Brad Alexander
FX Large Limited
We spotted this gap on all JPY pairs and, sure enough, price action filled the gap.
Will JPY continue stronger?
On USDJPY we see confluence on the stochastic oscillator and support just below so we will watch for a break or a bounce.
The first UK Labour budget came out with big tax rises which always drives a currency higher.
The most noticeable were GBPUSD and GBPCHF we will watch price action for possible reversals.
If you want to trade on the technicals be careful.
For example, we see a range trading opportunity on GBPUSD with the stochastic oscillator heading into overbought territory on the one-hour chart, but the contrary on the four-hour chart.
We see the same contradictions in all GBP pairs including EURGBP.
We promised to take a look at USD pairs ahead of tomorrow’s Non-Farm Payrolls but, to be honest, not much is happening ahead of the US general election next week.
Let’s see if the NFPs or the elections can help or hurt the US Indices with all of them falling.
The Dow Jones Industrial Average has fallen to support.
Last time we noted that gold was heading back up and it didn’t disappoint.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
EUR/USD accelerates its rebound to the 1.0930 region, focus remains on US election
Further selling pressure continues to hurt the US Dollar and lends extra support to EUR/USD, motivating it to flirt with the area of four-week peaks past 1.0930, as the US election remains under way.
GBP/USD approaches 1.3050 on weaker Dollar, US election
Further optimism around the British pound and the broad risk complex lends extra legs to GBP/USD and sends it to new multi-day highs near the 1.3050 zone as investors continue to closely follow the developments around the US election.
Gold extends consolidative phase as US election result looms
Gold attracts dip-buyers after touching a one-week low on Tuesday but remains below $2,750. The benchmark 10-year US Treasury bond yield stays in positive territory above 4.3% as markets eye US election exit polls, limiting XAU/USD's upside.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
US election day – A traders’ guide
Election day volatility: Brace for potential wild market swings. Election days bring opportunities, but also risks. Unclear results can increase volatility further.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.