Frank Walbaum
FX Strategies.Asia
Important news for the day:
- Fri, 19th 08:00 CET UK Retail Sales.
- Fri, 19th 14:30 CET CA core Retail Sales.
US elections
US President Biden gets under further pressure as the election campaign continues. The 81-year-old has been diagnosed with COVID-19 and needs to take a break from public appearances. Negative headlines also followed from Nancy Pelosi, the former Democratic speaker of the House, stating that he should step down from a potential re-election. Former President Trump had delivered a speech in Milwaukee during the Republican National Convention. Meanwhile the Dollar is gearing up steam. Further pressure might cause the correction in stock markets to extend: Microsoft has seemingly reported issues with an outage of a computer system.
Market talk
The strength of the Dollar continues and ost currency pairs offer a potential turnaround pattern towards the end of this week. Also equities remain negative with in particular the Dow Jones having pared most of last week’s previous gains. Tech stocks remain hit the most and the current news surrounding Microsoft might further weigh negatively on the situation. The strength of the Dollar also caused Gold to weaken. The slide in Silver is even stronger. Bitcoin and ETH are losing steam as well but were mostly able to hold gains for now. Daily charts, however, suggest that the current downtrend might continue.
- AUDUSD: we sold at 0.6740 with SL NOW at 0.6740 and TP at 0.6595.
Tendencies in the markets
- Equities weak, USD stronger, cryptos sideways, oil correcting, Gold bearish, Silver down, JPY sideways.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This Webinar is purely for information purposes. Transactions or orders are for illustrative purposes only and should not be copied by traders. The content has been carefully compiled. However, no liability can be accepted by FX Strategies. Asia and under no circumstances should this material replace a consultation with a certified financial, investment or investment advisor in terms of their accuracy. Further information on our risk warnings can be found on our website under fxstrategies.asia.
Recommended Content
Editors’ Picks
EUR/USD drops toward 1.0850 amid sustained US Dollar recovery
EUR/USD is falling toward 1.0850 in European trading on Friday. The sustained US Dollar rebound amid risk-aversion and firmer US Treasury bond yields weighs on the pair. ECB policy decision fails to lift the Euro. Fedpseak remains on tap later in the day.
GBP/USD flirts with weekly low below 1.2950 after UK Retail Sales
GBP/USD is testing weekly lows below 1.2950 in the early European session on Friday. The pair stays on the back foot after disappointing UK Retail Sales data amid the extended US Dollar recovery. The focus now shifts to the Fedspeak.
Gold price extends losing spell as profit-booking kicks in, US Dollar bounces back
Gold price extends its losing streak for the third trading day, declining to near $2,410 in Friday’s European session. The precious metal faces profit-booking after rallying to fresh all-time highs above $2,480 on Tuesday.
Bitcoin faces resistance around the $65,000 mark
Bitcoin and Ethereum prices encountered rejections upon reaching resistance levels near $65,000 and $3,530, respectively. Meanwhile, Ripple price might undergo a pullback towards the 61.8% Fibonacci retracement level at $0.480.
Risk aversion takes hold as online outage hits markets
A global internet outage including banks, airports, train companies, TV stations including Sky News, stock exchanges including the LSE, Microsoft’s cloud services and cyber security services have all been hit by major online outages.