I’m channeling a bit of Kenny Rogers over the next week with his mantra…’you gotta know when to hold ’em….know when to fold ’em’. The major news event for next week with the US Election could result in a significant market swing either way depending on the Election outcome. Trying to trade from a technical perspective during this event is more like gambling though and so I’ll be keeping Kenny’s word in mind. However, I will be keeping an eye on the US$, FX pairs and stock indices to see how they react at their key S/R levels but I don’t expect to be trading much until after Tuesday.
USDX 4hr: this is parked near the 50% fib of the recent swing high move in the lead up to NFP. The 98.50 and 100 levels remains as overhead resistance:
USDX monthly: the 98.50 is resistance ahead of the key 100 level.
Gold: that $1,300 keeps making its mark. This is a long term S/R level but has been recent S/R as well. Price is back there now and note how this is also the 61.8% fib of the recent swing low move. Confluence or what!
Gold weekly: don’t forget the bigger picture here though:
EUR/USD: the 4hr chart has a bit of a Bull Flag look to it as it lurks under the key 1.12 level heading into NFP.
E/U monthly showing significance of the 1.12 level:
EUR/JPY daily: still consolidating within a triangle under the 115 level. will either of NFP or the US Election be a trigger for a triangle breakout here?
AUD/USD weekly: will either of NFP or the US Election be a trigger for a triangle breakout here too?
AUD/JPY weekly: ditto here!
USD/JPY: holding at the 4hr chart’s 50% Fib ahead of NFP.
GBP/USD: Brexit news is playing havoc with this pair.
USD/CAD weekly: levels to watch here with NFP and the Election:
USDMXN weekly: is this the Election trade for any Clinton win? A move down to test the weekly 61.8% fib and weekly 200 EMA near 16? A 30,000 pip move!