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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 189537, member: 32345"] [B]Date : 29th December 2020. Market Update – December 29 – The final few days.[/B] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG] [B]EURUSD, H1[/B] US stock futures are in the green with gains of 0.45% to 0.65% after President Trump signed the $2.3 tln spending bill that will fund the government through to September 2021 and which also includes the $900 bln pandemic relief package. Further supporting investor sentiment has been the Brexit deal — while not ideal for either side, it eliminates the hard Brexit result that was most feared. These factors, and the positive developments on vaccines, should smooth out trading over the rest of 2020, though thin holiday trading could make for some choppy price swings. All three major US markets closed at new all-time highs yesterday. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/12/2020-12-29_11-41-43.png[/IMG] Earlier, the [B]JPY225[/B] closed up an impressive[B] 2.7%[/B] and closed over [B]27,000[/B] for the first time since 1991. End of year portfolio rebalancing, profit taking and accounting all conspire to boost equities in the final trading days of the year. The 161.8 Fibonacci extension of the March sell-off sits at [B]28,800[/B]. The MACD has a rising signal line and histogram, the weekly ATR remains over the 500 point and although the RSI has been technically in the overbought range for over 6 weeks, it is still moving higher and currently trades around 78.00. The JPY225 is one of the best performing assets for 2020 of all the ones we monitor; for more details of what the long term Weekly & Monthly charts might be suggesting for the next few months, join me tomorrow in our [B]“2021 – The Year Ahead in Charts” [/B]webinar. You can register here: [IMG alt="[IMG]"]https://imgupload.io/images/2020/12/29/Webinar.jpg[/IMG] In the FX markets, [B]Dollar, Yen[/B] & [B]Sterling[/B] dropped against most currencies, with [B]USDJPY[/B] falling back to [B]103.71[/B]. [B]EURUSD[/B] is back to [B]1.2250[/B] territory and the commodity currencies also remain bid, with [B]AUDUSD[/B] touching [B]0.7600[/B] earlier, the Kiwi at the daily R1 ([B]0.7130[/B]) and [B]USDCAD[/B] spiking below S1 to touch [B]1.2807[/B]. Crude prices are up from overnight lows, amid the prospect of new supply from OPEC+ members. The front end [B]USOIL[/B] future is currently trading north of [B]$48.00[/B] per barrel. [B]Gold[/B] rotates through the daily pivot point at [B]$1881.00. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B] Andria Pichidi Market Analyst HotForex Disclaimer:[/B] [/B]This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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