US Dollar awaits results from 2016 US Presidential Elections 2016.11.08

EUR/USD

4 hour

The EUR/USD price movement will depend on the election news and results as Americans vote for their next President of the United States. With USD weakness, the EUR/USD could be building a potential ABC (brown) towards the 50% or 61.8% of wave e (green). With USD strength, the EUR/USD could break the support trend line (green) and test deeper Fibs of wave b (brown) or alternatively start a downtrend.

1 hour

The EUR/USD could use the Fibonacci levels of wave b (brown) as potential bouncing spots, although it will depend on the levels of momentum and volatility during the elections.

GBP/USD

4 hour

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple). USD weakness could expand the wave 4, whereas USD strength could start wave 5.

1 hour

The GBP/USD could be vulnerable to bounces at Fibonacci levels during the elections.

USD/JPY

4 hour

The USD/JPY seems to be in a wave 5 (blue) of wave 3 (purple) but the price movements during the US elections could change this perspective.

1 hour

The USD/JPY seems to be building a bull flag pattern within wave 4 (brown).

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