The Market structure has been trading between and respecting the descending trading channel and market participants are just looking either buying or selling at the touch, bounce or rejection of this trendlines.
Since the Democratic candidate Biden was reported to be involved in a scandal, he has not yet given a press conference to clarify what happened. Implicated by the scandal, Biden’s approval rating has lost large ground in the latest polls, with his lead over Trump narrowing by just seven percentage points.
People are fascinated to be a legend by winning great fortune with a tiny amount of capital. Unfortunately, “All In” doesn’t work in the Forex market.
People exposed to the Forex market are helpless because they can do nothing on the price movement as an individual. So retail traders are struggling with finding a way to minimize the risk exposure.
During the start of this new trading week, both sellers and buyers were anguished by false bullish breakout that made buyers think it could probably be a buy since last two days of trading session of both Monday and Tuesday, market structure was drawing higher highs and lows as price seemed up past the 50 moving average during this trading days and stop hunts incurred by fast paced f.o.m.o sellers.
Market speculators are in a familiar territory as current market structure is lingering at last month trading highs trading area. It is a strong supply zone as we view the last time price action was at that focal block, some good selling rally occurred and sellers may be looking at this as good pivot area for short trade setup ideas being supported by technical confluences.
As the U.S. presidential election approaches, Democratic candidate Biden has outperformed Trump in approval rating by 17%, indicating Trump appears to be a busted flush. Analyses and speculations about various financial trends after Biden takes office have been raging markets. From my point of view, Biden will raise taxes significantly, which may boost the greenback at the expense of U.S. stocks in the short term. All of that said, however, there are few analyses about the impact of Democrats' return on oil prices.
Study trade from nature.We see Connochaetes migrate across the Africa continent and ambushed by the crocodile in the pond. We see a pride of lions can do nothing with zebras gathering in flocks. There is some conventional wisdom of nature embedded in trading strategies.
Very strong bullish momentum push by market participants during yesterday trading session broke past a major resistance area and a major pivot level that hold fort as since the start of the second half of this year. The strong price action move up did touch the 200 day moving average.
The US dollar showed its financial Strength last week, consequently ending a two-week losing streak. Adding 0.7 percent, buyers navigated from daily demand at 92.71/93.14 at the beginning of the week and eventually revisited a daily trendline formation (102.99), a level linked with a small area of daily supply at 94.08/93.84. Traders will also note the RSI oscillator is seen closing in on trendline resistance (prior support).
After quite some good bull run, we are likely also to see a short term sell-off in the coming days or weeks as we see buyers seemingly facing exhaustion at this point based on chart readings. Interestingly, general market sentiments for this pair are that market participants are holding net long positions. And, buyers are facing resistance at previous respected supply zone area. To have a look at this pair in longer term view, on the 6 day chart, we see there was a false breakout past the 200 moving average as price not only juggling between the band but last week trading session candle conclusively opened and closed below the now dynamic resistance band.
After the EU’s chief negotiator Michel Barnier had a 12-hour tunnel talk with the UK last Friday, British Prime Minister Boris Johnson’s official spokesman stated that although some progresses had been made, it is a pity that both sides did not reach an agreement due to some divergences. The EU hoped that the UK can make more concessions to reach the trade agreement that has been discussed for a long time.
Market speculators may be setting up for a nice sell setup and sell-off run today as we view a head and shoulder pattern clearly playing out inside an ascending channel and a nice clean retest of the neckline.
The US federal election along with various stimulus bills will continue to influence markets this coming week. As the US senate works on stimulus in the $trillions and US presidents encounter a miracle cure for Covid19, the Equities markets continue to soak up the excess liquidity and continue with extreme valuations too earnings per share.
While the public was worrying about whether Trump's condition would worsen, the president has been reported to be on a path to a full recovery and may be discharged from the hospital soon. His speedy recovery surprised financial markets, causing analysts to refocus on the underlying fundamentals.
A nice sell trade opportunity is playing out on this pair as the price action found buyers offered least resistance at minor support floor around the price handle 75.50 area. In addition, this setup has ideal technical confirmations backing up as nice trade idea supported by two confluence that may not be missed by the market participant and that is;
The price handle level of 0.69490 which for the has been a strong resistance level for the past approximately four weeks or thereabout, today has offered the market participants and in particular the buyers a broadway of least resistance as market speculators with one good green momentum thrust past the ceiling zone during yesterdays’ new york trading session.
When financial markets have been eyeing on issues such as China-U.S. relations, the U.S. presidential election and the second wave of the pandemic, Europe seems to be gearing up for a black swan, an event in which a deterioration will trim the recently weak euro even lower.
The weekly 200 moving average is acting as a dynamic resistance band as price action really tries to peg and coil around that zone and market speculators are finding themselves in a familiar strong supply zone order block area between price level handles of 0.96 and 0.97. There has not been a concentrated bullish thrust move by buyers even in between this supply zone nor let alone past it.
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