ATFX Market Updates 2019

Kelly Yeung

ATFX.com Representative


For more analysis check out, please click the below link:

Market Analysis by ATFX Global Chief Market Strategist - Alejandro Zambrano

ATFX is a co-brand shared by a number of different entities globally including:
  • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
  • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
  • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
  • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
  • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
 

Kelly Yeung

ATFX.com Representative
Before we talk about our expectations for changes in ZEW Survey – for German economic sentiment, It is important to start with the latest reading of the German Manufacturing PMI, Because of the usual correlation read for the two indicators as both indicators represent the economic outlook for the largest economies in the eurozone.

The manufacturing PMI for October 2019 was revised up by 0.2 from the initial reading to 42.1 from the previously reported initial reading of 41.9 and compared with 41.7 as the final reading of the index for last September.



This revise generally gives the market a positive tune, although the latest reading still indicates ten consecutive months of contraction in Germany Factories since the beginning of 2019, details of the PMI survey indicate that production has fallen at a slower pace coupled with a decline in new orders for the 13th consecutive month, albeit at a slower pace. It is noticeable as well, The rate of employment decline in the sector accelerated to its fastest pace since January 2010, mostly due to a decrease in the number of temporary workers as per IHS Markit reported.

At the same time, the survey shows the sharp decline in the prices of industrial inputs such as steel and plastic in the form of the fastest decline since 2016, which was translated into a clear decrease in the cost of production for the fourth consecutive month and the largest rate since November 2009.

Based on this slight improvement in the reading of the index, we can expect this improvement to continue during the remaining few months of this year, benefiting from the overall improvement in risk appetite.



Returning to Germany's ZEW economic sentiment index, which recorded a slight drop of 0.3 points in October 2019, now stands at -22.8 points, this keeps the index well below its long-term average of 21.4 points. This clearly confirms all the data from the PMI survey mentioned above, however, some positive expectations regarding trade tensions have emerged recently, which may affect the expectations of experts for the German economy in the reading of the index for the month of November, taking into account the recent stimulus from the ECB, which may bring a slight improvement in inflation expectations to the end of the year, So, I expect the November reading to be better than the previous reading for October.



For those who do not know:

Germany's ZEW Economic Sentiment survey measures analysts' optimism about the expected economic developments over the next six months. The survey covers up to 350 financial and economic analysts. The indicator is designed to represent the difference between the percentage of optimistic analysts and the percentage of analysts who are pessimistic about the development of the economy. Therefore, the ZEW confidence indicator appears on a scale from -100, which is mean all analysts expect the economy to deteriorate- to 100, which says all analysts expect the economy to improve. Therefore, logically, a value of 0 indicates that the number of optimistic analysts equals the number of pessimistic analysts.



Information provided by ATFX (AE) Head of Market Research: Ramy Abouzaid

Legal: AT Global Markets (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. FCA registration number (760555). Registered Office: 32 Cornhill, London, EC3V 3SG. Company No. 09827091
 

Kelly Yeung

ATFX.com Representative
Personal opinions today:
Yesterday, it reported that the United States intends to open international trade restrictions, investment climate improved. Dow futures closed at a record high after weekly jobless claims fell. With dow futures rose, the Nikkei and the dollar rose as followed, and the USDJPY broke through $109 to try 109.50. Crude oil was also supported as high as $57.80. The price of gold fell $22 as risk aversion cooled, leading silver lower.

Yesterday this analysis points to the Bank of England published the interest rate decision and held a press conference. The governor of the Bank of England, Carney, said that the delay in Brexit and the delay bearish the investment environment. In the face of the impact of Brexit, monetary policy needs to be adjusted. At the Bank of England press conference, the negative comments against the Pound and the Euro. Separately, the Euro, Swiss franc and sterling fell as U.S. jobless claims fell last week and Eurozone finance ministers focused on monetary policy and Brexit. Tonight, the US Michigan consumer confidence index for November. If the record above the forecast 96, then in line with the U.S. Dow futures rose. It could lead to a rise in the dollar, a fall in the yen, gold and silver prices. Crude oil is expected to test the $58 level.

[Important financial data and events]
Note: * is the degree of importance


10:00 China trade account **
10:50 China trade account in U.S. dollars ***
14:45 Swiss unemployment rate *
15:00 Germany trade account and current account ***
15:45 French industrial output and trade account **
23:00 U.S. Michigan consumer confidence index Pre ***


Euro/dollar
1.1085/1. 1095 resistance
1.1045/1.1035 support
Eurozone German industrial output fell in September, U.S. jobless claims fell last week, and the dollar rose. A meeting of Eurozone finance ministers, which affected the Euro, reached support range of 1.1045 and 1.1035 as expected in this analysis, and did not break through the resistance of 1.1085 and 1.1095. The Euro still has downside opportunities in anticipation of a lack of good news on Eurozone monetary policy, economic data and Brexit risk. But the euro's gains against the dollar were capped tonight by expectations that the US Michigan consumer confidence index rose.

British pound to dollar
1.2830/1.2840 resistance
1.2780/1.2770 support
British Parliament adjourned until after the December parliamentary elections. Yesterday, the Bank of England released the interest rate decision and monetary policy report, followed by Bank of England governor Carney held a press conference and speech, the pound fell. Also, there capped by expectations of an increase in US Michigan consumer confidence. Technically, the pound adjustment wave from 1.2970 to start, has broken through 1.2840. The next target will be either the 1.2780 or the 1.2770 support bit. Reference resistance 1.2840.

Australian dollar to US dollar
0.6905/0.6915 resistance
0.6875/0.6865 support
China and the United States should strengthen trade cooperation and improve the investment climate. Trade between China and Australia is expected to grow, with gains in Australian and New Zealand dollars. Change in the direction of the AUDUSD, if there is an opportunity to explore short-term support at 0.6865, watch the AUDUSD rebound. Technically, a break of 0.6935 resistance could strengthen the AUDUSD.

Dollar to Japanese yen
109.35/109.45 resistance
108.70/108.60 support
Dow futures rose, while the Nikkei and the dollar adjusted higher against the yen. Dow futures are expected to maintain their gains ahead of the US Michigan consumer confidence index. Technically, the USDJPY may test 109.45 resistance. Then the risk of the USDJPY must be noted. If Dow and Nikkei futures fall, the USDJPY could test 108 level again.

U.S. dollar to Canadian dollar
1.3190/1.3210 resistance
1.3155/1.3145 support
Dovish comments from the Bank of Canada last week capped the rise in the Canadian dollar. If the price of crude oil fell, indirectly bearish Canadian dollar. Technically, the USDCAD on 1.3190 resistance. The USDCAD is expected to test $1.3155 or $1.3145 on good news for oil demand around next week's international crude oil and energy report.

United States crude oil futures
57.75/58.00 resistance
56.25/56.05 support
U.S. crude oil futures could limit $58. Technically, attention to adjust to 56.25 and 56.05 dollars as short-term support. The market is now expecting an increase in U.S. Michigan consumer confidence in November. If crude oil prices rebound, reference resistance is $58. U.S. crude oil futures may then move lower. It may then test the initial target support level at $56.25.

Gold
1476/1478 resistance
1463/1460 support
Dow futures closed at a record high. Become the US and China trade agreements and plans for the sign next month. As expected by this analysis, the gold price decline widened. Technically, the critical resistance corrects to $1,478. If gold does not break through this resistance in the short term, it could still test $1,460 support. The market is now expecting the US Michigan in confidence index increasing. Gold prices were capped at 1478 resistance ahead of the scheduled release.

U.S. Dow Jones industrial average futures US30
27865/27940 resistance
27485/27420 support
The US and a China trade deal could be finalised by next month, boosting investment sentiment and pushing Dow futures past resistance. If the trade climate continues, Dow futures could test resistance levels at 27865 or 27940. Tonight, the market wait and see the Michigan consumer confidence index. Instead, the data was weak, investment sentiment going down and Dow futures will fall, test 27485 or 27420 support.

BTCUSD:
9280/ 9450 resistance
8959/ 8750 support
If Dow future and the global stock continue upward. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. Without any good news for any cryptocurrency or lousy news in the US economy, the bitcoin price could keep downward.

Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.

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.
 

Kelly Yeung

ATFX.com Representative


For more analysis check out, please click the below link:

Market Analysis by ATFX Global Chief Market Strategist - Alejandro Zambrano

ATFX is a co-brand shared by a number of different entities globally including:

  • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
  • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
  • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
  • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
  • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
 

Kelly Yeung

ATFX.com Representative
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 11


Personal opinions today:

The Michigan consumer confidence rose to 95.7 in November from a previous reading of 95.5. U.S. Dow futures and the dollar rose on optimism in international trade, while European currencies fell. Risk aversion cooled, the Japanese yen, gold and silver prices continued to fall. Crude oil recovered from its low after adjusting to try the $57 level. But over the weekend, the investment climate was again tense as the U.S. President renewed his tough talk and rhetoric on international trade deals. If the U.S. President and U.S. trade officials do not clarify and mediate, risk aversion is expected to rise again. The Japanese yen, gold and silver, may rebound, and crude oil prices fall.

Stock markets are closed today for holidays in the United States, France and Canada. In European trading, focus on the UK data results, the UK September trade account and September GDP preliminary. U.S. trading hours, the federal reserve made a speech, worth watching.

[Important financial data and events]
Note: * is the degree of importance


Markets in the United States, France and Canada are closed for the holidays
07:50 Japan September trade account *
17:30 U.K. industrial and manufacturing output in September **
17:30 U.K. September trade account ***
17:30 U.K. September GDP **
21:15 Fed chairman speaks


Euro/dollar
1.1035/1. 1045 resistance
1.0980/1.0970 support
The European central bank said it expected Eurozone monetary policy to remain in place for an extended period of low-interest rates, while investors remained bearish about the Euro and saw downside. The Euro fell further against the dollar last week after the Michigan consumer confidence index rose in November as well.

British pound to dollar
1.2815/1.2825 resistance
1.2750/1.2740 support
Bank of England governor Carney made bearish comments on the British pound. The pound fell against the dollar last week, as the Michigan consumer confidence index strengthened in November. Technically, the pound against the dollar to adjust wave break 1.2840. Last week this analysis expected sterling to try 1.2780 or 1.2770 support levels. If the UK economic data is weak today, there is a chance that the pound will break through the 1.2770 support and try 1.2740 support. Short-term reference resistance of 1.2815 or 1.2825.

Australian dollar to US dollar
0.6875/0.6885 resistance
0.6830/0.6820 support
The Australian dollar fell against the dollar after the US President comments on international trade deals that bearish Australian exports. As estimated by this analysis last week, there is an opportunity to explore the short-term support level of 0.6865. The Reserve Bank of New Zealand cut interest rates on Wednesday in anticipation of the central bank's comments affecting investment sentiment, the New Zealand dollar fell, indirectly affecting the Australian dollar. At present, if the view does not improve, the AUDUSD has the opportunity to explore 0.6820 support. NZDUSD has the chance to examine 0.6290 support.

Dollar/Japanese yen
109.25/109.35 resistance
108.70/108.60 support
The US President harmful speech on the international trade deal comments affect investment sentiment, the Dow futures and the stock market declines in Asia, the USDJPY fell. Technically, the USDJPY may test 109.45 resistance failed, the dollar against the yen is following the investment climate adjustment. If Dow and Nikkei futures continue to fall, the USDJPY could test 108 level.

U.S. dollar to Canadian dollar
1.3240/1.3250 resistance
1.3180/1.3170 support
Bank of Canada said the dovish comments, the Canadian dollar investment sentiment cooled. The US President's talk on international trade deals affected investment sentiment and indirectly bearish the Canadian dollar. Technically, the USDCAD broke 1.3190 resistance. Expect good news for crude oil demand during the international crude oil and energy report, which will indirectly lead to a rise in the Canadian dollar, which is likely to see support for the USDCAD.

United States crude oil futures
57.05/57.35 resistance
56.05/55.75 support
The US President's talk on trade deals affected investment sentiment and indirectly bearish for crude oil prices. Last week this analysis mentioned adjustment risk, technical note adjustment, $56.05 or $55.75 as short-term support level. Expect to see good news for International crude oil and energy demand report, and see headwinds in crude oil prices.

Gold
1472/1474 resistance
1460/1458 support
Dow futures fell after closing at a record high as negative comments on US President. Gold could extend gains as risk aversion rises on expectations of negative comments. Technically, if gold price breaks through key resistance at $1478, it could explore further at $1485. Most important to see the stock market sentiment. If Dow futures extended losses, gold prices rose further.

U.S. Dow Jones industrial average futures US30
27765/27840 resistance
27420/27315 support
A US and China trade deal could be signed by next month, but Dow futures fell as the US President comments affected investment sentiment. If the trade deal continues to be tense, the decline may begin and widely in European markets. Technically, Dow futures are expected to test 27420 or 27315 support.

BTCUSD:
9180/ 9280 resistance
8850/ 8750 support
Technically, the crypto currency demand decreased, the trend bearish Bitcoin price. If break US8750 support, then look at US7885 support. Without any good news for crypto currency, the bitcoin price could keep downward.

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.
 

Kelly Yeung

ATFX.com Representative
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 12


Personal opinions today:

The US President continue to impose additional tariffs before trade negotiations can be successful. Yesterday the US President eased restrictions on imports of Japanese cars, extending a six-month exemption from tariffs. The market think that this is a good step to release tariffs and go forward, boost investment sentiment. Risk aversion cooled again after comments from the U.S. President and U.S. trade officials. The Japanese yen, gold and silver stalled and fell. Crude oil prices have strengthened.

In European trading today, the focus was on UK jobless claims in October and German ZEW economic sentiment index in November. In the U.S. trading hours, the federal reserve vice chairman speech.

[Important financial data and events]
Note: * is the degree of importance


17:30 UK unemployment rate **
17:30 UK jobless claims ***
18:00 German ZEW economic sentiment index ***
18:30 Federal reserve vice chairman speech **
19:00 U.S. small business confidence index *


Euro/dollar
1.1035/1. 1045 resistance
1.0980/1.0970 support
European central bank monetary policy to maintain long-term low interest rate policy, continue to limit investor confidence in the Euro, the EUR trend remained downward. Germany and the Eurozone released November ZEW economic sentiment index today, and the market is looking at whether the index will rise after the October rate cut. Without growth, the EURUSD will fall, possibly to test support at 1.09.

British pound to dollar
1.2885/1.2895 resistance
1.2820/1.2800 support
Following comments from Bank of England governor Carney speech on the outlook for the British economy, it was bearish for pound. Financial institutions, Moody also provided a review of the British sovereign downgrade, affect the pound. UK Q3 GDP report was followed by today's UK jobs data and UK October CPI and retail price data tomorrow. The market is focused on weak UK data and the pound is likely to continue its slide.

Australian dollar to US dollar
0.6870/0.6880 resistance
0.6830/0.6820 support
Trade tariff has bearish Australia export growth prospects. Worries about the RBA rate hike next week, expected dovish comments from the RBA and a negative outlook, bearish the AUD dollar. If the international trade does not improve, the AUD dollar has the opportunity to explore 0.6820 support. NZD/USD has the opportunity to explore 0.6290 support.

Dollar/Japanese yen
109.25/109.35 resistance
108.70/108.60 support
The US President has taken a tough line on international trade deals, and hold tariff. The comments have affected investment sentiment. Yesterday, the Dow futures and the main global stock market declines in Asia that hedge warming, once against the yen, the dollar fell. Short - term market digest the news, moderate the decline. Technically, if Dow and Nikkei futures continue to fall, the dollar could test 108 again against the yen.

U.S. dollar to Canadian dollar
1.3255/1.3265 resistance
1.3195/1.3185 support
The Bank of Canada said it was dovish and the market was waiting to see if it would cut interest rates. The US President's tough stance on international trade deals has hurt investment sentiment and indirectly hurt the Canadian dollar. Expect good news for oil demand around the time of this week's international oil and energy report. If crude oil prices rise, can indirectly bullish Canadian dollar.

United States crude oil futures
57.05/57.35 resistance
56.05/55.75 support
The US President's tough stance on trade tariff has bearish investment sentiment and indirectly bearish crude oil prices. Please pay attention to the risk of oil price correction. If limited the gain at $57. The target support could be $56.05 or $55.75.

Gold
1462/1464 resistance
1452/1450 support
Dow futures closed at a record high on expectations of reduce or cut on trade tariff, which bearish gold price. Technically, if gold price below the resistance at $1,468, it's still on the downside. If Dow futures fall, gold price could rebound.

U.S. Dow Jones industrial average futures US30
27765/27840 resistance
27420/27315 support
The US and China is going to sign the first phase of a trade agreement next month, and the trade tariff to improve to boost investment sentiment. But if trade tensions persist, the declines could begin in Europe. Technically, Dow futures will test 27420 or 27315 support.

BTCUSD:
9180/ 9280 resistance
8850/ 8750 support
Technically, the crypto currency demand decreasing, the trend bearish. If Bitcoin price break US8750 support, then look at US7885 support. If Dow future and global stock market fall, the bitcoin price could have a chance to rebound.

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.
 

Kelly Yeung

ATFX.com Representative


For more analysis check out, please click the below link:

Market Analysis by ATFX Global Chief Market Strategist - Alejandro Zambrano

ATFX is a co-brand shared by a number of different entities globally including:
  • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
  • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
  • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
  • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
  • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
 

Kelly Yeung

ATFX.com Representative
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 13


Personal opinions today:

U.K. economic and political are uncertain as the Brexit continues to be delayed. The UK unemployment rate rose to 3.4% in October, and jobless claims rose significantly, which was bearish for the British pound. On the Euro, the President of the European central bank said keeping the Euro lower for a long time was also bearish for the Euro. The investment mood has lifted Dow futures, the dollar index rose, and gold and silver prices fell in anticipation of an international trade deal that could be close and a U.S. report this evening on October CPI and core CPl growth. But the US President comments about the trade deal have affected the investment climate. Dow futures and the dollar reversed course last night. The U.S. will release API crude oil inventory data; crude oil prices have been tested at $57.50, the market is waiting, oil price correction.

In European trading today, the final German CPI rate in October and Eurozone industrial output in September were watched, which affected the Euro. In British pound, it is worth keeping track of the UK October CPI and Retail price index results. The Euro, Swiss franc and British pound could fall if inflation consumption figures in the Eurozone and the UK fall short of expectations. The Euro, Swiss franc and British pound are expected to rise if the Numbers are flat or rising. Most notable today is the U.S. October CPI and core CPl. Relevant data often bring market fluctuation. And for the future monetary policy, interest rate futures expectations, affect the dollar, indirectly affect the currency market, precious metal market and the stock market. Recommend keep watching Dow future movement.

[Important financial data and events]
Note: * is the degree of importance


09:00 New Zealand federal reserve interest rate decision ***
15:00 Germany CPI final **
17:30 UK October CPI and Retail price index ***
18:00 Eurozone industrial output *
21:30 U.S. CPI and core CPl***
24:00 Fed chairman Powell gives testimony
The next day 01:00 EIA monthly short-term energy outlook **
The next day 05:30 U.S. API crude oil stocks last week ***


Euro/dollar
1.1020/1. 1030 resistance
1.0980/1.0970 support
The ECB monetary policy maintains the long-term lower interest rate; the economic outlook does not see growth, limits the Euro confidence, the Euro against the dollar trend maintains the downward. This afternoon, the final monthly CPI rate of Germany in October and the industrial output of the Eurozone in September, whether the economic atmosphere in the Eurozone can be improved, can refer to these data results. Without growth in German CPl, Eurozone industrial output fell in September, and the Euro is believed to maintain its downward trend against the dollar. After the European data, keep an eye on the U.S. CPI and core CPl for October. Keep in mind, The Eurozone data today that will report the Eurozone GDP and employment change tomorrow.

British pound to dollar
1.2885/1.2895 resistance
1.2820/1.2800 support
The uncertain outlook for the British economy, coupled with the planned Brexit vote at the end of October, led to weak employment data and a surge in jobless claims, which bearish British pound. The CPI and retail price index, released today, is expected to be weak. According to this analysis yesterday, assuming the weak UK job data will affect the October CPI and retail price data. If UK CPI and retail price data are weak and affect expectations of UK October retail sales tomorrow, the pound could continue to fall.

Australian dollar to US dollar
0.6870/0.6880 resistance
0.6830/0.6820 support
The AUDUSD has been falling recently, falling below its low in late October. The US President tough stance on international trade deals has bearish Australia's export growth prospects. The Australian dollar fell on concerns that the RBA may cut interest rates next week, undermining investment confidence. If the international trade deal does not improve, the AUDUSD has the opportunity to maintain the test of 0.6820 support. NZDUSD as the opportunity to explore 0.6290 support.

Dollar to Japanese yen
109.05/109.15 resistance
108.70/108.60 support
The US President is taking a tough line on international trade deals and believes the comments will continue to affect investment sentiment. If the Dow futures and stock market declines in Asia, USDJPY may fall. Technically, the USDJPY break 109.40 for several consecutive days, and it is possible to test 108.70 to 108.60. If Dow and Nikkei futures extend their losses, the USDJPY could test 108 again.

U.S. dollar to Canadian dollar
1.3255/1.3265 resistance
1.3195/1.3185 support
The Bank of Canada said it was dovish and was expected to be planning to cut interest rates. Last night, the US President took a hard line on international trade agreements, and his comments affected global trade confidence and investment sentiment, which indirectly bearish the Canadian dollar. The upcoming international crude oil and energy report and the U.S. crude oil inventory report are expected to be good news for crude oil demand and crude oil inventory decline, which will lead to higher crude oil prices, indirectly bullish Canadian dollar. Otherwise continue to be bearish on the Canadian dollar.

United States crude oil futures
57.05/57.35 resistance
56.05/55.75 support
The US President has taken a tough line on international trade agreements, criticizing the possibility of increased import tariffs if a trade deal is not reached, which would affect investment sentiment and bearish crude oil prices. The upcoming international crude oil and energy report and the U.S. crude oil inventory report are limiting the rise in crude oil prices. The initial target could be $56.05 or $55.75 if oil prices correction.

Gold
1466/1468 resistance
1450/1448 support
The risk aversion cooled, the Dow futures hit a new high, indirectly bearish gold price, as low as $1,448. Technically, if gold doesn't break through resistance at $1,468, it's still on the downside. The US President comments, increased pressure on international trade negotiations is expected to affect investor sentiment. If Dow futures fall, gold could rebound and have a chance to break through $1,468 resistance.

U.S. Dow Jones industrial average futures US30
27705/27785 resistance
27550/27420 support
The United States and China are finalizing the first phase of a trade deal next month, but the President's comments could hurt investor sentiment and added risk aversion. Expected last night, the U.S. President comments in trade deal, affected investment sentiment, Dow futures fell, may begin to reflect in European markets. Technically, Dow futures will have a chance to test 27550 or 27420 support, which could extend losses.

BTCUSD:
9180/ 9280 resistance
8500/ 8350 support
Technically, the cryptocurrency demand decreased, the trend bearish Bitcoin price. If break US8350 support, look at US7885 support. Without any good news for crypto currency, the bitcoin price could keep downward.

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.
 

Kelly Yeung

ATFX.com Representative


For more analysis check out, please click the below link:

Market Analysis by ATFX Global Chief Market Strategist - Alejandro Zambrano

ATFX is a co-brand shared by a number of different entities globally including:
  • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
  • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
  • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
  • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
  • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
 

Kelly Yeung

ATFX.com Representative


For more analysis check out, please click the below link:

Market Analysis by ATFX Global Chief Market Strategist - Alejandro Zambrano

ATFX is a co-brand shared by a number of different entities globally including:
  • AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
  • ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
  • AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
  • AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
  • AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.
 
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