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. 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%.
The Dow Jones RSI is mixed to bullish.
Long positions above 29,550 with targets at 29,935 & 30,400 in extension.
Below 29,550, look for further downside with 29,200 & 28,900 as targets.
The USD/JPY pair is finishing the day with modest losses around 104.50, retreating from a daily high of 105.13.
As long as the resistance at 104.85 is not surpassed, the risk of the break below 104.35 remains high.
Short positions below 104.85 with targets at 104.35 & 104.10 in extension.
Above 104.85, look for further upside with 105.00 & 105.15 as targets.
Gold futures ended a bit higher on Monday, to tally a third session gain in a row.
The RSI calls for a rebound.
Long positions above 1879.00 with targets at 1899.00 & 1909.00 in extension.
Below 1879.00, look for further downside with 1871.00 & 1864.00 as targets.
Oil gained as much as 3% Monday after Moderna’s report on the progress in its Covid-19 vaccine.
The RSI is mixed to bullish.
Long positions above 41.00 with targets at 42.20 & 42.65 in extension.
Below 41.00, look for further downside with 40.50 & 40.05 as targets.
The euro has ticked up for the third consecutive day on Monday, reaching session highs at 1.1870.
The RSI calls for a new upleg.
Long positions above 1.1830 with targets at 1.1885 & 1.1900 in extension.
Below 1.1830, look for further downside with 1.1815 & 1.1800 as targets.
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.
The RSI advocates for further upside.
Long positions above 1.3180 with targets at 1.3245 & 1.3270 in extension.
Below 1.3180, look for further downside with 1.3165 & 1.3150 as targets.
Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.
Trade with a Licenced Broker
Licenced by CySEC
Our EU client portal, operated by CrowdTech Ltd. under CySEC Regulation, license number 202/13.
Licenced by ASIC
Our Australian client portal, operated by Sirius Financial Markets Pty Ltd. under ASIC regulation, license number 439907.
Our global client portal, operated by ST Services Ltd.