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News, Trends, & Analytics 10.11.2020

New leaders in the vaccine race

Today, the focus is on the positive oil market, the plans of the Japanese Prime Minister, as well as the successes of a COVID-19 vaccine.

 

Calendar

12:00 UTC

The short-term forecast for the energy markets from the US Energy Information Administration will be published. The event could trigger an increase in Brent volatility.

Assets to trade: Brent, ExxonMobil

 

15:00 UTC

The JOLTS’s September Job Openings Report will be released. Forecast: decline to 5.59 million. If the real data turn out to be higher, the USD may strengthen.

Assets to trade: EUR/USD, USD/CAD

 

News

JPMorgan analysts expect Bitcoin to decline. Affects Bitcoin


The EU plans to introduce new duties on goods from the US. Affects Gold


The EU and the UK will redouble their efforts to reach an agreement on a future partnership between the countries. Affected by GBP


Japanese Prime Minister Yoshihide Shuga instructed the minister’s cabinet to develop an additional budget aimed at stimulating the economy. Affects JPY


Pfizer and BioNTech talked about the excellent results of their COVID-19 vaccine. Affects the S&P 500

 

Technical Analysis

Brent

Pfizer and BioNTech announced yesterday the successful completion of Phase III trials of the COVID-19 vaccine. The vaccine has been shown to be 90% effective in preventing coronavirus disease. The registration of the drug may take place as early as the third week of November. The news caused a violent reaction from the market, especially from the oil sector. At the moment, the price of Brent has risen in price by more than 8%.

If you focus on technical analysis and Fibonacci levels, it becomes clear that now Brent may rise in price to the level of 51.20.

Gold

The collapse of gold led to the formation of a bearish engulfing candlestick pattern. The downtrend may continue.

USD/JPY

The currency pair may resume its decline, as the chart is close to the upper border of the descending channel.

 

USD/JPY on this day in history

  • Since 2000, November 10th has been a trading day 13 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.31%.
  • The downward trend was limited to 0.7%.
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