Technical Analysis (XAUUSD)

The Forex trading technical analysis reveals the price of gold (03rd of November) was fluctuating above 1890 marks early today after retracing from 1900 USD. According to the daily chart, two bullish candlesticks formed due to safe-haven purpose. If it spike and penetrate 1900 USD, it is likely to test the 60-days moving average.

According to the 15-minute Bollinger Bands, there are bullish momentums in the short-run at 1890 USD. As Joe Biden leads in the presidential election poll, investors could consider buying at 1887.51 or 1890.06. The upper resistance level lies between 1900.86~1906.01. Stop loss should be set if the economic indicator favors USD and drives gold prices to dive below 1885.26 USD/Ounces. Investors should also focus on the previous lower support level between 1881.22~1885.26.

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

Technical Analysis (EURUSD):

The price of EUR/USD (03rd of November) boosted 20 points early today, surpassing yesterday’s high point at 1.1655. According to the daily chart, the long-lower-shadow candle broke out the previous low point and rebounded, if the prices can be maintained around the support level (2nd) at 1.1620, it is likely to continue rebound.

According to the 15-minute Bollinger Bands, Investors could take a long position if the price rally and fluctuate between 1.1620~1645. The lower support level lies between 1.1600~1.1620. If the prices fluctuate intensely as economic data releases, investors should pay attention to the resistance level between 1.1688~1.1704. Once it pulls back and lies below the Bollinger Bands, investors could decide to enter the market and a stop loss can be set at a point below 1.1620.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (3rd of November) was fluctuating around 1.2930 after fail to make a breakout early today. According to the daily chart, there was a Doji reversal candle. If the price can sit at 1.2900, once USD drops below 94, GBP might be able to test the 5-day moving average.

According to the 15-minute Bollinger Bands, the prices rebounded yesterday (2nd), there is a bullish bias in the short-term at level 1.29000. The upper resistance level lies between 1.2954~1.2988. The lower support level lies between 1.2875~1.2900. Investors who wish to go long could consider buying between 1.2907~1.2912 and set stop loss below 1.2900.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (3rd of November) broke out the previous high early today, then pulled back and laid above the support level of 0.7035 yesterday. According to the daily chart, the prices rebounded and settled above the 5-day moving average. If the price is able to hold above the moving average, it is likely to continue the uptrend and test the 10-day moving average.

According to the 15-minute Bollinger Bands, the price dropped to below the middle Bollinger Band. If it able to hold between 0.7027~0.7047, it is likely to test the upper resistance level between 0.7085~0.7104. Investors who wish to go long could consider buying between 0.7033~0.7043, and set stop loss below 0.7024.

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

Technical Analysis (USOUSD):

Oil prices (3rd of November) broke below 37 USD but followed by a pullback due to yesterday’s (2nd) OPEC talks over oil output cut. According to the daily chart, the long-lower-shadow candle wiped out the slump on last Thursday. If the price is able to hold above 5-day moving average, it is likely to continue rising with a V-shaped pattern.

According to the 15-minute Bollinger Bands, the prices reversed from the bottom at 34 USD yesterday. The lower support level lies between 35.48~35.81. Investors who wish to go long could consider buying between 36.02~36.25 and set stop loss below 35.81. The upper resistance level lies between 37.41~37.74.

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

Technical Analysis (Nas100):

Nasdaq was fluctuating near 11100 early today (3rd of November). According to the daily chart, the long-upper-shadow candle is blocked by the 5-day moving average. If it fails to surpass the moving average, it might retrace to the previous low at 10956.95.

According to the 15-minute Bollinger Bands, a short-term consolidation zone between 11000~11300 is formed. If it is able to hold above the support level between 11012.9~11074.2, Investors who wish to go long could consider buying between 11070.12~11101.5, and set stop loss below 11050.7. The upper resistance level lies between 11225.9~11271.5.

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

Economic Calendar (03rd of November)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.04:30AUDRBA Rate Statement★★★
2.04:30AUDRBA Interest Rate Statement★★★
3.07:30CHFCPI (MoM) (Oct)★★
4.13:00 Market News: Trump will be interviewed 
5.16:00USDFactory Orders (Sep)★★

(Importance: maximum three stars ★★★)

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