Personal opinions today:

Italy's fiscal deficit exceeds the standards of EU member states, and the EU requires the Italian state to submit the latest budget cut report today. The Italian Finance Minister said yesterday that Congress has no intention of drastically reducing the budget. The market is worried that Italy is considering leaving the EU, affecting the power of the ECB, and the euro is falling. In addition, the European Central Bank’s interest rate meeting on Thursday night, the market worried that after the European Central Bank reduced its LTRO plan, the economic will slowdown and the tight liquidity of market funds were also bad for the euro.

British Prime Minister intends to compromise on the Brexit negotiations, concessions in the Irish border trade agreement, weaken the British benefits, and be criticized and impeached by the British Parliament. Political factors, bad sterling.

The above problems in the European region have caused the euro to fall against the dollar and indirectly to increase the dollar. However, the United States will announce the Beige Book and the initial value of the third quarter GDP rate in the United States. The market remains concerned about the development and trends of the US economy. The content of the American Beige Book will have implications. It is worth noting that the US economic and employment data has been slowing since the beginning of October. Although the US Beige Book mainly reflects the regional economic report in September, it also has a prospect for future economic prospects. Coupled with the expected slowdown in the third quarter GDP season in the US, it is estimated that the strength of the US dollar is difficult to maintain. Estimating the US dollar index, you may encounter resistance at 96.15 and 96.50. However, it is necessary to pay attention to whether the euro will fall further in the afternoon when it submits the budget this afternoon, and indirectly boost the dollar to the upper resistance. Because of the trend of the dollar, it also affects the price of gold and other precious metals, and even affects the price of oil.

Today's suggestion:

EURUSD

1.1485/1.1515 resistance

1.1435/1.1405 support

The ECB announced the results of the interest rate and monetary policy on Thursday night, but the market pays more attention to whether the budget submitted by the Italian parliament today can be approved by the EU and whether it will trigger Italy's departure from the EU, resulting in a negative euro. Before this time, Germany announced the September PPI this afternoon, and the market expects a slight decline, which is also one of the bad euro factors. I believe that today's Euro volatility is larger than usual, paying attention to trading risks.

GBPUSD

1.3020/1.3040 resistance

1.2925/1.2905 support

As mentioned above, the British Prime Minister was impeached by Congress, affecting political confidence. At the same time, the EU's Italian budget may not meet the requirements of the EU, resulting in the EU's political status is unstable, and currently bearish. Tonight, Bank of England Governor Carney attended the event to give a speech, and the market is concerned about whether his speech can boost the pound. Must pay attention to trading risks!

USDCHF

0.9980/0.9995 resistance

0.9950/0.9935 support

There is no important data released in Switzerland, and the Swiss franc can refer to the euro. If the euro continues to be weak, the short-term Swiss franc is also weak. Technically, the US dollar against the Swiss franc is at a high level in early August. 09980 is one of the resistance levels. If the breakthrough is successful, the first reference resistance is 1.0030. USD/CHF can refer to 0.9950 and 0.9935 as support.

USD/JPY

112.85/113.05 resistance

112.45/112.30 support

Japan’s Nikkei index fell, with the opportunity to stop the dollar against the yen. However, before the US Beige Book report on Thursday, it was estimated that the yen was affected by the US dollar and the trend was weak. The reference is between the high level in early October and the low in mid-October, and the rebound is 50% to 113.05, which can be regarded as the first resistance target. However, if the Japanese Nikkei index declines, USDJPY may test 112.30.

AUDUSD

0.7085/0.7100 resistance

0.7055/0.7040 support

Falling industrial metal prices have affected the performance of the Australian dollar. And before the release of the US Beige Book report, the strength of the US dollar continued, indirectly affecting the decline of the Australian dollar. Technically, the Australian dollar is adjusting below 61.8% of the wave, and has the opportunity to further test 0.7040 support. Pay close attention to the trend of industrial metal prices, affecting the Australian dollar.

NZDUSD

0.6565/0.6580 resistance

0.6535/0.6520 support

As expected yesterday, before the release of the US Beige Book report, the strength of the US dollar continued, indirectly affecting the decline of the Australian dollar, and finally the New Zealand dollar was also affected, following the decline. Technically, the New Zealand dollar has also adjusted more than 61.8% against the US dollar. In the current situation, if the Australian dollar falls further against the US dollar, the next support is 0.6535 and 0.6520 respectively. However, after breaking through 0.6565, the trend may change.

USD/CAD

1.3120/1.3135 resistance

1.3080/1.3060 support

Oil prices are still affected by the resistance of $70, which is negative for the Canadian dollar. The market also watched the Bank of Canada's central bank meeting on Wednesday night. In the short term, the USD/CAD is expected to have a range adjustment. If the fundamentals match the good news, the US dollar against the Canadian dollar has the opportunity to test 1.3030 or 1.3015 support, but must break through the first support of 1.3080.

EUR/GBP

0.8845/0.8855 resistance

0.8830/0.8815 support

The EU and the British government said that the Brexit agreement still needs time to discuss and the political unrest of the UK. The bearish pound, the euro against the pound continues to move upward. If the fundamentals have not changed, it is estimated that the trend will continue to rise. Technically, we will focus on the important resistance of 0.8855. If it breaks through, it will probably test 0.8900.

EURCHF

1.1440/1.1455 resistance

1.1385/1.1365 support

From the beginning of October to the recent days, technically, the euro has formed a preliminary double-top formation against the Swiss franc, which deserves attention. If the adjustment form is developed, the neckline is 1.1365, which can be used as a reference.

XAUUSD

1227/1229 resistance

1219/1217 support

The minutes of the Fed meeting, officials unanimously support the pace of gradual rate hikes, gold that is sensitive to interest rate movements can therefore further break through the rise, controlled by 1232 resistance. Short-term estimates of gold price movements may be in the range, until the US Beige Book announced. If you break through any critical point, such as 1232 resistance or 1217 support, the trend will be creates a new direction.

US crude oil futures:

69.95/70.35 resistance

68.60/68.30 support

The Fed’s comments made bad prices. The oil price continued to fall below $70, hitting 73.6% of the adjustment wave, and saw support of $68.5 after $69.45. The market continued to ferment the Fed’s interest rate hike and economic recession outlook, fearing that crude oil demand will fall and oil prices will fall. At present, there is no other news that can boost the price of oil. If the resistance of 70 dollars has not broken, it is still possible to test the price of 68.30 dollars.

BTCUSD:

6680 / 6750 resistance

6280 /6060 support

Before the US Beige Book report, estimating short-term negative bitcoin. As expectation before, 6750 is a important resistance. Since the break through resistance point fails, the price go down. Now it may test 6280 or 6060 support.

Hope you enjoy and have happy trade!  The content is for reference only. Please do ensure that you understand the risk.

Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial
Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 
Contact: cs.gm@atfx.com or wechat: ATFX_China

Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.

Looking for a trading advise by professional trader?
We can provide you a LIVE trading session together with the professional trader!!!

Original price was US$1,297, now only US$200!! 
Save up to 85% for your money!!

During the event:
✔ understanding how to analyse the charts and plan trades
✔ learning professional trading methodologies
✔ trading these setups LIVE during the UK & US trading sessions
✔ implementing the risk & trade management skills learnt

Professional Trader background:
Mr. Rayn Lim
Founder, Course Director - FOREX100 ACADEMY PTE LTD
Widely Recognized Forex Trader & Award-Winning Entrepreneur in Asia (2013)
Featured alongside interviews and guest speaking with top CEOs like George Quek of BreadTalk

Date: 30th October 2018
Time: 10am to 6pm
Venue: #30-01 Jalan Austin Heights 
8/7, Taman Mount Austin 
81100, Johor Bahru