Global macro overview for 07/11/2018
November 7, 2018 8:21 amVideo
Latest News
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
The elections to the House of Representatives and to 1/3 of the Senate are held today in the USA. Markets should wait for results. Theoretically, if the Democrats win the majority in the House of Representatives (in the Senate it will almost certainly be impossible for them to do this), actions should react in declines, and if the Republicans win, they will increase. Surveys give an advantage to Democrats, but recent polls do not have any realities.
The Democratic House of Representatives would block neo-liberal moves by President Trump (for example, tax cuts), which the markets would not like. Impeachment, even with a democratic majority, will not be, but it will be catching a bunny – hitting the president in order to weaken him before the presidential election. A Republican majority in Congress would be delighted with Trump’s economic moves and would be very pleased with the markets.
However, the truth is also that the Democratic House of Representatives may block “war” (it is a trade war with China) the impulses of President Trump, which in turn would very much appeal to the markets. Therefore, it must be assumed that after the election there will be quite a volatility, with a rather uncertain result, but the impulse coming from them will not last. The end of the year is not conducive to discounts, so it is more likely that after the election the correction will stop and the end of the year will be on the rise.
Let’s now take a look at the SP500 technical picture at the H4 time frame. The market has definitely broken out above the 61% Fibo at the level of 272.95 and now is heading towards the next target at the level of 279.49. So far, the bulls have managed to make a new local high at the level of 275.27, but it looks like the move up is still on the table. The positive and strong momentum supports the short-term bullish bias. The nearest support is now the zone between the levels of 274.38 – 273.94.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: