Source: PaxForex Premium Analytics Portal, Technical Insight
As the White House economic adviser L. Kudlow said in an interview with Fox Business on Friday:
The tone of negotiations on fiscal aid to the economy during the coronavirus crisis has become more optimistic;
The U.S. economy is still very strong and in the process of V-shaped recovery;
The pandemic could slow the U.S. economy down next year;
President Trump is supporting a package of targeted assistance measures;
The employment situation remains very good, November data reflect only one month's results.
USD/JPY, 30 min
Pivot: 104.11
Analysis:
Provided that the currency pair is traded below 104.25, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 104.11
- Take Profit 1: 103.80
- Take Profit 2: 103.65
Alternative scenario:
In case of breakout of the level 104.25, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 104.25
- Take Profit 1: 104.40
- Take Profit 2: 104.55
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
| Resistance | Support |
| 104.55 | 103.80 |
| 104.40 | 103.65 |
| 104.25 | 103.50 |
USD/JPY, D1
Pivot: 104.22
Analysis:
While the price is below 105.65, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 104.22
- Take Profit 1: 103.10
- Take Profit 2: 102.45
Alternative scenario:
If the level 105.65 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 105.65
- Take Profit 1: 106.15
- Take Profit 2: 106.90
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 106.90 | 103.10 |
| 106.15 | 102.45 |
| 105.65 | 101.15 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2150 with 1.2090 and 1.2070 as Take Profit targets. Alternative scenario - if the level of 1.2150 is broken-out, you should consider buying with the targets 1.2175 and 1.2200 as Take Profit.
GBP/USD - short positions below 1.3450 with 1.3360 and 1.3330 targets as Take Profit. Alternative scenario - if the level of 1.3450 is broken-out, buy with the targets 1.3490 and 1.3535 as Take Profit.
USD/CHF - buy above 0.8880 with 0.8970 and 0.9000 targets as Take Profit. Alternative scenario - if the level 0.8880 is broken-down, sell with the TP 0.8860 and 0.8845.
