Today, the focus is on Nvidia’s success, the increase in the target for Tesla shares, and the lack of unity on the EU budget.
Canada’s Core Retail Sales Index for September will be released. The indicator is expected to grow by 0.2%. A downside deviation will weaken CAD positions.
Assets to trade: CAD/CHF, EUR/CAD
Morgan Stanley raised its target price for Tesla shares to $540. Affects Tesla
Starbucks promises to raise salaries for coffee shop staff. Affects Starbucks
Nvidia has increased its revenue to a record high. Affects Nvidia
The rise in crude oil reserves may lead to a reversal of the trend of black gold. Affects Brent
Hungary confirms that it will not support the current EU budget. Affects EUR
Hungary and Poland vetoed the draft of the EU total budget for 2021-2027 The representatives of the countries believe that the declared principle of the supremacy of European law is interference in the internal affairs of countries. The current situation shows that the EU does not have unity and countries that urgently need economic assistance may receive it with a delay.
From the point of view of technical analysis, the currency pair can continue the downtrend to 1.18000.
The currency pair has formed a triple bottom reversal pattern. We expect the onset of an upward trend with the possibility of a breakdown of the downward resistance level.
It looks like the asset has marked the beginning of a downtrend after a reversal from the resistance level 1.08250.
AUD/CHF on this day in history
- Since 2000, November 20th has been a trading day 14 times.
- On 42% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.24%.
- The downward trend was limited to 3.57%.