RidetheMacro| GBPRUB More Upside Growth !Trade Analysis Based on Fundamentals and Price Action.
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Uselections2020
S&P500 Ranging
From the CFTC COT Weekly Data, net positions remain negative at 2.4k. This shows weakness.
From a technical perspective, weakness is showing with price ranging within resistance and support levels. If a bear breakout happens, the February 2020 pivot high will be exposed. If a bullish breakout happens, the 3516.5 resistance will be open for a test.
From a fundamental perspective, stimulus negotiations are still on going with Nancy Pelosi saying that a deal is possible as they are making progress with the Secretary Mnuchin. However, the US elections weigh heavily on the US equity markets as it is a highly contested one. Analysts are expecting a blue wave which might mean more fiscal stimulus is on the way. I'm expecting volatility until the elections are concluded.
USDJPY -Sell OpportunityWatch the pair to go for the next bearish leg.
JPY is starting getting strong across the market.
Good luck,
9
USDJPY-Weekly Market Analysis-Oct20,Wk3Rooting for a trend reversal trade, the head and shoulders do give a potential push to the upside. When the market opens on Monday, a break and close above the red box(sell zone) indicates a strong signal on a bull run on the technical side.
Traders have to watch closely the development of the US election as any other dramatic move can affect and influence the market movement.
Trump will win?despite of the news that Biden is leading i think Trump will get re-elected and will have the adequate acceptance rate by date 27 October.
Trump vs Biden - Who Will Win? -Elliott Wave Applied Hey traders,
Elliott wave theory tracks sentiment that moves from optimism to pessimism. These are cycles that occur everywhere in our life not only on the markets. So EW theory its a tool that can be applied even to politics. I will look at EW cycles on US Presidential elections and wondering if we can see a surprise here or shift in trend.
What are your thoughts, who will win? Please leave an answer in the commentary below.
Take care,
GH
