KQMarkets

KQMarkets

We hold a long view on Bitcoin whilst the cryptocurrency stays above key support at $17,300 as prices have not been able consolidate above all time highs. However, we are encouraged that during this rally there has been more stable institutional demand as opposed to highly leveraged retail speculation which largely fueled the 2017 rally.

KQMarkets

Gold has rebounded above resistance at $1824 on the back of uncertainty surrounding Brexit and the continued impact of the coronavirus. We therefore have changed our view from short to neutral as we even though we feel there is potential prices to move lower we don't have enough conviction in the short view whilst Gold hasn't resumed it's downtrend.

KQMarkets

We still hold a short view on Silver despite the precious metal rebounding last week and we still expect prices to challenge support at $20.93. Silver has resumed it's downtrend today on the back of concerns surrounding demand for industrial production, as well as a stronger US dollar as evidenced by a rise in the US dollar index.

KQMarkets

We expect USDJPY to continue it's downtrend and consolidate below support at 103.7 as key US data including non farm payrolls is released later today. We are encouraged USDJPY has continued it's downtrend despite "risk on" sentiment in global equity markets.

KQMarkets

As expected EURUSD has continued it's upward and in challenging resistance at 1.21463 has reached multi year highs. We believe the currency pair has further upside in particular due to additional FED stimulus expected in December as we await key economic data released tomorrow including non farm payrolls.

KQMarkets

We still hold a neutral view on AUDUSD as the currency pair edged higher as the RBA as expected kept rates on hold and GDP growth came in at -3.8% vs -4.4% forecast. USD weakness across the board as well as expected US stimulus could see AUDUSD challenging 0.74 in the coming trading sessions though we will be monitoring continued tensions with China.

KQMarkets

We hold a neutral view on the Dax despite the index's strong upward momentum in recent trading sessions after it consolidated above key resistance around 13,070. We believe the continued impact of the 2nd wave of the coronavirus on the German economy could see a pullback before the Dax challenges all time highs.

KQMarkets

We still hold a long view on Bitcoin and are encouraged the cryptocurrency after it's sharp reversal didn't consolidate below support at $17300. Additionally, we are encouraged that Bitcoin's performance has, not only decoupled for that of the S&P 500, but also that of Gold which unlike Bitcoin has continued it's sell off from last week.

KQMarkets

In our last Gold analysis we advised we were holding our short view despite limited price action and we were targeting support $1824. Now that this level has been broken, mainly due to news of successful coronavirus vaccinations, we expect prices to fall further in the coming trading sessions.

KQMarkets

We still hold a short view on Silver and are encouraged that the precious metal has continued it's downward momentum despite US dollar weakness and the impact of the 2nd wave of the coronavirus. Therefore we still expect Silver to reach support at around $21 in the coming weeks in particular as there appears to be less demand for safe haven assets in the wake of...

KQMarkets

We still hold a short view on USDJPY as the currency pair has continued it's downtrend despite positive risk sentiment which has seen equities rally in recent trading sessions. We expect USDJPY to challenge support below 104 in the coming weeks due to continued US dollar weakness as we await US data releases later today, in particular durable goods orders and GDP growth.

KQMarkets

We still a hold a long EURUSD view as the currency pair has consolidated above key resistance at 1.18 largely on the back of US dollar weakness. Additionally, the 50 day moving average is above both the 100 and 200 day moving averages, confirming the uptrend so we expect the positive momentum to continue.

KQMarkets

We still hold a neutral view on AUDUSD as there has been a lack of price action despite continued political uncertainty and impact of the coronavirus on the US compared to Australia where infections are dropping as well as restrictions are easing. Therefore we will await data releases this week starting with US manufacturing PMI today for further price action and...

KQMarkets

We see downside potential for the index despite the lack of significant price action over the past few trading sessions as the index has failed to continue it's upward momentum after consolidating above resistance around 13,070. This is mainly due to the impact of of the 2nd wave of the coronavirus and increased uncertainty surrounding Brexit with talks having...

KQMarkets

We still see Bitcoin moving higher towards all time highs after it surged through and consolidated above resistance around $17,300. We are encouraged that the upward momentum will be sustained and the cryptocurrency will reach all time highs in the coming weeks. This is due there being significant institutional interest and the cryptocurrency's performance...

KQMarkets

We still hold a short view on Gold despite limited price action after Pfizer's vaccine announcement caused a sharp drop in the precious metal. We believe the continued uncertainty over the size and timing of the US stimulus package would put further pressure on Gold and lead to a drop towards support at $1824.

KQMarkets

We have changed our view on Silver from neutral to short as we see downward potential for the precious metal due to news of a second corona virus vaccine from Moderna as well as uncertainty surrounding the size and timing of a US stimulus package. Therefore we anticipate prices moving lower over the coming weeks towards support at around $21 in particular given...

KQMarkets

We still see USDJPY moving lower as it has continued it's downtrend despite bouncing towards resistance at 105.4 on the back news surrounding a coronavirus vaccine and the subsequent stock market rally. Fears of the impact of a 2nd wave of the virus and expected US stimulus continue to put downward pressure on the currency pair as we anticipate prices to move...