Zulbahri_GB
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Hi everyone. This observation is made around 5:00 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.
Asian shares shed early gains from a strong overnight Wall Street lead, as some investors booked profits. Hope for more U.S. economic stimulus and a COVID-19 vaccine kept market sentiment well supported. Oil prices extended losses after a delayed a decision on output cuts.
The dollar stayed near a 2 1/2-year low as investors cautiously eyed developments in talks about further fiscal stimulus from the U.S., while risk currencies held onto gains on improving risk appetite.
I also does analysis for some other currencies. Read more on the website on TECHNICAL ANALYSIS and DAILY MARKET NEWS.
[EURUSD]
Asian shares shed early gains from a strong overnight Wall Street lead, as some investors booked profits. Hope for more U.S. economic stimulus and a COVID-19 vaccine kept market sentiment well supported. Oil prices extended losses after a delayed a decision on output cuts.
The dollar stayed near a 2 1/2-year low as investors cautiously eyed developments in talks about further fiscal stimulus from the U.S., while risk currencies held onto gains on improving risk appetite.
I also does analysis for some other currencies. Read more on the website on TECHNICAL ANALYSIS and DAILY MARKET NEWS.
[EURUSD]
- The euro soars on the day to 1.2079, fetching to a 2-1/2 year high earlier.
- Investors are heavily short on dollars as optimism about promising vaccine trials drives buying of riskier currencies and higher yielding assets outside the U.S.
- Hawkish comments from ECB Executive Board member Schnabel also gave EUR/USD a boost when he said the ECB should keep financial conditions at current levels through the rest of the pandemic crisis rather than announcing a grand stimulus package that beats market expectations.
- Strength in Eurozone economic data on Tuesday also supported gains in the euro.
- The moves, however, may be subdued as ECB could act against a rapid rise of the currency.
- On Tuesday, U.S. Treasury Secretary Mnuchin and House of Representatives Speaker Pelosi held stimulus talks for the first time since the election, while a bipartisan group of senators and House members proposed $908 billion worth of coronavirus relief measures.
- The Fed meets to set policy on Dec. 15-16.
Important Levels to Watch for:
- Resistance line of 1.21150 and 1.21695.
- Support line of 1.19386 and 1.18841.
[USDJPY]
- The greenback held its ground at 104.363 against the safe haven yen, having touched a weekly high overnight at 104.576.
- USD/JPY posted moderate gains as COVID-19 vaccine optimism and rally in global equity markets curbed the safe-haven demand for the yen.
- The positive moves by dollar, however, were subdued by weaker-than-expected U.S. manufacturing activity data and speculation that the Federal Reserve will act to support the economy before vaccinations become available.
Important Levels to Watch for Today:
- Resistance line of 104.547 and 104.780.
- Support line of 103.793 and 104.560.
For analysis of USDCHF, GBPUSD and other insight into the market, read more on the WEBSITE or click on TECHNICAL ANALYSIS and DAILY MARKET NEWS.
