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 tumbles to 0.6450 amid weak Australian Q3 GDP and Chinese PMI
AUD/USD is under intense selling pressure, testing 0.6450 early Wednesday. The pair bears the brunt of weaker Australian Q3 GDP data, disappointing Chinese Caixin Services PMI and US-Sino trade worries. Focus shifts to more US data and Powell's speech.
USD/JPY consolidates the uptick to near 150.10
USD/JPY is back below 150.00 in Wednesday's Asian session, struggling to extend the latest leg higher as bets for a December BoJ rate hike underpin the the Japanese Yen. However, the downside remains capped amid increased haven demand for the US Dollar on growing tariff war fears.
Gold price traders await Powell's speech for rate cut cues
Gold price extends its sideways consolidative move during the Asian session on Wednesday as traders opted to wait for Fed Chair Jerome Powell's speech. Apart from this, the US NFP report on Friday might provide cues about the interest rate outlook in the US and provide a fresh impetus to the non-yielding XAU/USD.
Paul Atkins shows reluctance to replace SEC Chair Gary Gensler
Paul Atkins, regarded as a leading candidate to succeed Gary Gensler as Chairman of the Securities & Exchange Commission, has reportedly expressed a lack of enthusiasm for the position.
The fall of Barnier’s government would be bad news for the French economy
This French political stand-off is just one more negative for the euro. With the eurozone economy facing the threat of tariffs in 2025 and the region lacking any prospect of cohesive fiscal support, the potential fall of the French government merely adds to views that the ECB will have to do the heavy lifting in 2025.
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.