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AUDUSD tests 100 day MA. New lows for the week.

100 day moving average for the AUDUSD is at 0.7005 The AUDUSD is trading to new session lows, new week lows and is testing its key 100 day moving average at 0.70053 level. The low for the day just reached 0.70052.  

European shares close a ugly week week on a down note

Large declines in the major indices this week European shares are closing lower and capping off what has been a ugly week for the equity markets.  The provisional closes are showing:

USDCAD looks toward the week's high

Correction in the USDCAD lower stalled ahead of the rising 100 hour MA The USDCAD pushed to the week's high at 1.34174 yesterday. The low for the week was on Monday at 1.3136.  Yesterday, after pushing to the high, the price did correct lower. The breaking of the upward sloping trend line got the ball rolling. 

EU tells UK it's time to commit to key elements of trade deal

Some kind of ultimatum Sterling dipped on this and the record rise in COVID cases. Cable hit a marginal new low at 1.2688. The 1.2675 level is key.

UK coronavirus cases hit another record at 6874 vs 6634 yesterday

Another new high We'll see how the latest round of small restrictions work out but I'd be that more is coming. Today London's Mayor urged the PM to ban household visits in London.

GBPUSD trades to new session lows

GBPUSD back below the 100/200 day MA The GBPUSD is trading to new session lows. The price just reached 1.2688. That took out the earlier session low at 1.26935. It also dipped below the low from yesterday at 1.26892. The low for the week currently comes in at 1.26737 and that would be the next downside target

Australian dollar tags a new low but support is near

Six straight days of AUD/USD selling AUD/USD has fallen in six straight days and just touched a fresh session low at 0.7006 before a bounce to 0.7020. Clearly the bulls are trying to mount a stand at 0.7000, which has been a pivotal number in the pair all year long.

USDCHF trades to a new day/week high

USDCHF trade to highest level since July 23rd Each day this week has seen higher highs for the USDCHF. The pair is also working on its 6 consecutive day higher.  The close yesterday was at 0.9266. That is a close risk level for traders today. Stay positive is positive for buyers (and worries the sellers). 

Italy to raise deficit and growth forecasts

Reuters report citing unnamed sources Remember back when all of Europe was piling on Italy and blocking 0.2 pp of deficit financing? Now we get this.

What are the real risks around US election night uncertainty?

A breakdown of the differing views The big risk in November is that we won't know the results of the US election on election night. It's an idea that has been percolating for awhile but with Trump's reluctance to endorse a peaceful transition of power, it took on extra importance this week.

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