omicron – MaiMarFX

Buying The Dip

December 8, 2021/in General News & Updates /by MaimarFX

Investors were buying the dip – this was at least apparent in the DAX that took out the 15500-handle and surged toward 15900 in a next leg up. Early evidence that omicron cases haven’t overwhelmed hospitals appears to have calmed the markets. Risk assets recovered.

However, there are warnings that buying-the-dip could be too early as turbulences could continue.

DAX

The index stabilized above 15500 and headed toward 15900 in a next move. Whether we will see a test of 16000 depends on investors’ risk appetite but it seems as if there could be further room for the bulls. 16000 is the next bullish target.

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Wait-And-See Mode

December 2, 2021/in General News & Updates /by MaimarFX

Not much has changed in the forex market on Wednesday with the market being in a wait-and-see mode. The omicron variant creates uncertainty for the economic outlook and while tightening central bank policies fight inflation, the omicron variant threatens to impede the economic recovery. Many questions about the strain still remain unanswered and investors will keep a close eye on how governments chose to respond. In case of new strict lockdowns, the market’s mood will quickly change and bears will gain control across the board. In absence of immediate lockdowns, the currencies’ performance will hinge on risk appetite.

EUR/USD: We anticipate the euro to trade between 1.1420 and 1.1250.

GBP/USD: Below 1.3240, we expect further losses toward 1.3170 while on the upside, we see a next resistance at around 1.34.

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Relief Rally After Sell-Off?

November 29, 2021/in General News & Updates /by MaimarFX

Welcome to a new trading week. The demand for riskier assets is taking a hit amid a new surge in covid-19 cases and uncertainty concerning the new omicron strain. Investors fled into save havens as volatility spiked. Early reports from parts of Africa suggest that the strain could be more contagious than previous variants but the impact on health may not be as severe. Investors now wait for more clarity around the consequences of omicron. However, the market got used to trade covid variants and prices touched all-time highs when the fog is clearing. Traders should thus expect the same for omicron.

The U.S. dollar remains in the spotlight this week as the U.S. November NFP report on Friday will likely further fuel expectations of faster Federal Reserve tapering. An upbeat report could keep the dollar rally going.

GBP/USD – Time for a reversal?

From a technical perspective, the pair seems to be ready for a recovery after hitting 1.33 and entering oversold territory. As long as the cable remains above 1.3250 and even better above 1.33, we see chances of a leg up with a first higher target seen at 1.35 followed by 1.36.

DAX – Falling like a stone

After last week’s sharp sell-off that sent the DAX tumbling below the 16000-mark, the index only found some halt at the next crucial 15000-mark. Whether that support holds, remains to be seen and depends on investor’s risk-off mood. If 15000 breaks, we see a next support at 14800 followed by 14500. On the upside, a next resistance comes in at 15800.