Is the Forex market in standby mode today? Traders have been either sitting out until the new US president is announced or participated in a volatile trading environment. For those still trading, today's Forex analysis reviews the currency pairs EURJPY, USDCAD and GBPJPY.
8 November, AtoZForex - Today, during the Asian and European sessions, the USD has been trading in different directions against the major currencies. The market participants show caution in anticipation of today's US presidential elections. Trading activity is reduced and the Forex market is in standby mode.
USDCAD Mixed sentiment
The pair has been trading in the narrow trading range between 1,330 and 1,346 levels. The pair will trade out of range most probably after the election results in the US.
From the 4-hour technical analysis, we cannot see any obvious direction. The pair has been trading between the moving averages 50, 100 and 200. Our main indicators show mixed sentiment. As The RSI is in the neutral zone, however, it is directed upward. The MACD histogram is in the negative zone and slightly below its signal line. Stochastic Oscillator is in the oversold zone and currently does not generate a clear signal.
EURJPY Bullish Sentiment
The pair has been trading in its previous high levels, however, we see sideways movement. The US Election result may be the strong factor to push the pair out of the range.
On the 4-hour chart, the pair is increasing from the level of 115.70. From the SMA analysis prospect, the pair has a bullish sentiment. EURJPY has been trading above the 50, 100 and 200 trades below 50, 100 and 200-period simple moving averages and all of them are directed upward direction. The MACD also favors the buyers. Its histogram is still located in the positive zone and above its signal line, it continues to rise steadily.
Let's go back to the main fundamental factor of the day, which is the presidential election in the United States. In the case of Clinton's victory, most probably the pair will climb due to the weakening JPY. The first goal will be 116,25 and then 117,75 levels.
GBPJPY growth is more preferred
On the daily chart the pair rose above the resistance level 128.50.
From a technical point of view for GBPUSD growth is more preferred. The pair has been trading between the moving averages 50, 100 and 200. The MACD and the Stochastic Oscillator also support this idea, as they show a continuation of the uptrend. Over a short period of time, probably will continue to move around the current levels until the results of the elections in the US.
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