Brad Alexander
FX Large Limited
We have been showing you some successful gap trading opportunities and USD has opened weaker today with a gap.
We told you a few weeks ago that a Democrat win in the US general election tomorrow will mean a weaker USD.
That is what we are seeing here with polls leaning toward Democrats now.
You will find this on all USD pairs but be careful.
At least wait for the stochastic oscillator to rise to overbought and turn over.
If not, the election will drive USD and the indices.
Speaking of economic news, we have lots in the calendar this week with Interest Rate decisions from Australia, the UK and the US where we expect a fall in rates from both central banks.
We have Employment news from New Zealand, the United States, and Canada.
A while ago we spotted this Cup and Handle pattern on WTI but it was broken by this gap after Middle East news.
The gap was filled and we see another Cup and Handle pattern.
This is usually a bullish pattern so keep an eye on your technicals and watch to see if price action breaks these levels of resistance.
We see a pullback from the slide in US Indices since Hallowe’en.
Technically, let’s keep an eye on MACD as if we see the signal line passing out of the histogram, this may indicate a reversal to the upside.
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
AUD/USD looks at the RBA for near-term direction
AUD/USD resumed its rebound and briefly surpassed the 0.6600 barrier on the back of the renewed and marked resurgence of the downward bias in the US Dollar. Investors, in the meantime, expect the RBA to keep its rates unchanged on Tuesday.
EUR/USD: Price action hinges on the US election and the Fed
EUR/USD managed to trespass the key 1.0900 hurdle and print new highs following the Greenback’s offered stance as investors warmed up for the US election and the FOMC event later in the week.
Gold trades around $2,730
Gold price is on the defensive below $2,750 in European trading on Monday, erasing the early gains. The downside, however, appears elusive amid the US presidential election risks and the ongoing Middle East geopolitical tensions.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum (ETH) is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
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.