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FX168 Financial News (Hong Kong) reported on Thursday (December 3) on the European market, the euro / dollar rose and then fell, currently hovering around 1.2115, the high had previously risen at 1.2139; the pound / dollar rose to 1.3421. The dollar / yen continued its downtrend with a low of 104.22; spot gold has rebounded to 1840, which is expected to challenge 1850.
The analysis found that with the latest developments in the new krona vaccine and news of the US fiscal stimulus increasing risk sentiment, the US dollar suffered a continued large-scale sell-off and once fell below the threshold. by 91 over the course of the day, which also reinforced the trend of the euro and the pound, and the rebound in gold prices. If the dollar is confirmed to fall below the 91 mark, the next key support will point to 89.22, fearing a steep drop of more than 100 points.
EUR:The upward movement of the euro remains strong and the euro / dollar has climbed to a new high in the 1.2140 area as investor sentiment for risk-related assets remains strong.
Indeed, growing rumors that the Biden administration will introduce more fiscal / monetary stimulus measures, coupled with the optimism triggered by an effective coronavirus vaccine, have continued to support the flow of funds into risky markets in recent weeks, all not good for the dollar.
The EUR / USD pair successfully broke through the 1.2100 threshold and set a new high for the year near 1.2140. The last time it reached this level was in April 2018. This has always happened in the context of the favorable atmosphere of the risk complex.
Technically, the initial support level below the euro is 1.1920, followed by 1.1800 and finally 1.1745. On the other hand, a turn of 1.2139 means that the next target will point to 1.2413 and then 1.2476.
GBP:GBP / USD resumed its uptrend on Thursday and widened the previous day’s rebound from less than 1.3300. It has now recovered the 1.3400 mark and the bulls are setting the three-month high reached earlier this week.
From a technical point of view, the recent rise from the 1.2675 area low reached on 23 September followed an uptrend, indicating a perfect uptrend. Along with some low buying around the 1.3285-80 range, it supports the prospect of further appreciation.
The technical indicators on the daily chart are maintaining a bullish trend and are still far from the overbought zone, which further strengthens the positive outlook. In other words, the GBP / USD pair cannot break through the channel resistance and you need to be cautious before going long.
The above threshold is currently close to the 1.3440 area. If the threshold is permanently cleared, it will be seen as a new trigger point for bullish traders and pave the way for further gains. GBP / USD could break the monthly volatility high near 1.3480 hit in September and the next target will regain the key psychological barrier of 1.3500.
On the other hand, the current preliminary support is around 1.3370-65. The subsequent drop to the 1.3300 level can still be seen as a buying opportunity. In turn, this should help limit the downside near the support level of the 1.3285-80 level. A break below this support level will end the bullish pattern and trigger some technical selling.
Himoto:From the perspective of the yen trend, the expanded decline of the US dollar / yen hit a daily low of 104.25. As the market’s cautious mood warmed further on the day, investors further bet on stronger easing measures after Fed officials spoke overnight.
This time around the US dollar index fell to a two and a half year low of 90.83, and investors were even more concerned about the potential impact of US employment data in November due to the stalemate. election, the lack of a tax agreement and the resurgence of the epidemic, which led to more safe-haven funds. Prior to the release of the US nonfarm employment report on Friday, assets were shifted back to the yen.
The analyst thinks it is prudent to wait for some strong successive sell-offs before confirming that the momentum of the rebound from the 103.80 area this week has worn off and prepares for further depreciation.
gold:The price of gold continued to rise during the European session on Thursday, and is currently near the one-week high of $ 1,840 an ounce. Looking at the news, the US fiscal stimulus negotiations continue to support the gold bulls and the US Congress could receive a larger aid package proposal than previously anticipated.
At the same time, employment in the US ADP is weak and the economic optimism sparked by the new coronavirus vaccine continues to put pressure on the US dollar, which is positive for gold.
From a technical point of view, from a short-term technical point of view, the price of gold on the hour chart confirmed a golden cross and the 50 hour bullish moving average broke through the 200 hour moving average. hours from bottom to top. This opened the door for further growth in the price of gold, focusing on the previous strong support, which turned into resistance at $ 1850.
Prior to that, the price of gold will test the November 24 high of $ 1839. On the one-hour chart, the RSI has fallen, but is still well above 50, arguing that the price of gold is rising. further. At the same time, the first support is found in the bullish 21-HMA moving average at $ 1827. If it breaks, it will test the $ 1815.Return to Sohu to see more
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