"It ain't over till the fat lady sings" – goes the adage which is relevant for the 2020 Presidential Elections as well. Two weeks ahead of election day, there are signs that incumbent Donald Trump is clawing back some support, raising the chances that the race could drag on for longer. Before pointing to the encouraging signs for the president, it is essential to note that Biden's lead remains significant and that there major differences in comparison to 2016. These include the fact fewer undecideds, more high-quality state surveys, and the fact that 38 million Americans have already voted – around six times more than at this point six years ago. Moreover, pollsters may be overcompensating for some of their errors back then.
EUR/USD slips to eight-day low below 1.1800 on growing coronavirus concerns. France, Germany consider imposing a lockdown, which could complicate economic recovery. Pressure on the ECB to boost stimulus is rising.
GBP/USD has bounced-off lows and trades around 1.3050 ahead of the European open. The US dollar clings onto the overnight gains amid broad risk-aversion. Brexit and virus updates in focus ahead of US macro news.
Gold is holding up above $1900, looking to extend gains into the third straight day on Wednesday, despite the recent broad US dollar strength. Risk-aversion remains in play amid likely imposition of tighter COVID-19 restrictions in Europe’s top economies, as the second-wave tightens its grip.
The majority of polls show Joe Biden, the Democratic challenger with a large lead over President Donald Trump. Yet there are indications that all is not quite as it seems. The pollsters who called the 2016 election for Trump to have a tied race and other signs are mixed.
FXS Real-time Trading Signals!
Gold is holding up above $1900, looking to extend gains into the third straight day on Wednesday, despite the recent broad US dollar strength. Risk-aversion remains in play amid likely imposition of tighter COVID-19 restrictions in Europe’s top economies, as the second-wave tightens its grip.The Technical Confluences Indicator shows that the yellow metal is trying hard to overcome powerful resistance at $1909.40, which is the convergence of the SMA200 four-hour and Fibonacci 61.8% one-week.
Acceptance above the latter will revive the bullish momentum, with the next major resistance seen at $1919, where the Fibonacci 38.2% one-week is placed.
Further north, the bulls will test the $1923 barrier, the intersection of the pivot point one-week R1 and Fibonacci 23.6% one-week. The previous week high of $1932 will be back on the buyers’ radars.
Alternatively, an immediate cushion is set at $1906, which is the meeting point of the Fibonacci 38.2% one-day, SMA100 four-hour and SMA10 one-day.
Bitcoin Cash rose from $240 and rose to $276 between October 21 and October 24. After that, the price dropped to ~$260, found support at the 100-day SMA and has gone up to $266.50, as of writing.
Dash has held onto support at $65 since the beginning of September. However, recovery has not been forthcoming, with the resistance at $80 remaining intact. Buyers attempted to regain control of ...
After facing rejections at the $0.11 resistance wall, Cardano has dropped to $0.103 between October 23-28. The MACD shows increasing bearish momentum, so further downtrend is expected.
MKR has been trading inside an ascending triangle for around 20 days, currently at $589, with a precise resistance level located at $604. The price got rejected several times from this upper boundary.
SPECIAL WEEKLY FORECAST
The EUR/USD pair finishes the week with gains around 1.1830, at the upper end of its latest range but still unable to define a trend. For the past four months, the pair struggled for direction amid uncertainty about economic growth within the pandemic context, and the upcoming US presidential election.
Dual Brexit and US fiscal stimulus talks continued to dominate cable's trading, resulting in choppy trading, an eventual breakout to the upside, and a retreat afterward.
The once and future US stimulus package is the market intervention of the month. As the Republicans and Democrats try to wring as much electoral advantage from negotiations, statements of hope for a deal from Democratic House Speaker Nancy Pelosi and President Donald Trump on Wednesday, sent the USD/JPY cascading to a four-week low.
The AUD/USD pair started the week on the back foot, ending it with modest gains around 0.7110. The Australian dollar got hit by the Reserve Bank of Australia Minutes, as the document paved the way for a cash rate cut to a fresh record low of 0.1%.
While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.
"Putting pen to paper" – such commentary from Washington about a fiscal stimulus deal has been pushing gold prices higher, while pessimism about a deal held it back. With time running out toward Election Day, the next bout of cash to fuel gold prices mostly depends on the outcome.