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market review 23 December 20

23 December 20

Dollar falls despite Trump’s stimulus objections, Brexit, data eyed ahead of Christmas

US fiscal stimulus at risk? President Donald Trump said that the relief package that Congress passed is a “disgrace” – specifically referring to checks sent to all Americans, the most symbolic part of the $900 billion package. He wants it raised from $600 to $2,000.
House Democrats support the additional cash, putting Republicans in a conundrum. Trump stayed short of stating he would veto the hard-fought bill. Uncertainty partially weighed on the market mood. However, the US dollar is retreating from the highs. Gold, which jumped on Monday after the parties struck a deal, is retreating.

Brexit: Chief EU Negotiator Michel Barnier said talks are at a “crucial point” with eight days to go until the transition period expires. He is haggling with member states and the UK on an arrangement around fish. Some speculate a deal could be reached on Wednesday, while a delay or a no-trade Brexit is also on the cards. GBP/USD trades above 1.34.

AUD/USD Forex Technical Analysis – Trader Reaction to .7551 Sets the Tone

The early price action suggests the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to .7551.
Daily Swing Chart Technical Forecast
The early price action suggests the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to .7551.
Bullish Scenario
A sustained move over .7551 will indicate the presence of buyers. If this move can generate enough upside momentum then we could see a retest of .7640. However, due to the low volume this week, we may not see the move.
Bearish Scenario

A sustained move under .7551 will signal the presence of sellers. This could trigger a retest of .7489, followed by this week’s low at .7462.

Gold Price Analysis: XAU/USD sellers remain hopeful below $1880 after Trump’s stimulus blow – Confluence Detector

Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that the XAU/USD pair is struggling to overcome a dense cluster of resistance levels stacked up around the $1867-69 region.
That area is the confluence of the Fibonacci 38.2% one-week, SMA5 four-hour and the previous high four-hour.
A firm break above the latter could expose a minor cap at $1874, which is the convergence of the SMA5 one-day and Fibonacci 61.8% one-day.
Up next, the bulls are likely to challenge the critical barrier at $1880, the intersection of the Pivot Point one-day R1, Fibonacci 23.6% one-week and Bollinger Band four-hour Middle.
To the downside, minor support awaits at $1861, where the SMA200 one-hour coincides with SMA50 four-hour and the previous low four-hour.
The SMA10 one-day at $1856 is the next relevant downside target, below which the Pivot Point one-day S1 of $1852 could be probed.
The bears need a break below the $1850 barrier to reviving the bearish bias. The Fibonacci 61.8% one-week is aligned at that level.

EUR/USD Daily Forecast – Support At 1.2155 Stays Strong

EUR/USD failed to settle below the support at 1.2155 and moved closer to 1.2200.
Technical Analysis
EUR/USD made an attempt to settle below the support at 1.2155 but failed to gain downside momentum and rebounded closer to 1.2200. If EUR/USD manages to get above 1.2200, it will head towards the nearest resistance level at 1.2220.
A successful test of this level will push EUR/USD towards the next resistance at 1.2250. In case EUR/USD gets above the resistance at 1.2250, it will gain additional upside momentum and head towards the next resistance near the recent highs at 1.2280.
On the support side, the nearest support level for EUR/USD is located at 1.2175. A move below this level will push EUR/USD towards the support at 1.2155. This support level has been tested several times in recent trading sessions and proved its strength. If EUR/USD declines below 1.2155, it will head towards the next support level which is located at the 20 EMA at 1.2140.

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