Daily Market Report: November 17, 2020

Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.

November 17, 2020

Markets raising amid anti-Covid vaccine development progress

U.S. Stock Market

Last: 29,840

Pivot: 29,550

Review:

U.S. stocks were higher after the close on Monday, as gains in the Oil & Gas, Industrials and Basic Materials sectors led the market up. At the close in NYSE, the Dow Jones Industrial Average rose 1.29% to hit a new all-time high, while the S&P 500 index added 0.88%, and the NASDAQ Composite index gained 0.55%.

Technical comment:

The Dow Jones RSI is mixed to bullish.

Preference scenario:

Long positions above 29,550 with targets at 29,935 & 30,400 in extension.

Alternative scenario:

Below 29,550, look for further downside with 29,200 & 28,900 as targets.

Resistance 29,935 30,400 30,900
Support 29,550 29,200 28,900
Markets raising amid anti-Covid vaccine development progress
USD/JPY

Last: 104.55

Pivot: 104.85

Review:

The USD/JPY pair is finishing the day with modest losses around 104.50, retreating from a daily high of 105.13.

Technical comment:

As long as the resistance at 104.85 is not surpassed, the risk of the break below 104.35 remains high.

Preference scenario:

Short positions below 104.85 with targets at 104.35 & 104.10 in extension.

Alternative scenario:

Above 104.85, look for further upside with 105.00 & 105.15 as targets.

Resistance 104.85 105 105.15
Support 104.35 104 103.90
Markets raising amid anti-Covid vaccine development progress
Gold

Last: 1,890

Pivot: 1,879

Review:

Gold futures ended a bit higher on Monday, to tally a third session gain in a row.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Long positions above 1879.00 with targets at 1899.00 & 1909.00 in extension.

Alternative scenario:

Below 1879.00, look for further downside with 1871.00 & 1864.00 as targets.

Resistance 1,899 1,909 1,916
Support 1,879 1,871 1,864
Markets raising amid anti-Covid vaccine development progress
Oil

Last: 41.43

Pivot: 41

Review:

Oil gained as much as 3% Monday after Moderna’s report on the progress in its Covid-19 vaccine.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

Long positions above 41.00 with targets at 42.20 & 42.65 in extension.

Alternative scenario:

Below 41.00, look for further downside with 40.50 & 40.05 as targets.

Resistance 42.20 42.65 43.05
Support 41 40.50 40.05
Markets raising amid anti-Covid vaccine development progress
EUR/USD

Last: 1.1857

Pivot: 1.1830

Review:

The euro has ticked up for the third consecutive day on Monday, reaching session highs at 1.1870.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

Long positions above 1.1830 with targets at 1.1885 & 1.1900 in extension.

Alternative scenario:

Below 1.1830, look for further downside with 1.1815 & 1.1800 as targets.

Resistance 1.1885 1.1900 1.1920
Support 1.1830 1.1815 1.1800
Markets raising amid anti-Covid vaccine development progress
GBP/USD

Last: 1.3219

Pivot: 1.3180

Review:

The GBP/USD pair peaked for the day at 1.3242 amid the ruling upbeat mode, but is ending the day in the red sub-1.3200.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

Long positions above 1.3180 with targets at 1.3245 & 1.3270 in extension.

Alternative scenario:

Below 1.3180, look for further downside with 1.3165 & 1.3150 as targets.

Resistance 1.3245 1.3270 1.3310
Support 1.3180 1.3165 1.3150
Markets raising amid anti-Covid vaccine development progress

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