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A downward channel has formed near the previous high of the euro. I have highlighted the possible scenarios. In an ideal scenario, the price would rise to the resistance level 1.01955, which would be the higher wedge of the channel, and then pullback to the fibo line at the middle of the channel.
1.00500
Entry Price
0.99000
TP
1.01000
SL
50.0
Pips
Loss
0.99000
TP
1.01012
Exit Price
1.00500
Entry Price
1.01000
SL
The pound's movement will remain largely influenced by the dollar, and the market will likely be very happy to see the U.S. Democrats lose control of the House of Representatives against the backdrop of rising expectations of a market slowdown in interest rate hikes. This could block the Democrats' massive social spending plan and may provide upward momentum for the pound in the short term. And judging from the market's expectations for Thursday's CPI, the slowdown in interest rate hikes is expected to heat up again, which means there is room for the pound to move up.
1.14446
Entry Price
1.16110
TP
1.13400
SL
104.6
Pips
Loss
1.13400
SL
1.13393
Exit Price
1.14446
Entry Price
1.16110
TP
The current market view of the outcome of the 2022 midterm elections is skewed toward two Parties taking charge of the two houses separately. If so, it would give the Republican Party the power to block much of President Joe Biden's agenda for the next two years. Financial markets have a passion for the deadlock. To some extent, change will evolve slowly and gradually, and a divided government will certainly provide such an environment. Overall, the market tends to weigh on the dollar index currently.
110.045
Entry Price
109.200
TP
110.500
SL
45.5
Pips
Loss
109.200
TP
110.506
Exit Price
110.045
Entry Price
110.500
SL
Dragged by high inflation, the risk of recession in the UK is increasing and continues to suppress the GBP.
1.17200
Entry Price
1.14500
TP
1.19100
SL
64.2
Pips
Profit
1.14500
TP
1.16558
Exit Price
1.17200
Entry Price
1.19100
SL
There is some support near 18000, but looking at the current rebound trend, we just see limited strength of the bulls. The price is more likely to drop to a lower low.
18700.0
Entry Price
15000.0
TP
19300.0
SL
--
Pips
EXPIRED
15000.0
TP
16231.8
Exit Price
18700.0
Entry Price
19300.0
SL
Gold prices continue to move up strongly, but the US CPI for October may be bearish for gold, and there is also the demand for an overbought pullback in the short term.
1730.00
Entry Price
1690.00
TP
1747.00
SL
170.0
Pips
Loss
1690.00
TP
1748.02
Exit Price
1730.00
Entry Price
1747.00
SL
Oil prices gave back the gains of the previous two days due to concerns about Chinese demand and the US midterm elections. Currently, the retracement basically ends, so it is better to go long on WTI.
87.818
Entry Price
92.300
TP
84.300
SL
351.8
Pips
Loss
84.300
SL
84.254
Exit Price
87.818
Entry Price
92.300
TP
Warren Takunda
Analyst
Warren Takunda, a seasoned finance leader specializing in the Middle East, is a trusted senior analyst with a proven track record. As head of the finance team, he excels in financial planning, analysis, and reporting. Warren's expertise in financial modeling and investment analysis delivers valuable insights to clients.
Ranking
3
Articles
644
Win Rate
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P/L Ratio
0.92
Focus on
USDJPY, XAUUSD, GBPUSD
Mideast Tensions Briefly Spike Oil Prices, Technicals Point to Continued Downtrend
TRADINGYen Slips, Intervention Looms as US Dollar Flexes Muscles
PENDINGIs the Fed Bluffing? Gold Rally Defies Hawkish Rhetoric
TRADINGSterling Stalls on Retail Sales Eve, Eyes Mixed US Inflation Signals
PENDINGOil Glut and Weak Demand Drown Out War Drums, Prices Slide
LOSS -240.0 PipsThe risk of loss in trading financial assets such as stocks, FX, commodities, futures, bonds, ETFs or crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
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