ATG WORLD Marketing analysis for November 12

    EUR/USD

    EUR/USD: Falling wedge on 1H keeps buyers hopeful

    EUR/USD bounces off intraday low while staying inside the immediate trading range. Normal RSI conditions, 

    sustained pullback from 200-HMA favor bulls. A confirmation of the bullish chart pattern can challenge the monthly top.

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    GBP/USD

    GBP/USD: Wednesday’s spinning top portray traders’ indecision above 1.3200.GBP/USD keeps the latest recovery 

    moves around 1.3220 during Thursday’s Asian session. The Cable rose to the highest since early September the previous day, 

    before declining to 1.3191. This formed a bearish spinning top candlestick on the daily chart, which in turn probes the bulls.

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    USD/JPY

    USD/JPY under pressure below 105.50 as US dollar retreats.USD/JPY remains pressured below 105.50, easing from 

    three-week top flashed on Wednesday. The US dollar loses ground across the board amid higher Asian equities. 

    Hopes of further stimulus, virus vaccine combat the jump in the US infections.

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    AUD/USD

    AUD/USD eases below 0.7300 amid cautious optimism.AUD/USD pares back gains, trading below 0.7300 as markets 

    turn cautiously optimistic amid surging coronavirus cases in the US and vaccine hopes. The bulls are tiring at resistance 

    on the longer-term charts. 

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    USD/CAD

    USD/CAD: Recovery takes shape of a rising wedge.USD/CAD prints a rising wedge bearish reversal pattern on the hourly chart. 

    A rising wedge comprises converging trendlines connecting higher highs and higher lows. The converging nature of trendlines 

    indicates weak upside momentum. As such, a breakdown is considered a sign of bearish reversal. 

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    XAU/USD

    Gold mildly bid in Asia as US treasury yields soften

    Gold, a zero-yielding safe-haven metal, is trading in the green, with the US bond yields pulling back from multi-month highs. 

    A pullback in US yields allows a minor bounce in gold. The US fiscal imprudence and positive vaccine news to keep gold 

    under pressure. 

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    WTI CRUDE OIL

    WTI flirts with $42.00 on demand-supply news ahead of EIA stocks.WTI prints four-day winning streak after refreshing 

    two-month high the previous day. Saudi Arabia stands ready to balance the oil market, cited covid burden on demand, 

    OPEC+ looks to delay supply increase. US dollar strength, cautious sentiment challenge the upside moves.

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    IMPORTANT DATA

    GBP - BOE Gov Bailey Speaks

    EUR - ECB President Lagarde Speaks

    GBP - BOE Gov Bailey Speaks

    USD- Fed Chair Powell Speaks