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Thanksgiving FX Breakouts

By Kathy LienForexNov 24, 2020 03:44PM ET
www.investing.com/analysis/thanksgiving-fx-breakouts-200545735
Thanksgiving FX Breakouts
By Kathy Lien   |  Nov 24, 2020 03:44PM ET
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Traditionally, investors expect the financial markets to be quiet and consolidative during shortened trading weeks. There’s usually less participation and less liquidity as investors square their positions and close their books early. But 2020 has been a year like no other, and we would not be surprised to see new multi-month highs and lows set in currencies this week. In fact, there’s precedent. EUR/USD and USD/JPY actually have a history of breaking out or reaching new milestones Thanksgiving week. Just take a look at the charts below:

In 2019, USD/JPY hit a six-month high the day before Thanksgiving, while EUR/USD hit a one-month low the day after Thanksgiving. There were no milestones in 2018, but in 2017, EUR/USD and GBP/USD hit one-month highs Thanksgiving Day, while USD/JPY fell to a two-month low the day before Thanksgiving. In 2016, the EUR/USD dropped to an 11-month low the week of Thanksgiving, while USD/JPY rose to a seven-month high. There was no meaningful movement in sterling that year. In 2015, EUR/USD and GBP/USD fell to a 7-month low the week of Thanksgiving as USD/JPY consolidated. In most cases, the trend that was in place immediately before the holidays continued.

We are far away from any multi-month highs or lows in USD/JPY, but EUR/USD’s two-month high is within 100 pips. History cautions us not to be complacent over the next 24 to 72 hours. U.S. markets are closed on Thursday, but currencies continue to trade around the clock in other parts of the world. There are a number of U.S. economic reports scheduled for release on Wednesday, including revisions to Q3 GDP, personal income, personal spending, new home sales and durable goods. There could be big moves but it's more likely to come from coronavirus headlines or President Donald Trump’s political actions.

Thanksgiving Forex Highs And Lows.
Thanksgiving Forex Highs And Lows.

Thanksgiving FX Breakouts
 

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Thanksgiving FX Breakouts

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Comments (10)
Chris Black
ChrisBlackforex Nov 25, 2020 5:00PM ET
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Thank you! Kay
Chris Black
ChrisBlackforex Nov 25, 2020 4:59PM ET
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This Forum is for Experience Trader!!
Adnan Har
Adnan Har Nov 25, 2020 2:47AM ET
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She add a lot as always
Trading No More
Trading No More Nov 24, 2020 11:03PM ET
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You add nothing
Ninja Forex
NinjaForex Nov 24, 2020 8:52PM ET
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informative
Chris Poulos
Chris Poulos Nov 24, 2020 8:28PM ET
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just to clarify ... if the euro did rise 100 pips & take out the september 1st high just above 1.20 ... that would be the highest its been since may 2018 ... making it a 30 month high! wow!
Kellen Wanasek
Kellen Wanasek Nov 24, 2020 7:27PM ET
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Hi Kathy, any interest in diving into why the dollar went crazy yesterday? seems like there is some positioning going on for a corrective move. thanks!
Chris Poulos
Chris Poulos Nov 24, 2020 7:27PM ET
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i think it had to do with trump finally allowing the transition process to commence thus removing some of the uncertainty surrounding the transfer of power.
Austen Metzger
Austen Metzger Nov 24, 2020 7:27PM ET
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Was from surprise positive USD PMI data releases.
Kellen Wanasek
Kellen Wanasek Nov 24, 2020 7:27PM ET
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Hi Kathy, any interest in diving into why the dollar went crazy yesterday? seems like there is some positioning going on for a corrective move. thanks!
Scot House
Scot House Nov 24, 2020 5:48PM ET
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How you doin kathy?????
Sostain Shanzi
Sostain Shanzi Nov 24, 2020 3:59PM ET
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Thank you very much for the information Kathy
 
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