Personal opinions today:

The market worried that the third quarter GDP of the United States experienced a sharp slowdown, coupled with the performance of US companies dragged down. Last night, the US Dow opened higher and closed lower, and the Dow fell more than 400 points. The funds are safe, flowing into gold and the yen respectively. Asian stocks opened lower this morning, the Nikkei index fell, the dollar fell below the 112 mark against the yen, and gold returned to above 1232.

The Federal Reserve announced the Beige Book of Economic Reports, covering industrial production, finance, construction, employment and wages, most importantly concerned with price and inflation performance. The Beige Book report pointed out that the overall US economy has turned moderately and the price has risen due to the influence of the early front wind. In conclusion, the Fed is still concerned about price and inflation growth, and it is reasonable to estimate that the Fed plans to raise interest rates by 0.25% in December. The strength of the US dollar ended temporarily after the Fed’s Beige Book report, after which the US dollar index adjusted its gains.

Yesterday, before the Fed's Beige Book report was released, the US dollar was strong, and the performance of the Eurozone Manufacturing Purchasing Managers Index was weak. The US Manufacturing Purchasing Managers Index showed an increase. Moreover, the Italian budget of the EU member states has not been accepted by the EU, and market concerns have dragged down the EU and the euro. Other European currencies and commodity currencies fell.

This afternoon, the market is concerned about the performance of German economic data, as well as the European Central Bank interest rate decision tonight. During the US market trading hours, focus on US jobless claims, durable goods orders and existing home sales. The market expects that the performance of various data in the United States may slow down, and there is a chance that the US dollar will be negative before the announcement. In addition, the market expects the US third-quarter GDP to slow down significantly tomorrow night, which is negative for the US dollar.

Today's suggestion:

EURUSD

1.1390/1.1375 support

1.1470/1.1485 resistance

The euro zone manufacturing purchasing managers index fell, and the market worried that the euro zone economy and job market will slow down. The euro fell below the 1.1430 support level, and the Fed's Beige Book is expected to be positive. When the dollar is strong, the euro once saw a low of 1.1377. After the release of the Fed Beige Book report, there was no further stimulus to the US dollar, and the euro revised the decline. Tonight, the ECB president and the central bank governor said after the meeting, if the central bank governor said that the euro zone economic growth forecast and the establishment of October to reduce the size of the bond purchase, there is an opportunity to boost the euro. Moreover, the market estimates that the initial value of GDP in the third quarter of the US will fall tomorrow, and the strength of the US dollar may slow down. It is also one of the reasons for supporting the euro.

GBPUSD

1.2875/1.2860 support

1.2935/1.2955 resistance

The Fed's Beige Book report shows that the US economy is still moderate, and the US dollar may temporarily stop after the US dollar is strong. The market is watching the performance of US economic data tonight and tomorrow night. The market expects that these economic data will have a lower chance than the previous value. The initial value of the third quarter GDP in the US will slow down from the previous quarter tomorrow. If the negative dollar is expected, the pound will have a chance to rebound. But you must be cautious and pay attention to position control and trading risk. At the same time, paying attention to the speech of the central bank governor after the European Central Bank meeting and the meeting tonight, the pound may be affected by the fluctuation of the euro.

USDCHF

0.9980/0.9995 resistance

0.9935/0.9915 support

The Fed's Beige Book report shows that the US economy is still moderate, and the US dollar may temporarily stop after the US dollar is strong. The market is watching the performance of US economic data tonight and tomorrow night. The market expects that these economic data will have a lower chance than the previous value. The initial value of the third quarter GDP in the US will slow down from the previous quarter tomorrow. If the negative dollar is expected, the US and the United States will have the opportunity to further decline. But you must be cautious and pay attention to position control and trading risk. At the same time, paying attention to the speech of the central bank governor after the European Central Bank meeting and the meeting tonight, the US and the Swiss may be affected by the fluctuation of the euro.

USD/JPY

112.35/112.55 resistance

111.75/111.60 support

US stocks and global stock markets fell, Japan's Nikkei index fell, and the dollar against the yen eventually fell to 112.30 and 112.00 respectively. At present, during the trading hours in Asia and Europe, the stock market in the region still has a chance to go down, and the USD/JPY may follow. Technically, pay attention to the resistance of 112.35 and 112.55. If there is no breakthrough, the trend is still bearish.

AUDUSD

0.7065/0.7055 support

0.7090/0.7105 resistance

After the US released the Beige Book report, the US dollar weakened and the Australian dollar rebounded. The market is watching the performance of US economic data tonight and tomorrow night. The market expects that these economic data will have a lower chance than the previous value. The initial value of the third quarter GDP in the US will slow down from the previous quarter tomorrow. If it is negative, it will have the opportunity to support the Australian dollar.

NZDUSD

0.6515/0.6505 support

0.6550/0.6565 resistance

After the US released the Beige Book report, the US dollar weakened, and the New Zealand dollar found support in the adjustment wave. It is now starting to enter the rebound wave and adjust to bullish. The market is watching the performance of US economic data tonight and tomorrow night. The market expects that these economic data will have a lower chance than the previous value. The initial value of the third quarter GDP in the US will slow down from the previous quarter tomorrow. If it is negative, it will have the opportunity to support the New Zealand dollar.

USD/CAD

1.3045/1.3065 resistance

1.2985/1.2970 support

The Bank of Canada raised interest rates, raising interest rates by 0.25%, and the interest rate hike was positive. It once allowed the dollar to support 1.3030 against the Canadian dollar, the lowest seen at 1.2970. However, the central bank’s monetary policy stance remained neutral and did not indicate the next rate hike. And the oil price fell, without further stimulating the Canadian dollar. The market is watching the performance of US economic data tonight and tomorrow night. The market expects that these economic data will have a lower chance than the previous value. The initial value of the third quarter GDP in the US will slow down from the previous quarter tomorrow. If it is negative, it will have the opportunity to support the Canadian dollar.

EUR/GBP

0.8855/0.8875 resistance

0.8815/0.8800 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 its upward trend against the pound. 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

1.1395/1.1410 resistance

1.1340/1.1310 support

It has been observed recently that the euro has started from the beginning of October against the Swiss franc. Technically, the euro has formed a double-top pattern against the Swiss franc. The trend has been adjusted and the neckline target is 1.1365, which can be used as an important support point. Currently in the vicinity of the neckline support, if further break through 1.1340, look down 1.1310. However, it must be noted that if it breaks through 1.1395, the trend will be reversed.

XAUUSD

1239/1242 resistance

1230/1228 support

The US Dow fell sharply, global stock markets vibrated, and Asian stock markets were also dragged down. Gold as a hedge against funds, prices rose. 1232 can be used as a dividing line, above the top, the target resistance resistance is 1239/1242 resistance, lower than 1232, maybe down to 1228. But we must pay attention to the trend of the US Dow and global stock market, observe the trend of the US Dow and global stock market, it may help to grasp the trend of gold.

US crude oil futures:

68.60/69.05 resistance

65.70/65.30 support

US President Trump criticized the price of crude oil and asked OPEC to increase production and match the price of oil. The oil price of 70 US dollars could not be broken. Saudi  intend to increase production and increasing US crude oil inventories, oversupply, causing oil prices to fall. The market is looking any good news to boost oil prices. Technically, it is recommended to focus on 65.70 and 65.30 support.

BTCUSD:

6680 / 6750 resistance

63400 /6260 support

After the US released the Beige Book report, the US dollar weakened, positive bitcoin. As expectation before, 6750 is a important resistance. Now if reach 6340 or 6260 support again, suggests that don’t follow the trend to sell.

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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