ATFX Market Update_Martin
ATFX Update Market - 2019.09.27
Personal opinions today:
Last night the real GDP final in the second quarter was in line with expectations, at 2%. Besides, the federal reserve issued a hawkish statement, bullish dollar. The investment sentiment has improved a little, with Dow futures strong and gold falling. Market expectations durable goods orders and the Michigan consumer confidence index weak than last month. Look at the data today. It could calculate next week's degree of non-farm payrolls. U.S. durable goods orders and the Michigan consumer confidence index directly affect the dollar and Dow futures. In European trading, looking at Eurozone data for September were released. Data on the performance of the eurozone economy and inflation expectations can affect the direction of the Euro and other European currencies.
[Important financial data and events]
Note: * is the degree of importance
17:00 Eurozone economic and industrial sentiment *
17:00 Eurozone consumer confidence data *
20:30 US durable goods orders in August **
20:30 US core PCE price index in August **
20:30 Fed governor Charles speaks *
22:00 US Michigan consumer confidence index ***
Today's suggestion:
Euro/dollar
1.0955/1.0970 resistance
1.0900/1.0885 support
The President of the European central bank, Draghi, once again undermined confidence in the Euro with his dovish comments. The Euro came downward after U.S. Q2 real GDP, and other economic data were in line with market expectations. Technical trend, the Euro trend is weak, significant resistance further down to 1.0970. Refer to support bits 1.0900 and 1.0885. Note that a weak U.S. economic report today could become bullish the Euro.
Pound versus dollar
1.2355/1.2380 resistance
1.2295/1.2270 support
The British prime minister is facing impeachment by MPS and is more likely to call a general election, blocking talks with the EU with only a month to go. In the face of these uncertainties, continue to be bearish for pound, the outlook for the UK situation is grim, and the US economic growth, bearish for pound. The pound has a chance to test the 1.22 level. Unless pound recovers its 1.2380 resistance, chances are it will test 1.2420. Note that weak U.S. economic data today could bullish the pound.
Australian dollar to US dollar
0.6775/0.6795 resistance
0.6735/0.6715 support
U.S. Q2 GDP and other economic data are in line with market expectations, and the reserve bank of Australia is expected to limit gains in the Australian and New Zealand dollars ahead of next week's rate hike. A ministerial trade meeting between China and the US is planned for next month to boost investment sentiment and ease the fall in the Australian and New Zealand dollars after comments from the US President sparked a trade war between the two countries. A weak U.S. economic report today could boost the Australian and New Zealand dollars.
Dollar/yen
107.85/108.05 resistance
107.35/107.15 support
U.S. Q2 GDP and other economic data were in line with market expectations, and a meeting of U.S. trade ministers planned for next month's 10th will boost investment sentiment, which could bullish Dow and Nikkei futures and lift the dollar against the yen by 107.85 resistance. If U.S. economic data is weak and the dow rally ends, the dollar-yen could follow. Technical may test 107.35 and 107.15 support.
U.S. dollar versus the Canadian dollar
1.3290/1.3310 resistance
1.3225/1.3205 support
A rebound in crude oil prices, which hit a low of $55.5, helped support the Canadian dollar. The Canadian dollar came under pressure after U.S. economic data came in line with expectations. The market is looking forward to the Oct. 10 US and China trade minister consultation, which indirectly supports the rise in crude oil prices and the Canadian dollar. Technically, the initial target is 1.3225 and 1.3205. But at present, the international oil price situation is not clear, and the crude oil price falls the momentum has not changed, the recommendation USDCAD first looks up 1.3290 or 1.3310 resistance.
US crude oil futures
57.55/58.05 resistance
56.05/55.55 support
Oil futures prices are expected to rise in anticipation of a US and China trade talks soon. Progress in trade talks between China and the United States is expected to boost crude oil prices. If U.S. economic data is weak, crude oil prices will be temporarily negative. Keep an eye on today's U.S. durable goods orders and consumer confidence index, with an eye on crude oil at 55.55 support.
Gold
1511/1513 resistance
1501/1498 support
China and the United States hold trade talks as scheduled, risk aversion cooled, gold prices fell. On the other hand, the release of hawkish comments from the federal reserve, the risk of dollar assets fell, and gold prices came downward. Expect the U.S. economic data today could bullish gold prices. Technically, the gold price important support, $1501 and $1498, respectively, the trend did not break the support level, the gold price rise is still unchanged. Technical breakthrough 1520 and 1522 resistance range, the trend is expected to rise further development. Note the relationship between the direction of Dow futures and the reversal of the gold price.
U.S. Dow Jones industrial average futures US30
27085/27275 resistance
26830/26690 support
China and the United States hold trade talks as scheduled, and the US President's comments also boosted morale, indirectly driving sentiment in Dow futures, which were supported by the low. But there is a chance that Dow futures will fall on weak forecasts for today's U.S. economic data. If U.S. durable goods orders and Michigan consumer confidence index not lower as expected, watch out the Dow futures downside risks, with support for 26830 and 26690.
BTCUSD:
9550 /10250 resistance
8250 / 7900 support
Technically, US7900 support is of significant support. If the bitcoin fails to support, it will test US7000 to US6500 support.
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.
Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines.
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