19th October - Forex Analysis & Economic Data Impact - By Shivkumar
USD/JPY Japan’s Nikkei 225, S&P 500 Futures benefit from hopes of US stimulus, virus vaccine. seesaws around the intraday high of 105.48, up 0.06% on a day, as Tokyo opens for Monday’s trading.
Bullish/ Bearish: - 105.50 restricts immediate upside of USD/JPY, bears may remain cautious unless witnessing a clear downside break of 105.05 now.
XAU/USD Gold is currently trading at $1,902, representing a 0.18% gain on the day.
Bullish/ Bearish: - f followed by a move below the session low of $1,897, low of $1,848 and open the doors for a fresh sell-off. a break above Friday's high of $1,913 would validate the bullish
AUD/USD: -AUD/USD trims intraday day gains while declining to 0.7098 after China flashed mixed economic releases during early Monday.
Bullish/ Bearish: - break above 0.7100 becomes necessary for the bulls to attack the 0.7205/12 area , not near to oversold conditions, can direct bears towards a four-month-old support line, at 0.7049 now.
EUR/USD EUR/USD fell nearly 1%, as widening US-German yield differential and the resurgence of coronavirus cases across the Eurozone weighed over the common currency.
Bullish/ Bearish: - Support is seen at 1.1688 and 1.1608 , while resistance is located at 1.1752 and 1.18 .
NZD/USD has been in rising across a short-term trendline support in an otherwise bearish longer-term environment.
Bullish/ Bearish: - Bears are patiently waiting for a price deterioration on a retest of near-term structure.
GBP/USD GBP/USD takes the bids near 1.2936, an intraday high of 1.2938, as markets in Tokyo open for trading.
Bullish/Bearish: - a clear downside break of 1.2840 will direct sellers towards the previous month’s low near 1.2675. offers immediate resistance ahead of 1.3077/82 confluence.
ECONOMIC DATA AND ITS IMPACT
CHY: - Already had Chinese data in the morning hours. Low to medium impact on the market.
EUR: - European bank speech, Construction, data. Medium to high impact on the market.
GBP: - Bank of England speech. Medium to high Impact.
USD: - Fed speech and Auction speech. Medium to high impact on the market.
CAD: - Wholesale data, Bank of Canada business report. 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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