27th October - Forex Analysis & Economic Data - By Shivkumar
USD/JPY USD/JPY eyes a break below 104.50 as the US dollar retreats.
Bullish/ Bearish: - bears need a break below 104. validate the bearish formation target at 104.00.
GBP/USD GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls the 1.32 area is compelling on a test of 1.3080. Bulls are waiting for bullish conditions to be confirmed.
XAU/USD: - Gold is not going down without a fight on the short-term time frames and is bearish.
EUR/USD Bulls are seeking an entrance as the price pulls-back.
AUD/USD showed some signs of life above 0.7100 in Tuesday’s Asian trading, the major continued to trade in a familiar range between 0.7100-0.7150.
Bullish/ Bearish: - To the upside, at 0.7136 needs to be for a test of at 0.7193. The support is aligned at 0.7103 below 0.7078 could be tested.
ECONOMIC DATA AND ITS IMPACT
AUD : - Reserve bank of Australia speech. High impact on the market.
EUR: - European bank survey, money supply & private loan data, unemployment data. Medium to high impact on the market.
USD: - Durable goods, consumer confidence, 2 year note, Housing index, redbook index, data. Low to medium impact on the market.
Good Luck & Let’s approach the market with proper education, Risk & Money Management rules.
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