Our pivot point stands at 17.1930. Our preference: target 16.8630. Alternative scenario: above 17.1930, look for 17.3110 and 17.3820. Comment: the RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its
Our pivot point stands at 17.1930. Our preference: target 16.8630. Alternative scenario: above 17.1930, look for 17.3110 and 17.3820. Comment: the RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its
Our pivot point is at 1.3791. Our preference: target 1.3670. Alternative scenario: the upside breakout of 1.3791, would call for 1.3835 and 1.3861. Comment: the RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under
The US Dollar stages a recovery on risk aversion spurred by the China Covid-19 crisis. USD/CAD bounced off weekly lows around 1.3300 and tested the 1.3400 mark. USD/CAD Price Analysis: The head-and-shoulders chart pattern remains intact. The US Dollar (USD) stages a recovery against the Canadian Dollar (CAD) amid a subdued trading session sparked by
The Pound Sterling drops below 1.2000, set to finish the week with gains of more than 1.50%. GBP/USD: Failure to hold above 1.2100 exacerbated a fall toward the November 24 low of 1.2049. GBP/USD Price Analysis: A break below 1.2000 will exacerbate a fall towards 1.1800. The GBP/USD hovers below 1.2100 amid a subdued trading
China’s coronavirus crisis weighs on WTI price, on speculations of lower demand. The Eurozone threatening to impose a cap on Rusian and a buoyant US Dollar keeps WTI defensive. WTI Price Analysis: A daily close below $80.00 could pave the way for a YTD low re-test. Western Texas Intermediate (WTI), the US crude oil benchmark,
The Bank of Canada (BoC) could be near the end of the interest rate hike cycle, point out analysts at RBC Capital Markets. They consider the BoC will hike by 25 basis points in December. Key Quotes: “Canada looks on track to deliver a GDP reading next week that’s just above our 1% (annualized) forecast
Silver falls modestly on Friday, holds above key support levels. Technical outlook presents a bullish bias but upside seems limited while under $21.50. Break under $20.85 likely to increase bearish pressure. Silver is falling on the last day of the week. It bottomed during the American session at $21.14 and then quickly bounced back above
Recent weakness in the USD saw Gold price testing $1,780. But the Federal Reserve’s commitment to bringing inflation down with tighter monetary policy leaves room for gains in the greenback, strategists at ANZ Bank report. Fed to hike another 100 bps “Softer than expected inflation in the US triggered a sell-off in the US Dollar,
The Australian Dollar is on the defensive due to mixed sentiment. Federal Reserve: US growth risks are skewed to the downside, capping the US Dollar gains. Next week: RBA and Fed officials’ speeches will give direction to the AUD/USD. The Australian Dollar (AUD) losses ground vs. the US Dollar (USD) amid a mixed sentiment, with
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