22nd October - Forex Analysis & Economic Data - By Shivkumar
USD/JPY intraday high to 104.70, currently around 104.65, as markets in Tokyo open for Thursday’s trading. In doing so, the pair consolidates the previous day’s losses
Bullish/ Bearish: - upside clearance of 105.00 can extend short-term recoveries, a clear break of 105.85 now.
GBP/USD GBP/USD fails to extend the biggest jump in seven months, marked on Wednesday, while stepping back to 1.3137 during Thursday’s Asian session.
Bullish/ Bearish: - any more upside beyond 1.3173 will have to cross the 1.3200 before giving a free hand to the bulls to challenge top near 1.3485. a downside breaks below near 1.3115, needs to slip beneath the 1.3100 top near 1.3080 and 1.3015.
XAU/USD: -The yellow metal is trading at $1,918 per at $1,923 early Thursday. The bulls failed to keep gains.
Bullish/ Bearish: -The S&P 500 futures are pointing to risk aversion. As such, the haven demand for the greenback may strengthen, pushing gold lower during the day ahead.
EUR/USD is currently trading at 1.1847, having printed a multi-week high of 1.1881 on Wednesday.
Bullish/ Bearish: - if the support at 1.1831 is breached, more sellers may join the market, taking the pair down to at 1.1797. a strong bounce from 1.1831 would may yield a move above 1.19.
ECONOMIC DATA AND ITS IMPACT
GBP: - Auction bond, Bank of England speech, Industrial survey, . Medium to high impact on the market.
EUR: - European Central Bank speech, Business climate and consumer confidence Data. Medium to high impact on the market.
USD: - Jobs, homes and natural gas, consumer confidence, Auction bill 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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