In today’s live trading session, we continued our discussion about the US Election and the Forex market.
It has now been three days since the US Election has started, and we have yet to determine a president. At the current moment, it seems as if a Biden victory is almost certain. This could not be more evident in the Forex market. Despite phenomenal unemployment data, the US Dollar Index (DXY) continued to selloff to new lows of 91.90. The markets are so certain about a Biden presidency that the NFP results had virtually zero effect on the DXY.
Since last Friday, we have predicted plausible long scenarios for EURUSD, AUDUSD, and Gold. Virtually all of these trades are moving in the forecasted direction. We are hoping that the presidency does not drag on any longer, as we are anxious to get into these trades. If Trump somehow manages to win the presidency or cause a significant delay, we may see these pairs retrace substantially.
Hopefully, this election is done as soon as possible so that traders around the world can once again trade in normal conditions. It will be interesting to see if any gaps occur in the markets over this weekend. We will continue our discussions on these topics on Monday. Have a great weekend!
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