13th October - Forex Analysis & Economic Data news - By shivkumar
XAU/ Gold is currently trading 0.21% lower on the day at $1,918 per ounce, having declined by 0.35% on Monday.
Bullish: - A rally from $1,881 and open the doors to $1,980
Bearish: - Alternatively, a breakdown would shift risk in favor of a drop to the psychological support of $1,900.
Silver prices remain on the back foot, currently down 0.30% at $24.95, during Tuesday’s Asian session.
Bullish: - respectively around $25.20 and $25.55, can challenge short-term buyers.
Bearish: - sellers are looking towards high near $24.50 as immediate support, a break of which will challenge at 23.45 now & $22.85 and $21.65 will gain the market’s attention.
USD/CAD gains for the first since Oct. 6, currently trading near 1.3133, representing a 0.18% gain on the day, having declined from 1.3341 to 1.3101 in the previous four trading days.
Bullish: - the news is crossing the wires that Johnson and Johnson's coronavirus vaccine trial has been paused and looks to be boosting demand for the US dollar.
Bearish: - USD/CAD may have a tough time scoring big gains, courtesy of expectations for an additional US fiscal stimulus.
USD/JPY eases from the recently marked intraday high of 105.40 to 105.35 amid the initial hour of Tokyo open on Tuesday.
Bullish: - USD/JPY refreshes intraday high as Tokyo open pleased greenback buyers & vaccine hopes and news that US President Donald Trump tested negative for the COVID-19 tried to placate the pessimists.
Bearish: - challenges to the US coronavirus (COVID-19) stimulus or China’s dislike of American weapon sales to Taiwan, not to forget the virus woes.
AUD/USD drops to lowest since last Thursday while flashing 0.7164 figures during the early Tuesday.
Bearish: - The bears are currently targeting 0.7150/45 support
GBP/USD drops to 1.3045, down 0.12% intraday, as markets in Tokyo open for trading on Tuesday, which in turn suggests further weakness to come.
ECONOMIC DATA AND ITS IMPACT
EUR: - Consumer index, harmonized index, economic situation, current situation. Medium to high impact on the market.
GBP: - Claimant count rate, Unemployment, Average earning. Medium to high Impact.
USD: - Consumer index, food & energy, auction bills, monthly budget. Medium to high impact on the market.
Good Luck & Let’s approach the market with proper education, Risk & Money Management rules.
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