FX MARKET REPORT 03.12.2020

FX MARKET REPORT 03.12.2020

FX MARKET REPORT 03.12.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 03.12.2020
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FX MARKET REPORT 03.12.2020

The continuation of the upside momentum in Cable is predicted to meet a tough barrier in the 1.3500/15 area, noted Commerzbank. “GBP/USD has eroded its long term downtrend and is approaching the 1.3500/1.3515 December 2019 high. This is a long term pivot and both levels represent major resistance, we would allow for them to hold the initial test.” “Nearby support is offered by the 55 day moving average at 1.3065 and also by 1.3009, the 5 month uptrend and for now, while above here the market remains bid.” “EUR/USD has maintained upside pressure following the break above the 1.2014 August peak. It is poised to reach 1.2145, the 78.6% retracement and this is the break up point longer term to 1.2622, the 200 month moving average. We note the 13 count on the 240 minute chart and will attempt to buy the dips. Dips should find initial support at 1.1921 and good nearby support at the 1.1800/03 November 23 low and the 55 day ma. EUR/USD will remain bid while above the six month support line at 1.1742.”The dollar continues to lack friends in early European trade Thursday, with optimism over the rollout of vaccines and talk of new U.S. fiscal stimulus prompting risk-on trades. The dollar index was down 0.2% at 90.925, trading around levels last seen well over two years ago. USD/JPY fell 0.1% to 104.38, while the risk-sensitive AUD/USD climbed 0.2% to 0.7428, its highest level in more than two years.

The continuation of the upside momentum in Cable is predicted to meet a tough barrier in the 1.3500/15 area, noted Commerzbank. “GBP/USD has eroded its long term downtrend and is approaching the 1.3500/1.3515 December 2019 high. This is a long term pivot and both levels represent major resistance, we would allow for them to hold…

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