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EURNZD Swing Failure BUY
Category: Forex Signals
Signals will list Live Trading Signals with Entry, Stop-loss, and Profit Targets (Future addition)
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EURCAD Swing Failure SELL
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USDJPY Swing Failure SELL
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EURNZD Breakout Retest BUY
During Friday’s European trading hours, the USD/JPY currency pair failed to stop its previous session bearish moves and took further offers below mid- the 0.9000 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the risk-on market mood, which tends to undermine the safe-haven U.S. dollar. Hence, the upbeat market sentiment, supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus.
During Friday’s European trading hours, the USD/JPY currency pair failed to stop its previous session bearish moves and took further offers below mid- the 0.9000 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the risk-on market mood, which tends to undermine the safe-haven U.S. dollar. Hence, the upbeat market sentiment, supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus.
During Friday’s European trading hours, the USD/JPY currency pair failed to stop its previous session bearish moves and took further offers below mid- the 0.9000 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by the risk-on market mood, which tends to undermine the safe-haven U.S. dollar. Hence, the upbeat market sentiment, supported by optimism over a potential vaccine/treatment for the highly infectious coronavirus.
On the contrary, the positive tone around the equity market also weakened the safe-haven Swiss franc and became the factor that cap further downside momentum for the USD/CHF currency pair. Currently, the USD/CHF currency pair is currently trading at 0.90430.9043 and consolidating in the range between 0.9040 – 0.9095.
While discussing the positive side of the story, the renewed optimism over a possible vaccine for the highly infectious coronavirus disease boosted the market risk tone. However, the hopes of the vaccine were boosted after Gilead Sciences received US FDA approval for its antiviral therapy to treat the highly contagious coronavirus disease. Elsewhere, the reasons for the risk-on market trading sentiment could also be attributed to rising expectations of further U.S. stimulus package. These hopes were fueled after the positive remarks of President Donald Trump and House of Representatives Speaker Nancy Pelosi, which eventually raised hopes for the measures to be passed before the election. Thus, the risk-on market mood tends to undermine the safe-haven Swiss franc, which becomes the key factor that lends some support to the currency pair to ease the intraday bearish pressure surrounding the USD/CHF pair.
As a result of the upbeat market sentiment, the broad-based U.S. dollar failed to gain any positive traction on the day. Apart from this, the U.S. dollar losses could also be associated with the increasing expectations of a strong Democratic victory in the U.S. elections, which tend to undermine the greenback. However, the U.S. dollar losses became the key factor that kept the currency pair under pressure. Simultaneously, the U.S. Dollar Index that tracks the greenback against a basket of other currencies dropped to 92.757.
Across the ocean, the equity market’s optimism was rather unaffected by the intensified US-China tussle and Brexit concerns. At the US-China front, the U.S. Secretary of State Michael Pompeo designated 6-more Chinese publications as “foreign missions”, or media outlets controlled by Beijing, at a Wednesday briefing. These headlines have little to no impact on the CHF markets.
Looking forward, the market traders will keep their eyes on the USD moves amid the lack of major data/events on the day. However, the final presidential debate between President Donald Trump and his Democratic rival Joe Biden. will be key to watch. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, could not lose their importance.
Daily Support and Resistance
S1 0.9016
S2 0.9042
S3 0.9058
Pivot Point 0.9069
R1 0.9085
R2 0.9096
R3 0.9123
Entry Price – Sell 0.90606
Stop Loss – 0.91006
Take Profit – 0.90206
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The yellow metal gold soared 1% to its highest in a week as traders confidence that a U.S. coronavirus aid package will be announced before the Nov. 3 presidential elections urged the dollar and supported bullion’s appeal as an inflation hedge.
The yellow metal gold soared 1% to its highest in a week as traders confidence that a U.S. coronavirus aid package will be announced before the Nov. 3 presidential elections urged the dollar and supported bullion’s appeal as an inflation hedge.
The yellow metal gold soared 1% to its highest in a week as traders confidence that a U.S. coronavirus aid package will be announced before the Nov. 3 presidential elections urged the dollar and supported bullion’s appeal as an inflation hedge.
On the contrary, the broad-based U.S. dollar strength has become the factor that helps the currency pair limit its deeper losses. Moreover, the bullish tone around the U.S. dollar was sponsored by Thursday’s released upbeat U.S. jobless data, which showed a larger than expected drop in the initial jobless claims.
Daily Technical Levels
Support Resistance
1902.14 1923.14
1888.87 1930.87
1881.14 1944.14
Pivot point: 1909.87
Gold is fell dramatically on the bearish side, dropping from the 1,930 mark to the 1,912 level. It’s a support mark that’s prolonged by a previously disrupted symmetric triangle pattern. On the lower side, the 1,912 support level violation may trigger more selling until the 1,897 level today.
Entry Price – Buy 1909.86
Stop Loss – 1903.86
Take Profit – 1915.86
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$600/ +$600
Profit & Loss Per Micro Lot = -$60/ +$60
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/JPY pair is trading sharply bearish after violating the bearish flag at the 104.680 level. Below this level, we may have more selling trade opportunities. The USD/JPY pair traded with a positive note during the whole Thursday session after a goodish pickup in the U.S. dollar demand. The rebounded U.S. dollar helped currency pair USD/JPY to gain positive traction and move away from the six-week lowest level it touched on Wednesday.
The USD/JPY pair is trading sharply bearish after violating the bearish flag at the 104.680 level. Below this level, we may have more selling trade opportunities. The USD/JPY pair traded with a positive note during the whole Thursday session after a goodish pickup in the U.S. dollar demand. The rebounded U.S. dollar helped currency pair USD/JPY to gain positive traction and move away from the six-week lowest level it touched on Wednesday.
The USD/JPY pair is trading sharply bearish after violating the bearish flag at the 104.680 level. Below this level, we may have more selling trade opportunities. The USD/JPY pair traded with a positive note during the whole Thursday session after a goodish pickup in the U.S. dollar demand. The rebounded U.S. dollar helped currency pair USD/JPY to gain positive traction and move away from the six-week lowest level it touched on Wednesday.
The slow progress in the U.S. stimulus measure package attracted some buying in the greenback that dampened the hopes that financial aid will be delivered before elections. The statement by House of Representatives Speaker Nancy Pelosi that soon there will be pen to paper on the stimulus bill failed to impress investors, and the USD/JPY pair continued moving in the upward direction.
Pelosi even said that the stimulus package could be passed in the House before election day, but investors were somewhat unconvinced that the bill could pass through the Senate due to the strong opposition from Republicans over a bigger stimulus deal. This, in turn, weighed on risk sentiment and supported the Japanese Yen that ultimately capped further upside in the USD/JPY pair prices.
Apart from developments surrounding the U.S. fiscal stimulus, the USD bulls further took clues from the better than expected release of the U.S. initial jobless claims. The number of Americans filed for unemployment benefits declined to 787K during the previous week for the first time against the projected 860K and supported the U.S. dollar. The decline in unemployment claims means less need for a U.S. stimulus package and more strength for the U.S. dollar and USD/JPY pair.
On the data front, the C.B. Leading Index from the U.S. dropped to 0.7% against the expected 0.8% and weighed on the U.S. dollar. The Existing Home Sales advanced to 6.54M in comparison to projected 6.20M and supported the U.S. dollar. Another favorable economic data release gave strength to the U.S. dollar that pushed the USD/JPY pair even higher on grounds. Meanwhile, the rising number of coronavirus cases across the globe and fears for economic recovery due to lockdowns imposed to curb the spread of the virus raised the safe-haven appeal, supported the Japanese Yen, and weighed on the USD/JPY pair to limit its bullish move on Thursday.
The USD/JPY traded dramatically bearish to drop from 105.460 level to 104.349 level. Like other pairs, the USD/JPY has also entered the oversold zone, and now sellers seem to be exhausted. On the higher side, the USD/JPY pair has reversed some of the losses to trade at the 104.700 level. On the higher side, the pair may go after the 38.2% Fibonacci retracement level of 104.900 and 50% Fibo level of 105. Let’s consider taking a buying trade over 104.350 area today.
Entry Price – Buy 104.593
Stop Loss – 104.993
Take Profit – 104.093
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/CAD pair was closed at 1.31447 after placing a high of 1.31519 and a low of 1.30808. Overall the movement of the USD/CAD pair remained bullish throughout the day. In the early trading session on Wednesday, the USD/CAD pair followed its Tuesday’s move and dropped to its lowest since 7th September over the US dollar’s weakness. The decline in crude oil prices also played a role in raising the USD/CAD pair on board. The negative macroeconomic data from Canada also added strength to the USD/CAD pair gains on Wednesday.
The USD/CAD pair was closed at 1.31447 after placing a high of 1.31519 and a low of 1.30808. Overall the movement of the USD/CAD pair remained bullish throughout the day. In the early trading session on Wednesday, the USD/CAD pair followed its Tuesday’s move and dropped to its lowest since 7th September over the US dollar’s weakness. The decline in crude oil prices also played a role in raising the USD/CAD pair on board. The negative macroeconomic data from Canada also added strength to the USD/CAD pair gains on Wednesday.
The USD/CAD pair was closed at 1.31447 after placing a high of 1.31519 and a low of 1.30808. Overall the movement of the USD/CAD pair remained bullish throughout the day. In the early trading session on Wednesday, the USD/CAD pair followed its Tuesday’s move and dropped to its lowest since 7th September over the US dollar’s weakness. The decline in crude oil prices also played a role in raising the USD/CAD pair on board. The negative macroeconomic data from Canada also added strength to the USD/CAD pair gains on Wednesday.
On the data front, the Consumer Price Index from Canada was released at 17:30 GMT for September, which came in line with -0.1%. The Core Retail Sales from Canada for September declined to 0.5% from the projected 0.9%. For September, the Retail Sales dropped to 0.4% against the expected 1.0% and weighed on the Canadian dollar. Dollarmmon and Median CPI from Canada came in line with the expectations of 1.5% and 1.9%, respectively.
Whereas the NHPI for September raised to 1.9% from the forecasted 1.2%. The Core CPI for September also remained the same as the year at 0.1%. However, the Trimmed CPI for the year raised to 1.8% against the forecasted 1.7%. The highlighted CPI, Retail Sales, and Core Retails Sales data came in negative or as expected and weighed on the Canadian Dollar tDollartimately pushed higher the USD/CAD prices on Wednesday.
Meanwhile, the Crude Oil Inventories from the previous week dropped to -1.0M against the forecasted 0.5M and raised the demand for crude oil that ultimately supported the declining WTI crude oil prices on Wednesday.
Crude oil prices suffered on Wednesday though most of its losses recovered still, it closed its day weak, which made its commodity-linked currencies Loonie weaker and supported the rising USD/CAD pair.
Daily technical Levels
Support Resistance
1.3103 1.3184
1.3051 1.3213
1.3023 1.3265
Pivot point: 1.3132
The USD/CAD is facing immediate resistance at the 1.3171 level, and closing of candles below this level is likely to drive selling bias in the market. The USD/CAD has recently closed a Doji candle below 1.3172, which is suggesting that the bullish bias seems to be over, and sellers may enter the market soon. As we can see on the chart, the USD/CAD’s very next candle is bearish engulfing, followed by a doji candle, support strong selling bias for the pair. Therefore, we have opened a sell signal, and we aim for quick 40 pips. Check out a trading plan below.
Entry Price – Buy 0.71124
Stop Loss – 0.70724
Take Profit – 0.71524
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/USD pair was closed at 0.71174 after placing a high of 0.71365 and a low of 0.70445. Overall the movement of the AUD/USD pair remained bullish throughout the day. On Wednesday, the AUD/USD pair posted the biggest gain since October 09 amid the broad-based US dollar weakness and the improved risk sentiment due to US stimulus package talks’ developments.
The AUD/USD pair was closed at 0.71174 after placing a high of 0.71365 and a low of 0.70445. Overall the movement of the AUD/USD pair remained bullish throughout the day. On Wednesday, the AUD/USD pair posted the biggest gain since October 09 amid the broad-based US dollar weakness and the improved risk sentiment due to US stimulus package talks’ developments.
The AUD/USD pair was closed at 0.71174 after placing a high of 0.71365 and a low of 0.70445. Overall the movement of the AUD/USD pair remained bullish throughout the day. On Wednesday, the AUD/USD pair posted the biggest gain since October 09 amid the broad-based US dollar weakness and the improved risk sentiment due to US stimulus package talks’ developments.
Investors were confident about the chances of a coronavirus stimulus agreement in the US that raised the market’s risk appetite and supported Aussie’s risk. The US President Trump said that he was willing to accept a larger relief bill despite Senate Republicans’ opposition and boosted optimism in the market. Like the Australian dollar, the riskier currencies gained from it and supported the AUD/USD pair’s upward movement on Wednesday.
On the data front, at 04:30 GMT, the MI Leading Index for September came in as 0.2% compared to August’s 0.5%. At 05:30 GMT, the Retail Sales from Australia came in as -1.5%. The investors mostly ignored Australia’s data as the focus was shifted towards the US stimulus package deal.
The latest minutes released by the Reserve Bank of Australia showed that the further rate cut has been on the table. This weighed on market sentiment as well as increase the bearish pressure on the Australian dollar. The Aussie dropped in previous days because of increased negative pressure generated by the rising chances of further monetary easing. However, on Wednesday, the AUD/USD pair recovered most of its previous day’s losses and rose about 1% on a day.
The risk sentiment was also supported by the hopes that the results from phase-3 trials of vaccines will be delivered in the coming months that will approve one-or-two vaccine by the end of the year. These hopes favored the Australian dollar further and pushed AUD/USD pair even higher.
Daily Technical Levels
Support Resistance
0.7057 0.7144
0.7010 0.7184
0.6970 0.7230
Pivot point: 0.7097
The AUD/USD is trading with a bullish bias at 0.7110, heading towards the next resistance level of 0.7136 level. On the lower side, the AUD/USD may find support at 0.7087, and closing of candles above this level may drive the pair further higher. The MACD is suggesting a buying trends; therefore, we have opened a buying trade over 0.7110. Checkout a trade signal…
Entry Price – Buy 0.71124
Stop Loss – 0.70724
Take Profit – 0.71524
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The yellow metal gold has traded sharply bearish, dropping from the 1,930 mark to the 1,912 level. Gold gained support at 1,912, the same level that extended support previously after a violation of a symmetric triangle pattern. Gold fell despite a dip in the U.S. stocks as they posted modest losses after a choppy session. The Dow Jones Industrial Average fell 98 points (-0.35%) to 28210, the S&P 500 dropped 7 points (-0.22%) to 3435, and the Nasdaq 100 eased 12 points (-0.11%) to 11,665.
The yellow metal gold has traded sharply bearish, dropping from the 1,930 mark to the 1,912 level. Gold gained support at 1,912, the same level that extended support previously after a violation of a symmetric triangle pattern. Gold fell despite a dip in the U.S. stocks as they posted modest losses after a choppy session. The Dow Jones Industrial Average fell 98 points (-0.35%) to 28210, the S&P 500 dropped 7 points (-0.22%) to 3435, and the Nasdaq 100 eased 12 points (-0.11%) to 11,665.
The yellow metal gold has traded sharply bearish, dropping from the 1,930 mark to the 1,912 level. Gold gained support at 1,912, the same level that extended support previously after a violation of a symmetric triangle pattern. Gold fell despite a dip in the U.S. stocks as they posted modest losses after a choppy session. The Dow Jones Industrial Average fell 98 points (-0.35%) to 28210, the S&P 500 dropped 7 points (-0.22%) to 3435, and the Nasdaq 100 eased 12 points (-0.11%) to 11,665.
On the forex front, the U.S. dollar widened its weakness against other major currencies amid a looming fiscal stimulus deal. The ICE Dollar Index dropped 0.48% to a 7-week low of 92.61, posting a four-session losing streak.
The U.S. Federal Reserve said in its Beige Book economic report that all districts have seen continued growth at a moderate pace since the downturn. The central bank added that employment increased across all districts, and prices rose modestly.
Daily Technical Levels
Support Resistance
1902.14 1923.14
1888.87 1930.87
1881.14 1944.14
Pivot point: 1909.87
On the downside, the 1,912 support level’s breakout may trigger further selling unto the 1,897 mark today. Conversely, gold has solid probabilities of jumping off above the 1,912 level to trade bullish unto the 1,930 level. Let’s look for bullish trades over the 1,909 level today.
Entry Price – Sell 1920.15
Stop Loss – 1914.15
Take Profit – 1926.15
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$600/ +$600
Profit & Loss Per Micro Lot = -$60/ +$60
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
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GBPUSD Swing Failure Sell
The USD/CAD pair was closed at 1.31273 after placing a high of 1.32036and a low of 1.31042. Overall the movement of the USD/CAD pair remained bearish throughout the day. The USD/CAD pair fell to its fifth day lowest level on Tuesday amid the broad-based US dollar weakness and the strong rebound in crude oil prices.
The USD/CAD pair was closed at 1.31273 after placing a high of 1.32036and a low of 1.31042. Overall the movement of the USD/CAD pair remained bearish throughout the day. The USD/CAD pair fell to its fifth day lowest level on Tuesday amid the broad-based US dollar weakness and the strong rebound in crude oil prices.
The USD/CAD pair was closed at 1.31273 after placing a high of 1.32036and a low of 1.31042. The USD/CAD fell to its fifth day lowest level on Tuesday amid the broad-based US dollar weakness and the strong rebound in crude oil prices.
The greenback was weak across the board due to the pertaining uncertainty over the US stimulus package’s development. The US Dollar Index dropped to 93.02 level, its lowest since October 9 on Tuesday amid the US equity market’s strength. The improved risk sentiment supported the US equity market and weighed on the US dollar that ultimately dragged the USD/Cad pair’s prices on Tuesday.
The focus of traders has been shifted to the US negotiations for a new round of US stimulus package for the coronavirus crisis. The US Speaker of the House, Nancy Pelosi, has set a deadline for reaching an agreement before the November 3 election.
Though US President Donald Trump has shown his support for the wide range of stimulus measures, still Nancy Pelosi has failed to break the impasse, and these developments have faded away from the hopes that US stimulus will be delivered before elections. These uncertainties kept the market sentiment under pressure, and the USD/CAD pair suffered because of it.
There was no macroeconomic fundamentals to be released from Canada on the data front, and from the US, the Building Permits were released for September that raised to 1.55M from the expected 1.52M and supported the US dollar. While the Housing Starts were declined to 1.42M from the expected 1.45M and weighed on the US dollar that ultimately dragged the USD.CAD pair’s prices.
On the crude oil side, the WTI prices soared on Tuesday after falling for three consecutive days and reached near the $42 level amid the broad-based US dollar weakness. The rising crude oil prices gave strength to commodity-linked Loonie that ultimately added weight on the already declining USD/CAD pair. The Canadian dollar’s strength driven by raised risk sentiment and crude oil prices dragged the USD/CAD pair’s prices towards its five days lowest level on Tuesday.
Daily Technical Levels
Support Resistance
1.3083 1.3186
1.3041 1.3247
1.2980 1.3289
Pivot point 1.3144
The USD/CAD traded sharply bearish at the 1.3103 level, having violated the double bottom support area of the 1.3103 level on the 4-hour timeframe. Below this level, we may see further selling until the 1.3055 mark; however, the MACD and RSI are in an extremely oversold zone, and we may see a slight bullish recovery before entering into an additional selling zone. The idea is to wait for a bullish correction until the 1.3140 level that marks the 38.2% Fibonacci retracement level before taking another selling trade. Good luck!
Description
Description
Description
The NZDUSD prices develop an incomplete corrective formation that suggests a new decline, which could complete a three-wave movement in the following trading sessions.
In its 4-hour chart, the kiwi illustrates a bearish move that the price started when topped at 0.67978, starting a corrective structure that remains in progress. The figure highlights the completion of waves A and B labeled in green. According to the Elliott wave theory, the NZDUSD pair should start to develop a downward wave C subdivided into five waves from its corrective sequence. In this context, the price could drop at least at 0.65165, which corresponds to the September 24th low.
On the other hand, from the chartist perspective, the last decline looks like a three descending peaks pattern, which suggests the continuation of the primary bearish move supporting the scenario of further falls.
The bearish scenario’s invalidation level locates above 0.6670, which coincides with the surpassing of the short-term bearish trendline identified in brown.
Chart
Trading Plan Summary
- Entry Level: 0.66068
- Protective Stop: 0.66648
- Profit Target: 0.65318
- Risk/Reward Ratio: 1.29
- Position Size: 0.01 lot per $1,000 in trading account.
Check out the latest trading signals on the Forex Academy App for your mobile phone from the Android and iOS App Store.
During Tuesday’s early Asian trading session, the USD/CAD currency pair managed to extend its previous session modest gains and remain well bid around closer to 1.3200 level due to the declines in the crude oil prices, which tend to undermine the commodity-linked currency the Loonie and helps the currency pair to put the fresh bids during the early Asian session.
During Tuesday’s early Asian trading session, the USD/CAD currency pair managed to extend its previous session modest gains and remain well bid around closer to 1.3200 level due to the declines in the crude oil prices, which tend to undermine the commodity-linked currency the Loonie and helps the currency pair to put the fresh bids during the early Asian session.
During Tuesday’s early Asian trading session, the USD/CAD currency pair managed to extend its previous session modest gains and remain well bid around closer to 1.3200 level due to the declines in the crude oil prices, which tend to undermine the commodity-linked currency the Loonie and helps the currency pair to put the fresh bids during the early Asian session.
On the contrary, the broad-based U.S. dollar weakness, triggered by the combination of factors, could be considered one of the key factors that kept the lid on any additional gains in the currency pair. As of writing, the USD/CAD currency pair is currently trading at 1.3190 and consolidating in the range between 1.3148 – 1.3195.
The optimism over the coronavirus (COVID-19) vaccine/treatment was recently overshadowed by the concerns about the second wave of coronavirus infections, which keep fueling the doubts over the global economic recovery. Besides this, the renewed conflict between the U.S. and China also weighed on the market trading sentiment. It is worth mentioning that Mike Pompeo has stated that ‘We are sanctioning mainland-China and Hong Kong entities and individuals for conduct related to the sanctioned proliferator the Islamic Republic of Iran Shipping Lines. He further added that our warning is clear: If you do business with IRISL or its subsidiaries, you will face U.S. sanctions.” This recently exerted downside pressure on the trading sentiment and contributed to the currency pair losses.
Despite this, the broad-based U.S. dollar remained depressed as the investors continue to sell U.S. dollars in the wake of the renewed hopes of additional U.S. fiscal stimulus measures and hopes of a coronavirus vaccine at the end of this year, which tends to undermine the safe-haven U.S. dollar. Elsewhere, the U.S. dollar losses were further bolstered by the doubts over the U.S. economic recovery amid rising coronavirus cases. Thus, the U.S. dollar losses become the key factor that cap further gains in the currency pair. Simultaneously, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped by 0.04% to 93.672.
On the bullish side, the WTI’s weakness restricts the USD/CAD bearish moves as oil is the biggest export-item for Canada. However, the WTI crude oil prices failed to extend its previous day gaining streak and remain depressed on the day mainly due to China’s GDP grew less than expected in the third quarter (Q3), which fueling concerns over the demand for crude oil from the world’s second-largest oil consumer. This, in turn, undermined the sentiment around the crude oil prices. The concerns over the sharp rise in new coronavirus cases, which could trigger renewed lockdown restrictions and damage the global economy’s ongoing recovery, continued challenging the crude oil bulls. Thus, the crude oil prices’ losses undermined the commodity-linked currency the Loonie and contributed to the currency pair gains.
Looking forward, the market traders keeping their eyes on the Housing Starts and Building Permits data. In the meantime, the updates surrounding the fresh Sino-US tussle, as well as the coronavirus (COVID-19), could not lose their importance.
Daily Support and Resistance
S1 1.308
S2 1.3141
S3 1.3166
Pivot Point 1.3202
R1 1.3226
R2 1.3263
R3 1.3323
The USD/CAD is trading mostly sideways over the 1.3170 level, and recently, it’s trying to a bullish engulfing pattern that may drive upward movement in the market until the 1.3250 level. Conversely, the bearish breakout of 1.3175 level can drive selling bias until 1.3095. Overall, the RSI and MACD are in support of selling bias until the 1.3095 level. Let’s consider taking a buy trade over 1.3170 and selling below the same level today. Good luck!
The AUD/USD pair was closed at 0.70685 after placing a high of 0.71144 and a low of 0.70685. Overall the movement of the AUD/USD pair remained bearish throughout the day. The AUD/USD pair extended its previous day’s losses and dropped for the third consecutive day on Monday as the market sentiment soared after the reports from the US dampening hopes of a US COVID-19 stimulus deal.
The AUD/USD pair was closed at 0.70685 after placing a high of 0.71144 and a low of 0.70685. Overall the movement of the AUD/USD pair remained bearish throughout the day. The AUD/USD pair extended its previous day’s losses and dropped for the third consecutive day on Monday as the market sentiment soared after the reports from the US dampening hopes of a US COVID-19 stimulus deal.
The AUD/USD pair was closed at 0.70685 after placing a high of 0.71144 and a low of 0.70685. Overall the movement of the AUD/USD pair remained bearish throughout the day. The AUD/USD pair extended its previous day’s losses and dropped for the third consecutive day on Monday as the market sentiment soared after the reports from the US dampening hopes of a US COVID-19 stimulus deal.
The upbeat Chinese GDP data for the third quarter gave strength to the Australian dollar and helped AUD/USD pair to open its week on a strong note. The Asian giant’s economy and the largest trading partner of Australia expanded by 4.9% in Q3 and showed strong industrial output and consumption figures that pointed out a strong recovery from the pandemic that hit Q2 hardest.
The China-proxy Aussie gained traction after the upbeat data from China, and the US dollar became weak, ultimately pushing the AUD/USD pair on the higher side in the early trading session on Monday. However, the gains were short-lived, and the AUD/USD pair’s movement reversed as the hopes for a US stimulus package faded away.
During the Weekend, the statement from Nancy Pelosi that a deal might be reached before elections over the US stimulus package gave strength to the risk sentiment. The improved risk sentiment pushed AUD/USD pair to open on a strong note, but the upward momentum was broken after hopes deteriorated on Monday.
The Republicans added another 0.1 trillion dollars to the previous $1.8 trillion stimulus package that failed to get approval. The US President showed his willingness to approve more stimulus before elections; however, he needed to deal with Republicans first. The US House Speaker Nancy Pelosi provided a 48-hours deadline to Republicans to reach a deal to pass the coronavirus stimulus package before elections.
The mixed situation has weighed on the risk sentiment as the stimulus hopes are fading with the passage of time and the risk perceived Aussie suffered that reversed the direction of AUD/USD pair on Monday.
The pair AD/USD started moving in the downward trend because of the rate differentials between 10-year government bond yields of Australia and the US. The US 10-year Treasury yields were around 0.77%, and the Australian counterpart was at 0.750%.
The market participants will be looking forward to the release of monetary policy meeting minutes from the Reserve Bank of Australia on Tuesday and will keep following the bearish bias until finding some fresh clues for future trading.
Daily Technical Levels
Support Resistance
0.7078 0.7101
0.7064 0.7110
0.7056 0.7124
Pivot point: 0.7087
The AUD/USD is trading at the 0.7043 level, having violated the bullish flag pattern on the 2-hour timeframe. On the lower side, bearish trend continuation can lead the AUD/USD pair towards the support area of 0.7014 level. At the same time, the support continues to stay at the 0.7068 level. The bearish bias remains dominant today; therefore, we should look for selling trades below the 0.7067 level today. Good luck!
Description
Description
Description
The EURGBP cross, in its 4-hour chart, illustrates a downward corrective sequence that seems to be ending. The engulfing candle pattern in the first trading session of the week unveils the possibility of a new rally.
The big picture reveals an impulsive movement developed since early September at 0.88685; this move ended on September 11th, when the price topped at 0.92212. Once the price found resistance, the cross started to develop a retrace as a descending wedge pattern. This chartist formation calls for the continuation of the previous upward impulsive move.
The engulfing candle formation suggests the possibility of a bullish side positioning at 0.90634 (or better) with a potential profit target at 0.9148, which corresponds to the nearest resistance zone from where the price could start to consolidate.
A second option is to maintain the trade looking for the AB=CD pattern completion, with a potential profit target located at 0.94329.
The invalidation level locates below the intraday low at 0.90224.
Chart
Trading Plan Summary
- Entry Level: 0.90681
- Protective Stop: 0.90181
- Profit Target: 0.91531
- Risk/Reward Ratio: 1.70
- Position Size: 0.01 lot per $1,000 in trading account.
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Categories
USDCAD Breakout Retest Buy
Categories
USDJPY Swing Failure Buy
During Monday’s early Asian trading session, the AUD/USD currency pair failed to stop its Friday’s losing streak and witnessed some fresh selling on the first trading day of the week while dropped to the near three-week lows below the 0.7100 level. However, the prevalent bearish sentiment around the currency pair could be associated with the on-going expectations of further policy easing by the RBA, which tends to undermine the Australian dollar and contribute to the currency pair losses.
During Monday’s early Asian trading session, the AUD/USD currency pair failed to stop its Friday’s losing streak and witnessed some fresh selling on the first trading day of the week while dropped to the near three-week lows below the 0.7100 level. However, the prevalent bearish sentiment around the currency pair could be associated with the on-going expectations of further policy easing by the RBA, which tends to undermine the Australian dollar and contribute to the currency pair losses.
During Monday’s early Asian trading session, the AUD/USD currency pair failed to stop its Friday’s losing streak and witnessed some fresh selling on the first trading day of the week while dropped to the near three-week lows below the 0.7100 level. However, the prevalent bearish sentiment around the currency pair could be associated with the on-going expectations of further policy easing by the RBA, which tends to undermine the Australian dollar and contribute to the currency pair losses.
Apart from this, the currency pair’s declines were further bolstered by the long-lasting tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played its major role in undermining the market trading sentiment, which adds further burden around the perceived risk currency Australian dollar and dragged the currency pair low. On the contrary, the declines in the broad-based U.S. dollar, triggered by the combination of factors, becomes the factor that helps the currency pair to limit its deeper losses. At this time, the AUD/USD is currently trading at 0.7085 and consolidating in the range between 0.7073 – 0.7086.
As we already mentioned that the AUD/USD currency pair took a hit from Reserve Bank of Australia’s Governor Philip Lowe, who had provided a strong hint on Thursday that the central bank will likely cut interest rates, or announce further stimulus measures at its next meeting in early-November in order to support jobs growth and alleviate currency pressures within the current pandemic situations. This, in turn, undermined the Australian dollar.
The global market trading sentiment failed to stop its Friday negative performance and remains pessimistic on the day amid the intensifying market worries over the rapid rise in new coronavirus cases, which leads to the new lockdown restrictions and hinder the global economic recovery, undermining the perceived riskier Australian dollar. Elsewhere, the intensifying tensions between the U.S. and China added additional burdens around the global trading market. The tension between the world’s two largest economies fueled further after China aggressively warns the U.S. to step back from Taiwan Strait. However, these lingering Sino-US tensions keep challenging the risk market sentiment and contributed to the currency pair losses.
Apart from this, the U.S. policymakers’ inability to offer the much-awaited COVID-19 stimulus also played its major role in weakening the market trading sentiment, which in turn, exerted some additional pressure on the perceived riskier Australian dollar and contributed to the currency pair losses.
Across the pond, the reason for the downbeat market trading sentiment could also be associated with the China-Australia tussle. Having initially halted Aussie coal and cotton, the Dragon Nation recently passed a law to limit exports of its controlled items. This shows China’s willingness to combat global criticism to dump the markets with exports and heavy risks.
Despite the U.S. upbeat data, the broad-based U.S. dollar failed to stop its bearish bias and remained under pressure on the day. Moreover, the U.S. dollar losses could also be associated with political uncertainty in the U.S. ahead of U.S. elections. Thus, the weaker U.S. dollar is seen as the major factor that kept the currency pair higher. Simultaneously, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies dropped to 93.705.
Looking forward, the traders will keep their eyes on China’s 3td-quarter (Q3) GDP, which is expected 5.2% YoY against 3.2% prior. In the meantime, the Fed Chair Powell Speaks will closely be followed. At the same time, the NAHB Housing Market Index data will also be key to watch. Apart from this, the continuous drama surrounding the US-China relations and updates about the U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 0.6931
S2 0.7014
S3 0.7054
Pivot Point 0.7096
R1 0.7137
R2 0.7179
R3 0.7261
The AUD/USD is trading with a bearish bias at the 0.7092 level, forming a bearish flag pattern on the four hourly timeframes. A bearish breakout of 0.7068 level supports the pair; however, this support violation can trigger selling until 0.7014 level. On the flip side, a bullish crossover of 0.7107 can lead the AUD/USD price towards the next target level of 0.7165. Good luck!
Good luck!
Entry Price – Buy 1904.88
Stop Loss – 1898.88
Take Profit – 1910.88
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/CAD was closed at 1.31927 after placing a high of 1.32374 and a low of 1.31770. Overall the movement of the USD/CAD pair remained bearish during the Aisan session today. Most of the selling is seen following the gains in USD/CAD for three consecutive days. The USD/CAD pair posted losses on Friday amid the mixed sentiment around the US stimulus package and Canada’s strong data. On late Thursday, President Trump said that he was raising the size of a fiscal stimulus package to win the support of Democrats to deliver the package to struggling Americans. The republicans were not in favor of big stimulus, and it raised concerns that the stimulus package will not be delivered before elections.
The USD/CAD was closed at 1.31927 after placing a high of 1.32374 and a low of 1.31770. Overall the movement of the USD/CAD pair remained bearish during the Aisan session today. Most of the selling is seen following the gains in USD/CAD for three consecutive days. The USD/CAD pair posted losses on Friday amid the mixed sentiment around the US stimulus package and Canada’s strong data. On late Thursday, President Trump said that he was raising the size of a fiscal stimulus package to win the support of Democrats to deliver the package to struggling Americans. The republicans were not in favor of big stimulus, and it raised concerns that the stimulus package will not be delivered before elections.
The USD/CAD was closed at 1.31927 after placing a high of 1.32374 and a low of 1.31770. Overall the movement of the USD/CAD pair remained bearish during the Aisan session today. Most of the selling is seen following the gains in USD/CAD for three consecutive days. The USD/CAD pair posted losses on Friday amid the mixed sentiment around the US stimulus package and Canada’s strong data. On late Thursday, President Trump said that he was raising the size of a fiscal stimulus package to win the support of Democrats to deliver the package to struggling Americans. The republicans were not in favor of big stimulus, and it raised concerns that the stimulus package will not be delivered before elections.
This raised the risk sentiment and pulled back the demand for the safe-haven greenback, and made the USD/CAD pair to post losses on the day. However, the investors remained doubtful about the concerns related to a steep rise in new coronavirus cases in Europe, and this continued to lend some support to the US dollar due to its safe-haven status. The improved US dollar helped cap further losses in the USD/CAD pair.
On the data front, at 17:30 GMT, from the Canada side, the Foreign Securities Purchases for August increased to 15.51B from the expected -3.01B and supported the Canadian Dollar that added pressure on the downward momentum of the currency pair USD/CAD. The Manufacturing Sales data from Canada dropped to -2.0% from the expected -1.4% and weighed on the Canadian Dollar.
The Capacity Utilization Rate was dropped to 71.5% against the anticipated 72.1% and weighed on the US dollar from the US side. The Industrial Production in August also dropped to -0.6% from the forecasted 0.6% and weighed heavily on the US dollar. The US side’s negative economic data added further pressure on the declining USD/CAD pair’s prices.
Meanwhile, the rising fears that another round of lockdowns worldwide to control coronavirus spread could weaken the global energy demand affected crude oil prices. The WTI crude oil dropped on Friday and weighed on commodity-linked Loonie that helped the USD/CAD pair to limit its losses on Friday.
The risk sentiment in the market also kept the USD/CAD pair’s losses limited on Friday after the US pharmaceutical giant Pfizer said that it is expected to file for emergency use authorization for its COVID-19 vaccine in late November. The company said it would move with the vaccine after its safety data are available in late November. The news’s risk sentiment was boosted and kept the USD/CAD pair’s losses under control.
Daily Technical Levels
Support Resistance
1.3175 1.3191
1.3169 1.3201
1.3159 1.3207
Pivot point: 1.3185
The USD/CAD is trading mostly sideways over the 1.3170 level, and recently, it’s trying to a bullish engulfing pattern that may drive upward movement in the market until the 1.3250 level. Conversely, the bearish breakout of 1.3175 level can drive selling bias until 1.3095. Overall, the RSI and MACD are in support of selling bias until the 1.3095 level. Let’s consider taking a buy trade over 1.3170 and selling below the same level today. Good luck!
The USD/CHF extended its previous session losing streak and hit the intra-day low around the 0.9130 regions in the last hours. However, the reason for the currency pair prevalent bearish bias could be attributed to the risk-off market sentiment, which underpins the safe-haven Swiss Franc and contributes drive selling in the pair. Hence, the market trading bias was being pressured by the fears of the steep rise in new coronavirus infections in Europe and the U.S.
The USD/CHF extended its previous session losing streak and hit the intra-day low around the 0.9130 regions in the last hours. However, the reason for the currency pair prevalent bearish bias could be attributed to the risk-off market sentiment, which underpins the safe-haven Swiss Franc and contributes drive selling in the pair. Hence, the market trading bias was being pressured by the fears of the steep rise in new coronavirus infections in Europe and the U.S.
The USD/CHF extended its previous session losing streak and hit the intra-day low around the 0.9130 regions in the last hours. However, the reason for the currency pair prevalent bearish bias could be attributed to the risk-off market sentiment, which underpins the safe-haven Swiss Franc and contributes drive selling in the pair. Hence, the market trading bias was being pressured by the fears of the steep rise in new coronavirus infections in Europe and the U.S.
Moreover, the risk-off market sentiment was further bolstered by the prevalent impasse over the next round of the U.S. fiscal stimulus measures, which further pessimism around the currency pair. On the flip side, the broad-based U.S. dollar weakness, triggered by doubts over the U.S. economic recovery, also played its major role in undermining the currency pair. At this particular time, the USD/CHF currency pair is currently trading at 0.9134 and consolidating in the range between 0.9130 – 0.9164.
The market risk tone has been shaky since the day started, possibly due to the worsening coronavirus (COVID-19) conditions in the U.K., Europe, and the U.S., which keeps fueling the worries over the global economic recovery. Meanwhile, the renewed conflict between the U.S. and China and the China-Australia tussle also exerted downside pressure on the market risk-tone and underpinned the safe-haven Swiss franc. As per the latest report, the daily new cases increased past Thursday’s record level of 6,638, with 7,334 new infections leading to 348,557 total numbers. The death toll seems to ease from the previous day’s 33 to 24 while marking a total of 9,734 deaths. As in result, the investors remained cautious that the rise in new coronavirus cases could lead to renewed lockdown measures.
Apart from this, the U.S. policymakers’ inability to offer the much-awaited COVID-19 stimulus also played its major role in weakening the market trading sentiment, which exerted some additional pressure on the market trading sentiment. At the US-China front, the renewed concerns over worsening diplomatic tensions between the world’s two largest economies also exerted downside pressure on the market trading sn time, which keeps the USD/CHF currency pair under pressure. Check out the trading plan below…
Daily Support and Resistance
S1 0.9083
S2 0.9113
S3 0.9128
Pivot Point 0.9142
R1 0.9158
R2 0.9172
R3 0.9201
Entry Price – Sell 0.91405
Stop Loss – 0.91805
Take Profit – 0.91005
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
During the Friday’s early European trading session, the GBP/USD currency pair managed to stop its early-day declining streak and recovered from the daily lows of 1.2883 to the 1.2925 level mainly due to the fresh optimism about the Brexit deal, triggered by the report suggesting that the European Union (E.U.) and the U.K. policymakers are ready to extend talks, which eventually helped the currency pair to limit its deeper losses.
During the Friday’s early European trading session, the GBP/USD currency pair managed to stop its early-day declining streak and recovered from the daily lows of 1.2883 to the 1.2925 level mainly due to the fresh optimism about the Brexit deal, triggered by the report suggesting that the European Union (E.U.) and the U.K. policymakers are ready to extend talks, which eventually helped the currency pair to limit its deeper losses.
During the Friday’s early European trading session, the GBP/USD currency pair managed to stop its early-day declining streak and recovered from the daily lows of 1.2883 to the 1.2925 level mainly due to the fresh optimism about the Brexit deal, triggered by the report suggesting that the European Union (E.U.) and the U.K. policymakers are ready to extend talks, which eventually helped the currency pair to limit its deeper losses.
Besides, the Brexit hopes were further fueled after the U.K. Foreign Secretary Dominic Raab said, “We are close to a deal.” On the flip side, the broad-based U.S. dollar fresh weakness, backed by the worries over the U.S. economic recovery, also played its major role in supporting the currency pair. On the contrary, the worsening COVID-19 conditions in the U.K. and the renewed fears of tough lockdown measures become the key factor that kept the lid on any further gains in the currency pair.
As we already mentioned, the GBP/USD currency pair witnessed some instant progress over the last hours after the European Union (E.U.) and the U.K. policymakers showed a willingness to extend Brexit talks. As per the latest report, the E.U.’s chief negotiator Michael Barnier said he is ready for Brexit talks “until last possible day” while his British counterpart blamed the regional leaders for the prevailing impasse the Brexit deal. These positive headlines instantly underpinned the British Pound and pushed the currency pair higher.
In the meantime, the U.K. Foreign Secretary Dominic Raab said in response to the E.U.’s ultimatum of deciding on the Brexit fate that the “We are disappointed and surprised by the European Union (E.U.) position on Brexit,” He further added that “We are close to a deal.” Hence the Raab’s latest optimism about the Brexit deal helped the currency pair to stay bid.
Despite the rising number of COVID-19 cases and the U.S. Congress’ lack of progress towards passing the latest stimulus measures ahead of the November 3 presidential election, the broad-based U.S. dollar failed to put any heaven bids and remain depressed on the day, possibly due to the doubts over the U.S. economic recovery, which tend to undermine the greenback. The losses in the U.S. dollar becomes the key factor that helps the currency pair.
On the contrary, the COVID-19 cases in the U.K. and Europe getting worse day by day as the daily counts reached closer to the 20,000 threshold, 18,980 new cases, 138 deaths marked in the latest report. Considering the virus’s current condition spreading, the opposition Labour Party ordered the national lockdown for at least two weeks. Apart from the USK, the U.S. cases of the novel coronavirus crossed 8 million so far, rising by 1 million in less than a month, as another wave in cases hits the nation at the onset of cooler weather.
The traders will keep their eyes on September month’s Retail Sales and Michigan Consumer Confidence for October. Meanwhile, the USD moves and coronavirus headlines will also closely followed as they could play a key role in the crude oil.
Daily Support and Resistance
S1 1.2671
S2 1.2806
S3 1.2856
Pivot Point 1.2941
R1 1.2991
R2 1.3075
R3 1.321
The GBP/USD is trading at 1.2890 level, having supported over 1.2890 level. Above this, the next target is likely to be found around 1.2957 and 1.3020 level. Simultaneously, a bearish breakout of the 1.2890 support level can extend selling bias until 1.2840. The bearish bias remains solid below the 1.2890 mark.
Entry Price – Sell 1.2917
Stop Loss – 1.2877
Take Profit – 1.2957
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/CAD failed to extend its early-day modest gains and edged lower around the 0.9362 level. However, the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played a major role in undermining the market trading sentiment, which added further burden around the Australian dollar’s perceived risk currency and dragged the currency pair low.
The AUD/CAD failed to extend its early-day modest gains and edged lower around the 0.9362 level. However, the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played a major role in undermining the market trading sentiment, which added further burden around the Australian dollar’s perceived risk currency and dragged the currency pair low.
The AUD/CAD failed to extend its early-day modest gains and edged lower around the 0.9362 level. However, the bearish sentiment around the currency pair could be associated with the on-going tussle between the US-China and stimulus deadlock in the U.S., which leads to the decline in U.S. stock’s future. This, in turn, undermined the perceived risk currency Australian dollar and contributed to the currency pair losses. The acceleration in the coronavirus (COVID-19) wave 2.0 also played a major role in undermining the market trading sentiment, which added further burden around the Australian dollar’s perceived risk currency and dragged the currency pair low.
On the contrary, the weaker crude oil prices, triggered by the combination of factors, tend to weaken the demand for the commodity-linked currency the loonie, which becomes the factor that helps the currency pair to limit its deeper losses. The AUD/CAD currency pair is currently trading at 0.9362 and consolidating in the range between 0.9357 – 0.9386.
Intensifying restrictive measures such as lockdowns and curfews in Europe and the U.K. to control the 2nd-wave of coronavirus outbreak pushed global equity markets down. As per the latest report, the daily new cases increased past Thursday’s record level of 6,638, with 7,334 new infections leading to 348,557 total counts. The death toll seems to ease from the previous day’s 33 to 24 while marking a total of 9,734 fatalities. Apart from this, the U.S. policymakers’ inability to offer the much-awaited COVID-19 stimulus also played its major role in weakening the market trading sentiment, which in turn exerted some additional pressure on the perceived riskier Australian dollar and contributed to the currency pair losses.
Elsewhere, the intensifying tensions between the U.S. and China added additional burdens around the global trading market. The tension between the world’s two largest economies fueled further after China aggressively warns the U.S. to step back from Taiwan Strait. However, these lingering Sino-US tensions kept challenging the risk-on market sentiment and contributed to the currency pair losses.
Access the pond, the reason for the downbeat market trading sentiment could also be associated with the latest report suggesting that the World Health Organization (WHO) said that the previously cheered corona-vaccine from Gilead Sciences Inc., Remdesivir, did not affect COVID-19 patients’ length of hospital stay or chances of survival. These negative headlines exerted some additional pressure on the market sentiment. The S&P 500 Futures dropped as it currently marks 0.15% intraday losses to 3,472.
The reason for the crude oil losses could also be associated with the latest reports suggesting that the Organization of the Petroleum Exporting Countries (OPEC) decided to ease supply cuts despite rapidly falling fuel demand in Europe and the U.S. amid rising numbers of COVID-19 cases in both regions. Thus, the decline in oil prices undermined the demand for the commodity-linked currency the loonie and became the key factor that helps the currency pair limit its deeper losses.
In the absence of the major data/events on the day, the market traders will keep their eyes on September month’s Retail Sales and Michigan Consumer Confidence for October. Meanwhile, the USD moves and coronavirus headlines will also closely followed as they could play a key role in the crude oil.
Daily Support and Resistance
S1 0.9242
S2 0.9303
S3 0.9341
Pivot Point 0.9364
R1 0.9402
R2 0.9426
R3 0.9487
Entry Price – Sell 0.93594
Stop Loss – 0.93994
Take Profit – 0.93194
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
Categories
USDCAD Breakout Retest Buy
Categories
USDJPY Swing Failure Buy
During Thursday’s early European trading hours, the AUD/USD currency pair failed to stop its previous session bearish moves and took further offers near well below 0.7100 level, mainly due to the disappointing release of employment details, which showed that Australia’s economy lost 29.5K jobs in September. This, in turn, undermined the Asutliann dollar and contributed to the currency pair declines. Apart from this, the increasing probabilities of an interest rate cut by the Reserve Bank of Australia in November also played its major role in undermining the Australian dollar. Across the pond, the prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., exerted some additional pressure on the perceived riskier Aussie and dragged the currency pair below 0.7100 mars.
During Thursday’s early European trading hours, the AUD/USD currency pair failed to stop its previous session bearish moves and took further offers near well below 0.7100 level, mainly due to the disappointing release of employment details, which showed that Australia’s economy lost 29.5K jobs in September. This, in turn, undermined the Asutliann dollar and contributed to the currency pair declines. Apart from this, the increasing probabilities of an interest rate cut by the Reserve Bank of Australia in November also played its major role in undermining the Australian dollar. Across the pond, the prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., exerted some additional pressure on the perceived riskier Aussie and dragged the currency pair below 0.7100 mars.
During Thursday’s early European trading hours, the AUD/USD currency pair failed to stop its previous session bearish moves and took further offers near well below 0.7100 level, mainly due to the disappointing release of employment details, which showed that Australia’s economy lost 29.5K jobs in September. This, in turn, undermined the Asutliann dollar and contributed to the currency pair declines. Apart from this, the increasing probabilities of an interest rate cut by the Reserve Bank of Australia in November also played its major role in undermining the Australian dollar. Across the pond, the prevalent risk-off market sentiment, triggered by the worsening coronavirus (COVID-19) conditions in Europe and the U.K., exerted some additional pressure on the perceived riskier Aussie and dragged the currency pair below 0.7100 mars.
However, the global risk sentiment was further pressured by the fading hopes of additional U.S. fiscal stimulus. On the data front, the economy has lost 29.5K jobs in September against expectations for 35K losses and down from August’s 111K additions. The seasonally adjusted Unemployment Rate surged to 6.9% against expectations for a rise to 7.1% from 6.8%. In the meantime, the part-time jobs dropped by 9.4K in September against 74.8K additions in August. At the same time, the full-time employment sank by 20.1K against 36.2K additions in August.
Considering the recent condition of the economy, the RBA’s Governor Lowe said that the benchmark interest rate could be cut down to 0.10% from the current record low of 0.25%, which undermined the Australian dollar exerted some additional pressure on the currency pair. The market trading sentiment remains depressed during the early European session as the condition of the second wave of coronavirus infections in Europe and the U.K. getting worse time by time, which suggests that the local lockdowns cannot tame the pandemic, which in turn suggests fresh national activity restrictions.
In the meantime, the fears of a no-deal Brexit and the dovish tone of major central bankers pushing for further fiscal help also exert downside pressure on the market trading sentiment, which in turn undermined perceived riskier Aussie and dragged the currency pair below 0.7100 marks.
Additionally, the long-lasting inability to pass the U.S. fiscal package also weighed on the risk sentiment, which eventually undermined the perceived riskier Australian dollar and contributed to the currency pair gains. Despite U.S. President Donald Trump’s recent push to break the coronavirus stimulus deadlock, the opposition Democratic Party remains up in its demands. As per the latest report, the U.S. Treasury Secretary Mnuchin recently blamed the opposition to put obstacles for the much-awaited aid package before the presidential election to keep President Donald Trump lagging the election polls.
At the US-China front, the renewed concerns over worsening diplomatic tensions between the world’s two largest economies also exerted downside pressure on the market trading, which keeps the AUD/USD currency pair under pressure. Other than the US-China tussle, Australia and China are also loggerheads with each other.
As a result, the broad-based U.S. dollar succeeded in extending its Asian session loss gains es and took some further bid during the early European session as investors still prefer the safe-haven assets in the wake of the risk-off market sentiment. However, the U.S. dollar gains seem rather unaffected by the intensifying political uncertainty ahead of the upcoming U.S. presidential election on November 3. However, the incoming polls tend to recommend a clear-cut presidential success for the Democrat nominee Joe Biden, which might cap additional upside momentum for the U.S. dollar. However, the U.S. dollar gains become the key factor that kept the currency pair under pressure. At the same time, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies inched up 0.02% to 93.398 by 9:58 PM ET (1:58 AM GMT).
Looking forward, the traders will keep their eyes on the weekly U.S. Initial Jobless Claims, which is expected 825K versus 840K prior. Apart from this, the continuous drama surrounding the US-China relations and updates about the U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 0.7095
S2 0.7133
S3 0.715
Pivot Point 0.717
R1 0.7187
R2 0.7208
R3 0.7245
The AUD/USD pair has violated the double bottom support level of 0.7150 level, and below this, the pair may drop further until the next support area of 0.7098 level. On the higher side, the pair may find resistance at 0.7150 and 0.7190 level. The bearish bias remains solid today, especially below 0.7150.
Entry Price – Buy 105.245
Stop Loss – 105.645
Take Profit – 104.845
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/JPY pair was closed at 105.161 after placing a high of 105.514 and a low of 105.034. Overall the movement of the USD/JPY pair remained bearish throughout the day. The rising uncertainties in the market related to US stimulus, vaccine development, global economic recovery, and the US November presidential elections gave a push to safe-haven appeal that supported safe-haven Japanese Yen and weighed on USD/JPY pair.
The USD/JPY pair was closed at 105.161 after placing a high of 105.514 and a low of 105.034. Overall the movement of the USD/JPY pair remained bearish throughout the day. The rising uncertainties in the market related to US stimulus, vaccine development, global economic recovery, and the US November presidential elections gave a push to safe-haven appeal that supported safe-haven Japanese Yen and weighed on USD/JPY pair.
The USD/JPY pair was closed at 105.161 after placing a high of 105.514 and a low of 105.034. Overall the movement of the USD/JPY pair remained bearish throughout the day. The rising uncertainties in the market related to US stimulus, vaccine development, global economic recovery, and the US November presidential elections gave a push to safe-haven appeal that supported safe-haven Japanese Yen and weighed on USD/JPY pair.
The currency pair dropped on Wednesday to one week’s lowest level as the hopes for the next round of US stimulus package before elections fell after Nancy Pelosi said that the newly proposed package of $1.8 trillion by President Trump would be not sufficient to provide support to economic recovery from the pandemic and deep recession.
Another reason behind the faded risk sentiment was the latest news about the vaccine trials from different candidates. Earlier this week, Johnson & Johnson halted their coronavirus vaccine’s clinical trials due to an unexpected illness in one of the participants. And on Wednesday, the Eli Lilly and Co. also stopped its vaccine’s trials for coronavirus, and this raised concerns that without a vaccine, the economic recovery will be slow. These concerns added in demand for safe-haven and raised the Japanese Yen that ultimately weighed on the USD/JPY pair.
On the data front, the Revised Industrial Production from Japan for August dropped to 1.0% from the forecasted 1.7% and weighed on the Japanese Yen. The PPI and the Core PPI data from the United States for September raised to 0.4% from 0.2% of forecasts and supported the US dollar. Macroeconomic data from both sides supported the USD/JPY pair but failed to reverse the direction as the investors were focusing on the rising number of uncertainties in the market.
Meanwhile, the 2020 World Bank Group-IMF Annual Meetings started on October 12th to 18th, in which global finance leaders warned that the fragile recovery would be crushed by the failure to stop the spread of coronavirus, maintain stimulus, and rising debts in developing nations.
Global poverty has been raised to the highest levels for the first time in 2 decades due to the coronavirus crisis. Developing nations had been hit hard by the pandemic as the debts for recovering through the crisis rose in developing nations to alarming levels. The annual meetings’ agenda was to take necessary actions to build a strong foundation for a strong recovery that would help all countries.
The US Treasury Secretary Steven Mnuchin urged both global institutions IMF and World Bank on Wednesday to work thoughtfully within their existing resources to battle the coronavirus pandemic. Mnuchin also urged G20 nations to approve a proposed debt restructuring framework.
The rising hopes that developing nations will be getting help to recover from the pandemic also raised the market’s risk sentiment that limited additional losses in USD/JPY prices on Wednesday.
Furthermore, on Wednesday, the Federal Reserve Vice Chair Richard Clarida said that the US economic data has been shockingly strong since May, but the output will still take another year to climb back to its pre-pandemic level. Clarida’s comments raised uncertainty over recovery and supported the Japanese Yen that weighed on the USD/JPY pair.
Daily Support and Resistance
S1 104.26
S2 104.74
S3 104.93
Pivot Point 105.22
R1 105.41
R2 105.7
R3 106.18
The USDJPY pair is trading with a selling bias below an immediate resistance level of 105.349 level. On the 4 hour timeframe, the USD/JPY has formed a downward channel that’s extending resistance at 105.349. Closing of candles beneath this level is likely to keep the USD/JPY pair in a selling mode until the 105.050 mark, conversely, the bullish breakout of the 105.349 level may lead the pair further higher towards the 105.580 level.
Entry Price – Buy 105.245
Stop Loss – 105.645
Take Profit – 104.845
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
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In the European trading session, the GBP/USD currency pair managed to stoop its previous session declining streak and refresh the intra-day high around mid-1.2900 level mainly due to easing fears of a no-deal Brexit, which initially underpinned the Pound and contributed to the currency pair gains. This was witnessed after the latest reports suggesting that the European Union leaders will be meeting in Brussels on Thursday and Friday to discuss Brexit and label progress in talks with the U.K.
In the European trading session, the GBP/USD currency pair managed to stoop its previous session declining streak and refresh the intra-day high around mid-1.2900 level mainly due to easing fears of a no-deal Brexit, which initially underpinned the Pound and contributed to the currency pair gains. This was witnessed after the latest reports suggesting that the European Union leaders will be meeting in Brussels on Thursday and Friday to discuss Brexit and label progress in talks with the U.K.
In the European trading session, the GBP/USD currency pair managed to stoop its previous session declining streak and refresh the intra-day high around mid-1.2900 level mainly due to easing fears of a no-deal Brexit, which initially underpinned the Pound and contributed to the currency pair gains. This was witnessed after the latest reports suggesting that the European Union leaders will be meeting in Brussels on Thursday and Friday to discuss Brexit and label progress in talks with the U.K.
On the other hand, the broad-based U.S. dollar fresh weakness, backed by the U.S. economic recovery worries, also played a major role in supporting the currency pair. Moreover, the U.S. dollar losses were further bolstered after the Bank of America Corp (N: BAC) reported a 15.8% drop in quarterly profit, which instantly raised extra doubts about the U.S. economic recovery pushed the U.S. dollar down. At a particular time, the GBP/USD currency pair is currently trading at 1.2978 and consolidating in the range between 1.2864 – 1.2980.
As we already mentioned, the GBP/USD currency pair witnessed strong progress over the last hours, in the wake of the latest Brexit headlines ahead of the critical meeting between the UK PM Boris Johnson and the E.U. Commission President Ursula von der Leyen later on Wednesday. As per the latest report, the 27 national leaders will tell their negotiators to extend conversations with the U.K. to reach an agreement from January 1, 2021. They will also decide to step up contingency preparations for an abrupt economic split without a deal to avoid tariffs or quotas. These positive headlines instantly underpinned the British Pound and pushed the currency pair higher.
Across the pond, the Bank of U.S. reported a 15.8% drop in quarterly profit on the day, hit by higher provisions for credit losses due to the COVID-19 pandemic, which in turn, adds burden around the broad-based U.S. dollar. Detail suggested, “Net income applicable to common shareholders dropped to $4.44 billion, or 51 cents per share, in the 3rd-quarter ended September 30, from $5.27 billion, or 56 cents per share, a year earlier.
Despite the risk-off market sentiment, the broad-based U.S. dollar failed to extend its long-day bullish rally and edged lower during the European session amid Bank of America profit falls on pandemic woes. On the other hand, the concerns about the ever-increasing number of coronavirus cases and weakness in the U.S. Consumer Price Index (CPI) also weighed on the broad-based U.S. dollar. However, the losses in the U.S. dollar kept the currency pair higher. Whereas the U.S. Dollar Index that tracks the greenback against a basket of other currencies down to 93.493.
On the contrary, the COVID-19 cases in the U.K. continue to pick up the pace as the U.K. reported the highest new cases since June on the previous day, with 143 deaths and 17,234 new confirmed cases. As in result, the opposition Labour Party ordered the national lockdown for at least two weeks. While considering the previous day’s downbeat employment data, the ruling Conservatives imposed local lockdowns. Hence, the renewed coronavirus worries became the key factor that kept the lid on any additional currency pair gains.
Daily Support and Resistance
S1 1.2683
S2 1.2829
S3 1.2883
Pivot Point 1.2976
R1 1.3029
R2 1.3122
R3 1.3268
Entry Price – Buy 1.29966
Stop Loss – 1.30366
Take Profit – 1.29566
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
Today in the European trading session, the USD/CHF currency pair stopped its previous session bullish momentum. They edged lower below the 0.9150 level, mainly due to the risk-off market sentiment, triggered by lack of additional U.S. fiscal stimulus and the US-China tussle, which eventually underpinned the safe-haven Swiss franc and kept the currency pair under pressure. Moreover, the market trading sentiment was further pressured by the downbeat reports that Johnson & Johnson paused the coronavirus vaccine trails, which also burdened the currency pair.
Today in the European trading session, the USD/CHF currency pair stopped its previous session bullish momentum. They edged lower below the 0.9150 level, mainly due to the risk-off market sentiment, triggered by lack of additional U.S. fiscal stimulus and the US-China tussle, which eventually underpinned the safe-haven Swiss franc and kept the currency pair under pressure. Moreover, the market trading sentiment was further pressured by the downbeat reports that Johnson & Johnson paused the coronavirus vaccine trails, which also burdened the currency pair.
Today in the European trading session, the USD/CHF currency pair stopped its previous session bullish momentum. They edged lower below the 0.9150 level, mainly due to the risk-off market sentiment, triggered by lack of additional U.S. fiscal stimulus and the US-China tussle, which eventually underpinned the safe-haven Swiss franc and kept the currency pair under pressure. Moreover, the market trading sentiment was further pressured by the downbeat reports that Johnson & Johnson paused the coronavirus vaccine trails, which also burdened the currency pair.
Across the pond, the bearish tone around the currency pair could also be associated with the fears of national lockdowns in Europe, which add further burden to the trading sentiment and dragged the currency lower. On the contrary, the broad-based U.S. dollar strength, backed by the market risk-on tone, becomes the key factor that kept the lid on any additional losses in the pair.
However, the equity market has been flashing red since the day started. Although, the reason could be associated with the major negative catalysts, including the further delay in the much-awaited coronavirus (COVID-19) relief package and the resurgence of COVID-19 new cases in the U.S. and Europe, which keep fueling the worries over the global economic growth. Apart from this, the fears of the U.K. and the European Union’s (E.U.) Brexit talks and the latest pause in the COVID-19 vaccine trials also add pessimism around the market trading sentiment. This, in turn, provided a boost to the safe-haven Swiss Fran and exerted some additional pressure on the currency pair.
As in result, the broad-based U.S. dollar managed to keep its gains throughout the Asian session as the traders still cheering the risk-off marker mood. However, the U.S. dollar gains seem relatively unaffected by the intensifying U.S. political uncertainty. However, the incoming polls suggest a clear-cut presidential victory for the Democrat candidate Joe Biden, which might cap further upside momentum for the U.S. dollar. However, the U.S. dollar gains become the key factor that helps the currency pair limit its more profound losses. Simultaneously, the U.S. Dollar Index that tracks the greenback against a bucket of other currencies rose by 0.01% to 93.550 by 10:12 PM ET (2:12 AM GMT).
Looking forward, the traders will keep their eyes on the release of the US PPI figures for September. Meanwhile, FOMC members and the RBNZ policymaker’s scheduled speeches will key to watch for some meaningful trading direction. Apart from this, the ongoing drama surrounding the US-China relations and updates about the U.S. stimulus package will not lose their importance.
Daily Support and Resistance
S1 0.9006
S2 0.9069
S3 0.9109
Pivot Point 0.9132
R1 0.9172
R2 0.9195
R3 0.9258
The USD/CHF is trading with a bearish bias at 0.9125, holding below an immediate resistance level of 0.9157 resistance area. Closing of candles below this level may drive selling bias until the 0.9086 level. On the two-hourly timeframes, the USD/CHF pair has formed a downward channel that is likely to drive selling bias, and that’s one reason we opened a selling signal in the USD/CHF pair. Here’s a trading plan…
Entry Price – Sell 0.91392
Stop Loss – 0.91792
Take Profit – 0.90992
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
Today in the early European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and picked up further offers around below the 124.00 marks. However, the bearish sentiment around the currency pair could be attributed to the prevalent market risk-off sentiment, which benefitted the safe-haven Japanese yen and exerted some heavy pressure on the currency pair. Thus, the market trading sentiment was being pressured by the US policymakers’ failures to offer the much-awaited fiscal stimulus as well as the intensification of the Sino-American tussle also weighed on the market trading tone.
Today in the early European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and picked up further offers around below the 124.00 marks. However, the bearish sentiment around the currency pair could be attributed to the prevalent market risk-off sentiment, which benefitted the safe-haven Japanese yen and exerted some heavy pressure on the currency pair. Thus, the market trading sentiment was being pressured by the US policymakers’ failures to offer the much-awaited fiscal stimulus as well as the intensification of the Sino-American tussle also weighed on the market trading tone.
Today in the early European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and picked up further offers around below the 124.00 marks. However, the bearish sentiment around the currency pair could be attributed to the prevalent market risk-off sentiment, which benefitted the safe-haven Japanese yen and exerted some heavy pressure on the currency pair. Thus, the market trading sentiment was being pressured by the US policymakers’ failures to offer the much-awaited fiscal stimulus as well as the intensification of the Sino-American tussle also weighed on the market trading tone.
Whereas, the renewed halt in the trials of a vaccine for the highly contagious coronavirus diseases also played its major role in weakening the market risk mood, which in turn, adds further burden around the currency pair. Across the pond, the latest data from Germany’s Robert Koch Institute (RKI) fueled the market’s fears of a larger coronavirus (COVID-19) in Europe, which tends to undermine the shared currency and contributing to the currency pair losses.
On the contrary, the positive remarks from the German Economy Ministry over the EUR economy become the key factor that helps the currency pair to limit its deeper losses. At this particular time, the EUR/JPY currency pair is currently trading at 123.76 and consolidating in the range between 123.64 – 123.97.
As we already mentioned that the market trading sentiment has been flashing mixed signals since the day started. Be it the failure of the American lawmakers to offer any positive announcement on the coronavirus (COVID-19) relief package or the fresh escalation in the Sino-American tussle, not to forget the downbeat US data, these all factors kept the market risk sentiment under pressure. This, in turn, benefitted the safe-haven Japanese yen and exerted some heavy pressure on the currency pair.
Most of the investors remain cautious on the back of the delay in the production of a vaccine for the highly contagious coronavirus diseases. This was witnessed after the Johnson & Johnson suspended clinical trials for its COVID-19 vaccine due to an unexplained illness.
Moreover, the market trading sentiment was further bolstered by the rising coronavirus cases in the US and Europe, which has been fueling worries about global economic recovery. According to the coronavirus (COVID-19) data from Johns Hopkins University data., the number of global cases crossed 38 million as of Oct. 14. Whereas, the U.S. still not showing any signs of decreasing infection rates, which raised concerns over the economic recovery.
Across the pond, the shared currency was being pressured by the latest data from Germany’s Robert Koch Institute (RKI), which fueled the market’s fears of a larger coronavirus (COVID-19) in Europe. As per the latest report, the daily new confirmed cases grew 5,132 to 334,585 in Europe while the death toll also rose by 40, taking the total to 9,677.
On the contrary, the latest positive remarks from the German Economy Ministry over the EUR economy become the key factor that helps the currency pair to limit its deeper losses. As per the keywords, “the economy is expected to show by far the highest quarterly growth rate ever recorded in Q3, though indicators signal a slowed continuation of the recovery process in Q4.” He further added ” COVID-19 effects on the labor market are still significant, slight improvement is already apparent.
The US Michigan Consumer Sentiment Index for September, which is expected 75 versus 74.1 prior, will likely help resolve near-term USD moves. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for the fresh direction.
Daily Support and Resistance
S1 122.75
S2 123.4
S3 123.65
Pivot Point 124.05
R1 124.3
R2 124.71
R3 125.36
The EUR/JPY has already violated the double bottom support level of 123.922 level and closing of candle below this area is likely to drive selling trend until next support area of 123.350 level. On the further lower side, the EUR/JPY may find the next support at 123.270.
Entry Price – Sell 123.81
Stop Loss – 124.21
Take Profit – 123.41
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/NZD currency pair failed to extend its early-day winning streak and remain flat around 1.0753/70 region, mainly due to the risk-off market sentiment, which eventually undermined the perceived risk currency Australian dollar and contributed to the currency pair declines. However, the market trading sentiment was being pressured by the intensification of the Sino-American tussle, and the uncertainty over the American stimulus package also weighed on the market trading tone.
The AUD/NZD currency pair failed to extend its early-day winning streak and remain flat around 1.0753/70 region, mainly due to the risk-off market sentiment, which eventually undermined the perceived risk currency Australian dollar and contributed to the currency pair declines. However, the market trading sentiment was being pressured by the intensification of the Sino-American tussle, and the uncertainty over the American stimulus package also weighed on the market trading tone.
The AUD/NZD currency pair failed to extend its early-day winning streak and remain flat around 1.0753/70 region, mainly due to the risk-off market sentiment, which eventually undermined the perceived risk currency Australian dollar and contributed to the currency pair declines. However, the market trading sentiment was being pressured by the intensification of the Sino-American tussle, and the uncertainty over the American stimulus package also weighed on the market trading tone.
Meanwhile, the downbeat reports that Johnson & Johnson paused the coronavirus vaccine trails also played its major role in weakening the market risk mood, which adds further burden around the currency pair. Across the pond, the bearish tone around the currency pair could also be associated with the fresh reports suggesting that Australia becomes the largest customer of New Zealand, which eventually underpinned the NZD currency and contributes to the currency pair losses.
In the meantime, the election expectations in New Zealand also favored the NZD bulls as the current Prime Minister (PM) Jacinda Ardern is a market favorite due to her ability to safeguard, which keeps the NZD currency supportive and dragged the currency pair down. At the moment, the AUD/NZD currency pair is currently trading at 1.0771 and consolidating in the range between 1.0753 – 1.0775.
However, the market risk tone has been sluggish since the day started due to various factors. Be it the U.S. lawmakers’ failure to offer any positive announcement on the coronavirus (COVID-19) relief package or the fresh escalation in the Sino-American tussle, not to forget the delay in the COVID-19 vaccine, these all factors have been weighing on the market risk tone. This, in turn, underpinned the perceived risk currency Australian dollar and contributed to the currency pair declines.
As per the latest report, the Eli Lilly and Co. (NYSE: LLY) paused the government-led clinical trial of its COVID-19 antibody treatment a day after Johnson & Johnson (NYSE: JNJ) delayed clinical trials for its COVID-19 vaccine due to an unexplained illness in a participant. This, in turn, increased the safe-haven demand in the market. Thus, the downbeat market mood exerted some additional pressure on the perceived riskier Australian dollar.
Moreover, the market trading sentiment was further bolstered by the rising coronavirus cases in the U.S. and Europe, fueling worries about global economic recovery. According to the coronavirus (COVID-19) data from Johns Hopkins University data., the number of global cases crossed 38 million as of October 14. Whereas the U.S. still not showing any signs of decreasing infection rates, which raised concerns over the economic recovery. At the Europe front, the daily new confirmed cases grew 5,132 to 334,585 in Europe while the death toll also rose by 40, taking the total to 9,677. There were additional 4,122 cases the previous day with 13 death, as per the latest data.
Besides, the currency pair’s losses were further bolstered by the prevalent concerns about a row with China over coal imports, which also weighed on the market sentiment and undermined the Australian currency. The 2-major factors have been dominating the AUD currency. Firstly, China appears to have verbally enacted a ban on Australian coal imports. At the same time, China’s Balance of Trade dropped to $37.0 billion in September, which undermined the AUD currency and dragged the currency pair down.
Across the ocean, the bearish tone around the currency pair could also be associated with the fresh reports suggesting that Australia becomes the largest customer of New Zealand, which eventually underpinned the NZD currency and contributes to the currency pair losses. Furthermore, New Zealand is ready for a general election on October 17, which is seen as a positive for the NZD currency as the current Prime Minister (PM) Jacinda Ardern is a market favorite due to her abilities, which in turn, strengthed the kiwi dollar and contributed to the currency pair losses.
Looking forward, the traders will keep their eyes on the release of the US PPI figures for September. Meanwhile, FOMC members and the RBNZ policymaker’s scheduled speeches will key to watch for some meaningful trading direction. Apart from this, the ongoing drama surrounding the US-China relations and updates about the U.S. stimulus package will not lose their importance.
Entry Price – Buy 1.07734
Stop Loss – 1.07334
Take Profit – 1.08134
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
Categories
CADJPY Swing Failure Sell
Today in the early European trading session, the USD/CAD currency pair extended its previous session recovery rally and remains bullish around 1.3144 level, mainly due to the broad-based U.S. dollar strength, backed by the risk-off market mood. However, the reason for the prevalent risk-off market sentiment could be associated with the reports suggesting that the U.K. pharma giant, Johnson, and Johnson, stopped its COVID-19 vaccine trial due to an unexplained illness. This, in turn, underpinned the safe-haven U.S. dollar and contributed to the currency pair gains. The on-going uncertainty over the American stimulus package also weighs on the market risk-tone, which gives further support to the U.S. dollar and keeps the currency pair higher.
Today in the early European trading session, the USD/CAD currency pair extended its previous session recovery rally and remains bullish around 1.3144 level, mainly due to the broad-based U.S. dollar strength, backed by the risk-off market mood. However, the reason for the prevalent risk-off market sentiment could be associated with the reports suggesting that the U.K. pharma giant, Johnson, and Johnson, stopped its COVID-19 vaccine trial due to an unexplained illness. This, in turn, underpinned the safe-haven U.S. dollar and contributed to the currency pair gains. The on-going uncertainty over the American stimulus package also weighs on the market risk-tone, which gives further support to the U.S. dollar and keeps the currency pair higher.
Today in the early European trading session, the USD/CAD currency pair extended its previous session recovery rally and remains bullish around 1.3144 level, mainly due to the broad-based U.S. dollar strength, backed by the risk-off market mood. However, the reason for the prevalent risk-off market sentiment could be associated with the reports suggesting that the U.K. pharma giant, Johnson, and Johnson, stopped its COVID-19 vaccine trial due to an unexplained illness. This, in turn, underpinned the safe-haven U.S. dollar and contributed to the currency pair gains. The on-going uncertainty over the American stimulus package also weighs on the market risk-tone, which gives further support to the U.S. dollar and keeps the currency pair higher.
Petroleum Institute data becomes the factor that capped further upside momentum in the currency pair. However, the bullish sentiment around the crude oil prices was being supported by optimism over U.S. President Donald Trump’s negative status for the pandemic. Currently, the USD/CAD is trading at 1.3115 and consolidating in the range between 1.3108 – 1.3144.
However, the market trading sentiment failed to extend its previous day bullish moves and remained depressed by combining factors. Be it the worrisome headlines concerning the Brexit or the tension between the US-China, not to forget the coronavirus woes in the U.S. and Europe, the market trading sentiment has been flashing red since the day started, which ultimately keeps the safe-haven assets supportive on the day.
As per the latest report, the U.K. pharma giant, Johnson and Johnson, delayed its COVID-19 vaccine trial due to an unexplained illness. Moreover, China’s dislike of the White House arms sale to Taiwan and the recent ban from Beijing to use Aussie coal for power stations adds additional pressure around the market sentiment.
This, in turn, the broad-based U.S. dollar succeeded in gaining positive traction on the day. However, the U.S. dollar gains seem rather unaffected by the political uncertainty in the U.S. ahead of U.S. elections. Thus, the gains in the U.S. dollar become the key factor that kept the currency pair higher. Whereas, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, rose by 0.11% to 93.207 by 10:04 PM ET (2:04 AM GMT). However, the bullish sentiment around the crude oil prices could be associated with the positive reports suggesting that the U.S. President Donald Trump’s negative status for the virus infection.
Daily Support and Resistance
S1 1.3233
S2 1.3272
S3 1.3292
Pivot Point 1.3312
R1 1.3331
R2 1.3351
R3 1.339
The USD/CAD pair is trading sideways within a narrow trading range of 1.3145 – 1.3103 level, which marks double bottom and double top level on the 2-hour timeframe. A bullish breakout of 1.3145 level may lead the USD/CAD price towards the next resistance area of 1.3207 mark, while on the lower side, the support is likely to be found around 1.3040 level today.
Entry Price – Buy 1.31421
Stop Loss – 1.31021
Take Profit – 1.31821
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The EUR/USD failed to stop its previous session losses and further offers around below the 1.1800 level. However, the bearish sentiment around the currency pair was boosted after the fresh downbeat released German ZEW headline numbers for October, showing that the Economic Sentiment Index came in at 56.1 against 73.0 expectations 77.4 last. This, in turn, undermined the sentiment around the shared currency and contributed to the currency pair losses.
The EUR/USD failed to stop its previous session losses and further offers around below the 1.1800 level. However, the bearish sentiment around the currency pair was boosted after the fresh downbeat released German ZEW headline numbers for October, showing that the Economic Sentiment Index came in at 56.1 against 73.0 expectations 77.4 last. This, in turn, undermined the sentiment around the shared currency and contributed to the currency pair losses.
The EUR/USD failed to stop its previous session losses and further offers around below the 1.1800 level. However, the bearish sentiment around the currency pair was boosted after the fresh downbeat released German ZEW headline numbers for October, showing that the Economic Sentiment Index came in at 56.1 against 73.0 expectations 77.4 last. This, in turn, undermined the sentiment around the shared currency and contributed to the currency pair losses.
Apart from this, the reason for the bearish bias around the currency pair could also be associated with the fresh reports suggesting the re-imposition of stricter restrictions in Germany, Spain, and France to stop the coronavirus second-wave. On the flip side, the broad-based U.S. dollar strength, backed by the upbeat market sentiment, also played a major role in undermining the currency pair. At the moment, the EUR/USD currency pair is currently trading at 1.1793 and consolidating in the range between the 1.1779 – 1.1817.
At the data front, the German ZEW headline numbers for October showed that the Economic Sentiment Index arrived in at 56.1 against 73.0 expectations and 77.4 last. Moreover, the currency pair losses were also bolstered by reports suggesting a sharp rise in the coronavirus cases in Spain, France, and German. It is very downhearted headlines that the second-wave of the virus is picking up pace in Europe once again, which leads re-imposition of stricter restrictions in Germany, Spain, and France to contain the coronavirus second-wave.
According to the coronavirus (COVID-19) data from Germany’s Robert Koch Institute (RKI), the country’s cases rose around ~39,000 as of yesterday while the latest update today added 13 deaths more so that brings the total tally to 9,634 persons. This, in turn, undermined the shared currency and contributed to the currency pair.
Apart from this, the risk sentiment has been flashing red since the Asian session started, witnessed by the S&P 500 Futures’ negative performance. However, the reason for the downbeat trading sentiment could be associated with the worrisome headlines concerning Brexit and on-going tension between the U.S. and China. dislike for the U.S. proposal to the Congress about selling three sales of advanced weaponry to Taiwan recently renewed the trade war saga
At the US-China front, the renewed conflict between the U.S. and China fueled after the Dragon Nation China’s Washington Embassy lashed out at the U.S. passage of the three advanced weaponry sales to Taiwan during late-Monday, per Reuters. As per the latest report, China’s representative said, “China consistently and firmly opposes U.S. arms sales to Taiwan.” This, in turn, added additional pressure around the market sentiment.
Across the pond, the recent coronavirus (COVID-19) warning from the U.S. health official Anthony Fauci and stimulus uncertainty also keep the market trading sentiment under pressure. As per the keywords, “Dr. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases (NIH), suggests another 181,000 deaths in the United States by February.
As per the latest report, the US Centers for Disease Control and Prevention (CDC) reported 7,740,934 cases of the new coronavirus yesterday, with an increase of 46,069 from its previous count. As in result, the broad-based U.S. dollar remains on the bullish track and still reporting gains on the day. However, the U.S. dollar gains were being supported by the reports suggesting that the U.K. pharma giant, Johnson, and Johnson, stopped its COVID-19 vaccine trial due to an unexplained illness, which eventually boosted the safe-haven assets like the U.S. dollar.
However, the U.S. dollar gains seem rather unaffected by the U.S. political uncertainty ahead of U.S. elections. Thus, the gains in the U.S. dollar become the key factor that kept the currency pair lower. Whereas, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, rose by 0.11% to 93.207 by 10:04 PM ET (2:04 AM GMT). Looking forward, the market traders will keep their eyes on the U.S. Consumer Price Index (CPI) data. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will not lose their importance.
Daily Support and Resistance
S1 1.1626
S2 1.1672
S3 1.1694
Pivot Point 1.1718
R1 1.174
R2 1.1764
R3 1.181
The EUR/USD pair is supported over 1.1790 level, which marks double bottom level on the 4-hour timeframe. Above this level, the EUR/USD is likely to bounce off until the 1.1811 level, and the bullish breakout of the 1.1831 level can also extend buying until the next target level of 1.1870. Conversely, the bearish breakout of the 1.1790 level can extend the selling trend until the 1.1750 level.
Entry Price – Buy 1.17872
Stop Loss – 1.18272
Take Profit – 1.17472
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The EUR/JPY failed to stop its previous session bearish streak and drew further offers around the 124.17 regions. However, the basis for the bearish sentiment around the EURJPY pair could be associated with the fresh reports suggesting the re-imposition of stricter restrictions in Germany, Spain, and France to stop the coronavirus second-wave. This, in turn, weakened the forecast around the shared currency and dragged the currency pair lower. Apart from this, the intensification of the Sino-American tussle and the uncertainty over the American stimulus package, keep weighing on the market risk-tone, which eventually underpinned the Japanese yen’s safe-haven demand and contributed to the currency pair losses. Moreover, the risk-off market sentiment was further boosted by the fresh discouraging vaccine news, which put a further bid under the safe-haven Japanese yen. At this particular time, the EUR/JPY is trading at 124.29 and consolidating between 124.17 – 124.48.
The EUR/JPY failed to stop its previous session bearish streak and drew further offers around the 124.17 regions. However, the basis for the bearish sentiment around the EURJPY pair could be associated with the fresh reports suggesting the re-imposition of stricter restrictions in Germany, Spain, and France to stop the coronavirus second-wave. This, in turn, weakened the forecast around the shared currency and dragged the currency pair lower. Apart from this, the intensification of the Sino-American tussle and the uncertainty over the American stimulus package, keep weighing on the market risk-tone, which eventually underpinned the Japanese yen’s safe-haven demand and contributed to the currency pair losses. Moreover, the risk-off market sentiment was further boosted by the fresh discouraging vaccine news, which put a further bid under the safe-haven Japanese yen. At this particular time, the EUR/JPY is trading at 124.29 and consolidating between 124.17 – 124.48.
The EUR/JPY failed to stop its previous session bearish streak and drew further offers around the 124.17 regions. However, the basis for the bearish sentiment around the EURJPY pair could be associated with the fresh reports suggesting the re-imposition of stricter restrictions in Germany, Spain, and France to stop the coronavirus second-wave. This, in turn, weakened the forecast around the shared currency and dragged the currency pair lower. Apart from this, the intensification of the Sino-American tussle and the uncertainty over the American stimulus package, keep weighing on the market risk-tone, which eventually underpinned the Japanese yen’s safe-haven demand and contributed to the currency pair losses. Moreover, the risk-off market sentiment was further boosted by the fresh discouraging vaccine news, which put a further bid under the safe-haven Japanese yen. At this particular time, the EUR/JPY is trading at 124.29 and consolidating between 124.17 – 124.48.
The shared currency remained pressured by the vaccine news and re-imposed stricter restrictions in Spain and France, and Germany to stop the coronavirus second-wave. New infections in Germany once again top 4000 on Tuesday. According to the coronavirus (COVID-19) data from Germany’s Robert Koch Institute (RKI), the country’s cases rose around ~39,000 as of yesterday while the latest update today added 13 deaths more so that brings the total tally to 9,634 persons. This, in turn, undermined the shared currency and contributed to the currency pair.
Moreover, the sentiment around the shard currency was further bolstered by the reports suggesting that the UK pharma giant, Johnson, and Johnson, delayed its COVID-19 vaccine trial due to an unexplained illness.
Across the pond, the market trading sentiment has been flashing mixed signals since the day started. Be it the American lawmakers’ failure to offer any positive announcement on the coronavirus (COVID-19) relief package or the recent escalation in the Sino-American tussle, not to forget the Brexit worries, these all factors have been weighing on the market risk tone. At the US-China front, China recently showed his dislikes over the White House arms sale to Taiwan and the recent ban from China to use Aussie coal for power stations, which eventually offered additional pressure to the market sentiment and contributed to the currency pair losses.
Moving on, the ZEW will release its German Economic Sentiment Index and the Current Situation Index at 0900 GMT in the EU session later today, which is expected to drop to 73.0 in October as against a 77.4 reading booked in the previous month. Meanwhile, the Current Situation Sub-Index is expected to arrive at -60.0 against a -66.2-figure recorded last month. Apart from this, the market traders will keep their eyes on the US Consumer Price Index (CPI) data. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will not lose their importance.
Daily Support and Resistance
S1 121.85
S2 122.64
S3 123.04
Pivot Point 123.43
R1 123.83
R2 124.22
R3 125
The EUR/JPY pair is trading with a bearish bias at 125.35 level, having violated the support become a resistance level of 124.460 level. On the lower side, the EUR/JPY may gain support at 123.735 levels as worked as a support in the past. Checkout a trading plan below…
Entry Price – Buy 124.19
Stop Loss – 124.59
Take Profit – 123.79
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/USD currency pair failed to stop its early-day losing streak and drew some further offers around well below the 0.7200 level, mainly due to the risk-off market sentiment. The intensification of the Sino-American tussle drove that. The American stimulus package’s ambiguity also weighed on the market trading tone, which eventually undermined the Australian dollar’s perceived risk currency and contributed to the currency pair declines.
The AUD/USD currency pair failed to stop its early-day losing streak and drew some further offers around well below the 0.7200 level, mainly due to the risk-off market sentiment. The intensification of the Sino-American tussle drove that. The American stimulus package’s ambiguity also weighed on the market trading tone, which eventually undermined the Australian dollar’s perceived risk currency and contributed to the currency pair declines.
The AUD/USD currency pair failed to stop its early-day losing streak and drew some further offers around well below the 0.7200 level, mainly due to the risk-off market sentiment. The intensification of the Sino-American tussle drove that. The American stimulus package’s ambiguity also weighed on the market trading tone, which eventually undermined the Australian dollar’s perceived risk currency and contributed to the currency pair declines.
On the other hand, the coronavirus (COVID-19) vaccine’s hopes failed to provide meaningful support to the market trading sentiment, keeping the currency pair under pressure. Apart from this, the bearish tone around the currency pair could also be associated with the broad-based U.S. dollar prevalent strength. The U.S. dollar was being supported by the market risk-off sentiment. At the moment, the AUD/USD currency pair is currently trading at 0.7179 and consolidating in the range between 0.7165 – 0.7214.
However, the market risk tone has been sluggish since the day started due to the combination of factors. Be it the U.S. lawmakers’ failure to offer any positive announcement on the coronavirus (COVID-19) relief package or the fresh escalation in the Sino-American tussle, not to forget the Brexit woes, these all factors have been pressing the market risk tone. This, in turn, underpinned the perceived risk currency Australian dollar and contributed to the currency pair declines.
At the US-China front, China recently showed his dislikes over the White House arms sale to Taiwan and the recent ban from China to use Aussie coal for power stations, which eventually offered additional pressure to the market sentiment and contributed to the currency pair losses.
Moreover, the market trading sentiment was further bolstered by the rising coronavirus cases in the U.S. and Europe, fueling worries about global economic recovery. According to the coronavirus (COVID-19) data from Germany’s Robert Koch Institute (RKI), the country’s cases rose around ~39,000 as of yesterday while the latest update today added 13 deaths more so that brings the total tally to 9,634 persons. At the U.S. front, the virus will firm its grip in the world’s largest economy, said by the U.S. health official Dr. Anthony Fauci. Hence, the pandemic fears regaining market attention and kept the investors cautious.
As in result, the broad-based U.S. dollar managed to keep its gains throughout the day as the traders still cheering the risk-off market tone, which keeps the safe-haven demand high in the market. However, the U.S. dollar gains seem rather unaffected by the U.S. political uncertainty ahead of U.S. elections. Thus, the gains in the U.S. dollar become the key factor that kept the currency pair under pressure Whereas, the U.S. Dollar Index, which tracks the greenback against a bucket of other currencies, rose by 0.11% to 93.207 by 10:04 PM ET (2:04 AM GMT).
However, the coronavirus (COVID-19) vaccine’s hopes failed to help the market sentiment on the day as the market negative headlines overshadowed the vaccine-related optimism and kept the trading sentiment negative. Anyhow, these hopes might play a key role that could help the market trading sentiment to limit the currency pair’s deeper losses.
On the contrary, the Australian dollar is a little impressed by the unexpected rise in Chinese imports last month, strengthening the domestic economy. At the data front, China’s Trade Balance for September, in Yuan terms, arrived in CNY257.68 billion against CNY416.59 billion last. Whereas, September exports arrived in +8.7% against .+11.6% last while imports came in at +11.6% vs. -1.3% expected and -0.5% prior.
Looking forward, the market traders will keep their eyes on the U.S. Consumer Price Index (CPI) data. Furthermore, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will not lose their importance.
Daily Support and Resistance
S1 0.7068
S2 0.7112
S3 0.7138
Pivot Point 0.7157
R1 0.7182
R2 0.7201
R3 0.7245
The AUD/USD is taking a bullish turn over a support level of 0.7160 level, perhaps, to complete a 23.6% Fibonacci retracement at 0.7180 and 0.7197 level. On the higher side, AUD/USD may face the next resistance at 0.7203 level. It’s the same level where the downward trendline is likely to match and extend resistance to the AUD/USD level. Good luck!
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AUDNZD Breakout Retest Buy
Today in the European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and remain depressed around below the 124.50 marks. However, the bearish bias around the currency pair could be associated with upbeat Japan’s Machinery Orders data, underpinning the Japanese yen currency and contributing to the currency pair declines. Apart from this, Europe’s intensified coronavirus concerns undermined the shared currency and add further pessimism around the currency pair. On the contrary, the prevalent market risk-on sentiment tends to undermine the safe-haven Japanese yen, which becomes the key factor that helps the pair to limit its deeper losses. At this particular time, the EUR/JPY currency pair is currently trading at 124.38 and consolidating in the range between 124.32 – 125.08.
Today in the European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and remain depressed around below the 124.50 marks. However, the bearish bias around the currency pair could be associated with upbeat Japan’s Machinery Orders data, underpinning the Japanese yen currency and contributing to the currency pair declines. Apart from this, Europe’s intensified coronavirus concerns undermined the shared currency and add further pessimism around the currency pair. On the contrary, the prevalent market risk-on sentiment tends to undermine the safe-haven Japanese yen, which becomes the key factor that helps the pair to limit its deeper losses. At this particular time, the EUR/JPY currency pair is currently trading at 124.38 and consolidating in the range between 124.32 – 125.08.
Today in the European trading session, the EUR/JPY currency pair failed to stop its previous session losing streak and remain depressed around below the 124.50 marks. However, the bearish bias around the currency pair could be associated with upbeat Japan’s Machinery Orders data, underpinning the Japanese yen currency and contributing to the currency pair declines. Apart from this, Europe’s intensified coronavirus concerns undermined the shared currency and add further pessimism around the currency pair. On the contrary, the prevalent market risk-on sentiment tends to undermine the safe-haven Japanese yen, which becomes the key factor that helps the pair to limit its deeper losses. At this particular time, the EUR/JPY currency pair is currently trading at 124.38 and consolidating in the range between 124.32 – 125.08.
As we all well aware that the coronavirus resurgence in Europe is intensifying, which fueled the worries over the EUR economic recovery. As per the latest report, France has reported record-high new daily cases of approximately 27K during the recession. At the Spain front, Catalonia and Navarre’s regions will tighten restrictions on working and public gatherings after the continued rise in COVID-19 cases, which keeps the shard currency under pressure and contributed to the currency pair losses.
Across the pond, the market trading sentiment has been flashing mixed signals since the day started. Be it the American lawmakers’ failure to offer any positive announcement on the coronavirus (COVID-19) relief package or the on-going in the Sino-American tussle, not to forget the no-deal Brexit fears, these all factors have been weighing on the market risk tone. This, in turn, underpinned the safe-haven Japanese yen and dragged the currency pair further lower.
Across the pond, upbeat Japan’s Machinery Orders data also supported the Japanese yen currency, which keeps the currency pair under pressure. At the data front, the August month’s Machinery Orders recovered from -16.2% previous and -15.6% forecast to -15.2% YoY. On the other hand, the Producer Price Index (PPI) for September dropped below -0.5% expected and previous readings to -0.8%.
On the contrary, the market risk sentiment recently got lift by the positive reports suggesting that Trump had fully recovered from his bout with COVID-19. These hopes were further fueled after his physician Sean Conley stating that he is no longer an infection risk. This, in turn, boosted the market trading sentiment and helped the currency pair limit its deeper losses.
Daily Support and Resistance
S1 121.85
S2 122.64
S3 123.04
Pivot Point 123.43
R1 123.83
R2 124.22
R3 125
Technically, the EUR/JPY is trading at 124.450 level, having violated the upward channel supporting the pair at 124.800 level. For now, the EUR/JPY may find resistance at 124.800, and on the lower side, the pair may drop until 124.247. The leading indicators, such as MACD and RSI, are holding below 50, suggesting the odds of further selling bias among traders. Check out the forex trading signal below…
Entry Price – Buy 124.439
Stop Loss – 124.839
Take Profit – 124.039
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The AUD/USD failed to stop its early-day losing streak and dropped to 0.7213 level, mainly due to the broad-based U.S. dollar strength, backed by the stalled stimulus talk. Apart from this, the fears of a hard Brexit and surge in the coronavirus (COVID-19) fears from Europe keep challenging the market risk-on tone, which undermined the perceived risk currency Australian dollar and contributed to the currency pair gains. On the contary, the market risk-on sentiment, supported by the vaccine hopes helped the currency pair to limits its deeper losses. At the press time, the AUD/USD is trading at 0.7230 and consolidating in the range between 0.7213 – 0.7236. Moving on, the progress in the currency pair is expected to remain sluggish amid the U.S. holiday.
The AUD/USD failed to stop its early-day losing streak and dropped to 0.7213 level, mainly due to the broad-based U.S. dollar strength, backed by the stalled stimulus talk. Apart from this, the fears of a hard Brexit and surge in the coronavirus (COVID-19) fears from Europe keep challenging the market risk-on tone, which undermined the perceived risk currency Australian dollar and contributed to the currency pair gains. On the contary, the market risk-on sentiment, supported by the vaccine hopes helped the currency pair to limits its deeper losses. At the press time, the AUD/USD is trading at 0.7230 and consolidating in the range between 0.7213 – 0.7236. Moving on, the progress in the currency pair is expected to remain sluggish amid the U.S. holiday.
The AUD/USD failed to stop its early-day losing streak and dropped to 0.7213 level, mainly due to the broad-based U.S. dollar strength, backed by the stalled stimulus talk. Apart from this, the fears of a hard Brexit and surge in the coronavirus (COVID-19) fears from Europe keep challenging the market risk-on tone, which undermined the perceived risk currency Australian dollar and contributed to the currency pair gains. On the contary, the market risk-on sentiment, supported by the vaccine hopes helped the currency pair to limits its deeper losses. At the press time, the AUD/USD is trading at 0.7230 and consolidating in the range between 0.7213 – 0.7236. Moving on, the progress in the currency pair is expected to remain sluggish amid the U.S. holiday.
The market risk-on sentiment faded after the House Speaker Nancy Pelosi rejected Friday’s U.S. President Donald Trump’s aid package proposal of $1.8 trillion. Apart from this, the on-going surge in the COVID-19 cases from the U.K. and Europe and the no-deal Brexit fears also weighs on the market risk sentiment, which undermined the perceived risk currency Australian dollar and contributed to the currency pair gains. As per the latest report, the no-deal Brexit is gradually gaining momentum as the European Union (E.U.) and the U.K. are still at loggerheads, despite being near the October 15 deadline.
Across the pond, the latest figures from Europe and the U.K. keeps leading the national lockdowns. As per the latest report, France reported record 27,000 new cases with German infections surging by the most since April, which kept fueling the worries over the global economic recovery and kept the currency pair under pressure.
As a result, the broad-based U.S. dollar succeeded in stopping its early-day losses and took the fresh bids on the day. However, the U.S. dollar gains could be temporary as worries over the economic recovery in the U.S. could be stopped amid the reappearance of coronavirus cases and U.S. post-election uncertainty.
The People’s Bank of China (PBOC) set the financial institutions free from the need to set aside cash when purchasing F.X. for clients through forwards. These moves could negatively impact the Chinse currency as the same moves were taken in September 2017, which resulted in over 2.0% drop of the Chinese yuan (CNY) during the following three weeks. Thus, any Chinese currency loss tends to undermine the Australian dollar as China is the biggest customer in Australia.
Daily Support and Resistance
S1 0.7068
S2 0.7112
S3 0.7138
Pivot Point 0.7157
R1 0.7182
R2 0.7201
R3 0.7245
The AUDUSD is likely to trade with a bullish bias over 0.7203 level, and continuation of an upward trend may lead AUD/USD price towards 0.7253 level. On the lower side, the support stays at the 0.7203 area today. We may see the AUD/USD to trade bullish until 0.7250 and 0.7330. Good luck!
The yellow metal prices failed to extend its previous session winning streak and edged lower around $1,919 during the European trading session. However, the broad-based U.S. dollar strength could be considered one of the main reasons behind the yellow-metal fresh selling bias. The gains in the U.S. dollar came into existence after the U.S. House Speaker Pelosi rejected Friday’s proposal from Trump, concerning the coronavirus (COVID-19) aid package worth near $1.8 trillion.
The yellow metal prices failed to extend its previous session winning streak and edged lower around $1,919 during the European trading session. However, the broad-based U.S. dollar strength could be considered one of the main reasons behind the yellow-metal fresh selling bias. The gains in the U.S. dollar came into existence after the U.S. House Speaker Pelosi rejected Friday’s proposal from Trump, concerning the coronavirus (COVID-19) aid package worth near $1.8 trillion.
The yellow metal prices failed to extend its previous session winning streak and edged lower around $1,919 during the European trading session. However, the broad-based U.S. dollar strength could be considered one of the main reasons behind the yellow-metal fresh selling bias. The gains in the U.S. dollar came into existence after the U.S. House Speaker Pelosi rejected Friday’s proposal from Trump, concerning the coronavirus (COVID-19) aid package worth near $1.8 trillion.
Besides this, the market risk-on sentiment, backed by the hopes of Trump’s health recovery from the COVID-19 infections, also weighed on the yellow metal price. Subsequently, the logic behind the risk-on market sentiment could also be connected with the vaccine’s positive reports and treatment for the extremely infectious coronavirus. On the contrary, the prevalent rise in the COVID-19 cases from the U.K. and Europe and the no-deal Brexit fears keep challenging the market risk-on sentiment, helping the bullion prices limit its deeper losses. Apart from this, the US-China long-lasting tussle also questions the market sentiment upside momentum, which also caps further downside for the gold. AS of writing, the yellow metal prices are currently trading at 1,921.49 and consolidating in the range between 1,919.20 – 1,933.37.
Even though the U.S. House Speaker Nancy Pelosi refused Friday’s U.S. President Donald Trump’s aid package proposal of $1.8 trillion, the market trading sentiment remains positive, possibly due to the positive reports suggesting that the Trump had fully recovered from his bout with COVID-19. These hopes were further fueled after his physician Sean Conley stating that he is no longer an infection risk. This, in turn, boosted the market trading sentiment and undermined the safe-haven metal prices.
Additionally, the market trading sentiment was supported by the hopes of the coronavirus vaccine. Thus the positive tone surrounding the market trading sentiment was seen as one of the key factors that kept the gold prices under pressure.
Despite the upbeat market sentiment, the broad-based U.S. dollar succeeded in extending its previous-session gains and took further bids on the day amid the stalled stimulus talk that tends to underpin the U.S. dollar. However, the U.S. dollar gains could be short-lived or temporary as concerns over the economic recovery could be stopped because of the resurgence of coronavirus cases and U.S. post-election uncertainty. Although, the U.S. dollar gains kept the gold prices under pressure, as the price of gold is inversely associated with the U.S. dollar price.
On the contrary, the worries over the resurgence of the coronavirus pandemic have been destroying the support of the global economic improvement, which holds challenging the market trading sentiment and help the yellow-metal prices to limit its deeper losses. As per the latest report, France reported record 27,000 new cases while German infections are surging by the most since April.
At the US-China front, the long-lasting tussle between the United States and China remain on the cards as both parties continuously using very harsh words for each other. This, in turn, added further questions around the market trading sentiment and became the key portion that held the cap on any additional losses in the safe-haven metal prices.
Daily Support and Resistance
S1 1847.32
S2 1874.78
S3 1887.18
Pivot Point 1902.24
R1 1914.64
R2 1929.7
R3 1957.16
The yellow metal gold has risen sharply to trade at 1,928 marks; however, the neutral candle’s closing beneath 1,932 levels implies mixed inclination among traders. Gold is traded over 1,919 levels, and closing of candles beyond 1,919 mark may induce an upward shift in the market. On the upper side, a breach of 1,932 may drive gold higher towards 1,943 and 1,952 marks. In contrast, a bearish breakout of 1,919 levels may lead the gold price towards 1,907 levels today. Mixed bias prevails due to holidays in the United States. Good luck!
During the Friday’s European trading hours, the EUR/JPY currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 125.00 level mainly due to the risk-on market sentiment, backed by the prevalent optimism over treatment for the highly infectious coronavirus, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Moreover, the market risk tone was further boosted by the increasing expectations of further US stimulus package, which provided further boost to the currency pair.
During the Friday’s European trading hours, the EUR/JPY currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 125.00 level mainly due to the risk-on market sentiment, backed by the prevalent optimism over treatment for the highly infectious coronavirus, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Moreover, the market risk tone was further boosted by the increasing expectations of further US stimulus package, which provided further boost to the currency pair.
During the Friday’s European trading hours, the EUR/JPY currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 125.00 level mainly due to the risk-on market sentiment, backed by the prevalent optimism over treatment for the highly infectious coronavirus, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Moreover, the market risk tone was further boosted by the increasing expectations of further US stimulus package, which provided further boost to the currency pair.
On the contrary, Europe’s quickly rising coronavirus (COVID-19) cases fueled the worries over the EUR economy recovery, which becomes the key factor that kept the lid on any additional gains in the currency pair. Meanwhile, the latest report that the Spanish Prime Minister (PM) Pedro Sánchez announced a state of emergency in Madrid also played a major role in capping further currency pair gains. As of writing, the EUR/JPY currency pair is currently trading at 124.97 and consolidating in the range between 124.51 – 125.02.
As we already mentioned that the equity market has been flashing green since the day started. The reason could be associated with the major positive catalysts. Be it the renewed probabilities of the further stimulus package or optimism over treatment for the highly infectious coronavirus, not to forget the upbeat China data, these all factors favor the market trading sentiment, which could be considered the main factors that kept the currency pair higher.
It should be noted that the US President Donald Trump stepped back from his earlier ‘NO’ to the coronavirus (COVID-19) aid package talks. However, US President Donald Trump is ready to shift towards the large scale bill, which propels the market’s risk sentiment and weighs on the safe-haven Japanese yen. Apart from this, the coronavirus (COVID-19) vaccine’s hopes also favored the market risk tone, which eventually underpinned the safe-haven US Japanese yen and contributed to the currency pair gains.
As per the latest report, China joins the World Health Organization’s virus vaccine program after returning from one week-long holiday, which initially fueled the hopes of a disease cure. Meanwhile, the market trading sentiment was further bolstered by the positive reports that Gilead and Regeneron’s vaccine research efforts will offer strong results to stop the virus.
On the contrary, the Spanish Prime Minister (PM) Pedro Sánchez announced a state of emergency in Madrid as the COVID-19 cases in the UK and Germany are also worrisome. At the coronavirus front, the coronavirus cases grew to 314,660, with a total of 9,589 deaths toll, according to the German disease and epidemic control center, Robert Koch Institute (RKI) report. In the meantime, the cases rose by 4,516 on the day while the death toll rose by 11. The daily rise in new cases topped 4,000 for the second day in a row, the highest numbers since April 10. These virus fears could be considered one of the key factors that kept the lid on any additional currency pair gains.
In the absence of the major data/events on the day, the market traders will keep their eyes on the Canadian jobs data. In the meantime, the risk catalyst like geopolitics and the virus woes, not to forget the Brexit, will also be key to watch for the fresh direction.
Daily Support and Resistance
S1 121.85
S2 122.64
S3 123.04
Pivot Point 123.43
R1 123.83
R2 124.22
R3 125
The EUR/JPY has violated the triple top resistance level of 124.850 mark, and now this is opening further room for buying until the next resistance level of 125.300 level. On the lower side, the support continues to stay at 124.850 level. The MACD and the 50 periods EMA are also supporting the buying trend today and check out a trading plan below.
Entry Price – Buy 124.933
Stop Loss – 124.533
Take Profit – 125.333
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
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During the Friday’s European trading hours, the EUR/USD currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 1.1800 level mainly due to the broad-based U.S. dollar selling bias, triggered by the market risk-on sentiment. However, the market risk tone was being supported by optimism over a possible vaccine and treatment for the highly infectious coronavirus.
During the Friday’s European trading hours, the EUR/USD currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 1.1800 level mainly due to the broad-based U.S. dollar selling bias, triggered by the market risk-on sentiment. However, the market risk tone was being supported by optimism over a possible vaccine and treatment for the highly infectious coronavirus.
During the Friday’s European trading hours, the EUR/USD currency pair succeeded to extend its previous session gaining streak and hit the intra-day high level around above 1.1800 level mainly due to the broad-based U.S. dollar selling bias, triggered by the market risk-on sentiment. However, the market risk tone was being supported by optimism over a possible vaccine and treatment for the highly infectious coronavirus.
Meanwhile, the increasing expectations of further U.S. stimulus packages also boosted the market trading sentiment, which keeps the U.S. dollar lower. Apart from this, the United States’ political uncertainty also weighs on the broad-based U.S. dollar, which provided an additional boost to the currency pair.
On the contrary, Europe’s quickly rising coronavirus (COVID-19) cases fueled the worries over the EUR economy recovery, which becomes the key factor that kept the lid on any additional gains in the currency pair. Meanwhile, the latest report that the Spanish Prime Minister (PM) Pedro Sánchez announced a state of emergency in Madrid also played a significant role in capping further currency pair gains.
However, the reason for the risk-on market sentiment could be associated with the renewed probabilities of the further stimulus package, triggered after the U.S. President Donald Trump stepped back from his earlier ‘NO’ to the coronavirus (COVID-19) aid package talks. This was witnessed after the discussions between House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin over the U.S. stimulus package resumed overnight. Apart from this, the coronavirus (COVID-19) vaccine’s hopes also favored the market risk tone, which eventually underpinned the safe-haven U.S. dollar.
As per the latest report, China joins the World Health Organization’s virus vaccine program after returning from one week-long holiday, which initially fueled the hopes of a disease cure. Meanwhile, the market trading sentiment was further bolstered by the positive reports that Gilead and Regeneron’s vaccine research efforts will offer strong results to stop the virus.
As in result, the broad-based U.S. dollar failed to stop its previous session losing streak & remained depressed during the European session as the investors continue to sell U.S. dollars on the back of the U.S. fiscal stimulus hopes, which keeps the market sentiment bullish. Furthermore, the U.S. dollar losses could also be associated with political uncertainty in the U.S. ahead of U.S. elections. Thus, the losses in the U.S. dollar kept the currency pair higher.
On the contrary, the Spanish Prime Minister (PM) Pedro Sánchez announced a state of emergency in Madrid as the COVID-19 cases in the U.K. and Germany are also worrisome. At the coronavirus front, the coronavirus cases grew to 314,660, with a total of 9,589 deaths toll, according to the German disease and epidemic control center, Robert Koch Institute (RKI) report. In the meantime, the cases rose by 4,516 on the day while the death toll rose by 11. The daily rise in new cases topped 4,000 for the second day in a row, the highest numbers since April 10. These virus fears could be considered one of the key factors that kept the lid on any additional currency pair gains.
Daily Support and Resistance
S1 1.1626
S2 1.1672
S3 1.1694
Pivot Point 1.1718
R1 1.174
R2 1.1764
R3 1.181
The EUR/USD pair is consolidating below 1.1780 level, and the closing of candles below the triple top resistance level of 1.1780 level may drive the selling trend in the EUR/USD pair until the support level of 1.1758 and 1.1740 level. Conversely, the bullish breakout of the 1.1780 level can trigger a sharp buying trend until today’s 1.1807 mark. Checkout a trading signal below..
Entry Price – Sell 1.17755
Stop Loss – 1.18155
Take Profit – 1.17355
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
During Friday’s Early European trading session, the USD/CAD currency pair extended its previous session losses and dropped to the intra-day low below 1.3180 level, mainly due to the broad-based U.S. dollar weakness. The prevalent downtrend in the greenback is primarily tied to the optimism over the U.S. fiscal stimulus hopes, which keeps the market trading sentiment positive and contributed to the currency pair losses. Moreover, the U.S.’s political uncertainty also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.
During Friday’s Early European trading session, the USD/CAD currency pair extended its previous session losses and dropped to the intra-day low below 1.3180 level, mainly due to the broad-based U.S. dollar weakness. The prevalent downtrend in the greenback is primarily tied to the optimism over the U.S. fiscal stimulus hopes, which keeps the market trading sentiment positive and contributed to the currency pair losses. Moreover, the U.S.’s political uncertainty also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.
During Friday’s Early European trading session, the USD/CAD currency pair extended its previous session losses and dropped to the intra-day low below 1.3180 level, mainly due to the broad-based U.S. dollar weakness. The prevalent downtrend in the greenback is primarily tied to the optimism over the U.S. fiscal stimulus hopes, which keeps the market trading sentiment positive and contributed to the currency pair losses. Moreover, the U.S.’s political uncertainty also weighs on the already weaker U.S. dollar, which adds further burden around the currency pair.
Across the pond, the reason for the declines in the currency pair could also be attributed to the recent surge in the crude oil prices, which underpinned the commodity-linked currency the Loonie and contributed to the currency pair’s declines. The crude oil prices were being supported by the Norwegian oil output disruption and risk-on market profile. As of writing, the USD/CAD currency pair is currently trading at 1.3175 and consolidating in the range between 1.3168 – 1.3204. Moving on, the currency pair traders seem cautious to place any strong position ahead of Canadian jobs data.
Despite the intensified Sino-US tussle, the market trading sentiment extended its previous-session positive tone and remained supportive by the combination of factors. The reason for the risk-on market trading sentiment could be attributed to the positive headlines suggesting that the Republican and Democratic policymakers agreed on a final push to reach a comprehensive aid package after President Donald Trump rejected talks earlier this week. However, these positive headlines helped the market’s risk sentiment and undermined the U.S. dollar’s safe-haven demand.
At the USD front, the broad-based U.S. dollar remained depressed as the investors continue to sell U.S. dollars on the back of the U.S. fiscal stimulus hopes, which keeps the market sentiment bullish. Moreover, the U.S. dollar losses could also be associated with political uncertainty in the U.S. ahead of U.S. elections. Thus, the losses in the U.S. dollar kept the currency pair lower.
Crude oil fresh bids above $42 on the day backed by reports cited the Norwegian oil output disruption and risk-on market profile. In the meantime, the U.S. Secretary of State Mike Pompeo tweeted the Trump administration’s decision to increase hardships for Iran’s financial sector while imposing fresh sanctions on 18 banks from Iran, further fueling the disturbance in the oil supply and provided an additional boost to the oil prices.
Moving on, the currency pair could face further losses as Canada is set to add 156.6K jobs in September. Hence, the big beat on the Canadian jobs data tends to underpin the Candian dollar, which could offer extra legs to the downside in the currency pair. Looking ahead, the market traders will keep their eyes on updates surrounding the Sino-US tussle and stimulus headlines. Whereas Canadian jobs data will be key to watch. In the meantime, the USD moves and coronavirus headlines will not lose its importance.
Daily Support and Resistance
S1 1.3233
S2 1.3272
S3 1.3292
Pivot Point 1.3312
R1 1.3331
R2 1.3351
R3 1.339
The USD/CAD is heading lower with a bearish bias at the 1.3170 level, having violated the support level of 1.3206 which now is working as a resistance. On the lower side, the USD/CAD pair may find support at 1.3174 area and 1.3080 support. We may enter a sell trade below 1.3209 level today or at least put the sell limit. Stay tuned and good luck!
The yellow metal prices extended its early-day bullish rally and remained well bids around above the 1,900 level. However, the bullish sentiment around the bullion prices could be associated with the broadly weaker U.S. dollar. The risk-on market sentiment undermined that. Meanwhile, the U.S.’s prevailing political uncertainty also pushed the U.S. dollar down for the second consecutive day. Thus, the U.S. dollar losses could be considered one of the key factors that kept the gold prices higher as the price of gold is inversely related to the price of the U.S. dollar. Apart from this, the surge in the coronavirus (COVID-19) numbers in the U.K. and Europe also favoring the yellow-metal bulls.
The yellow metal prices extended its early-day bullish rally and remained well bids around above the 1,900 level. However, the bullish sentiment around the bullion prices could be associated with the broadly weaker U.S. dollar. The risk-on market sentiment undermined that. Meanwhile, the U.S.’s prevailing political uncertainty also pushed the U.S. dollar down for the second consecutive day. Thus, the U.S. dollar losses could be considered one of the key factors that kept the gold prices higher as the price of gold is inversely related to the price of the U.S. dollar. Apart from this, the surge in the coronavirus (COVID-19) numbers in the U.K. and Europe also favoring the yellow-metal bulls.
The yellow metal prices extended its early-day bullish rally and remained well bids around above the 1,900 level. However, the bullish sentiment around the bullion prices could be associated with the broadly weaker U.S. dollar. The risk-on market sentiment undermined that. Meanwhile, the U.S.’s prevailing political uncertainty also pushed the U.S. dollar down for the second consecutive day. Thus, the U.S. dollar losses could be considered one of the key factors that kept the gold prices higher as the price of gold is inversely related to the price of the U.S. dollar. Apart from this, the surge in the coronavirus (COVID-19) numbers in the U.K. and Europe also favoring the yellow-metal bulls.
In the meantime, the U.S. geopolitical tension with the Middle East and China provided an additional boost to the safe-haven metal prices. On the contrary, the optimism over a potential vaccine/treatment for the highly infectious coronavirus and hopes of the further stimulus package keep the market trading sentiment bullish, which could be considered as the key factor that cap further upside momentum for the gold prices. Whereas, the Trump recovery from the COVID-19 infection also offers an additional reason for the market traders to remain hopeful. The yellow metal prices are currently trading at 1,909.87 and consolidating in the range between 1,893.78 – 1,912.96.
Despite the ongoing Sino-US tussle and worries concerning the coronavirus (COVID-19) crisis, the market trading sentiment extended its early-day positive tone and remained supportive by combining factors. As in result, the S&P 500 Futures gain over 0.40%, whereas Japan’s Nikkei slips four points to 23,643 as of writing. Hence, the basis for the risk-on market trading bias could be connected to the positive headlines implying that the discussions between House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin over the U.S. stimulus package resumed overnight. While President Donald Trump announced that discussions with Congress have resumed despite stopped the coronavirus (COVID-19) stimulus talks until the Nov. 3 presidential election. However, this helped the market’s risk sentiment and undermined the U.S. dollar’s safe-haven demand.
Apart from this, Trump continues to recover from the COVID-19 infection. Whereas the White House physician Sean Conley said that Trump completed his therapy course, and his condition remains stable since returning to the White House on Monday.
Across the ocean, the tensions between the U.S. and China and the surge in the coronavirus (COVID-19) numbers in the U.K. and Europe keep challenging the market risk-on tone. Although the Dragon Nation has recently started facing global pressure against its treatment of Uighur Muslims, 18 Iranian banks were sanctions off-late by the U.S. State Department to curb Tehran’s financial access help further safe-haven yellow metal.
At the coronavirus front, the ongoing rise in COVID-19 cases globally continues to fuel worries concerning the global economic outlook for the foreseeable tomorrow. As per the latest report, Spanish Prime Minister (PM) Pedro Sánchez announced a state of emergency in Madrid while the calls of closing the pubs and restaurants in the U.K. have been out and clear off-late. Looking forward, the market traders will keep their eyes on updates surrounding the Sino-US tussle and stimulus headlines. Whereas China’s return and Caixin Services PMI will be key to watch. In the meantime, the
Daily Support and Resistance
S1 1847.32
S2 1874.78
S3 1887.18
Pivot Point 1902.24
R1 1914.64
R2 1929.7
R3 1957.16
Gold has risen distinctly to trade at 1,912 marks, but the neutral candle’s closing below 1,912 levels implies mixed bias amongst traders. Hence, another formation of bearish engulfing or tweezers top pattern may begin bearish correction/retracement in gold. On the downside, gold may gain support at 1,906 and 1,899. Conversely, a bullish breakout of 1,912 stand-level may prolong the buying trend until the 1,919 level.
Entry Price – Sell 1909.74
Stop Loss – 1915.74
Take Profit – 1902.24
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$600/ +$750
Profit & Loss Per Micro Lot = -$60/ +$75
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
Categories
GBPJPY Breakout Retest Buy
Flow Assessment
Price is in an up-flow and the seller momentum has slowed down.
Location Assessment
Price is at a key buyer area, which is showing reactions.
Momentum Assessment
Price has held near the buyers area and making smaller higher lows, suggesting buildup of positions.
Entry Price – Buy 136.892
Stop Loss – 136.443
Take Profit – 137.357
Risk to Reward – 1:1.04
Profit & Loss Per Standard Lot = -$425/ +$440
Profit & Loss Per Micro Lot = -$42.5/ +$44
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
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Entry Price – Sell 124.62
Stop Loss – 125.02
Take Profit – 124.22
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
The USD/CAD pair was closed at 1.32564 after placing a highof1.33404 and a low of 1.32548. The USD/CAD pair dropped and removed all of its previous day’s gains on Wednesday amid broad-based U.S. dollar weakness and increasing crude oil prices. The U.S. dollar weakness was due to Trump’s latest U-turn on Wednesday’s previous day’s statement. The U.S. President Donald Trump backed his statement of halting the negotiations with Democrats because of continuous disagreement between both parties over the stimulus measure’s size. However, a day after that, Trump again called for more aid to Americans from U.S. congress as airlines and other small businesses were facing huge crises.
The USD/CAD pair was closed at 1.32564 after placing a highof1.33404 and a low of 1.32548. The USD/CAD pair dropped and removed all of its previous day’s gains on Wednesday amid broad-based U.S. dollar weakness and increasing crude oil prices. The U.S. dollar weakness was due to Trump’s latest U-turn on Wednesday’s previous day’s statement. The U.S. President Donald Trump backed his statement of halting the negotiations with Democrats because of continuous disagreement between both parties over the stimulus measure’s size. However, a day after that, Trump again called for more aid to Americans from U.S. congress as airlines and other small businesses were facing huge crises.
The USD/CAD pair was closed at 1.32564 after placing a highof1.33404 and a low of 1.32548. The USD/CAD pair dropped and removed all of its previous day’s gains on Wednesday amid broad-based U.S. dollar weakness and increasing crude oil prices. The U.S. dollar weakness was due to Trump’s latest U-turn on Wednesday’s previous day’s statement. The U.S. President Donald Trump backed his statement of halting the negotiations with Democrats because of continuous disagreement between both parties over the stimulus measure’s size. However, a day after that, Trump again called for more aid to Americans from U.S. congress as airlines and other small businesses were facing huge crises.
This U-turn by Trump raised risk sentiment in the market and supported the riskier Canadian Dollar that ultimately dragged the USD/CAD pair on Wednesday. The hopes for further stimulus dimmed on Tuesday after Trump’s advice to Republicans to stop negotiating with Democrats. These declined hopes added strength to the U.S. dollar on the previous day, but the strength was turned into weakness after Trump backed from his own statement on Wednesday.
The weak U.S. dollar added further pressure on the USD/CAD pair, and the pair posted big declines on Wednesday. Furthermore, the rising Crude oil prices also affected the USD/CAD pair movements on Wednesday. The WTI Crude oil rose on Wednesday despite the negative Crude Oil Inventories report from the United States.
At 19:30 GMT, the Crude Oil Inventories data from Energy Information Administration revealed that U.S. crude oil inventories for the previous week came in as 0.5M against -1.2M. The crude oil prices remained above $40 on Wednesday and added strength in commodity-linked currency Loonie. The rising crude oil prices raised the Canadian Dollar, which added pressure on the USD/CAD pair. Meanwhile, the Ivey Purchasing manager’s Index for September was released from Canada that dropped to 54.3 points against the forecasted 64.5 and weighed on the Canadian Dollar. It kept the losses in the USD/CAD pair limited on Wednesday.
Federal Reserve also released its September meeting minutes on Wednesday that revealed that officials were concerned about economic recovery and called for more stimulus measures to support the economic recovery. Minutes from Fed failed to give any specific direction to the USD/CAD pair on Wednesday, and the pair kept moving in a bearish trend.
Daily Technical Levels
Support Resistance
1.3222 1.3312
1.3192 1.3372
1.3132 1.3402
Pivot point: 1.3282
The USD/CAD is heading lower with a bearish bias at 1.3245 level, having violated the double bottom support level of 1.3250. The closing of the bearish engulfing pattern on the 4-hour timeframe triggered a bearish breakout, which is now likely to open further room for selling until 1.3202 levels. Checkout a trading plan below…
Entry Price – Sell 1.32344
Stop Loss – 1.32744
Take Profit – 1.31944
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
Fellas, now you can check out forex trading signals via Forex Academy mobile app. Follow the links below.
iPhone Users: https://apps.apple.com/es/app/fasignals/id1521281368
Andriod Users: https://play.google.com/store/apps/details?id=academy.forex.thesignal&hl=en_US
