Forex Signals Brief for Nov 3: The US Election is Here
Rowan Crosby • 2 min read
US Market Wrap
US markets are waiting patiently for the US election to get underway, but yesterday the action was elsewhere.
While stocks did see some upside, the big mover was in WTI which saw a 10% spike on news that Russia could be looking to cut supply.
The moves in oil, got the USD/CAD going as well and made for a busy session for the commodities.
The Data Agenda
Data is thin on the ground today, but the reality is that even if it was busy all the focus would have been elsewhere anyway.
Of course, the main event is the US election and we will likely see a bit of a holding pattern emerge until we have some idea of who is looking like taking control. These things can take some time to play out and often come down to a few of the key swing states that might not even settle until later in the week.
For the time being, the polls are suggesting that Biden is ahead, but as we know, this is not likely the case. The smart money still believes Trump will be victorious, but much will depend on a large voter turn out for the Republican’s.
For traders, a Trump victory will likely spur the buyers, while a Biden win and his proposed tax hikes will not please the risk trade.
Forex Signal Update
The FX Leaders Team hit 3 winners from 3 trades yesterday, to start the week in the green.
Keep watching the forex signals page as volatility will be high regardless of who takes control of the White House.
Silver – Active Signal
SILVER has been holding in a sideways pattern for a considerable amount of time and we are short looking for the downtrend to hold up today.
DAX – Pending Signal
The DAX has bounced nicely off that key support level that we have been watching closely. It looks like the buyers are fighting back and we could be looking at a long signal here.
BTC is holding nicely above the $13,200 level last after the extended move from last week.
I’m still expecting a break higher should risk assets see some buying post-election.