Dear Clients,
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]


21 October 2020

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Bullish News Will Fuel Rally to 11920.25 – 11997.75

December E-mini NASDAQ-100 Index futures rose on Tuesday after White House Chief of Staff Mark Meadows said that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have made “good progress” on stimulus talks, before adding that they “still have a ways to go” before an agreement is reached.

On Tuesday, December E-mini NASDAQ-100 Index futures settled at 11660.75, up 10.50 or +0.09%.

Following Pelosi and Mnuchin’s meeting on Tuesday, Meadows told CNBC’s “Closing Bell” that the two will talk again on Wednesday, and that he hopes to see “some kind of agreement before the weekend.”

In other technology-stock related news, a slew of companies reported quarterly earnings after the bell on Tuesday, most notably Netflix. Shares of the streaming giant slipped 5.7% after the company missed earnings estimates, and reported fewer-than-expected subscriber additions. On the other hand, shares of Snap jumped 24% after the company reported a surprise earnings beat.

Bullish Scenario

A sustained move over 11761.75 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into the minor retracement zone at 11920.25 to 11997.75.

Bearish Scenario

A sustained move under 11761.75 will signal the presence of sellers. If this generates enough downside momentum then look for the selling to possibly extend into 11591.25 to 11550.50.

USD/CAD drops to six week low amid market optimism, eyes Canadian CPI, Retail Sales

USD/CAD battles 1.3100, down 0.23% intraday, while heading into Wednesday’s European open. In doing so, the loonie pair drops to a multi-day low as upbeat trading sentiment weighs on the US dollar. Also pleasing the bears could be the upbeat performance of oil prices, Canada’s biggest export item. However, further selling might catch a breather ahead of Canada’s September month Consumer Price Index (CPI) and New Housing Price Index data for September, as well as Retail Sales for August.

Global markets cheer US House Speaker Nancy Pelosi’s first in many days of praise to the coronavirus (COVID-19) relief package talks even if the policymakers miss the 48-hour deadline to the Tuesday night. Positive trading sentiment ignored signals from US Senate Majority Leader Mitch McConnell, shared by CNBC reporter Carl Quintanilla, which threw cold water on Mr. Trump’s increasingly urgent push to enact a new round of pandemic aid before Election Day, per the tweet.

That said, the USD/CAD trader may turn cautious ahead of the key economic figures. Forecasts suggest the headlines CPI YoY to grow by 0.4% versus 0.1% prior whereas Retail Sales may remain unchanged with 1.1% monthly growth. On the contrary, the New Housing Price Index is likely to ease from 0.5% previous readouts to 0.3% and may help the countertrend traders. Though, major attention will be given to how the US Congress members manage to break the stimulus deadlock.

Technical analysis

A clear break of an ascending trend line from September 01, at 1.3115 now, needs validation from a daily closing under 1.3100 to aim for the previous month’s low of 1.2994. Until then, the 61.8% Fibonacci retracement level of last month’s upside near 1.3160 can restrict USD/CAD pullback.

Gold Price Futures (GC) Technical Analysis – $1939.40 is Trigger Point for Acceleration into $1970.10

Gold futures edged higher on Tuesday as the dollar weakened and hopes for a U.S. coronavirus aid package ahead of the presidential election boosted bullion’s appeal as an inflation hedge.

U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin “continued to narrow their differences” on the stimulus package, Pelosi’s spokesman Drew Hammill said.

Bullish Scenario

A new fiscal stimulus deal will be bullish news. Overtaking $1917.40 will indicate the presence of buying. Taking out $1923.40 could trigger an acceleration to the upside with the next target the main top at $1939.40.

The main top at $1939.40 is another potential trigger point for an upside breakout. This could create the momentum needed to challenge the short-term 50% level at $1970.10.

Bearish Scenario

A sustained move under $1902.10 will signal the presence of sellers. This could lead to a labored break with potential downside targets coming in at $1889.70, $1885.00, $1880.00 and $1877.10. The latter is a potential trigger point for an acceleration to the downside.

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.