USD Pairs Open with Weekend Gap. NASDAQ in Reversal? US Elections Drive USD and Indices.

In today’s GCI Market Outlook let’s take a look at Forex Trading on the NASDAQ, WTI Crude Oil, and EURUSD.

We have been showing you some successful gap trading opportunities and USD has opened weaker today with a gap.

We told you a few weeks ago that a Democrat win in the US general election tomorrow will mean a weaker USD.

That is what we are seeing here with polls leaning toward Democrats now.

You will find this on all USD pairs but be careful.

At least wait for the stochastic oscillator to rise to overbought and turn over.

If not, the election will drive USD and the indices.

Speaking of economic news, we have lots in the calendar this week with Interest Rate decisions from Australia, the UK and the US where we expect a fall in rates from both central banks.

We have Employment news from New Zealand, the United States, and Canada.

A while ago we spotted this Cup and Handle pattern on WTI but it was broken by this gap after Middle East news.

The gap was filled and we see another Cup and Handle pattern.

This is usually a bullish pattern so keep an eye on your technicals and watch to see if price action breaks these levels of resistance.

We see a pullback from the slide in US Indices since Hallowe’en.

Technically, let’s keep an eye on MACD as if we see the signal line passing out of the histogram, this may indicate a reversal to the upside.

That’s all for now.

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