Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.
For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]
Markets are moving higher as Brexit and US stimulus talks continue ahead of the first vaccinations against COVID-19 in the US.
US Stimulus: A bipartisan group of lawmakers is set to present two separate bills, one including liability protection for companies and the other without, a move meant to break stalled negotiations. Gold has failed to rise in response to the news.
Brexit: UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed to extend talks beyond the deadline and “go the extra mile.” According to reports, Britain has put forward a new proposal for a Level-Playing Field (LFP) one of the most contentious topics. GBP/USD has surged above 1.33 in response to ongoing deliberations.
Germany has announced severe restrictions ahead of the Christmas holidays as its caseload remains high. Previously, France extended its nationwide lockdown. Nevertheless, EUR/USD is moving higher amid the dual set of talks.
AUD/USD was temporarily hit by a drop in iron ore prices following comments from China’s Iron and Steel Association saying the metal’s price has “diverged from fundamentals.
EUR/USD is trying to get to the test of the nearest resistance level at 1.2155.
EUR/USD continues its attempts to settle above the nearest resistance level at 1.2155. If EUR/USD manages to get above this level, it will head towards the next resistance at December highs at 1.2175.
A move above the resistance at 1.2175 will push EUR/USD towards the next resistance level at 1.2220. In case EUR/USD gets above the resistance at 1.2220, it will get to the test of the resistance at 1.2250.
On the support side, some support has emerged near 1.2110. A move below this level will push EUR/USD towards the next support level at 1.2090. If EUR/USD declines below this level, it will move to the next support at the recent lows at 1.2060.
It should be noted that EUR/USD has been consolidating in the range between the support at 1.2060 and the resistance at 1.2175 since early December, and volatility will likely increase once it manages to get out of this range.
“The vaccine optimism counters the likelihood of a US fiscal stimulus deal to be reached this week, rendering gold-negative. According to sources, a $908 billion bipartisan coronavirus relief package will be introduced in the US Congress as early as Monday. Also, gold traders remain jittery heading into the much-awaited and the final FOMC monetary policy decision of this year.”
“The sentiment has turned somewhat bearish, as the 21-SMA has pierced through the 50-SMA from above, confirming a bear crossover. Adding credence to the downside, the Relative Strength Index (RSI) point south (currently at 44.58) below the midline.”
“Immediate support awaits at the horizontal 100-SMA at $1830, below which the triangle support at $1823.50 could be tested.”
“A sustained break above the 21-simple moving average (SMA) at $1841 critical resistance could confirm the descending triangle breakout and negate the recent downside bias. The XAU bulls could then challenge the 200-SMA at $1861.”
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services.