It’s been a busy week with the U.S. election result foremost on most traders’ minds. We will have to wait awhile longer before we know the outcome.
The markets are active again but the setups are not ideal to my eyes. Today in the “risk on” environment and weaker USD, a long was taken in the NZDUSD risking 14 pips for a potential 29 pips to our daily target at .6760.
Price moved sideways after the entry before moving higher through yesterday’s high and to our daily target. Our targets are a little on the conservative side due to the reduced volumes leading up to the election but being conservative in a potentially very volatile environment is prudent.
A likely winner of the election will be announced in the coming days and if it is not President Trump, I expect he will not go down without a fight.
Sooner or later the market will focus again on the coronavirus infection rates/ lockdowns etc. and the ever moving Brexit deadline…currently set for November 15th.
The 30 day period after a U.S. election can be a very rewarding period for traders.
Good luck with your trading!
