As global markets await the outcome of a highly contested US presidential election, volatility continues to shape the trading landscape.
European equities are poised to follow Asia’s lackluster session, pressured by uncertainties surrounding China’s economy and the tight US election between Donald Trump and Kamala Harris.
Asian markets were generally mixed, with China leading losses and the yen halting a three-day drop after Japan's Finance Minister, Katsunobu Kato, expressed concern over rapid, one-sided moves in the currency market.
In the US, 10-year Treasury yields fell three basis points, paring back gains from earlier in the week. Meanwhile, oil prices rebounded after geopolitical tensions in the Middle East briefly dragged them lower.
The dollar retreated, adding to the growing sense of caution gripping traders.
Key Market Movers:
Euro Stoxx 50 futures slipped, signaling a weak opening for European stocks.
US Shares saw futures inching higher despite the uncertainty.
The Yen strengthened after slumping over 1% against the dollar on Wednesday.
Oil prices bounced back after a temporary dip as traders weighed Middle Eastern tensions and the global market outlook for 2025.
With the US election just days away, Bloomberg News/Morning Consult polls show a statistical tie between Trump and Harris, increasing investor anxiety. Jun Rong Yeap, a market strategist at IG Asia Pte, noted that the surge in Treasury yields and dollar strength is limiting aggressive risk-taking.
📊 Today’s Trading Signals 📊
Here’s a snapshot of today’s most important trading signals. For live updates and real-time trading discussions, join our Telegram channel: Forex368 Mentoring 📲.
🔹 S&P 500 (CME) (Z4) Intraday: Caution 🔹
🔑 Pivot: 5864.00
💡 Our Preference:
Sell below 5864.00 targeting 5820.00 and 5800.00 📉
⚠️ Alternative:
Buy above 5864.00, aiming for 5902.00 and 5921.00 📈
📝 Comment: The index faces strong resistance at 5864.00. Proceed with caution.
🔹 Nikkei 225 (OSE) Intraday: Bullish Bias 🔹
🔑 Pivot: 37910.00
💡 Our Preference:
Buy above 37910.00 targeting 38530.00 and 38930.00 📈
⚠️ Alternative:
Sell below 37910.00, aiming for 37630.00 and 37290.00 📉
📝 Comment: Consolidation may continue, but its extent should be limited.
🔹 FTSE 100 (ICE Europe) (Z4) Intraday: Key Resistance at 8400.00 🔹
🔑 Pivot: 8400.00
💡 Our Preference:
Sell below 8400.00 targeting 8276.00 and 8219.00 📉
⚠️ Alternative:
Buy above 8400.00, aiming for 8435.00 and 8480.00 📈
📝 Comment: Expect choppy price action as 8400.00 remains a major resistance.
🔹 Gold Intraday: Caution 🔹
🔑 Pivot: 2730.00
💡 Our Preference:
Sell below 2730.00 targeting 2709.00 and 2700.00 📉
⚠️ Alternative:
Buy above 2730.00, aiming for 2738.00 and 2747.00 📈
📝 Comment: RSI is mixed—proceed cautiously in this volatile market.
🔹 EUR/USD Intraday: Turning Up 🔹
🔑 Pivot: 1.0775
💡 Our Preference:
Buy above 1.0775 targeting 1.0805 and 1.0820 📈
⚠️ Alternative:
Sell below 1.0775, aiming for 1.0760 and 1.0745 📉
📝 Comment: RSI suggests a new upleg is forming.
🔹 USD/JPY Intraday: Turning Down 🔹
🔑 Pivot: 152.80
💡 Our Preference:
Sell below 152.80 targeting 151.70 and 151.20 📉
⚠️ Alternative:
Buy above 152.80, aiming for 153.15 and 153.60 📈
📝 Comment: RSI is bearish, signaling further decline.
🔹 Silver Intraday: Key Resistance at 34.25 🔹
🔑 Pivot: 34.25
💡 Our Preference:
Sell below 34.25 targeting 33.45 and 33.20 📉
⚠️ Alternative:
Buy above 34.25, aiming for 34.87 and 35.35 📈
📝 Comment: While a rebound can’t be ruled out, it should be limited.
🔹 USD/CAD Intraday: Downside Prevails 🔹
🔑 Pivot: 1.3845
💡 Our Preference:
Sell below 1.3845 targeting 1.3810 and 1.3795 📉
⚠️ Alternative:
Buy above 1.3845, aiming for 1.3860 and 1.3875 📈
📝 Comment: Downside momentum is strong, per RSI.
📲 For real-time signals and expert insights, follow us on Telegram: Forex368 Mentoring
📰 What’s Next?
The week continues with key events that could further rattle the markets:
US New Home Sales, Jobless Claims, S&P Global Manufacturing and Services PMI (Thursday)
UPS, Barclays earnings (Thursday)
US Durable Goods and Consumer Sentiment (Friday)
Stay tuned for more updates and live market action!