Germany 30 (DE30EUR) Is in a Downward Move, May Fall to Level 13153.70

30 November 2020 | Updated: 30 November 2020

Key Resistance Zones: 13600, 14000, 14400
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trend: Bullish
The index is an upward move but it is facing resistance at level 13200. It must have reached bullish exhaustion as it faces rejection. On November 10, a retraced candle body tested the 88.6% Fibonacci retracement. This indicates that the index will rise to level 1.1129 and perhaps reversed.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping upward indicating the uptrend. The index is at level 64 of the Relative Strength Index period 14. This indicates that it is in the uptrend zone and above the centerline 50.

Germany 30 (DE30EUR) Medium-term Trend: Bullish
On the 4- hour chart, the index is in a downward move. On November 30 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the index will fall and reach level 1.618 Fibonacci extension.

DE30EUR – 2 Hour Chart

4-hour Chart Indicators Reading
The market is below the 80% range of the daily stochastic. It indicates that the index is in a bearish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping upward indicating the uptrend.


General Outlook for Germany 30 (DE30EUR)
DE30EUR is likely to take a downward movement. The index has been trading in the overbought region. Sellers may emerge to push prices down. However, in a trending market, the overbought condition may not hold. That is the pair will continue to rise.


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Analysts at JPMorgan Project Fresh Decline in Bitcoin

30 November 2020 | Updated: 30 November 2020

Despite the recent bullish recovery from the Thanksgiving “massacre” by Bitcoin (BTC), analysts from JPMorgan Chase & Co expect a steep decline for the cryptocurrency soon.

The strategist highlighted some factors that could play crucial roles soon for the benchmark cryptocurrency.

A recent JPM analysis, led by Nikolaos Panigirtzoglou, noted that the Thanksgiving crash has cleared the “previous froth in momentum traders’ positioning.” However, the analysis purports that Bitcoin could still see fresh declines.

Apart from the momentum traders factor, the strategists went ahead to broach several other reasons influencing price dynamics. One of such factors is the rumor circulating in the industry about some unfavorable regulations proposed by the Trump administration.

Another crucial factor highlighted by JPM analysts is the significant role Grayscale and its Grayscale Bitcoin Trust could have on the market. The crypto fund management firm is regarded as the most reliable firm for institutional investors looking for a foray into Bitcoin and other digital assets.

This reliability in the crypto firm has been demonstrated through 2020 as Grayscale reported record-breaking numbers, quarter after quarter. The firm’s assets under management have peaked at over $10 billion in just 12 months, with Grayscale Bitcoin Trust having the most substantial share.

That said, the analysts have asserted that if the GBTC becomes unattractive to investors, it could have a devastating impact on Bitcoin, which is believed to have become a favorite among institutional investors.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — November 30

Bitcoin recorded a massive boom past its previous YTD high over the past few hours, indicating that the cryptocurrency has regained its bullish momentum. That said, we should expect the benchmark cryptocurrency to top its $20k all-time high anytime soon.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $571 billion

Bitcoin market capital: $357 billion

Bitcoin dominance: 62.5%

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Gold Selloff Continues As Pound Sterling Ends the Month Firmer

30 November 2020 | Updated: 30 November 2020

Selling of gold resumes today, breaking the $1,800 mark and reaching $1,764.31 so far. Further decline is now expected as long as the resistance at $1,818.26 is held. The current decline from 2075.18 is seen as a correction of the entire uptrend from $1,160.17.

Sterling also strengthened slightly after UK Foreign Secretary Dominic Raab said the Brexit talks boil down to “only two main issues.” Dollar, Canadian dollar, and euro are weaker. However, the main movement can be found in gold, which finally penetrates the $1,800 handle.

A very busy week with data ahead. Important data to watch out for include ISM and US employment, eurozone CPI, Canadian GDP, and employment; Australia’s GDP; Chinese PMI, etc. The RBA rate decision and the Fed’s Beige Book are unlikely to generate many reactions.

There is no doubt that widespread vaccine distribution and a Brexit deal could support the pound. And on Monday it falls for the second day in a row. It bottomed out at $1,764 an ounce, its lowest level in five months, and then recovered but could not hold above $1,780.
On the Vaccine Front: Market Expectations
In general, the markets are relatively calm today in terms of trading at the end of the month. Stocks are in a quandary, indifferent to news of Moderna’s plans to get US and EU approval for its vaccine. In foreign exchange markets, sterling is currently the strongest pending news of Brexit trade talks.

Silvana Tenrejo, an MPC member of the Bank of England, welcomes news of the development of a coronavirus vaccine. However, there will be no economic recovery until vaccines are widely available. Households may delay spending until vaccinations due to health risks.

Besides, she noted that the progress in labor markets remains one of the most serious risks of deteriorating medium-term economic outlook for the Bank of England. At the last meeting, she voted in favor of further quantitative easing to protect against market disruptions.

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EUR/CHF Is in a Downward Move, Faces Rejection at Level 1.0850

30 November 2020 | Updated: 30 November 2020

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bullish
The pair has risen to level 1.0822 and it is facing resistance at the recent high. On November 10 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This implies that the pair will reach level 1.618 Fibonacci extensions. In other words, the high of level 1.0994.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 66 of the Relative Strength Index period 14. It implies that the market is in an uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index has resumed a downward move. The candlesticks of today are showing long wicks which indicate there is strong selling pressure at higher levels. On November 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the pair will reach level 1.618 Fibonacci extensions or the high of level 1.0849.

EUR/CHF – 1 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum and it is trading in the overbought region.

General Outlook for EUR/CHF
EUR/CHF is in an upward move and it is currently trading at level 1.0844. It is currently facing rejection at level 1.0850. The Fibonacci tool analysis has indicated an upward move to level 1.0994.


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Gold Records Worst Monthly Decline in Four Years as Market Mood Remains Positive

30 November 2020 | Updated: 30 November 2020

Gold (XAU/USD) continued its decline in the early European session on Monday in what can be considered its worst decline in four years. The recent sell-off was triggered by the renewal of investor risk appetite across markets, as the prospects for COVID-19 vaccines revive hopes of a global economic recovery.

So far, the yellow metal has lost about 5.7% cumulatively in November, a record monthly decline since November 2016.

Furthermore, it is believed that the recent slide below the crucial $1800 round figure precipitated a fresh sell-off in the commodity. Market participants are now looking to the congressional testimony by Fed Chairman Jerome Powell, scheduled to hold later this week. Gold is regarded as a good shield against inflation and fiat debasement.

Meanwhile, analysts at Citibank have readjusted their gold-price predictions for 2021 and their projections for inflows in gold ETF to the downside, as developed economies show decent prospects for recovery.

The analysts noted that net investment into gold ETFs should hit 800 tons in 2020, 75 tons short of their original prediction and 50% lower again next year. Currently, they have adjusted their near-term support target in the non-yielding metal to $1700, painting a grim outlook for gold’s near-term prospects.

However, the analysts at Citibank expect a rally above the $2000 mark in the next three to six months.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — November 30

XAU/USD Major Bias: Bearish

Supply Levels: $1777, $1792, and $1800

Demand Levels: $1764, $1748, and $1718

Our hourly paints an even grimmer picture gold, as the commodity, can be seen barrelling towards the base of our descending channel. At the moment, a fall below the $1764 mark could accelerate gold’s decline and decimate the little prospect remaining for recovery before the end of the year.

That said, only a recovery above the $1800 mark can confirm a renewal of bullish momentum in the XAU/USD.

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AUD/NZD Price Analysis — November 30

30 November 2020 | Updated: 30 November 2020

The AUD/NZD traded on negative bias in the early European hours on Monday, with both currencies struggling for dominance as they both have favorable factors surrounding them.

Commodities continue to bolster the Aussie, with the daily measure of Australia’s commodity export nearing a 7-year high, as iron ore trades above $125 per tonne.

November was a good month for Australia’s economy as we saw positive data from retail sales and jobs, while border reopening across the country extended more confidence that the RBA easing measures would yield the intended results.

Meanwhile, Australia’s Private Capital Expenditure dropped below expectations in the third quarter of 2020, as data published by the countries statistics bureau (ABS) showed last week. Total new capital expenditure fell by 3% in the September quarter as opposed to the widely expected -1.5%.

In other news, the Chinese NBS Manufacturing PMI grew beyond market expectations and came in at 52.1, while Non-Manufacturing PMI came in at 56.4 in November. This data release was favorable, particularly for the Kiwi, which was further bolstered by a positive outlook from the recent ANZ Business Confidence of New Zealand.

With fundamental factors favoring both currencies, we turn to technical signals to provide insight into what the AUD/NZD could do in the near-term.

AUDNZD – Hourly Chart

AUD/NZD Value Forecast — November 30

AUD/NZD Major Bias: Bearish

Supply Levels: 1.0520, 1.0600, and 1.0650

Demand Levels: 1.0485, 1.0400, and 1.0350

The AUD/NZD has fallen below the 1.0520 line and has failed on several occasions to retake that line. That said, we could expect to see a steady decline in this pair towards the base of our descending channel and subsequently to the 1.0400 area. Only a decisive break above the 1.0520 line can negate the current bearish momentum.

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EURUSD Attempts Gain Towards 1.20 Level As the Dollar Falls Amid Vaccine Hopes

30 November 2020 | Updated: 30 November 2020

EURUSD Price Analysis – November 30

The EURUSD has continued its recent upside swing with an attempt to run through the 1.20 marks suggesting price is en route to its 2020 2-year high at 1.2011 level after days of range. The US dollar has also been on the back foot as news coming from the vaccine front encouraged investors to take profits on US stocks.

Key Levels
Resistance Levels: 1.2150, 1.2050, 1.2011
Support Levels: 1.1900, 1.1800, 1.1740
EURUSD Long term Trend: Bullish
EURUSD continues trading above the daily moving average of 5 and 13 but the Relative Strength Index is confronting the 70 indexes pointing to overbought conditions. This development also adds to the case of a downward correction.

Above the round number of 1.20 level, the critical level to watch is the 2020 peak of 1.2011. Meanwhile, the next initial resistance awaits at the 1.2050 level. Above that hurdle, the world’s most popular currency pair is back to levels last seen in 2018, with 1.2095 level as the next target.
EURUSD Short term Trend: Bullish
The intraday bias in EURUSD stays on the upside for retesting the 1.2011 high level. The sustained breach of the 1.2011 high level may restart the total rebound from the 1.0635 low level. Further, the next goal is the 61.8% forecast of 1.0635 to 1.2011 levels from 1.1612 at 1.2165 levels.

On the downside, however, breach of the 1.1800 support level may alter intraday bias to the downside, to extend the ranging trend from the 1.2011 level with another falling phase. All in, only a break of 1.1900 initial downside round number would indicate that the risk for further EUR strength has dissipated.

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Silver Price: XAGUSD Slumps Under $22.00 Level Amid Economic Recovery Optimism

30 November 2020 | Updated: 30 November 2020

XAGUSD Price Analysis – November 30

Silver (XAGUSD) resumes last week’s sell-off amid optimism for an economic rebound as the white metal slumps under the $22.00 level. Any rebound attempt is probably going to stay shallow beneath the confluence zone around the $23.50 level.

Key Levels
Resistance Levels: $26.00, $23.50, $22.83
Support Levels: $21.66, $19.65, $18.37
XAGUSD Long term Trend: Ranging
Overall, XAGUSD risks remain skewed to the downside, as the price has breached the psychological range level at $22.00. The next relevant downside target is seen at the $21.66 support level. The level at $21.66 will be the level to beat for the bears. It should be noted that the oversold RSI conditions are likely to challenge the silver bears around the ascending trendline support, at a $21.89 higher low intraday level.

The white metal now trades with weakness slightly around the $22.25 level while trying to recover. On the other hand, if Silver price trades beyond the $23.50 level confluence zone, the upside traction might gain speed and activate buy orders seemingly triggering the abrupt upside move in silver towards the $26.00 high level.
XAGUSD Short term Trend: Bearish
On the lower time frame, technical analysis indicates that XAGUSD has broken into the downward channel and may range between the near term resistance level at $22.83 and short term low at $21.66 level. Any such breakout lower will keep the white metal selling towards the next support $19.65 level.

Above the $22.83 level may attempt recovery to the $23.50 level. Silver may recover from extremes and trades back in the $23.00s but still trades with losses of more than 2.0% on the day. The likely scenario will be short positions below $23.50 with targets at $21.66 & $21.00 levels in extension.

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EUR/GBP Is Facing Rejection at Level 0.8990, a Downward Move is Likely

30 November 2020 | Updated: 30 November 2020

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Bearish

The pound is still making lower highs and lower lows. Presently, it is falling after rejection at level 0.8990. Since November 9, buyers have not been able to push above level 0.8990. Therefore the pound is likely to fall.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is at level 49 of the Relative Strength Index period 14. The pound is below the centerline 50 and it is in the downtrend zone.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is on a downward move. The pair is falling after facing rejection at level 0.8990. On November 23 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the pound is likely to fall to level 2.0 Fibonacci extensions. That is the low of level 0.8766.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping sideways. The pair is below 75% range of the daily stochastic. It indicates that the Pound is in a bearish momentum. The pair is on a downward move.


General Outlook for EUR/GBP
The overall trend of the EUR/GBP pair is bearish. Presently, the pound is falling. According to the Fibonacci tool analysis, the pound will fall and reach level 0.8766.


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XRP/USD May Increase Further to Retest $0.79 Level

30 November 2020 | Updated: 30 November 2020
XRP Weekly Price Analysis – November 30

In case the bulls continue to dominate the XRP/USD market, the price may soar to the resistance at $0.73, $0.79, and $0.88 levels. On the downside, the price may find support levels at $0.61, $0.55, and $0.49.

XRP/USD Market
Key Levels:

Resistance levels: $0.73, $0.79, $0.88

Support levels: $0.61, $0.55, $0.49

XRP/USD Long-term Trend: Bullish

XRP/USD is under the bulls’ pressure as the coin rallies to the resistance level of $0.79. On November 24, it inclines to test the just mentioned level but the level holds the price and it pulled back to retest the $0.44 price level. Observation made on the daily chart; the XRP price is now trying to resume the bullish trend at the $0.61 level. The resistance level of $0.73 price level is likely to revisit in the next few positive moves in case the market continues the up-surge. 

XRPUSD daily chart, November 30

The technical indicator RSI (14) moves above the 60-level indicates that the market may continue to follow the upward trend. Taking a look at the daily chart, we can see the bulls’ momentum increasing. In case the bulls continue to dominate the XRP/USD market, the price may soar to the resistance at $0.73, $0.79, and $0.88 levels. On the downside, the price may find support levels at $0.61, $0.55, and $0.49.

XRP/USD Medium-term Trend: bullish

XRP is bullish on the medium-term outlook. The coin performance is becoming higher due to a recurring bullish sentiment which has caused the market to increase greatly. In other words, the price has been inclining for the last few days. The market is currently following the uptrend and the opportunity to place a buy trade setup may be available.

XRPUSD 4-hour chart, November 30

The price is above the dynamic resistance levels (9-periods EMA and 21-periods EMA) coupled with the relative strength index pointing up above 50 levels indicate a further increase in price.

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