28th October - Forex Analysis & Economic Data - By Shivkumar
USD/JPY feels the pull of gravity as risk sentiment weakens on coronavirus concerns shows a bear flag breakdown. The Pair is trading largely unchanged on the day near 104.45, having put in a high of 104.56 early today and suggest scope for deeper declines.
GBP/USD is currently around important level of 1.3000, looking for a bounce from support. 1.3019 – 1.3023.-----
XAU/USD: - has bounced-off daily lows near $1902, as the bulls fight back control amid a sell-off in the US Treasury yields, triggered by the coronavirus concerns-induced risk-aversion.
Bullish/ Bearish: - resistance awaits at high of $1911.46, above which the bulls will test at $1919. To the downside, support at $1903 and $1887.
EUR/USD short-term rising resistance at 1.1860, The zone of support seems to sit between 1.1612 and 1.1696 while resistance at 1.1932 to 1.2011.
AUD/USD Australian consumer price index (CPI) inflation data released soon before press time is struggling to draw bids for the Aussie dollar, leaving the AUD/USD pair largely unchanged no the day near 0.7120.
ECONOMIC DATA AND ITS IMPACT
GBP: - 10-year bond data. Low impact on the market.
EUR: - Import, retail, trade balance, producers index data. Medium to high impact on the market.
USD: - Mortgage, wholesale inventory, goods trade balance,5 year note, Crude oil stock data. High impact on the market.
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