You mean you guys are planning to trade today? My advise is to stay out and try not to pre-empt the market reaction to the election result.
Clearly, most participants are already out of the market. It is evident in the order book. I have hardly seen it as bare as it is now.
Technically, bullish divergence signal has emerged and that has increased the probability that E$ might have found a temporary bottom for now. E$ is currently staying below the 200DMA and 50WMA and the weekly trend has turned bearish. A falling EURAUD is also adding pressure on E$. As I have mentioned yesterday, market has moved in such a way that it has left room for a short squeeze but within a near term downtrend.
A potential range which I think market may whipsaw within for the next 48 hours... 1.2600/50 to 1.2960/80 on wide on first test.
All the best!
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| E$ Weekly chart - Fibonacci levels at a glance (21WMA - Red, 50WMA - Green) |
WMA & MMA = .........
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