Personal opinions today:

 

The US midterm election officially began counting the votes. The result was announced at noon as soon as possible. At the latest, it was officially announced at 7:00 tonight. Of course, the market is more concerned about the situation of the two parties in the vote, because the support rate of the two parties will be the decisive factor, and at the same time affecting the ability of US President. It may drives the market fluctuation. At present, the United States Senate and House of Representatives have higher Republican members, and the Democratic Party must strive for more than 23 seats before it can become a advantage for the current presidential leadership and the Republican Party. In the face of US political uncertainty, market risk appetite rose, the dollar faced downside risks, and the dollar fell against major currencies. However, the quarterly performance of US companies was better than market expectations, the stock market rebounded and gold fell. During the midterm elections, the market has fluctuated rapidly and must pay attention to risks.

 

The market is waiting for the US mid-term elections, the market also looking  for the UK October home price index, the German construction industry purchasing managers index in October and the euro zone retail sales in September. The above data is currently expected to grow, with a bullish European currency. But at the same time pay attention to the US midterm elections, if the Republican Party has a higher proportion, it is expected to stimulate the dollar rebound.

 

Today's suggestion:

 

EURUSD 

1.1495/1.1535 resistance

1.1425/1.1400 support

The key to the vote of the US midterm elections lies in the proportion of Republican and Democratic parties. If the Democrats parties succeed, it may have a negative dollar effect. In the afternoon, European trading hours, as well as Eurozone data are worthy of attention. Technically, the euro continued to explore the technical rebound against the dollar. The EURUSD once hit a rebound of 50% of the 1.1460, looking forward to 61.8% of the 1.1495. Subordinate support is 1.1425 for 38.2% of the rebound. During the midterm elections in US, the market has fluctuated rapidly and must pay attention.

 

GBPUSD

1.3170/1.3235 resistance

1.3080/1.3045 support

The progress of the Brexit negotiations in the UK has brought the market awkwardly and the bullish pound. The US midterm election began to count the votes, the democratic party situation dominated, and the dollar fell. In the face of US political uncertainty, the trend of the pound is more volatile. Technically, GBPUSD continues to develop in the rebound. 1.3045 is 61.8% support for the rebound, currently breaking 73.6%, 1.3105, and looking forward to 1.3170 resistance. During the mid-term election in US, the market is volatile and must pay attention.

 

USDCHF 

1.0030/1.0055 resistance

0.9980/09949 support

During the midterm elections, the market has fluctuated rapidly and must pay attention to risks. If EURUSD keeps strong, indirect positive for Swiss francs. Technically, the USD/CHF maximum resistance of 1.0085 must be concerned. If the euro rises further, the Swiss franc can only test 0.9980 support. In the face of the political uncertainty of the US midterm elections, it is recommended to pay attention to trading risks.

 

USD/JPY

113.60/113.80 resistance

112.90/112.65 support

During the midterm elections of the US president, the market has fluctuated rapidly and must pay attention to risks. If the US political uncertainty factors affect the performance of the stock market, it will indirectly affect the decline of the US dollar against the yen. The above resistance and support levels are for reference only.

 

AUDUSD 

0.7235/0.7255 resistance

0.7180/0.7160 support

During the midterm elections in US, the market has fluctuated rapidly and must pay attention to risks. The Australian dollar has recently touched the 0.7256 resistance against the US dollar in the near future, forming a double-top pattern in the short term, with a neckline of 0.7180. If the dollar strengthens, the Australian dollar has a chance to test support.

 

NZDUSD 

0.6760/0.6785 resistance

0.6705/0.6670 support

New Zealand’s job data performance in the third quarter has improved significantly, boosting the New Zealand dollar. The US midterm election has entered the counting period, and the market is volatile and pays attention to risks. After the New Zealand dollar rose against the US dollar, it gradually fell back. The target market is repeated and is expected to be supported by 0.6760, 0.6785 resistance and 0.6705 and 0.6670.

 

USD/CAD

1.3155/1.3175 resistance

1.3085/1.3065 support

The US API announced a significant increase in crude oil inventories, which caused oil prices to fall and failed to boost the Canadian dollar. But more importantly, the US midterm election has entered the counting period, the market is volatile, and the market is concerned that the situation of the two parties brings the dollar rather than the Canadian itself. In the short term, you can refer to the resistance and support levels suggested above.

 

EUR/GBP

0.8700/0.8680 support

0.8750/0.8770 resistance

The euro continued to fall against the pound. The market waits for the outcome of the EU finance ministers meeting and the Brexit negotiations, and believes that the advantages of the pound. If EURUSD continue to hold strong, the euro has a chance to fall against the pound.

 

EURCHF 

1.1470/1.1485 resistance

1.1440/1.1425 support

The euro maintained strengthened, boosted the EURCHF. Technically, the euro has continued to rise against the Swiss franc. Reference resistance is 1.1470 and 1.1485. If it falls below the 1.1440 and 1.1425 support areas, the trend will likely fall.

 

XAUUSD :

1232/1235 resistance

1223/1220 support

The uncertainty of the US midterm elections and the impact of stock market downturns, gold has the opportunity to test 1236 or 1239 resistance, the view remains unchanged. Technically, 1236 and 1239 are large adjustment zone resistances. If the US election the republicans loses seats in the midterm elections, the risk appetite rises, and gold has the opportunity to explore 1239 important resistance. On the contrary, it will support the downside and have the opportunity to test $1222 and $1220. The US midterm election has entered the counting period, the market is volatile, we must be paid attention when trading.

 

US crude oil futures:

62.45/62.65 resistance

61.15/60.85 support

After the crude oil price broke the August low support of 63.90, the trend was further go down . Affected by the sharp increase in crude oil inventories, crude oil prices have fallen, found the supported areas of 61.80 and 61.15. ElA crude oil inventory report is to be reported tonight. If the inventory does not increase significantly, crude oil prices are expected to rebound. In addition, during the mid-term election, the crude oil market has also fluctuated rapidly, we must be paid attention when trading.

 

BTCUSD:

6580 / 6615 resistance 

6320 /6195 support 

In the mid-term election, the political uncertainty and the risk of stock market.  Crypto currencies may think as a safeguard, the bitcoin has the opportunity to go up. In this morning, the price of bitcoin had reached US6544. Now may keep watching the election result and find out the trend of the bitcoin. Technically, 6615 as the rebound level 38.2%.

 

 

Hope you enjoy and have happy trade!  The content is for reference only. Please do ensure that you understand the risk.

 

Information provided by AT Global Market, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater
China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 
Contact: cs.gm@atfx.com or wechat: ATFX_China

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