What To Watch For Trading This Week
The Brexit deal has been reached. The United Kingdom and the European Union closed in on a post-Brexit trade agreement after months of fraught negotiations
EU von der Leyen said a trade deal with the UK is fair, balanced, and right. It was a long and winding road but we got a good deal. We will ensure Brexit is left behind. The single market will be fair and remain so.
Traders focus that the U.S. Federal Reserve will maintain an accommodative monetary policy and expectations of more fiscal stimulus in 2021 to aid economic recovery from COVID-19.
Looking ahead, this week's calendar features U.S. data on CB Consumer Confidence, Pending Home Sales, and Chicago PMI as well as Initial Jobless Claims
US CB Consumer Confidence measures the level of consumer confidence in economic activity. It is expected to an outcome of 128.0.
US Pending home sales will be followed by the market. It is expected to rise to 0.5% m/m in November from a -1.1% fall in October. An increase in pending home sales is good news for the US housing market.
Liquidity over the New Years' holiday is expected to be particularly thin so please take the necessary precautions to ensure you are not affected by increased volatility and intermittent pricing.
The EURUSD pair closed last week below the 1.2214 main resistance level. If the pair stays below 1.2214 on a daily basis, we will watch the support levels at 1.2046. On the other hand, If the pair rises above 1.2214, the next resistance level is holding at 1.2391
Support : 1.2046 - 1.1819 - 1.1744
Resistance : 1.2214 - 1.2391 - 1.2536
Focus on the 1.3517 main support level in the GBPUSD pair. If the pair trades above 1.3517 on a daily basis, the resistance level can be found at 1.3599 again. On the other hand, if the pair falls below 1.3517, the next support level is holding at 1.3392
Support: 1.3517 - 1.3392 - 1.3313
Resistance: 1.3599 - 1.3688 - 1.3784
The EURJPY pair closed last week below the 126.69 main resistance level. If the currency stays below 126.59 on a four hourly basis, we will watch the support levels at 125.85 and 125.07. On the other hand, If the pair rises above 126.69, the next resistance level is holding at 127.52.
Support: 125.85 - 125.07 - 124.24
Resistance: 126.69 - 127.52 - 128.39
Keep your eye on the 1873 main support level in the Gold Price. As long as the price stays above 1873, on a four hourly basis, we will follow the resistance levels at 1904 and 1932. On the downside, if the price breaks down below 1873, the next support level will be at 1854.
Support: 1873 - 1854 - 1829
Resistance: 1904 - 1932 - 1964
27 Dec 20 (Sun)
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