Dec 17 2020 0

They say Thursday is the high time for trading, so today we still focus on analyzing the charts.

Latest updates

  • The Fed continued its "soft" tone despite the fact that they were more optimistic when the vaccine hit the market.
  • US retail sales fell sharply compared to expectations, reflecting the difficult economic situation when the second wave of infections raged across the United States.
  • The region's newly released economic data are also more positive despite the rise in coronavirus infections causing new restrictions/blockades across the continent. Both France and Germany PMI data exceeded forecasts for December, reflecting that the bloc's economy is likely to recover even during this difficult period.
  • Britain and the European Union continue to race against time in trying to reach a post-Brexit trade deal. The head of the European Union said Wednesday that progress has been made and that the next few days will be very important.
  • The dollar continued to plunge, traders abandoned their safe haven as US lawmakers made strides in approving the fiscal stimulus package.

USD/JPY

USD/JPY Dec 17

The price has broken down of the bearish triangle pattern, accumulated from mid-November back here. Although rejected quite strongly around 103.2, the selling pressure also returned to the remarkable bearish pin bar on the daily chart. You might consider probing short orders. When the price completely breaks the support level of 103.2, you can enter with a standard volume. Initial target might be around 102.5.

EUR/USD

EUR/USD Dec 17

Price has followed the scenario we expected more: uptrend resumes. Currently, the pullback after the breakout is also considered complete with a bullish signal on the H4 chart. Consider 'long' orders with an initial target of around 1.225 and beyond 1.23.

GBP/USD

GBP/USD Dec 17

Prices continued to go up without closing gap. Decreased channel accumulation area has also been officially broken. However, the new peak has not been clearly established, instead, the bearish patterns on the H4 chart are instead. With these signals, you should not rush to 'long' commands. Please wait patiently until the top 1.355 is completely broken.

USD/CAD

USD/CAD Dec 17

The price did a "standard" pullback to the 1.280 transition, creating a noticeable bearish signal on the H4 chart. It provides a better new short entry point for those with previous breakout trades. In short, you might consider adding short positions with the target still around 1.260.

AUD/USD

AUD/USD Dec 17

AUD/USD has yet to fall as expected, and instead continues to retest multi-year highs. A sharp drop in USD but failure of AUDUSD is also a sign that the upside momentum is in trouble. We keep our view on the possibility of price forming a multi-peak pattern. However, reversal traders should only consider short orders when the neckline is broken. Besides, one more price breakout scenario is added. In this case, the price might approach the 0.765 zone.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.


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