Technical Analysis (XAUUSD)

The Forex trading technical analysis for the price of gold (02nd of November) reveals that it was around 1880 USD/Ounce early today. According to the daily chart, the candlestick rebounded. The prices continue to rise as the Presidential Election date approaches and the cases of novel coronavirus continue to climb. If the prices spike and penetrate the 5-days moving average, it is likely to reach 1900 USD.

According to the 15-minutes Bollinger Bands, more attention should be paid to the support at 1880. Investors could consider buying at 1877.47 or 1879.83 if the market is crashed by the economic figures released by US and European countries. The resistance level lies between 1889.77~1896.52 where the downtrend started last week. If the prices dive below 1974.00 USD/Ounces, stop loss should be set. Furthermore, investors should focus on the lower support level between 1869.43~1874.17.

Forex Trading Market Analysis for Gold
Forex Trading Market Analysis for Gold

Technical Analysis (EURUSD):

The price of EUR/USD (02nd of November) was around 1.1640 early today. According to the daily chart, the candlestick broke the consolidation zone and fell to a new low. The bullish divergence on Stochastic Oscillator is weakening, if it failed to rebound and pass 1.1700 interval, it might continue the bearish trend.

According to the 15-minutes Bollinger Bands, it is suggested to sell if the price fails to rise over 1.1648. The near support level lies between 1.1616~1.1631 and the resistance level lies between 1.1684~1.1699. Investors who wish to sell short could consider selling between 1.1645~1.1653 in the short-term and setting the stop loss above 1.1660.

Forex Trading Technical Analysis for EURUSD
Forex Trading Technical Analysis for EURUSD

Technical Analysis (GBPUSD):

The price of GBP/USD (02nd of November) was around 1.2950 early today. According to the daily chart, the candlestick dropped over the 30-day moving average. If the rebound does not surpass the moving average, it is likely to set new low for the week after digging below 1.2900.

According to the 15-minutes Bollinger Bands, Investors could sell if the prices fail to penetrate the consolidation zone in the rebound. The short-swing upper resistance level lies between 1.2926~1.2943. The current support level lies between 1.2862~1.2880. Investors who wish to short sell could consider selling between 1.2916~1.2926 in the short-term and setting the stop loss above 1.2936.

Forex Trading Technical Analysis for GBPUSD
Forex Trading Technical Analysis for GBPUSD


Technical Analysis (AUDUSD):

The price of AUD/USD (02nd of November) broke below the 0.7000 mark twice early today, but Bulls then entered the market, leading to the rebound. According to the daily chart, Doji reversal candlestick pattern appeared last Friday’s (30th), if the prices are able to fluctuate near 0.7000, it is likely to rebound and test the 5-days moving average.

According to the 15-minutes Bollinger Bands, the current support level lies between 0.6995~0.7005. It is likely to challenge the short-swing upper resistance level that lies between 0.7037~0.7050. Investors who wish to go long could consider buying between 0.7000~0.7006 in the short-term and setting the stop loss below 0.6995.

Forex Trading Technical Analysis for AUDUSD
Forex Trading Technical Analysis for AUDUSD

Technical Analysis (USOUSD):

After a significant slump, the prices of USO/USD (02nd of November) rebounded and consolidated at 34.00 this morning. A Doji reversal candlestick formed on last Friday (30th), If the price fails to surpass last week’s consolidated price at 35.50 USD, it is likely to continue hitting a new low once dipping below 34 USD.

According to the 15-minutes Bollinger Bands, the prices stayed above 34 USD early in the morning. The short-swing upper resistance level lies between 35.02~35.49. The current support level lies between 33.47~33.97. Investors who wish to sell short could consider selling between 34.51~35.02 in the short-term and setting the stop loss above 35.50.

Forex Trading Technical Analysis for US Oil
Forex Trading Technical Analysis for US Oil

Technical Analysis (Nas100):

The NASDAQ (02nd of November) was around 11000 this morning. According to the daily chart, the long-wick lower shadow and the divergence of Stochastic Oscillator are both signals indicating the reversal. If the prices can be maintained near 11000, it is likely to reach the 5-days moving average.

According to the 15-minutes Bollinger Bands, the short-swing upper resistance level lies between 11202.7~11260.2. The current support level lies between 10975.5~11045.2. Investors who wish to go long could consider buying between 11045.2~11058.9 in the short-term and setting the stop loss below 10975.5.

Forex Trading Market Analysis for NASDAQ
Forex Trading Market Analysis for NASDAQ

Economic Calendar (02nd of November)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
2.09:50EURFrench Manufacturing PMI (Oct)★★
3.09:55EURGerman Manufacturing PMI (Oct)★★★
4.10:00EURManufacturing PMI (Oct)★★
5.10:30GBPManufacturing PMI (Oct)★★★
6.15:45USDManufacturing PMI (Oct)★★
7.16:00USDISM Manufacturing PMI (Oct)★★★
8.16:00USDConstruction Spending (MoM) (Sep)

(Importance: maximum three stars ★★★)

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