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COVID Vaccine Reaction. IBEX the Big Winner.


Welcome to this week’s Market Blast Technicals where we will look at the IBEX (ES35), the NASDAQ (US100), (Gold (XAUUSD), WTI (US Oil), USDCHF, and USDJPY.

Screenshot 2020-11-10 at 10.57.31

We have been advising viewers for months to watch for news on a potential Coronavirus vaccine and, to start, we see the move away from the safe have currencies like the Japanese Yen and the Swiss Franc.

If we zoom out to the Daily chart on USDCHF, we see that bullish price action might meet this upper trend line.Screenshot 2020-11-10 at 10.57.50

We see a similar situation with USDJPY where price action has already bounced off the upper trend line and, looking at Fibonacci, we see that this resistance is the 38.2% level.

In fact, looking at most other JPY pairs we see the continuation of a current trend except against the Swiss franc.

Of course, looking at most other CHF pairs, we see the continuation of a current trend except against the Japanese Yen.Screenshot 2020-11-10 at 10.58.05The vaccine signals a return to productivity and travel so the increased demand for oil briefly sent price up to resistance around $41 and has retreated to the low $40’s.

Price is still ranging between the 50% and 61.8% Fibonacci levels on the Daily chart.Screenshot 2020-11-10 at 10.58.17Important news always affects the price of gold and price action briefly hit support but keep an eye on the key levels.

The US Indices rallied briefly but retreated with levels on the NASDAQ retreating the most.

The European Indices reacted better, especially the Spanish IBEX with, ironically, Spain going back into lockdown today.

That’s all for now.  Happy trading with Valutrades and we will see you next week.

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