ATFX Market Update_Martin
ATFX Market Update - 2019.10.18
Personal opinions today:
Brexit deal with the European Union approved. Next, waiting the British prime minister asked British parliament to pass, the pound is also bullish euro. The result was announced after the impact of currency markets, the euro and pound pulled higher. The price of gold, the price of crude oil and even the global stock market fluctuated.
The euro zone's August current account, the conference board leading indicators and federal reserve vice chairman larry fed spoke today. These figures and speeches are not very influential. But most notably, comments from British MPS on the new Brexit deal that could affect global stock markets, precious metals and oil prices. In addition, the us economic data continues to be weak, the market forecasts the federal reserve is about to expand the debt balance sheet, and the plan to cut interest rates, negative dollar.
[Important financial data and events]
Note: * is the degree of importance
European central bank President Mario draghi attends the IMF
07:30 Japan national core CPI annualized rate in September **
10:00 China third quarter GDP annualized rate **
16:00 Eurozone current account **
22:00 US conference leading indicators *
23:30 Federal reserve vice chairman speaks *
The next day 01:45 Bank of England governor Carney speaks **
Today's suggestion:
Euro/dollar
1.1150/1.1160 resistance
1.1090/1.1080 support
Brexit deal approved by EU, and the Euro successfully broke through 1.11. Waiting for the final vote in the British parliament, if a majority of MPS accept, the Euro could test 1.12. Otherwise, fall to 1.10. Because, the Brexit news, will continue to affect the pound exchange rate, indirectly affect the euro.
Pound to dollar
1.2945/1.2960 resistance
1.2800/1.2785 support
The British prime minister has voted as soon as possible in parliament after the European Union accepted a New Brexit Deal. With support from British MPS, it is expected to leave the European Union by the end of October in a deal that could see the pound rise to 1.30. If rejected by the British parliament, can lead to a deep fall for pound, advised to watch the fluctuations.
Australian dollar to US dollar
0.6845/0.6860 resistance
0.6800/0.6785 support
Australia unemployment rate did better in September and the Australian dollar rose. The reserve bank of Australia (RBA) has released its annual report for 2019, which shows that Australia's economy is doing well by cutting interest rates. In addition, the improvement of China and US trade deal and the good news of Brexit , indirectly bullish Australian and New Zealand dollars.
Dollar/yen
108.85/108.95 resistance
108.45/108.35 support
Dow and Nikkei futures were up and the dollar had a chance to climb against the yen to test 109 key resistance. But Fed officials have a chance to signal a rate cut, U.S. economic data is weak, Dow and Nikkei futures are likely to fall, the USDJPY will follow and may not break 109 resistance in the short term.
U.S. dollar to Canadian dollar
1.3190/1.3200 resistance
1.3120/1.3110 support
The price of crude oil rebounded after the Brexit deal approved, price of crude oil hitting $54, indirectly bullish the Canadian dollar. USDCAD test 1.31 support. U.S. inflation is down, U.S. retail sales are weaker than expected, and the weak U.S. dollar is expected to weaken the dollar and continue to gain the Canadian dollar. Note, however, that suggests more focus on crude oil prices. If crude oil prices fall, the dollar rises against the Canadian dollar.
United States crude oil futures
54.45/54.70 resistance
52.80/52.55 support
Bullish crude oil prices were boosted by good news from the Brexit deal. If the news is digested, crude oil prices adjusted down to $52. From fundamentals to technical analysis, $52 level or below, would attracted investors build long positions, it is worth watching.
Gold
1498/1500 resistance
1486/1484 support
The deal for Brexit has been accepted by the European Union. The news cooled the risk and increasing the demand, gold prices fell. But recent declines in U.S. data have pointed to weakness in the U.S. economy, Fed interest rate cuts are expected to pick up, money is again flowing into the gold market, and gold prices have risen. Technically, if Dow futures fall and gold prices rise, silver tends to follow gold. In the short term, it's worth watching Dow futures fluctuate, driving gold prices.
U.S. Dow Jones industrial average futures US30
27110/27205 resistance
26800/26720 support
Brexit deal has been approved by EU. The next step is a vote in UK parliament. Dow futures touched 27,000. But before the Fed cut rate, the market expected weak U.S. economic data and a possible correction in Dow futures. Without any further news to lift the spirits, Dow futures downside risk increased.
BTCUSD:
8600/ 8850 resistance
7885 / 7655 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin and other popular crypto currencies. Risk off because the Brexit deal approach successful the the crypto market demand decreased. Technically, the bitcoin price support at US7885 is very important. Assuming the bitcoin price as followed the gold price. If FOMC officials would cut interest rate, bitcoin price could rise.
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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