Home Forex News Vantage FX Market Outlook for 4th Nov 2020

Vantage FX Market Outlook for 4th Nov 2020

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#CrudeOil #Oil Oil pushed higher for the 2nd consecutive day as the US election continues its head to head race for both democrats and republicans. What was seen as an initial decisive victory for Biden has now become mixed as President Trump has surged ahead at the time of writing. With the focus on the US election now, traders should still bear in mind that despite OPEC+ looking to curb its production, the oil market still has Libyan supply flooding in and there is still a lack of demand against the virus backdrop. WTI rose by 2.5% at the start of the Asian trading session, similarly, Brent climbed by 2.4% as well.

#Risk sentiment Risk sentiment went higher on Tuesday alongside the commodity market as early results suggested the outcome of the American presidential election could be closer than polls had suggested. Trump won Florida, a crucial battleground state that is increasing his odds of winning. An increasing odds for Trump is beneficial to the market sentiment. But with some states still need some days to count the mail votes, the market might still need to wait for a couple of days for a confirmed result.

#DXY USD goes higher on Tuesday, together with U.S. Treasuries and equity futures. The U.S. assets are receiving more bids since certainties might return to the market sooner than expected. Likely by end of the week, we should be able to know the initial result while some states still need to wait till 10 Nov to confirm the result. If Trump is going to win the election, we could expect USD to face less bearish pressure as the stimulus package could be smaller than expected.

#Gold steadied on Wednesday as investors keenly watched the final few hours of a close U.S presidential election, with a contested result was a possibility. National polls show Democrat Joe Biden leading the race but President Donald Trump is close enough in several election battleground states to retain the presidency. Spot gold was little changed at $1,906.71 per ounce by 0045 GMT, having hit a near two-weak peak of $1,916.06 earlier in the session.

#NZDUSD, H4 is approaching our Pivot point. Potential for a rise.

Description:

Price is bouncing from our Pivot point of 0.66548, which is in line with our 38.2%, 61.8% Fibonacci extension, 50% Fibonacci retracement, and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 0.67293, in line with 88%, 78.6% Fibonacci retracement and horizontal swing high. It is worth noting that the Ichimoku cloud and MACD are both showing bullish momentum which is in line with our analysis.

Pivot: 0.66548
Why we like it:
38.2%, 61.8% Fibonacci extension, 50% Fibonacci retracement, and horizontal graphical overlap

1st Support: 0.66218
Why we like it:
23.6%, 88.6% Fibonacci retracement

1st Resistance: 0.67293
Why we like it:
88%, 78.6% Fibonacci retracement and horizontal swing high

Trading FX & CFDs carries high risk.

#USDCAD, H4 is approaching our Pivot point. Potential for a rise.

Description:

Price is currently heading towards our Pivot point at 1.32185, which is in line with 38.2% Fibonacci extension and Horizontal graphical overlap. We could potentially see price rise towards our 1st resistance level at 1.33391. It is worth noting that the Stochastic is showing bullish pressure where price has previously bounced off the 4% level. Lastly, the EMA is showing bullish pressure as well.

Pivot: 1.32185
Why we like it:
38.2% Fibonacci extension and Horizontal graphical overlap

1st Support: 1.31425
Why we like it:
78.6% Fibonacci retracement and horizontal graphical support

1st Resistance: 1.33391
Why we like it:
78.6% Fibonacci retracement and Horizontal graphical resistance level.

Trading FX & CFDs carries high risk.

#XAUUSD, H4 is reversing from our Pivot point, potential for a drop.

Description:

Price is reversing from our Pivot point at 1896.34 which is in line with our 38.2% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop towards our 1st support level at 1876.10, which is in line with 78.6% Fibonacci extension and Horizontal graphical level. It is worth noting that Stochastics (21,5,3) is showing bearish pressure where price has previously reacted to 93% level. Lastly, price is trending below a descending trendline which is in line with our analysis.

Pivot: 1896.34
Why we like it:
38.2% Fibonacci extension and horizontal graphical overlap

1st Support: 1876.10
Why we like it:
78.6% Fibonacci extension and Horizontal graphical level

1st Resistance: 1912.58
Why we like it:
Horizontal graphical level of resistance and descending trendline resistance.

Trading FX & CFDs carries high risk.

#AUDUSD, H4 is approaching our Pivot point. Potential for a rise.

Description:

Price is approaching our Pivot point of 0.71019, which is in line with our 61.8% Fibonacci retracement, 38.2% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce from this level to our first resistance level of 0.71910, in line with 78.6% Fibonacci retracement and horizontal swing high resistance. It is worth noting that the MACD and Ichomoku cloud are both showing bullish momentum which is in line with our analysis.

Pivot: 0.71019
Why we like it:
61.8% Fibonacci retracement, 38.2% Fibonacci extension and horizontal graphical overlap

1st Support: 0.70417
Why we like it:
78.6% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support

1st Resistance: 0.71910
Why we like it:
78.6% Fibonacci retracement and horizontal swing high resistance

Trading FX & CFDs carries high risk.

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