ZuluTrade Blog

Market Daily Outlook - EURUSD is bouncing...

Market View | Tuesday, September 29, 2020 3:53 PM GMT

Stock markets are consolidating today as they are trying to hold their recent gains. On the other hand, greenbacks’ rivals are getting stronger and trimming their losses. EURUSD had an upside run of near 100pips as traders took advantage of the USD’s weakness. 

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On major US news, a $2.2 trillion COVID-19 aid package has been released by the House Democrats and they will vote for it within this week. China’s imports are still lagging behind the deal with US. They have purchased less than one-third of the US exports that had agreed with Trump. Last weekly polls indicate Biden leads nationally against Trump, while tops in most swing states.  

On major EU-UK news, Ifo announced that the number of people on the German government’s short-time work scheme fell to 3.7million in September from 4.7 million in August. Also, Olaf Scholz, the German Finance Minister, said that would continue spending as much its necessary to support economic recovery from the coronavirus pandemic. The EU consumer confidence indicator remains negative but slightly improved than the previous month while UK Mortgage approvals increased to 84.700 in August.  

On global news,  Armenia and Azerbaijan was-conflict is on the top of the news. Both countries accused each other of firing directly into each other’s region. The death toll is rising quickly while both countries are ignoring calls from the international community to a ceasefire.   

Reviewing the technical view, EURUSD has performed 2 strong daily closes as it rebounds after reaching the 1.16 level. The pair is testing the 38.2% Fibonacci level which acts as an important intraday resistance. Likewise, GBPUSD has already formed a falling channel, and its currently moving near to its upper side. USDJPY has already reached 200SMA but still hasn’t violated it to the upside.

EURUSD 240min

GBPUSD 240min

USDJPY 240min

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XAUUSD is trying to validate the double bottom pattern but still is far from the critical resistance zone at 1900.

XAUUSD 240min

USOil did finally a bullish breakout of the triangle and is trying to confirm it. If it closed above 200SMA, this may accelerate the rising move.

USOil 240m


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