{"id":162348,"date":"2019-12-23T10:01:22","date_gmt":"2019-12-23T15:01:22","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=162348"},"modified":"2019-12-23T16:43:47","modified_gmt":"2019-12-23T21:43:47","slug":"markets-cheer-as-trade-deal-is-near","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/12\/markets-cheer-as-trade-deal-is-near\/","title":{"rendered":"Markets Cheer As Trade Deal Is Near"},"content":{"rendered":"
December 23, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Equity markets regained the bullish momentum as news came in that the United States and China were going to sign the phase one deal. Both parties were positive on the developments. Although the deal is still the first step, investors believe that this will open the way for further talks. Markets have been jittery since the start of the year with both parties flip-flopping on trade talks.<\/p>\n

Euro Slips as US Data Marginally Better<\/strong><\/h2>\n

The euro currency posted losses on Friday. The declines came on the back of USD strength. Economic data on the day saw US personal income rising 0.5% on the month. This beat estimates of a 0.3% rise and up from a revised 0.1% previously. Data from the Eurozone was sparse with only the consumer confidence data which did not impact the flow much.<\/p>\n

Will EURUSD Rebound from Support?<\/strong><\/h3>\n

The common currency\u2019s declines have pushed the euro down to 1.1072 level of support. From here on, we expect to see a rebound. This also coincides with the Stochastics oscillator settling near the oversold level. Therefore, there is a chance of a move to the upside. But the resistance levels at 1.1100 and 1.1131 will likely cap the gains.<\/p>\n

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Sterling Cautious as UK MP\u2019s Pass 2nd<\/sup> Brexit Reading<\/strong><\/h2>\n

The pound sterling was trading cautiously on Friday. UK MPs passed the second hearing<\/a> of PM Johnson\u2019s Brexit bill. The bill outlines no possibility for an extension. This means that the UK will leave the EU by the end of 2020, irrespective of a deal. Further in the UK, Andrew Bailey was formally selected as the next Governor of the Bank of England.<\/p>\n

GBPUSD Could Drop to Lower Support<\/strong><\/h3>\n

The cable is likely to extend declines down to the lower support level at 1.2960. If this support holds, then the currency pair might remain range-bound. A break below 1.2960 will, however, extend the declines further down. But we expect to see price action trading flat in the coming sessions.<\/p>

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Gold Prices Trade Mixed into the Year-End<\/strong><\/h2>\n

The precious metal continues its flat price action into the year-end. The positive news on the trade deal has dampened demand for the precious metal. However, we could expect to see some erratic moves in the coming sessions. Most of the markets are closed for the good part next week.<\/p>\n

XAUUSD Could Breakout to the Upside<\/strong><\/h3>\n

The bias remains to the upside<\/a> for the moment with the price level of 1480 turning out to be critical. If there is a breakout above this resistance level, then we anticipate further gains. This will put the upside bias towards the 1500 level where price action could be tested. Alternately, XAUUSD will remain range-bound within the current levels.<\/p>\n

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By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Equity markets regained the bullish momentum as news came in that the United States and China were going to sign the phase one deal. Both parties were positive on the developments. Although the deal is still the first step, investors believe that this will open the way for further talks. Markets have been […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-162348","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/162348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=162348"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/162348\/revisions"}],"predecessor-version":[{"id":162357,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/162348\/revisions\/162357"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=162348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=162348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=162348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}