FX MARKET REPORT 14.12.2020

FX MARKET REPORT 14.12.2020

FX MARKET REPORT 14.12.2020

Daily Commentary
FX MARKET REPORT 14.12.2020
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FX MARKET REPORT 14.12.2020

GBP/USD has surged above 1.33 after bouncing from the 55-day ma at 1.3137. Nevertheless, the pair still looks at the five-month uptrend at 1.3056 which remains key to sustain the upside pressure. GBP/USD sold off on Friday following the failure at tough resistance at the 1.3500/1.3540 recent high and December 2019 high. It has bounced from the 55-day moving average at 1.3137, but this has not been enough to restore the up move and, for now, the five-month uptrend at 1.3056 remains pivotal. EUR/USD’s upside looks elusive despite the technical breakout. A falling wedge bullish break confirmed on the hourly chart. Bearish crossovers, bullish RSI put EUR bulls in limbo. The dollar headed lower in early European trade Monday, as traders deserted the safe haven on hopes that Congress will finally agree a fiscal stimulus package ahead of the Federal Reserve’s policy meeting. The dollar index was down 0.4% at 90.562, trading near a two-and-a-half year low. USD/JPY fell 0.1% to 103.98, EUR/USD rose 0.4% to 1.2155, while the risk-sensitive AUD/USD was up 0.4% at 0.7564.

GBP/USD has surged above 1.33 after bouncing from the 55-day ma at 1.3137. Nevertheless, the pair still looks at the five-month uptrend at 1.3056 which remains key to sustain the upside pressure. GBP/USD sold off on Friday following the failure at tough resistance at the 1.3500/1.3540 recent high and December 2019 high. It has bounced…

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