Weekly Forex Trade Predictions November 2 – 6, 2020
This past week we saw the U.S. Dollar gain strength for sure while the Euro, British Pound, and Australian Dollars all dropped in price. The GBP was the strongest of the three resisting the USD but still dropped.
The U.S. Dollar, on the other hand, gained steadily against most currencies except for the Japanese Yen. The U.S. Dollar at the moment has hit some pretty strong resistance and should form ranging market for the most part this week.
As a matter of fact, I feel that we will see mostly ranging markets this week with slight trends developing. The U.S. Dollar might gain some more as there is a presidential election and Non-Farm Payroll both this week. There is a lot of favor looking for the USD at the moment.
In terms of high impact news, there is a moderate amount of news to affect the market; most notably this Tuesday is the U.S. Presidential Election. Some call this one of the greatest elections in history. So we can definitely expect some volatility this Tuesday. Also, this coming Friday is Non-Farm Payroll (NFP) which both the U.S. & Canadian governments will release their employment figures.
Please use the following link to mark all dates and times on your personal calendars to avoid trading during these news events…
All in all, the USD is the most favorable currency right now and we should see the U.S. Greenback continue to gain. I feel it will be safe for the most part to put all charts on a 30M time frame and trade from arrow to arrow. You can use these guidelines as for your personal trading this week…
EURUSD – BUY & SELL (30M chart)
GBPUSD – SELL ONLY (30M chart)
AUDUSD – BUY & SELL (30M chart)
USDCHF – BUY & SELL (30M chart)
USDJPY – BUY & SELL (30M chart)
USDCAD – BUY & SELL (30M chart)
If you have any questions or comments about these predictions or if you would like for me to analyze another currency pair, please let me know and I will be happy to help you.
You can contact me at either of the following…
Private Facebook group: