Hi ]all hope everyone is doing well :)
Gold is down rest all commodities are up a huge reversal should happen on the upside that's what technicals are indicating.
Buying @ 1184-85
Stops @ 1175
Risk Reward of 1 : 6.9 .
Is almost mouth watering for a trader, trades like these even if fail are worth a shot :)
Dollar Index before the Big Day of Election looks bearish on the 4 Hour Chart.
If the Pennant that is in progress plays out we are going to Channel support on the weekly chart which is around $96 which is the exact target of pennant forming.
Break of $97 will clear the way for $96-$95.50
With The Bank of Canada set to make its latest interest rate announcement in an hour from now $USDCAD seems to be in a tight spot as it is currently trading @ a 2 years old rising trendline.
Will The Trendline Hold?
Will get the answer from BoC Governor Stephen Poloz :) who had given two rates in 2015 but is waiting and watching for the effects of the...
Watchout for this Long Term Falling Trend line during the NFP release.
Above or Equal to 200 K =>>> Dollar Bullish
Below 160 K =>> Dollar Weakness
Near to 180 K =>> Sideways
Note:Don't Buy the NFP lottery ticket by predicting where market will go it won't be trading it will be gambling :)
With a Potential Double Bottom and RSI Divergence on 4 Hour Chart which might tempt people to go long,but i personally will prefer to stay neutral to short for the moment and watch the 100.75 - 100.95 zone which seems to be the dividing line between bulls and bears atleast in the short term.
With recent FOMC minutes showing that a...