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market review 14 December 20

14 December 20

Last full week of 2020 kicks off with Brexit and US stimulus optimism

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 Daily Forecast – Euro Looks Strong At The Start Of The Week

EUR/USD is trying to get to the test of the nearest resistance level at 1.2155.

Technical Analysis

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.

Gold: XAU/USD’s outlook to remain downbeat in the coming sessions

“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.”

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