expected, the US Empire State Manufacturing Index fell to 3.5 on January 6. Increased production and growth in cases of corona virus. Lower support for the US dollar. USDCAD hit an intraday high of 1.2732 and is currently trading near 1.2726. WTI lost more than 1$ after hitting the latest 10-month high of 53.89 on rising corona virus cases. Any violation above $ 54 confirms the continuity of the acceleration, which can be up to 55 $ to 57$. Technically, the pair's competition is close to 1.2780. The interval of any of the above indicators will be up to 1.2835 , 1.2865 and 1.2900. Near-term support is around 1.2700. Violation of the indicator below will lead to the next level 1.2660 to 1.2630. This is a good buy for those with stop loss for 1.2600 to 1.2600 take profit around 1.2700.
The US dollar index traded higher for the third day in a row, despite weak US retail data. It came in at -1.4% in December, compared to the -0.1% forecast. As expected, the US Empire State Manufacturing Index fell to 3.5 on January 6. After hitting a multi-month high of 1.184 yield, US 10-year yields lost nearly 10%. The production curve has increased from 3.6 basis points to 96.20 basis points since May 2017. As long as support reaches 89.80, the intra-day trend on DXY is slightly faster. On the upside, near-term resistance is around 90.75, which is a convincing violation above targets 91.00 to 91.50. Significant gains only if they close above 91.50. The index has strong support at 89.80. Any of the indicator breaks below will take the index to 89.60 - 89.20. For a take profit of 91.50, it is good to buy at dips around 90.25 to 90.30 with stop loss around 89.80.
On Friday, the Canadian dollar weakened against its US counterpart and returned this week's gains, as rising COVID-19 cases in China reduced the appetite for risk, while domestic data showed. That saw a record increase in domestic sales in December. Canadian home sales rose 7.2 percent in November, setting a new record amid rising demand in the Toronto and Vancouver areas, the Canadian Real Estate Association said. The greenback, or 78.60, is trading at 78.60, down from a three-year high of 1.2621 on Wednesday. For the week, Looney was on the verge of weakening 0.3 weak. Immediate resistance can be seen at 1.2766 (21DMA), a reversal could move towards 1.2776 (61.8% Fib). In stimulus, immediately Support is seen at 1.2728 (5DMA), a break below could lead the pair to 1.2679 (38.2% Fib).
The euro weakened against the dollar on Monday as the rise in the Kwid 19 boosted investors' hopes of an early economic recovery, even after data showed that the Chinese economy outperformed expectations in the fourth quarter of 2020. Rapid progress. In contrast, the United States and Europe, where the spread of the corona virus has affected consumer spending, were hit by US retail sales as reported on Friday. The euro hit a six-week low of 1.2066. Immediate resistance can be seen at 1.2137 (38.2% Fib), a reversal interval can move towards 1.2159 (25EMA). Can lead to (61.8 ٪ Fib).
USDCHF is stabilizing in a narrow range between 0.89201 and 0.8855 last week. Rising coronavirus cases and rising production are helping the US dollar lower. On the data front, US retail sales and Jubilees claims are lower than expected. In the last 2 months, the 10-year US production has been one of the best performers and has increased by more than 45%. The US dollar index is well above the 90 level. Any breach above 91.50 confirms the continuation of the momentum. The pair's near-term resistance is 0.8920% The rate of violation of any of the above will be at the next level of 0.8948. On the downside, the key support stands at 0.8845, below any target break of the indicators 0.8822, 0.8800 and 0.8750. For a take profit of 0.9000, it is good to buy at 0.8960 dips with stop loss around 0.8960.
GOLD DAILY OUTLOOK
Gold surged sharply more than $35 on dovish comments from Fed members. The Fed New York President William said that central bank monetary policy should be a strong support to ensure recovery. The better-than-expected US economic data is preventing the yellow metal from further upside. The minor sell-off in US bond yields is supporting the yellow metal. The short-term trend is still bullish as the long support of $1769 holds. DXY lost more than 50 pips from a minor top around 91.43. Any violation below 90.80 confirms intraday bearishness. The yellow metal hits a high of $1822 and is currently trading around $1820. Economic data: The number of people who have filed for jobless benefits has fallen to 498000 last week compared to a forecast of 540K. Markets eye US Nonfarm payroll data for further direction. Technical: It is facing strong support at $1790, violation below targets $1770/$1760. Significant trend continuation only below $1675. On the higher side, near-term resistance is around $1825, any indicative break above that level will take till $1835/$1850. It is good to buy on dips around $1802-03 with SL around $1790 for the TP of $1848.
Forex Forum fx.co – Introduction.
The Forex market is a high-yield and risky means of making a profit by trading on currency markets. The work tools at the Forex market in many ways determine the result of trading by participants, the brokers’ clients. Every Forex broker offers its own platform; however, most brokers and traders concur in choosing MetaTrader 4 and MetaTrader 5 platforms. This forum is for those who prefer the MetaTrader series platforms in trading on the Forex market.
Forex Forum fx.co – trade discussion.
Forex market forecasts, independent opinions of novice traders and experts – all this you will find in the Trade Discussions section. Solid experience of work on Forex is preferable, but everyone, including Forex newbies, is welcome to share their opinion. Mutual help and dialog are the main goals of communication in the Trade Discussions section.
Forex Forum fx.co – Dialog with brokers and traders (about brokers).
If you have a negative or positive experience of work with a Forex broker, share it here. Leave a comment about your broker; describe the advantages or drawbacks of working with it. The aggregate traders’ reviews of brokers constitute a rating. In this rating, you can see the leaders and outsiders of the Forex services market.
Free discussions at the Forex Forum fx.co
You are a trader and want to relax? Then the Free Discussion section is exactly what you need. No doubt, conversation on subjects related to the Forex market is preferable. Here you will find jokes about traders, caricatures of Forex brokers and full-swing Forex off-topic convo.
Bonuses for communication at Forex Forum fx.co
This forum is created by traders, for traders, and revolves around deriving a profit. However, each post at the Forex forum yields its author a forex bonus that can be used in Forex trading from the account opened with one of the forum’s sponsors. This small gift is presented with the aim to reward professional traders for spending time at our forum.
We appreciate your choice of Forex forum fx.co as a platform for communication.