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US Elections Tonight! Indices and Crude Recovering.

   

Welcome to this week’s Market Blast Technicals where we will look at the Hang Seng (HK50), WTI (USOil), Gold (XAUUSD), and GBPUSD.

 

Before you make any trading decisions based on technical analysis, please check the Economic calendar and yesterday’s video on Fundamentals and be aware of extreme volatility for the foreseeable future from the US Presidential Elections.

Also, at the end of this video we will give you a link to our video on the US Elections.

Meanwhile, we see the continuing downtrend on GBPUSD and price action has just bounced off this upper trend line.Screenshot 2020-11-03 at 11.40.36

Looking at Fibonacci we see that all levels above price have acted as key levels of resistance and that the 23.6% level is a key level of support.

Also, keep an eye on the Stochastic Oscillator to see if we get an overbought signal.Screenshot 2020-11-03 at 11.40.46

Gold is still trending downward and is forming a ragged descending triangle.

Price is below $1900 and Stochastics are showing us an overbought signal.Screenshot 2020-11-03 at 11.41.09

We looked at WTI yesterday and price has recovered, filling the gap from the weekend, and we see support at $37 per barrel, but watch out for this overbought signal.

Zooming out to the daily chart, we see that this support is the 50% Fibonacci level and the 61.8% level is resistance.

Of course, be aware that news on Coronavirus will supersede technical indicators on both WTI and Brent Crude.

Yesterday as well, we looked at the indices which have all recovered a bit but the Hang Seng has jumped to a key level of resistance.

Zooming out to the daily chart we see this important range between the 50% and 38.2% Fibonacci levels.

That’s all for now.  Happy trading with Valutrades and we will see you next week.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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