15th October - Forex Analysis & Economic Data impact - By Shivkumar
USD/JPY drops to 105.20 during the early Thursday’s pullback from intraday high near 105.30.
Bullish/ Bearish: - If at all the bears manage to conquer 104.90, the 104.40 and the previous month’s low near 104.00 will return to the charts. On the upside, at 105.42, will precede the level of 105.60 to restrict the pair’s short-term advances.
XAU/USD is trading near $1,895 at press time.
Bullish/ Bearish: - if confirmed, would imply a resumption of the sell-off from high of $1,973 and open the doors to low of $1,848. On the higher side, a close above high of 1,933 is needed to invalidate the bearish lower highs and expose resistance at $2,000.
NZD/USD currently lacks a clear directional bias. However, odds look stacked in favour of a decline, with China experiencing factory deflation.
EUR/USD is currently trading marginally higher on the day near 1.1752.
Bullish/Bearish: - A move below candle's low of 1.1720 could yield a re-test of low of 1.1612. a close above candle's high of 1.1771 a breakout would be 1.1831 high.
GBP/USD rises to 1.3028, up 0.12% intraday during early Thursday.
Bullish/Bearish: - a clear run-up past-1.3082, the 1.3100 and the early tops close to 1.3185 will gain the market’s attention. A daily closing below 1.2860/55 will not hesitate to challenge the monthly bottom of 1.2819 before attacking the early low near 1.2760.
USD/CAD gradually recovers the early-week losses while taking rounds to 1.3150/45 at the start of Thursday’s Asian session.
Bullish/Bearish: - the downside break of 1.3125, the 1.3100 threshold may offer an intermediate halt towards bottom surrounding the 1.3000 psychological magnet. An upside clearance at 1.3168 now, can escalate the recovery moves towards level of 1.3207.
ECONOMIC DATA AND ITS IMPACT
JPY: - Tertiary Industrial production data. Medium to high impact on the market.
EUR: - European bank speech, CHF producers & import price, inflation, consumer price index, industrial sales, 5-year bond. Medium to high impact on the market.
GBP: - Bank of England credit situation. Medium to high Impact.
USD: - State manufacturing, import price index, jobs claim, export price index, natural gas & oil stocks, Medium to high impact on the market.
CAD: - Employment changes, Bank of Canada speech. 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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