US dollar strength as Trump gains on key states

US dollar strength as Trump gains on key states

2020-11-04 • Updated

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Ichimoku Kinko Hyo

USD/JPY: The USD/JPY pair is trading above the Kumo. Further bullish momentum will lead the currency pair to retest the previous high.

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European Market View

  • The main story in FX markets this morning is a broad strengthening of the USD while other safe havens have also benefitted on heightened uncertainty in regard to the US election outcome. RUB was the clear early in the morning.
  • The odds of Trump re-taking the White House has risen quite substantially since yesterday. EUR/USD have dropped on this nearly a figure to from the 1.17's to 1.16's while now is trading in the middle of that range. 
  • The SP500 futures surged this morning as Trump leads in battleground states.

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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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