Market Daily Outlook – Green all over

Positive bias is prevailing in all the stock markets due to optimism driven by the new Covid-19 vaccines. As announced, Oxford University and AstraZeneca are developing a new vaccine, called AZD12222, which triggered an immune response against coronavirus. More than 1000 patients have participated in the study and had promising results.    

Additionally, EU members have reached an agreement after a 4-day marathon of hard negotiations. EU was split into two sides, the “Northerns” and “Southerns”. Finally, they agreed to divide the 750bn package into grants and loans.

This news boosts the EU market opening to the upside. GER30 gains 1.8%, FRA40 1.25%, UK100 0.68%. However Asian markets adopt good momentum and all induced closed in a green territory (KOSPI +1.39%, Nikkei 225 +0.73%).

US pre-opening indicates a positive start for today.  SP500 grinds +0.67% and we need to mention, that NAS100 reached recent highs again yesterday. AMZN was the main leader as Goldman Sachs raised its price target to $3800 from $3000.

Reading the technicals, NAS100 is testing previous highs and remains bullish but overbought.  

NAS100H4 2172020

DAX has performed a bullish breakout from the triangle.

GER30H4 2172020

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GBPUSD is testing a major long term trend line after a sharp move to the upside. RSI (14) is lagging behind the price.

GBPUSDH4 2172020

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XAUUSD is forming a rising wedge while RSI gives soft negative divergences.

XAUUSDDaily 2172020

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on USDCAD while bearish on EURUSD, GBPUSD, and USDCHF.

 senime 2172020


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