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Market review 30 December 2020

30 December 2020

Dollar Weakness Kicks in, with the Brexit Vote and Capitol Hill in Focus Today

While economic data from the U.S will draw attention, the House of Commons Brexit vote and Capitol Hill will likely be key drivers.


The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. Prelim December inflation figures for Spain are due out in the early part of the European session.

Barring a pickup in deflationary pressures, however, we don’t expect too much influence on the EUR.

The lack of stats will continue to leave the EUR in the hands of COVID-19 and Brexit news. Expect chatter from Capitol Hill to also influence. The Stimulus package remains a key area of focus. At the time of writing, the EUR was up by 0.28% to $1.2283.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. Economic data is limited to December house price figures that will likely have a muted impact on the Pound.

The key driver on the day will be the House of Commons’ vote on the Brexit agreement. At the time of writing, the Pound was up by 0.16% to $1.3524.

For the USD

It’s a busier day ahead on the economic calendar. November trade and home sales figures are due out along with Chicago’s PMI for December.

While the Chicago PMI will provide direction, we would expect the rest of the stats to have a limited impact on the Dollar.

Away from the economic calendar, COVID-19 and updates from Capitol Hill will remain key drivers.


USD/JPY Forex Technical Analysis – Trading on Bearish Side of Short-Term Pivot at 103.393

The direction of the USD/JPY the rest of the session on Wednesday is likely to be determined by trader reaction to 103.393.

The Dollar/Yen is trading lower early Wednesday on renewed selling pressure and end-of-the month position-squaring as the prospect of additional U.S. stimulus bolstered the Yen’s appeal as an investment and tarnished the greenback’s allure as a safe-haven asset. The move took place as Washington lawmakers prepared to address President Donald Trump’s request for larger coronavirus checks this week.

Daily Swing Chart Technical Forecast

The direction of the USD/JPY the rest of the session on Wednesday is likely to be determined by trader reaction to 103.393.

Bearish Scenario

A sustained move under 103.393 will indicate the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the main bottom at 102.886 over the near-term.

Bullish Scenario

Overtaking and sustaining a move over 103.393 will signal the presence of buyers. If this move can generate enough upside momentum then look for a possible retest of 103.899.

GBP/USD Daily Forecast – U.S. Dollar Remains Under Strong Pressure

GBP/USD managed to settle above the resistance at 1.3500 and is trying to get above the next resistance level at 1.3540.

Technical Analysis

GBP/USD is currently testing the nearest resistance level at 1.3540. RSI is in the moderate territory and there is plenty of room to gain momentum in case the right catalysts emerge.

If GBP/USD manages to settle above 1.3540, it will move towards the next resistance level at 1.3575. This resistance level has been tested in recent trading sessions and proved its strength.

A move above the resistance at 1.3575 will push GBP/USD towards the next resistance at the yearly highs at 1.3625. There are no important levels between 1.3575 and 1.3625 so this move may be fast.

On the support side, the nearest support level for GBP/USD is located at 1.3500. If GBP/USD declines below this level, it will get to the test of the support at 1.3485. A move below the support at 1.3485 will open the way to the test of the next support level which is located at the 20 EMA at 1.3450.

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