The market simply stands still in the absence of any changes or shifts in the process of counting votes and determining the results of the US presidential elections. Even Joe Biden’s comments on his economic program had no effect. Let’s just say that investors have ignored various statements about raising the minimum hourly wage to $15. Apparently, first we should wait for the final results of the elections, and only then think about what economic policy the White House intends to pursue. The macroeconomic calendar was completely empty yesterday. The same cannot be said for today. First, the United States is releasing retail sales data that could accelerate from 5.4% to 5.7%. To some extent, this compensates for the recent slowdown in inflation. Secondly, the rate of decline in industrial production should slow down from -7.3% to -6.6%. So the forecasts for macroeconomic statistics are pretty good. However, the market practically did not react to any statistics there last week as well. Apparently, until the issue of who will be the owner of the White House is resolved, the market will remain in a state of uncertainty and indecision.
Industrial Manufacturing (United States):
The EURUSD pair is reluctant to adhere to the previously set upward move, from the 1.1745 point, as a result, the quote reached the 1.1870 region, where another slowdown occurred.
If we proceed from the quote’s current location, we can see that the peak on November 16 (1.1868) is still not broken, the logical basis leads to the fact that the volume of long positions decreases, which may lead to a reverse move.
Regarding market volatility, there is a decline in dynamics for two trading days, which in theory can lead to an accumulation of trading forces and, as a result, an acceleration in the market.
Considering the trading chart in general terms (daily period), we can see that the quote has been moving in a wide horizontal channel for several months, where the order of cycles has not changed.
We can assume that the quote will continue to show low activity, where 1.1810/1.1870 coordinates may become variable boundaries.
From the point of view of a comprehensive indicator analysis, we see that the indicators of technical instruments on minute intervals signal a sell due to a natural price rebound from the local high of the previous day. Hourly and daily periods continue to operate on an upward trajectory, signaling a buy.
The material has been provided by InstaForex Company – www.instaforex.com
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