Due to the pandemic, the Biden Administration will need to pass the proposed 1.9 trillion relief package. Gold will consolidate and then reach new highs of $2070.
Once price breaks the 1HR (Green) Trendline, price will buy to next resistance level.
Expecting EURJPY to breakout of the consolidation to form another higher lower before breaking above resistance to complete buy at the higher key resistance level. With the rollout of vaccines, expect markets to become more optimistic.
Fundamental Analysis: President Elect Joe Biden intends to continue with another stimulus package when he takes office. future stimulus packages will further weaken the USD. Technical Analysis: Price is currently in a downtrend channel. Expect price to retest the upper bound of the channel before continuing to sell long-term towards major support level.
Im expecting price to retrace to 1.3500 before continuing the builish channel until reaching major resistance level.
I see price in a bullish trend channel. Im expecting price to pullback before going long term to reach resistance level of .90426