Morning Coffee on Wall Street 26.11.2020

Hello. Below will be several recommendations for trading on the Forex market for 26.11.2020

On the AUDUSD pair, we passed the 0,7335 level and, after pulling back, formed a Doji pattern. It is probably worth waiting for the price to continue rising toward 0,7500. And the large number of sellers in the trade statistics will contribute to this. I am considering buys here.

On the EURCHF pair, a Pin Bar pattern was formed at the 1,0833 resistance level. The price once again failed to gain a foothold above it, and it is probably worth waiting for another move downward to 1,0724. I am looking at sells here.

Asian investors on Wednesday did not settle on a single trend. Australian and Japanese indices rose, following the surge in energy prices and the record close of the American DJ above 30 thousand points.

Mainland China markets fell on the first signs of a credit bubble and insider news about new sanctions. The White House decided on a list of 89 Chinese joint-stock companies working for the military. The decline in the Korean market is linked to a record spike in Covid-19 cases, capable of leading to new restrictive measures.

Early in the morning, news was released:

On US exchanges on Wednesday, stock sell-offs prevailed. Investors were taking profits, negatively assessing the rise in weekly benefits along with the drop in consumer demand. The NASDAQ index managed to finish the day in the green after the White House decided to postpone the TikTok block.

There will be no release of economic indicators in the evening session due to the celebration of Thanksgiving Day.

European indices showed mixed dynamics at the end of Wednesday. Buying prevailed on the French exchange thanks to the easing of quarantine restrictions, while the British FTSE fell against the backdrop of a speech by the head of the Bank of England.

Bank of England Governor Andrew Bailey gives an interview to Bloomberg

Andrew Bailey warned members of the House of Commons committee about the catastrophic and long-term consequences of a hard Brexit. The United Kingdom must decide on a trade agreement with the EU or restore borders from the new year without any conditions.

German investors decided to pause before the long weekend because of Thanksgiving in the US, listening to the ECB. In its stability report, the central bank indicated that the current positive trend in stocks is not supported by the real performance of banks, which will only be able to overcome the crisis by 2022.

At 10-00 the German consumer confidence index will be released, the only morning news.

Best regards, Artem aka TeaDrinker
TradeLikeaPro