USD/CAD melting, Gold ready for higher prices...
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USD/CAD 1H: SHORT IT! SHORT/HOLD(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: USD/CAD 1H/candle chart review
::: distribution in range now
::: Sentiment short-term: BEARS
::: Sentiment outlook mid-term: BEARS
USD
Another bullish session in prospect for stocks, oil and other risk assets has enticed Buck bears back out of the woods, while the looming Presidential vote outcome is also keeping the Greenback on tenterhooks. Indeed, the DXY has faded just above 94.000 and ahead of Monday’s 94.285 peak to post a deeper low at 93.622 vs yesterday’s 93.871 base in the run up to relatively secondary US releases that fill the void before the primary issue is known or the vote proves too close to declare and is contested.
AUD
The Aussie has reclaimed all and more of its knee-jerk post-RBA losses even though dovish expectations were exceeded by the Central Bank cutting the benchmark rate, 3 year yield target and TFF by 15 bp to 0.1%, while lowering the rate for Exchange Settlements to zero and unveiling a new Aud 100 bn QE remit for an initial 6 months and aimed at 5-10 year bonds. However, Aud/Usd has spiked from the low 0.7000 zone all the up to and just beyond 0.7100, while the Aud/Nzd cross has staged a firmer rebound from closer to 1.0600 towards 1.0675 as the Kiwi lags ahead of 0.6700 vs its US counterpart in advance of NZ labour data.
CAD/GBP/EUR/CHF
Also forging gains largely at the expense of their US rival, but the Loonie also deriving more momentum from the ongoing recovery in oil as it probes through 1.3150 before Canadian trade on Wednesday. Meanwhile, Sterling is within striking distance of 1.3000 again and retesting 0.9000 offers/resistance against the Euro amidst unconfirmed reports that EU officials may have made a key concession to the UK on zonal attachment methodology in respect of fishing rights. Nevertheless, the single currency is equally close to 1.1700 vs the Dollar having breached the 100 DMA at 1.1661 and the Franc has pared declines from sub-0.9200 to 0.9160+ following in line Swiss CPI readings.
JPY
The G10 underperformer, albeit without local sponsorship as Japanese markets celebrate Culture Day, as the Yen fails to sustain gains above 104.50 due to the aforementioned pick-up in risk appetite on the second day of November.
-Premium author on TradingView
-6+ years experience in markets
-Professional chart break downs
-Supply/Demand Zones
-No junk on my charts
-Frequent updates
-Covering FX/ Commodities
-24/7 uptime so constant updates
USD/CAD 1H: SHORT IT! SHORT/HOLD(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: USD/CAD 1H/candle chart review
::: distribution in range now
::: Sentiment short-term: BEARS
::: Sentiment outlook mid-term: BEARS
USD
Another bullish session in prospect for stocks, oil and other risk assets has enticed Buck bears back out of the woods, while the looming Presidential vote outcome is also keeping the Greenback on tenterhooks. Indeed, the DXY has faded just above 94.000 and ahead of Monday’s 94.285 peak to post a deeper low at 93.622 vs yesterday’s 93.871 base in the run up to relatively secondary US releases that fill the void before the primary issue is known or the vote proves too close to declare and is contested.
AUD
The Aussie has reclaimed all and more of its knee-jerk post-RBA losses even though dovish expectations were exceeded by the Central Bank cutting the benchmark rate, 3 year yield target and TFF by 15 bp to 0.1%, while lowering the rate for Exchange Settlements to zero and unveiling a new Aud 100 bn QE remit for an initial 6 months and aimed at 5-10 year bonds. However, Aud/Usd has spiked from the low 0.7000 zone all the up to and just beyond 0.7100, while the Aud/Nzd cross has staged a firmer rebound from closer to 1.0600 towards 1.0675 as the Kiwi lags ahead of 0.6700 vs its US counterpart in advance of NZ labour data.
CAD/GBP/EUR/CHF
Also forging gains largely at the expense of their US rival, but the Loonie also deriving more momentum from the ongoing recovery in oil as it probes through 1.3150 before Canadian trade on Wednesday. Meanwhile, Sterling is within striking distance of 1.3000 again and retesting 0.9000 offers/resistance against the Euro amidst unconfirmed reports that EU officials may have made a key concession to the UK on zonal attachment methodology in respect of fishing rights. Nevertheless, the single currency is equally close to 1.1700 vs the Dollar having breached the 100 DMA at 1.1661 and the Franc has pared declines from sub-0.9200 to 0.9160+ following in line Swiss CPI readings.
JPY
The G10 underperformer, albeit without local sponsorship as Japanese markets celebrate Culture Day, as the Yen fails to sustain gains above 104.50 due to the aforementioned pick-up in risk appetite on the second day of November.
