Personal opinions today:

The Federal Reserve announced the Beige Book, reflecting the moderate to neutral growth of the overall economy, and the price and inflation performance also maintained a moderate to neutral growth. The Beige Book report is positive. The Fed will continue to focus on price and inflation growth. It is estimated that the Fed will maintain a gradual rate hike. When planning the December meeting, it will consider raising interest rates by 0.25% and ending the Fed four times this year. Rate hike target. But on the other side of the European Central Bank, the interest rate remains unchanged. Last night, the European central bank said it did not intend to extend the volume, but the content did not discuss the long-term refinancing operations (TLTROs) in detail, but also expressed concern about the Italian economic outlook, so it failed to boost the euro and other European currencies.

Today's important data is mainly the initial value of the third quarter GDP in the United States. The market is expected to fall from the final value of the second quarter, only 3.3% or 3.4%. The data reflects the slowdown or growth of the US economy and affects the job market and wage performance, consumer price outlook. At the same time, the core price index and personal consumption expenditure in the third quarter were equally valued. Due to the typhoon in the United States in September, the US GDP performance may deviate from normal. If the data gap is larger than expected, the US dollar will fluctuate. It is recommended to pay close attention to the market performance after the data is released.

Today's suggestion:

EURUSD

1.1370/1.1350 support

1.1430/1.1450 resistance

The speech of the central bank governor after the ECB meeting and the meeting did not bring market surprises and failed to boost the euro. Tonight, the United States announced the initial value of GDP in the third quarter. The market expectation is lower than the previous value. The strength of the US dollar may change and boost the euro. The market is looking forward to a number of important data performances in the Eurozone next Tuesday. And perhaps more important is the development of the Italian budget.

GBPUSD

1.2840/1.2820 support

1.2905/1.2935 resistance

The United States will announce the initial value of GDP in the third quarter, and the market expects to fall from the final value of the previous quarter, representing a slowdown in the economy, USD maybe fall. However, during the Brexit negotiations, the news may affect exchange rate fluctuations. It is recommended to be cautious and pay attention to position control and trading risks.

USDCHF

1.0010/1.0030 resistance

0.9975/0.9955 support

If the initial US GDP in the third quarter slows down as expected from the previous quarter, the US dollar has the opportunity to fall. However, care must be taken to pay attention to position control and trading risk. At the same time, concerned about the development of the Brexit negotiations and the Italian budget, if the news is negative for the euro, then the Swiss franc maybe positive.

USD/JPY

112.60/112.75 resistance

112.10/111.95 support

Fluctuations in the US stock market and global stock markets have driven the Nikkei index to fluctuate. The stock market stabilized yesterday and the dollar finally rebounded against the yen. At present, we continue to observe and pay attention to the trading hours in Asia and Europe. The stock market trend is repeated, and the USD/JPY may also follow the pace. Technically, focus on the resistance of 112.60 and 112.75. If there is no breakthrough, the trend still has a chance to reverse to go down recommended support.

AUDUSD

0.7065/0.7055 support

0.7095/0.7105 resistance

In the evening, the initial value of GDP in the third quarter of the United States may be slower than that in the previous quarter. If the performance is larger than expected, it may be negative for the US dollar and have the opportunity to support the Australian dollar and go up.

NZDUSD

0.6515/0.6505 support

0.6550/0.6565 resistance

In the evening, the initial value of GDP in the third quarter of the US may slow down from the previous quarter. If the performance is larger than expected, it may be negative for the US dollar and have the opportunity to support the New Zealand dollar and go up.

USD/CAD

1.3050/1.3030 support

1.3100/1.3120 support

The Bank of Canada raised interest rates, raising interest rates by 0.25%, and the interest rate hike was positive. The dollar was seen at 1.2970. However, the central bank’s monetary policy stance remained neutral and did not indicate the next rate hike. Coupled with the market's third-quarter GDP in the market, if the results slow down from the previous quarter, it is likely to be negative for the US dollar and the Canadian dollar. The rebound in oil prices may also be one of the reason, the positive for Canadian dollar.

EUR/GBP

0.8880/0.8900 resistance

0.8855/0.8835 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, the 0.8855 important resistance breakthrough, the trend continues to rise, will test the 0.8900 resistance.

EURCHF

1.1385/1.1400 resistance

1.1350/1.1335 support

Since the beginning of the euro against the Swiss franc from the beginning of October, the euro has formed a double-top pattern against the Swiss franc. The trend has been adjusted and the development of the neckline is 1.1365, which can be used as an important support. Currently in the vicinity of the neckline support, if you break through 1.1335 further, look down 1.1310. However, it must be noted that if it breaks through 1.1385, the trend will be reversed.

XAUUSD

1239/1242 resistance

1230/1228 support

The US Dow and global stock markets are vibrating and even affecting Asian stock markets. Gold as a hedge against funds, the stock market fell, and gold prices rose. Now the target resistance is 1239, which is lower than the recommended resistance it may reach 1228 support. But we must pay attention to the trend of the US Dow stock market, observe the trend of the US Dow, and help to grasp the trend of gold.

US crude oil futures:

68.60/69.05 resistance

66.60/66.05 support

Saudi oil companies intend to increase production and increase US crude oil inventories, oversupply, causing oil prices to fall. Technically wait and see new news to match, and boost oil prices. The recommendation is currently focused on $66 support. If the price rebounding, the first target is USD68.

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.

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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