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When will the USD strengthen?

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Analysts at Commerz Bank  have showed that the dollar was expected to continue to underperform against most major currencies over the coming 12 months, with a good chance of that weakness extending beyond a year. Depending on finding the cure for COVID-19

The ongoing US dollar breakdown will continue into the next year amid faltering economic recovery, in the wake of the coronavirus resurgence in hot zones. Meanwhile, the US-Europe macro divergence is likely to benefit the euro.

In another news, the dollar index, which tracks the value of the greenback against majors, is sidelined near 92.80. If the greenback drops, tracking the uptick in the stock futures, the yellow metal may revisit record highs registered on Wednesday.

Also, a movement in the greenback cannot be ruled out, as China-US tensions are likely to escalate with Taiwan and US planning to hold highest-level talks for the first time since 1979. China claims Taiwan as its own territory that it would secure at whatever cost.

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

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Forex Trading

XAUUSD eyeing upside above $1916

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Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

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Forex Trading

Gold sees heavy loss.

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The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

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