Forex Weekly Forecast - 2nd - 6th November - By Shivkumar
BTC/USD hits $13,863 for the first time since June 2019, retreats after jumping to 33-month highs above $14,000. Bitcoin has retested the high at $13,863 experiencing increased volatility due to the upcoming US elections.
Week Ahead: - BTC first support at $13,600 below $ 13,863 & $ 13,300. The buyer is in control until the level of $ 13,863 is not broken. Above that level, $14,500 (January 13, 2018, high) and $15,000 could be targeted.
USD/JPY Pandemic fears resurface but the US election will order markets.
Week Ahead: - the economy has not recovered from the global slump of the second quarter. The Bank of Japan lowered its growth forecast and left the overnight call rate unchanged as expected. The pair seems to be neutral for couple of months.
GBP/USD Trump or Biden? Brexit, central banks, covid all promise explosive week.
Week Ahead: - Britain's covid infections and deaths continues, showing that local restrictions may be insufficient. GBP/USD succumbed to coronavirus concerns and elections uncertainty. The US elections, coronavirus, and two rate decisions promise an explosive week. Early November's daily chart is showing bears are gaining ground. The pair is short for the long term gains.
XAU/USD: - US dollar reaction will drive the price of the gold.
Overview: - US real yields are becoming less negative, a bearish signal for gold & Retail traders remain heavily long of the precious metal. This week it will be dominated by US elections.
Week Ahead: - Better to be away and let the US elections play off and wait for results. When you have the results and the constitution you will be in a better position to trade Gold. In the short-term, there seems to be support between $1,848/oz. and $1,837/oz. and may not withstand if volatility picks up this week.
EUR/USD Bearish if 1.16 Support Breaks.
Fundamental Overview: - ECB hinted last Thursday that it’s planning to ease Eurozone monetary policy still further in December & EUR/USD is well supported at 1.16 and it breaks than bears will be in control. If these is broken than the pair can be in range between 1.16 – 1.12.
Week Ahead: - a week that will be dominated by the US elections, Final October purchasing managers’ indexes for the manufacturing and services sectors of the Eurozone and many of its constituent nations are due on Monday and Wednesday. But this week the domination will be US elections.
AUD/USD RBA to cut rates to record lows, fears hurt the Aussie.
Week Ahead: - Australia managed to control the latest corona virus outbreak. AUD/USD pair fell to 0.7001 on the back of risk-aversion, recovering some ground on Friday to settle around 0.7030. Below 0.7000 threshold, bears will likely become more convinced and sent the pair south towards 0.6920 first, and 0.6860 later. The immediate resistance level is the 0.7100 figure, followed by 0. 7170.Weekly looks bearish, Monthly & Quarterly looks Bullish.
Good Luck & Let’s approach the market with proper education, Risk & Money Management rules.
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