Personal opinions today:

 

There are no special issues in the market today. The market focus may be on the opening of the Asia-Pacific Economic and Trade Organization Summit and Chinese Premier Li Keqiang attending the 21st China-ASEAN Leaders' Meeting and the 13th East Asia Summit. It may believe that the summits and publications will have the opportunity to bring good news, inspire the market, and benefit the Asia Pacific stock market and currency.

 

The market waits on the eve of the German and Eurozone GDP performance on Wednesday, Germany will announce October CPl data tomorrow, the current market is expected to be flat compared with last month, but it is still expected to boost the euro. Tomorrow, the UK announced the unemployment rate and the number of unemployment benefit applicants in October. The market now ma expects the pound to maintain a downward trend.

 

This week, special attention was paid to the speech of Fed Chairman Powell on Thursday and European Central Bank President Draghi on Friday. The performance of important economic data in Europe and the United State.

 

Today's suggestion:

 

EURUSD

1.1375/1.1390 ​​resistance

1.1320/1.1305 support

The euro zone lacks any good news, and the European Union are weak after the Fed considers interest rate hikes next month. Technically, the euro still has a chance to test 1.1275 support against the US dollar. If it is stimulated by good news or will be supported by important data in the Eurozone in the next two days, positive the Euro, EURUSD are expected to test the reference resistance above, such as 1.1375. However, there is still a chance to explore important support levels in the short term, such as 1.1305.

 

GBPUSD

1.3040/1.3065 resistance

1.2975/1.2950 support

The Fed’s interest rate decision shows that the monetary policy is biased towards the hikes. It is expected that the Fed will raise interest rates next month, making the dollar strong. The UK faces many obstacles in the face of Brexit, and it is bad for the pound. Tomorrow, the UK announced employment data for October. Technically, after the pound has ended its rebound, it has continued to adjust its downward trend. The 1.2950 is a short-term important support reference.

 

USDCHF

1.0065/1.0050 support

1.0085/1.0105 resistance

The Fed’s interest rate decision shows that the monetary policy is biased towards the hikes. It is expected that the Fed will raise interest rates next month, making the US dollar strong and bearish the Swiss franc. Technically, the US dollar against the Swiss franc is expected to follow the weakness of Europe and the United States, looking forward to the resistance zone of 1.0080 or 1.0095. Under the expectation that the US dollar trend remains strong, the USD/Swiss franc has limited adjustment and the trend continues to rise. However, we must pay attention to the expected data and results of the Eurozone in the next two days. Looking for boost the European currency and drive the Swiss franc to rise.

 

USD/JPY

114.00/114.15 resistance

113.60/113.45 support

After the Fed’s interest rate decision last week, the monetary policy orientation made the dollar strong, and the dollar against the yen had 114. However, the interest rate hike is expected to cause the US Dow and the Japanese Nikkei index to fall, which will cause the dollar to fall against the yen. It is recommended to keep an eye on stock market performance and how it will affect the dollar against the yen.

 

AUDUSD

0.7255/0.7270 resistance

0.7215/0.7200 support

The APEC meeting has the opportunity to propose new proposals and new strategic cooperation, which will help promote economic development in the Asia-Pacific region and enhance market expectations. After the Fed’s interest rate monetary policy, the US dollar strengthened and the Australian dollar adjusted. If the APEC meeting's comments boost morale, the Australian dollar is expected to rise.

 

NZDUSD 

0.6770/0.6790 resistance

0.6725/0.6705 support

As the Fed’s monetary policy seems tightens, the US dollar strengthens and the New Zealand dollar adjusts against the US dollar. Short-term resistance of 0.6770 is worth noting. If there is no resistance to break the uptrend, there is a chance to test 0.6725 and 0.6705 support. However, it is necessary to pay attention to the opportunity of the APEC meeting, which will help promote economic development in the Asia-Pacific region. If the Australian dollar or the renminbi rises, it is believed that the New Zealand dollar will simultaneously follow.

 

USD/CAD

1.3190/1.3220 resistance

1.3130/1.3100 support

The US Federal Reserve’s monetary policy seen tightened and the US dollar has strengthened. The market estimates that crude oil inventories will continue to increase, causing oil prices to fall, which is negative for the Canadian dollar. In the short-term USD/CAD, 1.3155 and 1.3175, the resistance level has broken through and it is expected to continue to look forward to 1.32. If oil prices can rebound suddenly, it is expected to change the weak trend.

 

EUR/GBP

0.8695/0.8680 support

0.8740/0.8755 resistance

The euro against the pound in the 0.8695/0.8675 support level temporarily received support, looking forward to 0.8740 first resistance. The European Commission is dissatisfied with the Italian deficit and may affect the euro's decline. The euro still has a chance to fall against the pound. 0.8720 and 0.8740 are short-term resistance respectively. If the rebound breaks through the resistance, the trend has the opportunity to go up.

 

EURCHF 

1.1425/1.1435 resistance

1.1415/1.1405 support

The European Commission is dissatisfied with the Italian deficit and may affect the euro's decline. The euro still has a chance to fall against the Swiss franc. Technically, the euro is in the adjustment phase of the Swiss franc, and the reference resistance is lowered to 1.1425 and 1.1435 resistance. The support below can be referenced to 1.1405.

 

XAUUSD 

1222/1224 resistance

1218/1215 support

Last Friday, the Fed’s monetary policy orientation tightened, the US dollar strengthened, and gold faced adjustment risks, which have reached the expected target of 1222 and 1,220 dollars. It is expected that the Fed’s monetary policy stance will allow gold to continue to explore the support below. Technically, there is still a downside risk in the gold trend. If the adjustment wave is 73.6% and 85.2%, respectively, the support level of 1218 or 1215. The next important support could be US1212. However, if gold rebounds and breaks through US1224, the trend may reverse, or it may look up to $1227.

 

US crude oil futures:

60.35/60.65 resistance

59.80/59.05 support

After the Fed’s interest rate decision, the market expects monetary policy to tighten, affecting production and consumption confidence, and falling demand for crude oil. OPEC failed to reach a reduction in production, resulting in an increase in crude oil inventories, which is also a bearish oil price. At present, we still hold and wait attitude, paying attention to the important support of 59.80 and 59.05.

 

BTCUSD:

6425 / 6500 resistance 

6320 /6195 support 

After the Fed’s interest rate decision, the market expects monetary policy to tighten, the demand of crypto currencies changed. Some capital and fund moved to bonds and debt markets to get higher returns and safety fund . Probably the trend may keep until the end of this year or next FOMC meeting in mid-December. Crypto currencies investors may have to concern.

 

 

Enjoy trading!  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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