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Market Daily Outlook - COVID-19 Vaccine Hopes rise Stocks

Monday, September 14, 2020 4:45 PM GMT

AstraZeneca announced the restart of its developed Covid-19 vaccine as the UK Medicines Health Regulatory Authority allowed the trial to begin again. Additionally, Albert Bourla, Pfizer Ceo, informed the Food and Drug administration that they will get all the necessary data regarding their last stage trial by end of the October. Those expectations elevate US markets to the upside while EU stocks remain neutral to positive. In the meantime, Nvidia said it came to an agreement to buy Arm Holdings for $40bn in cash and stocks. Also, Oracle remains the only bidder for TikTok as Microsoft decided to drop its own bid. Donald Trump has warned to ban the app if it doesn’t get sold to a US company.
Going to Asia, after Abe’s departure, the Liberal Democratic Party has to choose their new leader as Yoshihide Suga is in the pole position.

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Reviewing the charts, US30 looks stronger than SPX500 and NAS100 as holds above 50SMA while the rest two are moving below it. GER30 is still consolidating due to a lack of driving events. UK100 is testing the 50SMA from below but still moves within the falling channel.

US30 Daily

GER30 Daily 

UK100 Daily

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The USOil renews its downtrend as Storm Sally is hitting the Gulf of Mexico. This is the second time that Oil producers are forced to stop operations due to hurricanes. The commodity has formed a bearish symmetrical triangle.

USoil 240min

On the contrary, XAUUSD is rising to the upper side of its formed triangle and prices return above 20EMA.

XAUUSD 240min

In FX, EURUSD is rallying higher and retesting the 50% Fibonacci level while USDJPY is dropping sharply towards the 78.6% Fibonacci.

EURUSD Daily

USDJPY 240min

 

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

 

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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