Thanksgiving Week Starts With a Strong USD

Thanksgiving Week Starts With a Strong USD
The new week starts with interesting and volatile moves but the volatility will, most probably, evaporate down the line as this week is the black week with the Thanksgiving Day on Thursday. Today’s calendar is absolutely uneventful with no important data and traders shall look for inspiration elsewhere.
Monday brings strengthening of the American Dollar, which also drags down the commodities. EURUSD is down almost 1% and is on the levels last seen on November 11. USDJPY jumps higher. After the successful defense of the 139 support, the current target is on the 144.8.

Gold is dropping lower after a highly successful first half of the month. The current slide has been expected following the previous surge. Target is on the 1735 USD/oz, where we have two Fibonacci levels - the level is identical to the highs at the beginning of October.

It was quite a terrible week for oil - the worst one since the beginning of August. We may expect a bullish correction here but in the long term, a slide towards the September lows is more probable. Here, apart from the stronger USD, we have an influence from China, where Covid cases numbers are on the rise. We are already witnessing levels identical to the previous wave in April with no end in sight.

Indices remain strong. There is no willingness for any bigger bearish correction. Although we might see red on the board, the value is quite insignificant and we are still a few steps away from the long-term highs. The buyers remain strong and we would need to see something much worse in order to claim that the serious bearish correction has arrived.
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