Trade Idea (2020-11-24) Position rewound for Thanksgiving Week

Trade Idea

Good morning.

This week is Thanksgiving Week, and it’s easy to adjust positions overall.

US stocks have rebounded. Market reacted the reports on vaccine development of AstraZeneca’s vaccine candidates average 70%, with up to 90% efficacy interim report (although lower than Pfizer, Germany’s Biontech 95%). However, the spread of infection is continuing, and the number of newly infected people in the United States is the highest ever. It seems that one of the positive factors is the expectation that progress is being made toward the agreement on the comprehensive expenditure bill.

The foreign exchange market was a volatile development. It is possible that the position was rewound and the stop loss was involved for Thanksgiving Week. USDJPY rose to around 104.50 with stop loss. It has crossed the 20-day moving average. EURUSD has dropped by more than 100 pips from the first half of 1.19, which was the highest in two weeks, to 1.18, ending at around 1.184.

Gold has clearly cut in at the milestone of 1,850.

EURUSD H1 (Please click the chart to enlarge.)

Market Environment

Yesterday’s currency strength

US market yesterday (last Friday)

DJIA: 29,591.27 (+327.79, +1.12%)
NASDAQ: 11,880.63 (+25.66, +0.22%)
S&P 500: 3,577.59 (+20.05, +0.56%)
GOLD: 1,824.6 (-13.2)
OIL: 43.14 (+0.08)
US 10-YR: 0.868 (+0.009)
VIX: 22.66 (-1.04)

Asian market today

Nikkei: 26,195 (+668)
CME Dow future: 29,728~(+136 Dow)

Economic indicators in this week

09: 00 (GE) IFO business climate index
15: 00 (US) Consumer confidence index