Reminder: North America will implement winter time from this Sunday to March 10, 2019. The trading time and data release time will be one hour later than the summer time. attention please!

 

Personal opinions today:

 

The results of US ADP job data  reported a total of 227,000, higher than market expectation of 189,000, and US labor costs increased quarter-to-quarter, surpassing market expectations. However, the US Chicago Purchasing Managers Index fell in October compared with market expectations and previous values, limiting the dollar's gains. The decline in gold and the yen, also the euro found support in the 1.1302 against the dollar. In addition, the media said that British Prime Minister Wen Cuishan said that with the EU on the UK's financial services after the Brexit, the British Brexit Minister said that the completion of the Brexit agreement before November 21, the pound rebounded from the low, the news is indirectly more euros.

 

In the afternoon and evening, the main focus is on UK data and the results of the Bank of England. The most important concern is the speech of the Bank of England, and there is no change in the future monetary policy stance. The market is hoping that the recent Brexit results will bring optimism to the central bank's prospects and maintain the central bank's plan to raise interest rates in the summer of 2019 to boost the pound.

 

Today's suggestion:

 

EURUSD 

1.1305/1.1285 support

1.1355/1.1375 resistance

German retail sales fell, the euro zone CPl improved, but the euro continued to decline, the market continues to wait and see whether the Italian budget can be approved by the European Union, worried that the Italian Ministry of Finance can not reduce the deficit, bring the euro zone worry, the euro lacks momentum to rebound, there are Opportunities continue to test the low. At present, the euro has found support in the low of 1.1302 in mid-August, but still lacks a strong rebound reason. It is expected that the important resistance of 1.1355 and 1.1375 which is limited the EURUSD further go up.

 

GBPUSD

1.2865/1.2885 resistance

1.2770/1.2750 support

The market is concerned about the 20:00, the Bank of England interest rate decision tonight. Although the Brexit issue has brought good news, boosting the pound to rebound to above 1.28 level, but if the Bank of England can not express the interest rate hike, the short-term may become the main reason for the bad price. In addition, the market is watching the US jobless claims tonight and the US job report tomorrow, the pound may limit the increase, pay attention to the 1.2865 and 1.2885 resistance. If adjusted, 1.2770/1.2750 is the first phase of important support.

 

USDCHF 

1.0080/1.0100 resistance

1.0035/1.0010 support

The weak euro is indirectly affecting the fall of the Swiss franc. Technically, the US dollar against the Swiss franc broke through the resistance of 1.0025 and continued to move upward. The US ADP job data is better than expected, and the outlook is for the US dollar to the US non-farm payrolls data for tomorrow night. If the USD has a chance to adjust against the Swiss franc, the first target is 1.0035 and 1.0010.

 

USD/JPY

113.15/113.35 resistance

112.60/112.40 support

Yesterday, the Bank of Japan interest rate decision and policy statement. Bank of Japan Governor Haruhiko Kuroda held a press conference to reaffirm that the monetary policy and the size of the bond purchase remain unchanged. The dollar has not changed much against the yen, but it has been boosted by the Japanese Nikkei and has driven the dollar to rise against the yen. Technically, Japan's Nikkei and the US and Japan rebounded at the bottom, breaking the neckline 21788 and 112.85 respectively, and the US and Japan once touched the resistance of 113.35. The market is currently watching the performance of the job data released by the United States in the next two days. It is expected that the USD/JPY will enter the adjustment. The support level can be supported by 112.60 and 112.40. The important USD/JPY trend continues to be affected by the stock market performance, so please pay attention.

 

AUDUSD 

0.7125/0.7145 resistance

0.7100/0.7085 support

Australia announced that the import and export prices in the third quarter and the September trade in goods and services increased respectively, and were expected to boost the Australian dollar compared with market expectations and previous values. The market waits for US job data and other data from Australia to be announced tomorrow. It is expected that the Australian dollar will strengthen than the US dollar, paying attention to the resistance of 0.7125 and 0.7145.

 

NZDUSD 

0.6565/0.6580 resistance

0.6530/0.6515 support

As the Australian dollar rose against the US dollar, the New Zealand dollar rose indirectly against the US dollar. Technically, the head and shoulders bottom pattern remains unchanged, first focusing on 0.6565 resistance and 0.6515 support. It is expected that the New Zealand dollar against the US dollar will continue to follow the development of the Australian dollar against the US dollar.

 

USD/CAD

1.3170/1.3190 resistance

1.3080/1.3065 support

Canada's GDP in August fell compared with the previous value, and crude oil prices fell, which was bad for the Canadian dollar. If the oil price continues to fall, the bearish Canadian dollar will technically test resistance at 1.3170 and 1.3190. The short-term most important concern is the resistance of 1.3220.

 

EUR/GBP

0.8855/0.8885 resistance

0.8805/0.8780 support

The Brexit negotiations provided good news, EUR/GBP fell sharply . At present, the adjustment has been made, and the golden ratio of 50% has fallen below, and the lower support target of 0.8805 is below. The Bank of England is meeting interest rates tonight, the market is watching monetary policy orientation, and it affects the trend of the pound.

 

EURCHF 

1.1415/1.1430 resistance

1.1385/1.1370 support

After the EURCHF showed a double-top pattern, the trend showed an adjustment, and the developing the right shoulder with the neckline at 1.1365. Currently in the neckline support consolidation, pay attention to the right shoulder above the 1.1415 and 1.1430 resistance. In the afternoon, Switzerland announced inflation data, which is expected to cause the Swiss franc to rise and the euro to fall against the Swiss franc.

 

XAUUSD :

1220/1223 resistance

1213/1210 support

The US stock market keeps going uptrend last night and the gold continued to fall. After the Dow closed, it fell slightly, and then the price of gold rose, and the trend and pace were close. Pay attention to the trend of global stock markets and grasp the changes in the trend of gold. Before the market waits for US job data, the gold trend may be affected by the strong dollar, limiting the resistance below 1220 and 1223. Technically, 1213 is the adjustment support. If there is no further fall below 1210, the trend still has a chance to rebound, and the resistance was 1220 and 1223.

 

US crude oil futures:

65.40/65.85 resistance

64.45/64.05 support

The United States officially imposed sanctions on Iran for a ready soon. The news is bullish the crude oil prices. However, the Saudi is planning for increase production and the crude oil price increase is limited, the market reaction was keeping the oil price fall. At present, the market is waiting the US job data released, and crude oil prices may fall near the support level in mid-August. The record was USD63.90.

 

BTCUSD:

6580 / 6650 resistance 

6260 /6060 support 

After all the US released economic indicators, the US dollar probably go weakened, it maybe positive the bitcoin. The market, now,focused on US job data  on Friday night. As expectation the bitcoin was test the  US6260 support and US6060 important support. It could be after the US job data and tests the support success, the bitcoin will rebound and going to reach the recommended resistance.

 

 

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

 

Information provided by AT Global Market, 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

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