In this report we cover EURUSD and USDCAD hitting our targets and provide you analysis on Gold. Risky assets are still sold and USD bought as there is now news about economic stimulus from the US. The sell-off really started when it was reported that the US Congress is unlikely to pass any coronavirus relief before the election. We said at the time that there was institutional selling coming into the stock market. US equities started to sell-off the next day and have not recovered since. Now that EURUSD has broken key supports XAUUSD is also on the move after being stuck in a range for quite some time. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

USDCAD has yet again hit our target. This time the pair moved to the second target we set when the pair was still trading below target 1. As USDCAD is trending higher we expect the pair to move to 1.3440, provided the 1.3370 support isn’t violated.

Gold moved strongly lower yesterday after breaking a support level at $1902.91. Now XAUUSD is trading also below 1862.36. Projection from the triangle formation (see the chart above) points roughly $1817.70 – $1823.40 range which is a likely downside target for the price of Gold. The 61.8% Fibonacci retracement level and resistance from July this year approximately coincide with the projection. We expect short covering and speculative buying to begin near this price range.

Gold is trending lower in 4h timeframe. If the price retraces higher then the potential resistance area is formed between 1862 and 1873. Should gold move to this price zone we will look for sell  signals with our T1 at $1852 and T2 at $1827. To take advantage of our analysis and ultra-low trading fees, register for an account and deposit here.

In yesterday’s Price Action Analysis video we covered several scenarios and relevant resistance levels. Market decided to sell off from the first resistance area and has hit our target today.ere.

Today EURUSD hit our target zone and bounced higher in the 1h timeframe. For more analysis on EURUSD and other markets stay tuned to and to our YouTube channel for more great ideas and setups.

Recent macroeconomic data releases

  • New Zealand Official Cash Rate, 0.25%, (0.25% expected)
  • French Flash Services PMI, 47.5, 52.2 expected
  • French Flash Manufacturing PMI, 50.9, 50.6 expected
  • German Flash Manufacturing PMI, 56.6, 52.0 expected
  • German Flash Services PMI, 49.1, 53.0 expected
  • EU Flash Manufacturing PMI, 53.7, 51.5 expected
  • EU Flash Services PMI, 47.6, 51.0 expected
  • UK Flash Manufacturing PMI, 54.3, 54.3 expected
  • UK Flash Services PMI, 55.1, 57.0 expected
  • US Flash Manufacturing PMI, 53.5, 52.5 expected
  • US Flash Services PMI, 54.6, 54.5 expected
  • US Crude Oil Inventories, -1.6M, -2.5M expected

Macroeconomic data releases today and tomorrow

  • SNB Monetary Policy Assessment
  • SNB Policy Rate, -0.75% expected
  • US Unemployment Claims, 845K
  • Fed Chair Powell Testifies
  • US Treasury Sec Mnuchin Speaks
  • UK Public Sector Net Borrowing, 40.6B expected
  • US Core Durable Goods Orders, 1.0% expected
  • US Durable Goods Orders, 1.1% expected

You may access the times and dates in the economic calendar here.

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Janne Muta
Chief Market Analyst

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Janne Muta

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