WHAT’S HAPPENING IN THE FOREX MARKET?
Weakness seen on the USD as the Market opens from yesterday’s high of 92. The Greenback is presently at the Support level from beginning of October 2020. Are we going to have a break to the downside or we bounce from the Support?
The safe haven Gold bounced from the 1766.60 demand on the daily time-frame after a clean & clear breakout from the 1865 Support which held it to ransom for a few weeks.
By the way, the precious metal had done over 6000 pips this year and it was due for a correction. Presently at the 50 fib on the higher time-frames (weekly). Good area to look for longs to continue the bullish run against next year.
Fed Chair Powell Testimony & ISM Manufacturing PMI on the wires later today by 4pm. Lots of data on the 1st of the month but other than that nothing major on the economic calendar.
The Bitcoin crypto retraced hard to the highs of $19400 from 2017 with looks of breaking out further. The drop from last week was to enable Smart Money reload more & fresh longs back to the highs. 2021 should definitely be interesting for the cryptos.
GAP traders on the BTC most likely having a hard time shorting it trying to close the GAP.
As usual, wait for clear directions before entering trades, your Money in your account is better that your Money in another trader’s account.
Trade safe & Happy new month once again