Nov 30 2020 0
Check out the chart analysis of today, November 30 to see which trading strategies we should use.
- Analysts at ING believe the dollar is under pressure to fall as major US cities are seeing a spike in cases, prompting speculation that President-elect Joe Biden will opt for tougher restrictions later. when he took office. In addition, the prospect of a big stimulus is also a pressure.
- Westpac commented that the Fed will relax in the year-end meeting for the following reasons:
- New restriction / blockade orders are being applied, causing negative impacts on the economy.
- Initial unemployment claims are on the rise.
- Despite the positive results from the vaccine, the uncertain outlook persists for the next 3-6 months.
- The Aussie-China trade war is heating up as China makes consecutive moves that are detrimental to Australian goods. Most recently, the Chinese Foreign Ministry commented that the two countries' relations are going down.
The price has dropped below 104 again. However, this zone is still in the middle of the range and there are no noticeable signals for us to place a trade. Continue to watch the uptrend line and 103.6 level. If it breaks, the bottom is likely to drop to 103. The next reaction will depend on price action at this support zone.
The price is about to approach the target price range for buy orders. Move SL and prepare to exit. Zone 1.20 is the highest price level since the end of April 2018, so there is likely to be strong selling pressure in this area. New buy orders should only be considered when it is completely broken. In case of bull traps or noticeable bearish signals, short-term reversal traders might consider short orders.
The price is completing a Double Top pattern around 1.34 and breaking the short-term uptrend line. The initial target for this decline is around 1.32. However, the signal is not really strong and the RR ratio is not high so it is discouraged from trading this time.
The price still moves very slowly and the new downward channel continues to form and there is a very little distance to the bottom area of 1.290 - 1.295, the lowest price range for many years. Our next reaction will depend on the price action around this zone.
The movement on AUD/USD chart is currently quite similar to EUR/USD chart. Prices are approaching the peak for many years. Move the SL of the buy orders and prepare to exit around the 0.740 - 0.745 range. Only consider entering new orders when it is completely destroyed. In case prices create bull traps or noticeable bearish signals, short-term reversal traders can consider short orders.