InvestMacro

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3594; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3550 and then resume moving upwards to reach 1.3805. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3480. In this case, the pair may continue falling towards 1.3390.

NZDCHF, “New Zealand Dollar vs Swiss Franc”

NZDCHF is trading at 0.6438; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6445 and then resume moving downwards to reach 0.6310. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.6495. In this case, the pair may continue growing towards 0.6585.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1759.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1750.00 and then resume moving upwards to reach 1815.00. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1730.00. In this case, the pair may continue falling towards 1695.00. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 1770.00.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after attempting to fall and reach the low at 0.7106, the asset had to start another growth due to convergence on MACD, which may be considered as a new rising wave within the correctional phase to reach 50.0% and 61.8% fibo at 0.7499 and 0.7591 respectively.

The H1 chart of AUDUSD shows that the current growth has already reached 50.0% fibo and may later continue towards 61.8% fibo at 0.7360. At the same time, there is divergence on MACD to indicate a possible pullback soon. The local support is the low at 0.7170.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, after failing to grow and break the high at 1.2949, USDCAD is forming a new descending wave within the mid-term correctional phase, which is heading to break the low at 1.2493 and then reach 50.0% and 61.8% fibo at 1.2478 and 1.2366 respectively.

As we can see in the H1 chart, the descending tendency is heading towards the low at 1.2493. at the same time, there is convergence on MACD, which may indicate a possible pullback to the upside after the price tests the low.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1555
• Prev Close: 1.1553
• % chg. over the last day: -0.02%

The European Central Bank has left monetary policy unchanged. The ECB will consider policy alternatives in December. Germany’s industrial production experienced its highest drop in August since last April due to supply chain problems, which constrained the growth of Europe’s largest economy and hit the automotive sector.

Trading recommendations

• Support levels: 1.1502, 1.1453
• Resistance levels: 1.1583, 1.1671, 1.1717, 1.1772, 1.1802, 1.1835

From the technical point of view, the EUR/USD trend is bearish. But the MACD indicator shows divergence on the higher timeframes. Under such market conditions, traders should consider sell deals from the resistance levels near the moving average, as the price has deviated from the middle line. Buy trades should be considered only from the support levels with additional confirmation in the form of a buyers’ initiative.

Alternative scenario: if the price breaks out through the 1.1717 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2021.10.08:

• – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
• – US Unemployment Rate (m/m) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3582
• Prev Close: 1.3612
• % chg. over the last day: +0.22%

Despite the decline in natural gas prices, gas prices in the UK are still seven times higher than usual. It costs the industry huge bills and pushes domestic consumers to the brink of ruin. The National Grid is warning of electricity supply restrictions this winter.

Trading recommendations

• Support levels: 1.3532, 1.3457, 1.3360, 1.3282
• Resistance levels: 1.3639, 1.3685, 1.3759, 1.3812, 1.3886

On the hourly time frame, the GBP/USD trend is bearish. The British currency looks more confident than the euro due to a direct correlation with oil prices. The MACD indicator has become inactive. Buy trades should be considered only throughout the day and only with short targets from the support levels after the buyer’s initiative. Sell trades can be found at the resistance levels near the moving average line.

Alternative scenario: if the price breaks out through the 1.3759 resistance level and consolidates above, the bullish scenario will likely resume.

News feed for 2021.10.08:

• – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 111.38
• Prev Close: 111.61
• % chg. over the last day: +0.21%

Japan’s new Prime Minister, Fumio Kishida, will outline his political program today. According to preliminary data, the main points of the program will be the increase of the capital gains tax from 20% to 25%, as well as the need to inject more than 30 trillion yen ($269 billion) of budget expenses to combat the consequences of the coronavirus pandemic.

Trading recommendations

• Support levels: 111.53, 110.99, 110.65, 110.40, 109.95, 109.63, 109.27
• Resistance levels: 112.19

The main trend of the USD/JPY currency pair is bullish. The MACD indicator has become positive again, but there are the first signs of divergence. Under such market conditions, it’s better to look for buy positions from the support levels near the moving average. Sell positions should be considered only throughout the day from the resistance levels, given there is sellers’ initiative.

Alternative scenario: if the price falls below 110.45, the uptrend is likely to be broken.

News feed for 2021.10.08:

• – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2588
• Prev Close: 1.2551
• % chg. over the last day: -0.29%

The Canadian dollar is a commodity currency, so USD/CAD is highly dependent on the dynamics of the dollar index and oil prices. The dollar index hardly changed yesterday, while oil prices increased. As a result, the USD/CAD quotes continued to decline. Bank of Canada Governor Tiff Macklem says that Canada’s high inflation rate is largely due to the circumstances of the Covid-19 pandemic, and Canada’s annual inflation rate is likely to remain above the central bank’s target range of 1% to 3% for the rest of this year.

Trading recommendations

• Support levels: 1.2518, 1.2425
• Resistance levels: 1.2565, 1.2611, 1.2729, 1.2774, 1.2891

From the technical point of view, the trend of the USD/CAD currency pair is bearish. But the MACD indicator is showing the divergence on several timeframes. There is also a liquidity narrowing, which is a common signal of the start of a sharp impulse. The report on the labor market in the US and Canada might be a trigger for the beginning of this impulsive move. Under such market conditions, it is better to look for sell deals from the resistance levels near the moving average. Buy deals should be considered if the price returns above the 1.2565 level, given there is a buyers’ initiative.

Alternative scenario: if the price breaks out through the 1.2774 resistance level and fixes above, the uptrend will likely resume.

News feed for 2021.10.08:

• – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
• – Canada Unemployment Rate (m/m) at 15:30 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

by JustForex

The US stock market closed in the green for the third trading session in a row. At the close of the trading session, the Dow Jones increased by 0.98%, the S&P 500 index increased by 0.83%, and the NASDAQ index added 1.05%. Representatives of the Republican and Democratic parties in the Senate reached an agreement to increase the national debt ceiling by $480 billion. It will allow the Treasury Department to continue funding the government spending through early December. The initial jobless claims in the US declined last week. The number of new applications for the week was 326,000 (forecast 348,000). It is the lowest quarterly figure since 1997. Last week it was at 350,000. The labor market is improving, which leaves no doubt that the Fed will start cutting the QE program in early November. Investors’ attention is now focused on today’s Nonfarm payrolls.

European stock indices also showed strong gains yesterday. The British FTSE 100 increased by 1.17%, German DAX added 1.85%, French CAC 40 added 1.65%, Spanish IBEX 35 and Italian FTSE MIB jumped by 2.14% and 1.51%, respectively. The Bank of England’s chief economist says there are growing concerns about inflation in the United Kingdom, which will last longer. Since concerns about inflation persist, Barclays expects a period of higher volatility and lower yields for European stock markets. However, an ECB spokesman said yesterday that the short-term rise in inflation is mainly due to temporary causes that will disappear in the long term and will not require policy tightening.

Following Denmark and Sweden, Finland is suspending the use of the Moderna vaccine against COVID-19 for young people.

The Bank of Israel will complete an 85 billion shekel ($26.3 billion) bond-buying program in the coming months. The interest rate remained unchanged at 0.1%.

Oil increased to its highest level since 2014 this week due to the energy crisis in Europe. Asia raised the prospect of higher demand for crude and refined products ahead of winter. At the same time, OPEC+ said it would restore only a relatively modest amount of supply to the market in November. Goldman Sachs says the likely release of crude from the US Strategic Petroleum Reserve (SPR), which could be as much as 60 million barrels, poses a downside risk of just $3 per barrel compared to the year-end Brent crude price forecast of $90 per barrel.

Russia proposed to soften the crisis with natural gas. After this statement by Russian President Vladimir Putin, natural gas prices began to decline steadily.

Chinese markets have returned to a more positive mood after a long holiday due to improved activity in the service sector. On the other hand, the total electricity consumption in China may decline 10-15% in November and December, potentially leading to a 30% slowdown in activity in sectors such as metals, chemicals, and cement production. Biden and Chinese President Xi Jinping are likely to hold working talks in a virtual format before the end of this year.

Taiwan’s president says that Taiwan is not seeking a military conflict with China but will defend itself if necessary.

India’s central bank left the interest rate unchanged and promised enough liquidity to support economic recovery.

Main market quotes:

S&P 500 (F) 4,399.76 +36.21 (+0.83%)

Dow Jones 34,754.94 +337.95 (+0.98%)

DAX 15,250.86 +277.53 (+1.85%)

FTSE 100 7,078.04 +82.17 (+1.17%)

USD Index 94.20 -0.06 (-0.07%)

• – Australia RBA Financial Stability Review at 04:30 (GMT+3);
• – ECB President Cristine Lagarde’s Speech at 15:05 (GMT+3);
• – Treasury Sec Janet Yellen’s Speech at 15:05 (GMT+3);
• – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
• – US Unemployment Rate (m/m) at 15:30 (GMT+3);
• – Canada Unemployment Rate (m/m) at 15:30 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Lukman Otunuga Senior Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After breaking 1.1585 to the downside and completing the descending wave at 1.1530, EURUSD has finished the ascending impulse towards 1.1555 along with the correction to reach 1.1540; right now, it is growing to break 1.1555. Later, the market may start another growth to reach 1.1583 and then form a new descending structure to return to 1.1555.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has broken 1.3611 to the downside. Possibly, today the pair may continue trading downwards to reach 1.3535 and then form one more ascending structure with the target at 1.3660.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 72.48. Today, the pair may break this range to the downside and reach 72.00. After that, the instrument may grow to test 72.50 from below and then resume trading downwards with the target at 71.70.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed the ascending structure at 111.78; right now, it is falling to reach 111.18 and may later form a new consolidation range there. After that, the instrument may break the range to the downside and resume falling with the target at 110.80.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the correctional structure at 0.9266, USDCHF is expected to start another growth to beak 0.9310 and then continue trading upwards with the target at 0.9355.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the correctional wave at 0.7235; right now, it is growing to reach 0.7300. Later, the market may start another decline towards 0.7275 and then resume moving upwards with the target at 0.7323.

BRENT

Brent is correcting towards 80.70. After that, the instrument may resume trading upwards to break 84.00 and then continue growing with the target at 90.00.

XAUUSD, “Gold vs US Dollar”

Gold has finished the correctional structure at 1746.00. Today, the metal may form one more ascending structure to break 1769.00 and then continue trading upwards with the target at 1790.18.

S&P 500

The S&P index is consolidating around 4330.0. Possibly, today the asset may expand the range up to 4400.5 and then fall to break 4300.94. Later, the market may continue trading downwards with the target at 4234.4.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after breaking 8/8, USDCHF is no longer trading inside the “overbought area”. In this case, the price is expected to continue falling to reach the support at 7/8. However, this scenario may be cancelled if the price breaks 8/8 to the upside. After that, the instrument may continue growing towards the resistance at +1/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after leaving the “oversold area”, XAUUSD is trading at 1/8. In this case, the price is expected to break this level and then continue moving upwards to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks the support at 0/8 to the downside. After that, the instrument may get back inside the “oversold area” and fall towards -1/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth towards 2/8 from the H4 chart.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1598
• Prev Close: 1.1556
• % chg. over the last day: -0.36%

The data from ADP showed that US private sector employment increased by 568,000 jobs beating analysts’ expectations. Eurozone retail sales increased by 0.3% in August compared to a 2.6% decline in July. Economists forecast an increase of 0.8% in August. German factory orders fell sharply by 7.7% month-over-month.

Trading recommendations

• Support levels: 1.1502, 1.1453
• Resistance levels: 1.1583, 1.1671, 1.1717, 1.1772, 1.1802, 1.1835

From the technical point of view, the EUR/USD trend is bearish. Yesterday, the price went down sharply again. The MACD indicator shows divergence on the higher timeframes. Under such market conditions, traders should consider sell deals from the resistance levels near the moving average, as the price has deviated from the middle line. Buy trades should be considered only from the support levels with additional confirmation in the form of a buyers’ initiative.

Alternative scenario: if the price breaks out through the 1.1717 resistance level and fixes above, the mid-term uptrend will likely resume.

News feed for 2021.10.07:

• – German Industrial Production (m/m) at 09:00 (GMT+3);
• – Publication of the Eurozone ECB Account of Monetary Policy Meeting at 14:30 (GMT+3);
• – US Initial Jobless Claims (w/w) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3627
• Prev Close: 1.3582
• % chg. over the last day: -0.33%

Inflation expectations in the UK have reached a 13-year high. The 10-year breakeven rate reached 4%, which is twice the target of the Bank of England. The increase came on the back of a record rise in UK gas prices this week. The growth of the construction sector also slowed down in September.

Trading recommendations

• Support levels: 1.3532, 1.3457, 1.3360, 1.3282
• Resistance levels: 1.3639, 1.3685, 1.3759, 1.3812, 1.3886

On the hourly time frame, the GBP/USD trend is bearish. The British currency looks more confident than the euro, due to a direct correlation with oil prices. The MACD indicator has become inactive. Buy trades should be considered only throughout the day and only with short targets from the support levels after the buyer’s initiative. Sell trades can be found at the resistance levels near the moving average line.

Alternative scenario: if the price breaks out through the 1.3759 resistance level and consolidates above, the bullish scenario will likely resume.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 111.46
• Prev Close: 111.41
• % chg. over the last day: -0.04%

The Japanese yen is highly correlated with the dollar index. The dollar index is growing fundamentally, which contributes to the growth of USD/JPY quotes.

Trading recommendations

• Support levels: 110.99, 110.65, 110.40, 109.95, 109.63, 109.27
• Resistance levels: 111.67, 112.19

The main trend of the USD/JPY currency pair is bullish. The MACD indicator has become inactive, the price begins trading flat. Under such market conditions, it’s better to look for buy positions from the support levels near the moving average. Sell positions should be considered only throughout the day from the resistance levels, given there is sellers’ initiative.

Alternative scenario: if the price falls below 110.45, the uptrend is likely to be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2576
• Prev Close: 1.2590
• % chg. over the last day: +0.11%

The Canadian dollar is a commodity currency, so USD/CAD is highly dependent on the dynamics of the dollar index and oil prices. The dollar index was slightly stronger yesterday, while oil prices decreased. As a result, the USD/CAD quotes have slightly increased, but the price is still trading in a wide flat.

Trading recommendations

• Support levels: 1.2565, 1.2518, 1.2425
• Resistance levels: 1.2611, 1.2729, 1.2774, 1.2891

From the technical point of view, the trend of the USD/CAD currency pair is bearish. But the MACD indicator is showing the divergence in the direction of buying. Under such market conditions, it is better to look for sell deals from the resistance levels near the moving average. Buy deals should be considered from the false breakdown zone but with short targets.

Alternative scenario: if the price breaks out through the 1.2774 resistance level and fixes above, the uptrend will likely resume.

News feed for 2021.10.07:

• – Canada Ivey PMI (m/m) at 17:00 (GMT+3);
• – Canada BoC Gov Tiff Macklem’s Speech at 19:00 (GMT+3).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is finishing the correctional wave. After forming several reversal patterns, such as Stick Sandwich, not far from the resistance level, XAUUSD may reverse and resume falling. In this case, the downside target may be the support area at 1722.50. At the same time, an opposite scenario implies that the price may grow towards 1770.00 first and then resume trading downwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, after testing the resistance area, NZDUSD has formed several reversal patterns, such as Doji. At the moment, the asset is reversing in the form of a new decline. In this case, the downside target may be the support level at 0.6820. After that, the asset may break it and continue moving downwards. However, an alternative scenario implies that the price may grow to reach 0.6963 before resuming its descending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another descending wave from the channel’s upside border. By now, GBPUSD has formed several reversal patterns, such as Harami, not far from the resistance area. At the moment, the pair is reversing in the form of a new decline. In this case, the downside target may be at 1.3456. After testing this level, the market may break it and continue falling. Still, there might be an alternative scenario, according to which the asset may correct towards 1.3670 before reversing.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.