20th October - Forex Analysis & Economic Data impact - By Shivkumar
USD/JPY USD/JPY rises to 105.6, up 0.13% intraday during early Tuesday’s trading. The pair recently picked up bids as stocks in the Asia-Pacific region mark losses.
Bullish/ Bearish: - Currently around 105.85, level of 105.75 may offer an intermediate halt during the rise. The USD/JPY bears after level of 105.50.
AUD/USD: -AUD/USD AUD/USD continues to trade in the red as RBA's minutes sound dovish.
Bullish/ Bearish: - is currently trading at 0.7056, having hit a low of 0.7046 a few minutes ago. As such, demand for the safe-haven US dollar may weaken, helping AUD/USD avoid deeper losses for some time.
EUR/USD A breakout will likely accelerate the preceding uptrend from 1.17.
Bullish/ Bearish: - A break below 1.1760 could invite stronger selling pressure, yielding a deeper pullback to 1.1740. Bullish above 1.1772
NZD/USD NZD/USD refreshes intraday low to 0.6584 after PBOC left key rates unchanged.
Bullish/ Bearish: - It should be noted that the NZD/USD bulls’ dominance past-0.6645 can refresh the monthly top of 0.6683.
GBP/USD GBP/USD consolidates losses from 1.3025 while bouncing off 1.2936.
Bullish/Bearish: - any further upside will be probed by the 1.3000 and Monday’s top near 1.3025. the pair’s downside break of the latest low near 1.2935 can direct GBP/USD bears toward the 1.2900 threshold ahead of making them combat the 1.2863
ECONOMIC DATA AND ITS IMPACT
EUR: - Producer price index, CHF Trade balance, import & export, Current balance. Data. Medium to high impact on the market.
USD: - Building, Housing & Redbook data. 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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