A USD bullish trend for the months ahead seems very likely

A USD bullish trend for the months ahead seems very likely

2020-11-05 • Updated

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EURUSDM30 (11).png

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USDCHFM30 (5).png

Ichimoku Kinko Hyo

USD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a new bearish outlook.

USDJPYM30 ich.png

Fibonacci Levels

 XAG/USD: Silver achieves a full-time retracement. It is a very high probability scenario Silver to move even higher.  

XAGUSDM30 (5).png

US Market View

US stock futures jumped on Thursday as investors bet that a Republican held Senate would block any moves by a Joe Biden administration to tighten regulation and raise taxes on corporate America, even as the presidential election remained too close to call. Biden had edged closer to victory in the race for the White House on Thursday after winning Michigan and Wisconsin, but Democrats appeared unlikely to win the Senate, potentially making it difficult for a Democrat administration to rein in Big Tech and other businesses.

USA Key Point

  • The EUR is the strongest while the USD is the weakest
  • ECB's Villeroy supports that French second lockdown to have less economic impact than the first
  • European Commission cuts Eurozone 2021 GDP forecast to +4.2% from +6.1% previously

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Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.

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