The EU has urged the Italian Ministry of Finance to submit a budget deficit, and the market once worried that the Italian Ministry of Finance could not significantly reduce the budget to meet EU requirements, which may cause Italy to leave the EU, affecting the power and integrity of the ECB, and causing the euro to fall. In the end, the EU is willing to give time to the Italian government to handle and submit a new budget, and market anxiety has cooled. And to boost the global stock market, the US Dow rebounded after falling more than 400 points last night, repairing some of the decline. The price of gold has turned from rising to falling, and the dollar has also turned from rising to falling. However, crude oil inventories continued to climb, oil prices fell, once fell below 66 US dollars, the market can not be repaired. Another worry in the market, tonight's US ElA crude oil inventory report, the inventory also increased significantly, further negative oil prices.

At 10 tonight, the Bank of Canada announced interest rate decision, the market expects the central bank to raise interest rates by 0.25%, oil prices fell, did not affect the Canadian dollar, the Canadian dollar seems keeping strengthened. However, the Canada economy has been weak since the last time the Bank of Canada raised interest rates, it must be noted that at 10 tonight and afterwards, the Bank of Canada's interest rate decision and comments will have a chance to bear the future development of the Canadian dollar.

US important data is about to be released. Tomorrow morning, the United States will publish a Beige Book, which mainly describes the economic situation of the US states and regions, and finally affects the initial value of the third-quarter GDP rate announced on Friday. The market remains concerned about the development and trends of the US economy. It is recommended to continue to focus on the US dollar index at the 96.15 and 96.50 resistance levels.

Today's suggestion:

EURUSD

1.1490/1.1515 resistance

1.1445/1.1430 support

Germany announced its September PPI yesterday, and the results beat market expectations and last month, which boosted the euro to 1.1490. The market is waiting to see if the manufacturing purchasing index of the Eurozone in October will increase, which will bring economic growth prospects. More importantly, tomorrow night, the ECB will raise interest rates and announce monetary policy stance. It is currently expected that the monetary policy will be positive and there will be bullish the euros. Technical attention to the 1.1445 and 1.1430 support levels, and wait and see if the resistance level can be broken.

GBPUSD

1.3020/1.3040 resistance

1.2965/1.2945 support

The UK and the Brexit Negotiating Committee expressed their intention to make concessions on the Irish border agreement and speed up an agreement with the EU to prevent the negotiations from being affected. The pound rebounded and hit a resistance of 1.3040. However, as the British Prime Minister was conceded by the British Parliament on the Brexit negotiations, the Prime Minister was impeached, the British political confidence was not good, and the pound could not rise further. If you believe that the range of the GBPUSD will fluctuate in the short term, waiting for the next important information to bring inspiration.

USDCHF

0.9980/0.9995 resistance

0.9935/0.9915 support

The Swiss franc is mainly following the pace of the euro. 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. The US dollar against the Swiss franc can refer to 0.9950 and 0.9935 as the support level unchanged, but before the European Central Bank's interest rate decision, the euro may be positive, maybe the dollar against the Swiss franc will test 0.9935 and 0.9915 support.

USD/JPY

112.75/113.05 resistance

112.30/112.00 support

The trend of the Japanese Nikkei index mainly drives the trend of the US dollar against the yen. However, the United States will announce the Beige Book report, estimating that the JPY will be affected by the dollar, and the dollar will have a chance to rise against the yen. The reference from the high in early October to the low in mid-October, rebounded 50% to 113.05, which can be regarded as the first important resistance target. However, if the Japanese Nikkei index declines, the USDJPY may test against 112.30 and 112.00.

AUDUSD

0.7100/0.7115 resistance

0.7075/0.7060 support

Industrial metal prices rebounded, and the Australian dollar was bullish. The United States will announce the Beige Book report, which can refer to industrial and manufacturing production expectations and affect industrial metal prices. It is recommended to pay close attention to the trend of industrial metal prices and the impact on the Australian dollar.

NZDUSD

0.6565/0.6580 resistance

0.6535/0.6520 support

Before the release of the US Beige Book report, the US dollar continued to be strong, indirectly affecting the New Zealand dollar. However, the Australian dollar rebounded and the New Zealand dollar stopped falling. Technically, the New Zealand dollar has also adjusted by more than 61.8% against the US dollar. In the current situation, the next support is 0.6535 and 0.6520 respectively. However, after breaking through 0.6565, the trend may change, and test lower support.

USD/CAD

1.3125/1.3150 resistance

1.3065/1.3030 support

Oil prices are still affected by the resistance of 70 US dollars, while falling further, negative for the Canadian dollar. But the market first waited to see the Bank of Canada's central bank meeting interest rate tonight. It is expected that in the short term, the US dollar will have a chance to consolidate against the Canadian dollar, pending the central bank's interest rate decision and monetary policy stance. If the news is positive, the US dollar against the Canadian dollar has the opportunity to test 1.3030 support.

EUR/GBP

0.8845/0.8855 resistance

0.8800/0.8785 support

The EU and the British government said that the Brexit agreement still needs time to discuss, the British prime minister's status is affected, and the bearish pound is expected to continue. 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

In the recent observation, from the beginning of October to the recent days, technically, the EURCHF has formed a double-top form, and the trend has developed in an adjustment pattern. The neckline target is 1.1365, which can be used as an important support point reference.

XAUUSD

1235/1238 resistance

1224/1222 support

The market is waiting for the US Beige Book to announce that the price of gold should have been consolidating in a narrow range. But last night, the US Dow fell sharply, global stock markets vibrated, and gold as a hedge against funds, prices rose. As analyzed yesterday, if the breakthrough resistance of 1232 will be more clear to go up. But now, It is recommended to wait and check the US Beige Book, while observing the trend of the US Dow and grasping the market.

US crude oil futures:

68.60/69.05 resistance

65.70/65.30 support

US President Trump criticised the price of crude oil too high when USD70. He asked OPEC to increase production and cut  the price of oil. The oil price of 70 US dollars could not be broken. The market expected the latest US crude oil inventories increase, oversupply, oil prices fell deeply . Now,  the market is looking the economic report on the US Beige Book, if the US industrial production and consumption market is expected to grow, it is expected to boost oil prices. It is recommended to focus on 65.70 and 65.30 support.

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 again.

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

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