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Markets today

October 21, 2020 by Mario Soto

Markets are flashing green today with currencies and gold rallying against the dollar. Bitcoin crack $12,000 and WTI is in recovery. It seems that hopes of a US stimulus package has injected some life back into the buyers. Lets take a look at the day so far. In today’s Asia session, we have seen the AUD/USD near it’s next resistance level at 0.7100 intraday. A break beyond this could see it push toward 0.7135. however failure to hold above 0.780 could see the pair fall to 0.7055 (previous weekly low). The EUR/USD has gained momentum and looks to break the glass ceiling. Trading at it’s highest level in a month at 1.1849. However traders will be all ears when ECB President makes her speech at 07:30 GMT with the likelihood of it being a dovish one. A break past 1.1855 could see a move to 1.1888 followed by previously monthly high of 1.2011. On the downside, a break below 1.1827 could see it fall to 1.1776 . Gold has been shining bright of late with the bulls maintaining control above $1,900. This all off the back of US stimulus talks. Crucial resistance levels stand in the way of the yellow metal reaching the psychological barrier at $1950. although optimism remains strong a stimulus package to be agreed upon prior to November 3, creating less demand for the dollar and more for gold. Sentiment will remain bullish but we see resistance form at $1925 and $1933, followed by a psychological barrier at $1,950. Bitcoin has been the talk around town today. $12,000 has been a tough psychological barrier for the flagship cryptocurrency. Question remains, which of the other crypto’s will follow? So far we see Ethereum down 4% with no signs of a turn around. XRP seems to be slipping also and showing signs of a bearish breakout. #XAU #Gold #XAU/USD #AUD #AUD/USD #Aussie #Bitcoin #Cryptocurrencies #USstimulus,

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