USD favour gave way to precious metal falls, mainly from Gold. Gold has been routinely resilient and is rebounding from early support. Would not be shocked if we re-rise back to keep resistance as labelled. New shorts may be ideal there/at highs. No real heavy shorts. Kill Longs at the same area.
Initial falls post election came as Investors did not find extreme confidence in potential oil rallies and the USD found considerable strength. Coming off from this we can now see further rises straight into current resistance. Area looks weak so willing to hold off any reasonable shorts until higher up. See tip of green arrow.
Market slowly falling within current ranges opens up the door to shorts. Any sentiment shift favouring risk on may assist fall.
As results come in, USD strength has slapped the EURUSD down lower, as it has across as other major USD pairs. We know there has been recent ECB hawk rhetoric about a careful lowering of rates, and that sentiment still exists. We just hit a major Price Action level to the downside also feeding into some short profit taking / long side new entries. The Trump...
Bitcoin has rallied significantly creating new highs as Trump has won votes around the US in the election. This was expected as he is more or less a signal of economic growth and a risk on environment. But, what's next?
The drift back to recent highs has been propelled by USD strength as election results come in. Lack of BOJ impetus for falls still exists. Short side bias can be taken, would not be surprised if price gets slightly higher.
Where next for the AUDUSD? After a reasonable push and DXY strength we are seeing some kickback. Cold see larger sentiment inflows later so take light sizes.
Slight weakness is coming into the USD pre-election later today. Likely as some traders remove USD long positions in case of any real spurs either way. I would certainly not 'gamble trade' the DXY or USD as a whole. Let the news come out, and react. Early levels for this noted.
Election shocks may change market state significantly if any occur. Short zones nonetheless persist at a preferably lower size. SZ = Short Zone(s).
AUD/USD has continued to trickle on further USD strength. Minor rises post NFP into Monday but no real momentum. Would not be shocked if turn in USD comes soon as price has extended for a considerable period. Also may see inflows into risk currencies like the AUD and NZD, helping any rally. Caution issuable pre election results.
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Slight drip in UJ. Comes off the back of an unsure USD and no real sentiment inflow from the BOJ. Awaiting further moves.
Here's a quick FX analysis pre election. Keenly watched by many, USDCAD is favourable for shorts.
Price data on oil markets can be very 'readable'. Preferred prices become very visible and lead to higher levels of probability and of course profitability.
Equities/Gold/Risk Currencies are falling as Markets turn into Risk Off mode. This comes Pre-election which may feed some impetus in. No buys until falls. Also be careful with shorts as price could explode north. Highs have shown key price action/rejection previously but are not invincible especially on HVA's like this.
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Gold is pulling down as risk off sentiment creeps into markets. Whether this will be sustained will be down to a continued short side bias. Nonetheless, key levels can be noted. Would not consider anything long until lower and even so with a very light size. Re-shorts reasonable back near high (new key level).
USD strength has persisted post strong economic data. FED rate cut bets have dropped opening up the door to rises, in comparison with the BOC cycle (quicker easing). Growth looking to have flatlined in Canada also not helping. Looking for follow through on any price rejection. Technical case for shorts has been around for 2 years or so and these areas have been...