Welcome to our high-octane Weekly Forex Forecast for the trading week starting November 4th. As we gear up for a week loaded with pivotal events, including the US Presidential Elections and major central bank updates, your trading acumen will be essential.
Let's dive into a personalised analysis and spot the tradable opportunities waiting just for you.
Dollar Index (DX1!)
This week, your trading radar should be fixed on the Dollar Index, which presents a bullish prospect, especially with the upcoming US election stirring market volatility. Nikkhil has pinpointed a robust support bounce from 99-100, hinting at resistance levels around 106-107.9 post-Federal Reserve announcements. This could be your cue for strategic entries and exits.
GBP/USD
As the Bank of England hints at a possible rate cut, the outlook for GBP/USD skews bearish. Nikkhil’s analysis suggests a possible descent to 1.2685 if the bearish momentum persists. This scenario provides a prime opportunity for you to strategize your shorts effectively.
NASDAQ Futures (NQ1!)
With NASDAQ teetering on the brink of a bearish phase amidst electoral jitters, key resistances have formed between 20,260 and 20,400. This presents a critical moment for you to assess and act on resistance breaches that could influence your portfolio.
USD/CHF
Your attention should also be on USD/CHF, which currently showcases a bullish trend without any signs of a resistance break, anticipating movements towards 0.8875. This could be an excellent chance for you to capitalise on the momentum.
Gold (XAU/USD)
In the gold markets, signs of a pullback are evident with resistance nearing 2,784 and potential drops towards 2,685. With the markets bracing for this week’s volatility, keeping abreast of these movements is crucial for your trading strategy.
Each piece of analysis is crafted with your trading success in mind.
Remember, trading involves risks, and it's crucial to adapt strategies to market conditions and your personal risk tolerance.
Thank you for trusting us on your trading journey.
Here’s to a profitable week ahead, and as always, trade smart!
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