|Day's Range||96.44 - 96.97|
|52 Week Range||94.65 - 102.99|
The direction of the September U.S. Dollar Index on Friday is likely to be determined by trader reaction to the 50% level at 96.690.
USD/CAD failed to settle below the support at 1.3500 and rebounded closer to the resistance at the 20 EMA at 1.3590.
Silver gained strong upside momentum and tries to settle above yearly highs.
The blinkers are on and the markets are racing to hit fresh record highs. All of this in spite of some plenty of doom and gloom…
The take-away is the long-term turning point is a big deal, and gold could fall significantly before it soars due to extremely positive fundamental outlook.
The American dollar dropped lower at London’s trading on Thursday with currency traders seeking out riskier assets on positive economic growth, denting safe-haven demand for the U.S. currency.
GBP/USD continues its upside move and tries to settle above the high end of the current trading range.
It’s a relatively quiet day on the economic calendar. Expect the weekly jobless claims from the U.S, Brexit, and COVID-19 to draw attention.
USD/CAD failed to settle above the 20 EMA and moved back into the previous trading range.
Silver managed to get above the nearest resistance level and heads towards the yearly highs at $19.00.
The direction of the September U.S. Dollar Index on Wednesday is likely to be determined by trader reaction to 97.155 and 96.690.
GBP/USD gained additional upside momentum and settled above the resistance level at 1.2530.
USD/CAD tried to breach the resistance at the 20 EMA but did not get enough support.
Silver continues its attempts to get above the nearest resistance level at $18.50.
GBP/USD continues to trade below the nearest resistance at 1.2530.
Risk appetite continues to support the majors. With the markets not expecting any shift from the RBA, geopolitics and COVID-19 remain curveballs.
The U.S. Dollar is going to keep going down as long as the economic data keeps improving.
USD/CAD continues to trade in the range between the support level at 1.3500 and the resistance level at the 20 EMA at 1.3595.
Silver managed to settle above $18.00 and is ready to test the nearest resistance below $18.50.
If the Fed’s balance sheet has been a key driver of risk sentiment, will this dynamic start to weigh on risk? It seems unlikely to cause too great a stir as we know the Fed have the capacity to turn the taps on any time. Also, put China CN50 on the radar as this index is on fire right now, where we saw sizeable inflows into Chinese A-shares on Friday.
The index closed inside a pair of 50% levels at 96.690 and 97.730. Trader reaction to these levels will determine the near-term direction.
USD/CAD is little changed and continues to trade below the 20 EMA at 1.3610.
S&P; 500 is trying to get above the resistance at 3150 as optimism about economic recovery is tested by the worsening situation on the coronavirus front.
GBP/USD has settled above the 50 EMA at 1.2450 but faced material resistance at 1.2530.