Price Levels:

3,364.92 Pivot Point

3,354.62 38.2% Retracement From 4 Week Low

3,354.10 38.2% Retracement From 13 Week Low

Investors place their final pre-election bets as both President Trump and Democratic nominee make their final blitz at key battleground states. The conviction behind the bets are small considering no one can say for sure how the next 48 hours will unfold. Much of Wall Street is still preparing for a blue wave that explains the October outperformance with many of the beaten sectors and the struggle with big-tech. It is easy to make the argument that one has to be bullish stocks regardless of the election outcome: The Fed is keeping rates near zero and they will likely be one of the last central banks to raise rates. The race for a COVID vaccine and treatments should have some winners in the next couple of months and that should provide optimism that the global economic recovery will only get better starting now.

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Although Florida loves Trump, Biden inches closer to 270 required majority votes. Final results will take two more days, increased uncertainty can favor USD. Although Trump’s victory in Ohio offers a tough fight to the Democrats, his rival Joe Biden has 223 votes versus 270 required for a win, which in turn keeps the global markets hopeful of a blue wave. Traders cheer hopes of heavy stimulus if the Democratic Party dominates the US Congress amid mixed clues.

Risk barometers like S&P 500 Futures and the US 10-year Treasury yields fizzle the recent upside momentum. Monthly trade numbers from the US and Canada will join the American ADP Employment Change figures for October to offer intermediate moves.

Levels To Look For:
Daily Fibonacci 38.2% 1.3154
Daily Fibonacci 61.8% 1.3185

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GBPUSD CAN RALLY ON A BREXIT DEAL

GBP/USD has been struggling amid rising coronavirus cases.

The UK government refuses to impose a national lockdown, but fears are they would have no choice. EU/UK negotiators made progress this week toward resolving some a big disagreements in Brexit talks raising hopes for a deal by early November.

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AUD/USD bears heading for 0.70 psychological level

AUD/USD is currently trading at 0.7055 between a range of 0.7038 and 0.7157.

The COVID safe-haven has been the major culprit for the slide in the commodity complex as the euro plummets to one-week lows on prospects of a national lockdown in both Germany and France. AUD's weakness can be directly related to weakness in commodities.

Reserve Bank of Australia will be unimpressed with the yearly result in the trimmed mean, which will likely be playing a role in AUD's softness, if not only to help justify some of the recent weakness.

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Speaking at a two-hour virtual"city hall", Mr Trump also denied that his administration had acted too slowly. Over 67,000 people have died with Covid-19 in the usa.

However, Mr Trump expressed optimism concerning the development of a vaccine, implying one could be ready at the end of this season - but experts believe it will take 12 to 18 weeks.

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The EUR/USD hit on a brand new everyday low at 1.0899 following breaking up the 1.0920 intraday service amid a stronger US dollar. The pair bounced modestly, protecting the 1.0900 region. As of writing, it deals at 1.0915down 50 pips to the day. It hit 99.59, the maximum amount since Thursday. Equity prices in the US started reduced amid US-China worries but within the past hours trimmed losses together with the Nasdaq in positive territory right now. Economic data in the US came in worse than anticipated having no influence in the marketplace. Factory Orders fell a record 10.3percent during March, against expectations of a 9.7% slip. The ISM-NY Business states Index dropped from 12.9 to 4.3 in April. The vital report of this week is going to probably be NFP on Friday.

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An average of more than 5.1 trillion is traded every day in the foreign exchange market. Though worldwide, there are significant forex trading centres which include London, Tokyo, Paris, Sydney, New York, Zurich, Singapore, and Hong Kong. A Forex trading day starts in Australia and ends at New York. The market stays open for 24 hours each day and five and a half days a week.

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Investors stayed worried during early hours on Friday as equity indices dropped by 10 percent but recovered quickly following the trading was halted for 45 minutes as the Nifty hit a lower circuit.

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