WEEKLY ANALYSIS FOR 11/1/2020THIS WEEK IS ELECTION WEEK!!! 1) Go Vote and 2) we should see some interesting movement with the US Dollar. Ideally I would like it to continue to the up side since a Daily high was broken and I have a nice setup on EU, but it also does have the potential to get weak so I will wait until I have confirmation. The Yen didn't break the high I was looking at last week but it did come down and retest the 4H W and is chillin in that area so we shall see what happens this week. Bank Holiday tomorrow so I don't expect to see any real movement until Tuesday or Wednesday. With that being said, ideally I would like it to continue to the upside but if the US Dollar continues to get bullish, we might see some consolidation on UJ. Gold and SPX are showing some bearish vibes so I'll continue to look for selling opportunities this week post election cause honestly, I'm really not sure how it is going to effect those two. Let me know if y'all seeing what I am seeing. Have a great week of trading!!
Election2020
ORBEX: Trump Dents Markets Days Before OPEC+In today’s market insights I talk about the massive Trump sell-off seen in the markets following his comments that a phase 1 trade deal could be now dragged later than the 2020 election.
Gold and Oil were affected by the pessimistic rhetoric as participants received the delay announcement!
The yellow metal appreciated while Crude oil jaw-dropped days ahead of the critical OPEC+ meeting in Vienna.
Watch me analyse the two #Commodities and what I expect in the short and medium-term using #ElliottWaves!
Timestamps
XAUUSD 1H 01:40
WTI 1H 04:15
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.