Analytics

News, Trends, & Analytics 16.12.2020

Vaccine effect

Today the focus is on quarantine in the UK, forecasts for the S&P 500, as well as the recovery in oil demand.

 

Calendar

13:30 UTC

The benchmark US retail sales index for November will be released. Forecast: 0.1%. If the real data turns out to be higher, the USD will receive a positive impulse.

Assets to trade: EUR/USD, USD/CAD


15:30 UTC

A report on US crude oil reserves will be published. The figure is expected to decline by 3.5 million barrels. If the final data is in line with the forecast or is lower, Brent will receive a positive push.

Assets to trade: Brent


21:45 UTC

New Zealand Q3 2020 GDP report will be released. The value is expected to increase by 13.5%. If the forecast is exceeded, the NZD will receive a powerful driver for growth.

Assets to trade: NZD/USD, NZD/JPY

 

News

In the UK, the unemployment rate fell by 0.2% to 4.9%. Affects GBP


Oppenheimer Asset Management predicts the S&P 500  will rise to 4300. Affects S&P 500


The UK has tightened quarantine measures. Affects the FTSE 100


The International Energy Agency expects a significant increase in oil demand by June 2021. Affects Brent


German representative to the EU Michael Clauss admits that the trade deal between the EU and the UK will be concluded before the end of the week. Affects GBP100

 

Technical Analysis

Brent

Gradually, the introduction of the COVID-19 vaccine into circulation has a positive effect on the behavior of oil prices. Despite the reinitiated lockdown in Germany and Great Britain, the price of black gold has kept near its maximum. The International Energy Agency also predicts stabilization in oil demand by June 2021, which also had a positive impact on quotes.

From the point of view of technical analysis, the asset can continue the bullish trend up to about the level of 55. In the range of this value, there is a downtrend level of resistance, which can reverse the trend.

EUR/GBP

A false breakout of the 0.91700 resistance level with the emergence of a pin-bar candlestick pattern is a fairly strong signal of the beginning of a bearish trend.

AUD/CAD

The pair has seemingly started to reverse from the 0.96500 resistance level.

AUD/CAD on this day in history

  • Since 2000, December 16th has been a trading day 12 times.
  • On 46% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.48%.
  • The downward trend was limited to 0.89%.
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