14th October - Forex Analysis & Economic News Impact - By Shivkumar
NZD/USD is trading in the green despite a weak tone in the equity markets.
Bullish/ Bearish: - above 0.6670 would revive the bullish view put forward by Friday's 1.41% surge and shift the focus to resistance at 0.68. Alternatively, may have a tough time forcing a breakout above 0.6670, as the Asian stock markets are currently tracking the US equities lower. As such, the US dollar may draw haven demand.
EUR/USD's daily chart shows a bearish Doji candlestick pattern and a failed breakout.
Bullish/ Bearish: - A close above Friday's high of 1.1831 would revive the bullish outlook. EUR/USD could soon revisit the Sept. 25 low of 1.1612.
USD/JPY stays mildly heavy after reversing from 105.62 the previous day, currently at the intraday low of 105.415
Bullish/Bearish: - USD/JPY traders will wait for Japan’s August month Industrial Production figures, expected to remain unchanged at -13.3% YoY, while keeping eyes on the risk factors for immediate direction.
AUD/USD pair is trading at 0.7168, representing a 0.13% gain on the day, having tested the ascending trend line support of 0.7154 a few minutes ago.
Bullish/Bearish: - A close above that level would expose high of 0.7345. Alternatively, acceptance below 0.7154 would confirm a bearish reversal and may yield a re-test low of 0.7006.
GBP/USD treads water around 1.2930/40/35 during Wednesday’s Asian session.
Bullish/Bearish: - the bulls manage to cross 1.3055, the monthly high of 1.3082 offers an extra filter to the north. A downside break of 1.2935 can test level of 1.2868 whereas a join of, near 1.2780/75, can challenge GBP/USD bears afterward.
XAU/USD bears seek discount for $1,825/34/oz targets.
Bullish/Bearish: - With a focus on the downside, bears should be looking for a discount from which to enter a swing-trading position.
ECONOMIC DATA AND ITS IMPACT
JPY: - Industrial production data for August. Medium to high impact on the market.
EUR: - Consumer price index, industrial production, bond auction, European Bank speech. Medium to high impact on the market.
GBP: - Bank of England speech. Medium to high Impact.
USD: - Producer index, Fed Speech, Monthly budget statement (sept). 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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