Daily Review

News, Trends, & Analytics 24.12.2020

Australia’s Problems

Today, the focus is on concerns about inflation in the UK, France’s decision to open the border to the UK, and Australia’s falling trade surplus.

 

Calendar

13:30 UTC

The US releases a report on the core durable goods orders. The indicator is expected to grow by 0.6%. A lower reading will negatively affect the USD.

Assets to trade: EUR/USD, USD/JPY

 

News

France opens the border to visitors from the UK. Affects FTSE 100


Research Affiliates believes that Tesla shares are too expensive and can be called a bubble. Affects Tesla


Australia’s trade surplus fell to a two-year low. Affects AUD


US President Donald Trump could veto the economic stimulus bill due to small payments. Affects USD


Andrew Bailey , the head of the Bank of England, proposes to focus on inflation, as the indicator may give an unpleasant surprise. Affects GBP

 

Technical Analysis

AUD/NZD

Preliminary data from the Australian Bureau of Statistics (ABS) show that the merchandise trade surplus has declined to a two-year low. This happened due to the deteriorating economic relations with China.

Against this backdrop, the Australian currency may lose its positions, especially against those currencies that lost against the AUD. These assets include AUD/NZD. We expect a breakdown of the lower border of the formed channel.

CAD/CHF

The chart may continue to grow within the boundaries of the descending channel.

CAD/JPY

We expect that the currency pair may decline to 78.20, which is the lower border of the side channel.

CAD/JPY on this day in history

  • Since 2000, December 24th has been a trading day 13 times.
  • On 46% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.22%.
  • The downward trend was limited to 0.75%.
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