Kelly Yeung
ATFX.com Representative
- Messages
- 835
Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines.
ATFX Market Updates 2019
- Thread starter Kelly Yeung
- Start date
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- Tags
- atfx
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
- Messages
- 835
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Oct 29
Personal opinions today:
The European Union has agreed to a three-month extension for Brexit until January 31 to ease the risk of Brexit. Besides, the U.S. President said he intends to extend exemptions on nearly $34 billion in Chinese imports goods and plans to sign trade agreements with China ahead of time. Investment sentiment rose, with Dow futures closing higher, leading Asian equities higher. Stocks rose as risk aversion improved, while the Japanese yen, gold and silver rose.
Today, the federal reserve formally convened a two-day meeting to announce the results on October 31. The consensus was to cut interest rates by 25 basis points. The private ADP payroll release tomorrow, most of expected to reflect the official non-farm payroll on Friday. Separately, the first estimate of U.S. third-quarter GDP, released tomorrow, is likely to fall to 1.7%, in line with the federal reserve's interest rate cut to 1.75%. It is believed that the release of U.S. ADP private payrolls and the preliminary U.S. third-quarter GDP report could lead to market volatility, with a short-term dollar and dow futures falling until the official U.S. non-farm payrolls results are released. The strength of the U.S. data directly affects the market investment sentiment and risk aversion. Watch out the trend change for gold, silver and the Japanese yen.
[Important financial data and events]
Note: * is the degree of importance
14:45 RBA President Richard Lowe speaks **
15:00 UK Nationwide house price index *
17:30 UK Bank of England mortgage approval **
22:00 US Existing homes sale in September **
22:00 US CB consumer confidence index for October ***
To be confirm, The British House of Commons vote on early general election ***
The next day 4:30 US API crude oil stocks change***
Today's suggestion:
Euro/dollar
1.1105/1.1120 resistance
1.1055/1.1040 support
The Euro is believed to be supported if the dollar falls on expectations of weak U.S. economic data. But the Brexit deal still hasn't been approved by the British parliament, which is bearish for the pound and bearish for the Euro amid repeated political positions. Technically, note that British pound will continue to lead the Euro. Also, technically, we focus on the 1.1055 and 1.1040 support zones. Resistance 1.1105 and 1.1120. In the next two days, the British House of Commons voted on the prime minister's motion for an early general election. Any update would affect the direction of the British pound and the Euro.
British pound to dollar
1.2850/1.2865 resistance
1.2785/1.2770 support
The Brexit deadline pushed to 2020, Jan 31, but divisions in the British parliament over the issue have bearish the pound. The market predicting weak U.S. economic data, the pound is expected to rise against the dollar, but the gains are expected to be limited. The current technical analysis calculates that GBPUSD between 1.2770 support and 1.2865 resistance. In the next two days, the British House of Commons voted on the prime minister's motion for an early general election. Any update, it will affect the trend of the pound.
Australian dollar to US dollar
0.6860/0.6870 resistance
0.6815/0.6805 support
A China and US trade deal is expected to be signed ahead of schedule, with the U.S. President planning to extend exemptions on additional tariffs on $34 billion in Chinese imports, indirectly bullish the Australian and New Zealand dollars. However, the Fed is expected to announce a rate cut before this period of bearish US dollar, will be expected to be bullish Australian and New Zealand dollar. However, we must pay attention to RBA President David Lowe's speech this afternoon and tomorrow Australia Q3 CPI results. If the RBA President makes dovish comments and data are weak, there is an opportunity to be bearish AUD.
Dollar to Japanese yen
109.05/109.15 resistance
108.50/108.40 support
The core consumer price index (CPI) in Tokyo held steady at an annual rate of 0.5 in October, but fell short of market expectations of 0.7%. The bank of Japan is expected to maintain negative interest rates on Thursday, or possibly increase the scale of monetary policy easing, bearish Japanese yen. If the stock market investment atmosphere is good, we can see the USDJPY test 109 level. But the Fed is expected to cut rates by a quarter basis point. Technically, the USDJPY continues to follow the stock market. Now, it may target 109.05 and 109.15 resistance.
U.S. dollar to Canadian dollar
1.3085/1.3095 resistance
1.3035/1.3025 support
At 4:30 a.m. tomorrow, U.S. API reported last week's crude oil inventory, which is expected to be lower than the previous week, which could boost crude prices and indirectly bullish the Canadian dollar. In addition, tomorrow night the bank of Canada interest rate, the market is unchanged. Above factors, more Canadian dollar. If the fed is expected to cut interest rates, it could still gain more Canadian dollars in the short term. Technically, usd/cad could see a dip to 1.3035 or 1.3025 support, but then the trend could reverse and rebound into the 1.3085 or 1.3095 resistance range.
US crude oil futures
57.55/57.80 resistance
55.55/55.40 support
At 4:30 a.m. tomorrow, U.S. API reported last week's crude oil inventory, which is expected to be lower than the previous week, which could bullish crude oil prices. A fed rate cut is also expected to support a rise in crude oil prices. Notice that the news has been reflected in the market for nearly two weeks, pay attention to the adjustment. If the price of crude oil rises to the $57 range or near $58, there could be a deep correction. Target $53.
Gold
1507/1509 resistance
1489/1487 support
Brexit deadline could be extended and gold prices fell, possibly breaking through 1496 support, this is our mentions yesterday. Gold prices fell, it is because Brexit extended and trade between China and US trade deal made further progress, citing plans to ease additional tariffs and the deal signed ahead of schedule. If the market expected the U.S. ADP payroll and third-quarter GDP declines and the federal reserve's expected rate cut, money could flow into the gold market, probably bullish gold prices to rise again. Initial resistance if gold breaks above $1,507.
U.S. Dow Jones industrial average futures US30
27125/27220 resistance
26890/26755 support
The market is watching for a possible Fed rate cut by the federal reserve this Thursday early morning, supporting Dow futures rose yesterday. Combined with the US President plan to extend additional tariffs for China import goods, Dow futures rose to 27160. Dow futures in line with technical resistance, looking up 27125 or 27220 range. In preparation for tomorrow, most of U.S. economic data weak forecast, watch Dow futures adjust to test support at 26890 or 26755.
BTCUSD:
9885/ 10250 resistance
9100 / 8950 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin. Technically, if the bitcoin price failed to support at US7885, it would rebound to US9885 or US10250. Keep watching the gold price, catch up the trend in Bitcoin.
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.
ATFX Market Outlook, 2019 Oct 29
Personal opinions today:
The European Union has agreed to a three-month extension for Brexit until January 31 to ease the risk of Brexit. Besides, the U.S. President said he intends to extend exemptions on nearly $34 billion in Chinese imports goods and plans to sign trade agreements with China ahead of time. Investment sentiment rose, with Dow futures closing higher, leading Asian equities higher. Stocks rose as risk aversion improved, while the Japanese yen, gold and silver rose.
Today, the federal reserve formally convened a two-day meeting to announce the results on October 31. The consensus was to cut interest rates by 25 basis points. The private ADP payroll release tomorrow, most of expected to reflect the official non-farm payroll on Friday. Separately, the first estimate of U.S. third-quarter GDP, released tomorrow, is likely to fall to 1.7%, in line with the federal reserve's interest rate cut to 1.75%. It is believed that the release of U.S. ADP private payrolls and the preliminary U.S. third-quarter GDP report could lead to market volatility, with a short-term dollar and dow futures falling until the official U.S. non-farm payrolls results are released. The strength of the U.S. data directly affects the market investment sentiment and risk aversion. Watch out the trend change for gold, silver and the Japanese yen.
[Important financial data and events]
Note: * is the degree of importance
14:45 RBA President Richard Lowe speaks **
15:00 UK Nationwide house price index *
17:30 UK Bank of England mortgage approval **
22:00 US Existing homes sale in September **
22:00 US CB consumer confidence index for October ***
To be confirm, The British House of Commons vote on early general election ***
The next day 4:30 US API crude oil stocks change***
Today's suggestion:
Euro/dollar
1.1105/1.1120 resistance
1.1055/1.1040 support
The Euro is believed to be supported if the dollar falls on expectations of weak U.S. economic data. But the Brexit deal still hasn't been approved by the British parliament, which is bearish for the pound and bearish for the Euro amid repeated political positions. Technically, note that British pound will continue to lead the Euro. Also, technically, we focus on the 1.1055 and 1.1040 support zones. Resistance 1.1105 and 1.1120. In the next two days, the British House of Commons voted on the prime minister's motion for an early general election. Any update would affect the direction of the British pound and the Euro.
British pound to dollar
1.2850/1.2865 resistance
1.2785/1.2770 support
The Brexit deadline pushed to 2020, Jan 31, but divisions in the British parliament over the issue have bearish the pound. The market predicting weak U.S. economic data, the pound is expected to rise against the dollar, but the gains are expected to be limited. The current technical analysis calculates that GBPUSD between 1.2770 support and 1.2865 resistance. In the next two days, the British House of Commons voted on the prime minister's motion for an early general election. Any update, it will affect the trend of the pound.
Australian dollar to US dollar
0.6860/0.6870 resistance
0.6815/0.6805 support
A China and US trade deal is expected to be signed ahead of schedule, with the U.S. President planning to extend exemptions on additional tariffs on $34 billion in Chinese imports, indirectly bullish the Australian and New Zealand dollars. However, the Fed is expected to announce a rate cut before this period of bearish US dollar, will be expected to be bullish Australian and New Zealand dollar. However, we must pay attention to RBA President David Lowe's speech this afternoon and tomorrow Australia Q3 CPI results. If the RBA President makes dovish comments and data are weak, there is an opportunity to be bearish AUD.
Dollar to Japanese yen
109.05/109.15 resistance
108.50/108.40 support
The core consumer price index (CPI) in Tokyo held steady at an annual rate of 0.5 in October, but fell short of market expectations of 0.7%. The bank of Japan is expected to maintain negative interest rates on Thursday, or possibly increase the scale of monetary policy easing, bearish Japanese yen. If the stock market investment atmosphere is good, we can see the USDJPY test 109 level. But the Fed is expected to cut rates by a quarter basis point. Technically, the USDJPY continues to follow the stock market. Now, it may target 109.05 and 109.15 resistance.
U.S. dollar to Canadian dollar
1.3085/1.3095 resistance
1.3035/1.3025 support
At 4:30 a.m. tomorrow, U.S. API reported last week's crude oil inventory, which is expected to be lower than the previous week, which could boost crude prices and indirectly bullish the Canadian dollar. In addition, tomorrow night the bank of Canada interest rate, the market is unchanged. Above factors, more Canadian dollar. If the fed is expected to cut interest rates, it could still gain more Canadian dollars in the short term. Technically, usd/cad could see a dip to 1.3035 or 1.3025 support, but then the trend could reverse and rebound into the 1.3085 or 1.3095 resistance range.
US crude oil futures
57.55/57.80 resistance
55.55/55.40 support
At 4:30 a.m. tomorrow, U.S. API reported last week's crude oil inventory, which is expected to be lower than the previous week, which could bullish crude oil prices. A fed rate cut is also expected to support a rise in crude oil prices. Notice that the news has been reflected in the market for nearly two weeks, pay attention to the adjustment. If the price of crude oil rises to the $57 range or near $58, there could be a deep correction. Target $53.
Gold
1507/1509 resistance
1489/1487 support
Brexit deadline could be extended and gold prices fell, possibly breaking through 1496 support, this is our mentions yesterday. Gold prices fell, it is because Brexit extended and trade between China and US trade deal made further progress, citing plans to ease additional tariffs and the deal signed ahead of schedule. If the market expected the U.S. ADP payroll and third-quarter GDP declines and the federal reserve's expected rate cut, money could flow into the gold market, probably bullish gold prices to rise again. Initial resistance if gold breaks above $1,507.
U.S. Dow Jones industrial average futures US30
27125/27220 resistance
26890/26755 support
The market is watching for a possible Fed rate cut by the federal reserve this Thursday early morning, supporting Dow futures rose yesterday. Combined with the US President plan to extend additional tariffs for China import goods, Dow futures rose to 27160. Dow futures in line with technical resistance, looking up 27125 or 27220 range. In preparation for tomorrow, most of U.S. economic data weak forecast, watch Dow futures adjust to test support at 26890 or 26755.
BTCUSD:
9885/ 10250 resistance
9100 / 8950 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin. Technically, if the bitcoin price failed to support at US7885, it would rebound to US9885 or US10250. Keep watching the gold price, catch up the trend in Bitcoin.
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
- Messages
- 835
Personal opinions today:
The FOMC could cut interest rates 25 basis points, it was the most important of several key economic data releases from Europe and the United States today. Following a press conference by Fed chairman Powell speech. If there will indicate whether further rate cuts will be made in the future, or the Fed may anticipate a cycle of rate cuts. Tonight, U.S. ADP payroll and the U.S. Q3 GDP fell to 1.7% or less, there is a good chance that the Fed cut interest rates again after cutting rates to 1.75%, investors are advised to stay focused and plan for the future. It was believe a large Q3 U.S. GDP gap could lead to market volatility, with short-term dollar and Dow futures down and gold, silver and yen rebounding. The Bank of Canada will release its interest rate decision and monetary policy report tonight, and watch the press conference. Interest rate decisions and monetary policy reports and press releases could be bearish for the Canadian dollar.
[Important financial data and events]
Note: * is the degree of importance
08:30 Australia Q3 CPI annualized rate **
16:00 Swiss KOF economic leading indicator *
16:55 German unemployment and unemployment rate ***
17:00 Swiss ZEW investor confidence index *
18:00 Eurozone economic and industrial sentiment **
18:00 Eurozone consumer confidence index final ***
20:15 U.S. ADP payroll***
20:30 U.S. Real Q3 GDP Pre ***
21:00 Germany CPI ***
22:00 Bank of Canada interest rate decision ***
22:30 U.S. EIA crude oil inventory **
23:15 Bank of Canada Press conference ***
The next day 02:00 FOMC interest rate decision ***
The next day 02:30 FOMC Press conference
Today's suggestion:
Euro/dollar
1.1130/1.1140 resistance
1.1085/1.1075 support
The dollar fell on expectations of weak U.S. economic data, believed to be one of the euro's supports. All the while, the Brexit deal still hasn't been approved by the British parliament, and repeated political wrangling could be bearish for both the pound and the euro. Technically, note that sterling will continue to lead the euro. Due to important data in Europe and the United States today, and pay attention to the FOMC released the interest rate decision and policy statement, Fed chairman Powell held a press conference speech.
British pound to US dollar
1.2880/1.2895 resistance
1.2810/1.2795 support
Brexit vote and approved the general election in December but the market expected bearish pound. Pound has recovered from its low against the dollar, but is expected to make only limited gains, heeding the 1.2895 resistance. The British House of Commons continues to debate and vote on the Brexit deal. If there is news, will affect the trend of pound.
Australian dollar to US dollar
0.6860/0.6870 resistance
0.6815/0.6805 support
Despite today's release of Australia Q3 CPI annualized growth, the Australian dollar. But a trade deal between China and the United States could hit a snag ahead of schedule, potentially bearish the Australian and New Zealand dollars if problems intensify. It is only now that the Fed is expected to announce a cut in interest rates, before this period of bearish US dollar, will be expected to be bullish Australian and New Zealand dollar.
Dollar/Japanese yen
109.05/109.15 resistance
108.50/108.40 support
The market expected The Bank of Japan kept interest rates at negative levels, and may further ease monetary policy to weaken the Japanese yen. In addition, dow Jones industrial average futures held high, and the market forecast that the federal reserve will cut interest rates by 25 basis points, which is likely to make a cut, the dollar will test 109 against the yen. But limit the gains after testing 109 if the dollar follows the yen higher. Technically, USDJPY continues to follow the stock market. Target 109.05 and 109.15 resistance.
U.S. dollar to Canadian dollar
1.3125/1.3140 resistance
1.3050/1.3035 support
The Bank of Canada rates tonight, the market is expected to remain unchanged, bullish Canadian dollar. If U.S. Q3 GDP falls more than expected and expected the Fed cuts interest rates, it could still bullish the Canadian dollar in the short term. Technically, watch the USDCAD expect to test 1.3050 or 1.3035 support. Otherwise, resistance to 1.3125 or 1.3140.
United States crude oil futures
56.55/56.80 resistance
54.55/54.40 support
US API announced last week crude oil stocks declined, the news has been in the market for nearly two weeks, so adjust. The US Q3 GDP was expected to weak, the Brexit still unresolved, and the China and US trade deal has not been signed in advance. We believe that if the crude oil price rises to the $57 range or near $58, the crude oil price may be in the recent situation and make a deep adjustment. Target $53.
Gold
1503/1505 resistance
1485/1483 support
Yesterday here mentioned that the Brexit deadline could be extended and gold prices could fall. But today, U.S. GDP is expected to be weak, the Fed still has a chance to cut interest rates in the future, and a China and US trade deal signed could be pushed back. These adverse factors, could bull the price of gold. If U.S. ADP payrolls and Q3 GDP fall and the federal reserve cuts interest rates more than expected, money could flow into the gold market, allowing gold prices to rise again.
U.S. Dow Jones industrial average futures US30
27125/27220 resistance
26890/26755 support
The market watched the FOMC meeting, it could cut interest rates, supporting Dow futures to stay high. But U.S. economic data released today is expected to be weak, watch Dow futures adjust to test support at 26890 or 26755.
BTCUSD:
9885/ 10250 resistance
9100 / 8950 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin. Technically, if the bitcoin price failed to support at US7885, it would rebound to US9885 or US10250. Keep watching the gold price, catch up the trend in Bitcoin.
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.
Personal opinions today:
The FOMC could cut interest rates 25 basis points, it was the most important of several key economic data releases from Europe and the United States today. Following a press conference by Fed chairman Powell speech. If there will indicate whether further rate cuts will be made in the future, or the Fed may anticipate a cycle of rate cuts. Tonight, U.S. ADP payroll and the U.S. Q3 GDP fell to 1.7% or less, there is a good chance that the Fed cut interest rates again after cutting rates to 1.75%, investors are advised to stay focused and plan for the future. It was believe a large Q3 U.S. GDP gap could lead to market volatility, with short-term dollar and Dow futures down and gold, silver and yen rebounding. The Bank of Canada will release its interest rate decision and monetary policy report tonight, and watch the press conference. Interest rate decisions and monetary policy reports and press releases could be bearish for the Canadian dollar.
[Important financial data and events]
Note: * is the degree of importance
08:30 Australia Q3 CPI annualized rate **
16:00 Swiss KOF economic leading indicator *
16:55 German unemployment and unemployment rate ***
17:00 Swiss ZEW investor confidence index *
18:00 Eurozone economic and industrial sentiment **
18:00 Eurozone consumer confidence index final ***
20:15 U.S. ADP payroll***
20:30 U.S. Real Q3 GDP Pre ***
21:00 Germany CPI ***
22:00 Bank of Canada interest rate decision ***
22:30 U.S. EIA crude oil inventory **
23:15 Bank of Canada Press conference ***
The next day 02:00 FOMC interest rate decision ***
The next day 02:30 FOMC Press conference
Today's suggestion:
Euro/dollar
1.1130/1.1140 resistance
1.1085/1.1075 support
The dollar fell on expectations of weak U.S. economic data, believed to be one of the euro's supports. All the while, the Brexit deal still hasn't been approved by the British parliament, and repeated political wrangling could be bearish for both the pound and the euro. Technically, note that sterling will continue to lead the euro. Due to important data in Europe and the United States today, and pay attention to the FOMC released the interest rate decision and policy statement, Fed chairman Powell held a press conference speech.
British pound to US dollar
1.2880/1.2895 resistance
1.2810/1.2795 support
Brexit vote and approved the general election in December but the market expected bearish pound. Pound has recovered from its low against the dollar, but is expected to make only limited gains, heeding the 1.2895 resistance. The British House of Commons continues to debate and vote on the Brexit deal. If there is news, will affect the trend of pound.
Australian dollar to US dollar
0.6860/0.6870 resistance
0.6815/0.6805 support
Despite today's release of Australia Q3 CPI annualized growth, the Australian dollar. But a trade deal between China and the United States could hit a snag ahead of schedule, potentially bearish the Australian and New Zealand dollars if problems intensify. It is only now that the Fed is expected to announce a cut in interest rates, before this period of bearish US dollar, will be expected to be bullish Australian and New Zealand dollar.
Dollar/Japanese yen
109.05/109.15 resistance
108.50/108.40 support
The market expected The Bank of Japan kept interest rates at negative levels, and may further ease monetary policy to weaken the Japanese yen. In addition, dow Jones industrial average futures held high, and the market forecast that the federal reserve will cut interest rates by 25 basis points, which is likely to make a cut, the dollar will test 109 against the yen. But limit the gains after testing 109 if the dollar follows the yen higher. Technically, USDJPY continues to follow the stock market. Target 109.05 and 109.15 resistance.
U.S. dollar to Canadian dollar
1.3125/1.3140 resistance
1.3050/1.3035 support
The Bank of Canada rates tonight, the market is expected to remain unchanged, bullish Canadian dollar. If U.S. Q3 GDP falls more than expected and expected the Fed cuts interest rates, it could still bullish the Canadian dollar in the short term. Technically, watch the USDCAD expect to test 1.3050 or 1.3035 support. Otherwise, resistance to 1.3125 or 1.3140.
United States crude oil futures
56.55/56.80 resistance
54.55/54.40 support
US API announced last week crude oil stocks declined, the news has been in the market for nearly two weeks, so adjust. The US Q3 GDP was expected to weak, the Brexit still unresolved, and the China and US trade deal has not been signed in advance. We believe that if the crude oil price rises to the $57 range or near $58, the crude oil price may be in the recent situation and make a deep adjustment. Target $53.
Gold
1503/1505 resistance
1485/1483 support
Yesterday here mentioned that the Brexit deadline could be extended and gold prices could fall. But today, U.S. GDP is expected to be weak, the Fed still has a chance to cut interest rates in the future, and a China and US trade deal signed could be pushed back. These adverse factors, could bull the price of gold. If U.S. ADP payrolls and Q3 GDP fall and the federal reserve cuts interest rates more than expected, money could flow into the gold market, allowing gold prices to rise again.
U.S. Dow Jones industrial average futures US30
27125/27220 resistance
26890/26755 support
The market watched the FOMC meeting, it could cut interest rates, supporting Dow futures to stay high. But U.S. economic data released today is expected to be weak, watch Dow futures adjust to test support at 26890 or 26755.
BTCUSD:
9885/ 10250 resistance
9100 / 8950 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin. Technically, if the bitcoin price failed to support at US7885, it would rebound to US9885 or US10250. Keep watching the gold price, catch up the trend in Bitcoin.
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.
The FOMC could cut interest rates 25 basis points, it was the most important of several key economic data releases from Europe and the United States today. Following a press conference by Fed chairman Powell speech. If there will indicate whether further rate cuts will be made in the future, or the Fed may anticipate a cycle of rate cuts. Tonight, U.S. ADP payroll and the U.S. Q3 GDP fell to 1.7% or less, there is a good chance that the Fed cut interest rates again after cutting rates to 1.75%, investors are advised to stay focused and plan for the future. It was believe a large Q3 U.S. GDP gap could lead to market volatility, with short-term dollar and Dow futures down and gold, silver and yen rebounding. The Bank of Canada will release its interest rate decision and monetary policy report tonight, and watch the press conference. Interest rate decisions and monetary policy reports and press releases could be bearish for the Canadian dollar.
[Important financial data and events]
Note: * is the degree of importance
08:30 Australia Q3 CPI annualized rate **
16:00 Swiss KOF economic leading indicator *
16:55 German unemployment and unemployment rate ***
17:00 Swiss ZEW investor confidence index *
18:00 Eurozone economic and industrial sentiment **
18:00 Eurozone consumer confidence index final ***
20:15 U.S. ADP payroll***
20:30 U.S. Real Q3 GDP Pre ***
21:00 Germany CPI ***
22:00 Bank of Canada interest rate decision ***
22:30 U.S. EIA crude oil inventory **
23:15 Bank of Canada Press conference ***
The next day 02:00 FOMC interest rate decision ***
The next day 02:30 FOMC Press conference
Today's suggestion:
Euro/dollar
1.1130/1.1140 resistance
1.1085/1.1075 support
The dollar fell on expectations of weak U.S. economic data, believed to be one of the euro's supports. All the while, the Brexit deal still hasn't been approved by the British parliament, and repeated political wrangling could be bearish for both the pound and the euro. Technically, note that sterling will continue to lead the euro. Due to important data in Europe and the United States today, and pay attention to the FOMC released the interest rate decision and policy statement, Fed chairman Powell held a press conference speech.
British pound to US dollar
1.2880/1.2895 resistance
1.2810/1.2795 support
Brexit vote and approved the general election in December but the market expected bearish pound. Pound has recovered from its low against the dollar, but is expected to make only limited gains, heeding the 1.2895 resistance. The British House of Commons continues to debate and vote on the Brexit deal. If there is news, will affect the trend of pound.
Australian dollar to US dollar
0.6860/0.6870 resistance
0.6815/0.6805 support
Despite today's release of Australia Q3 CPI annualized growth, the Australian dollar. But a trade deal between China and the United States could hit a snag ahead of schedule, potentially bearish the Australian and New Zealand dollars if problems intensify. It is only now that the Fed is expected to announce a cut in interest rates, before this period of bearish US dollar, will be expected to be bullish Australian and New Zealand dollar.
Dollar/Japanese yen
109.05/109.15 resistance
108.50/108.40 support
The market expected The Bank of Japan kept interest rates at negative levels, and may further ease monetary policy to weaken the Japanese yen. In addition, dow Jones industrial average futures held high, and the market forecast that the federal reserve will cut interest rates by 25 basis points, which is likely to make a cut, the dollar will test 109 against the yen. But limit the gains after testing 109 if the dollar follows the yen higher. Technically, USDJPY continues to follow the stock market. Target 109.05 and 109.15 resistance.
U.S. dollar to Canadian dollar
1.3125/1.3140 resistance
1.3050/1.3035 support
The Bank of Canada rates tonight, the market is expected to remain unchanged, bullish Canadian dollar. If U.S. Q3 GDP falls more than expected and expected the Fed cuts interest rates, it could still bullish the Canadian dollar in the short term. Technically, watch the USDCAD expect to test 1.3050 or 1.3035 support. Otherwise, resistance to 1.3125 or 1.3140.
United States crude oil futures
56.55/56.80 resistance
54.55/54.40 support
US API announced last week crude oil stocks declined, the news has been in the market for nearly two weeks, so adjust. The US Q3 GDP was expected to weak, the Brexit still unresolved, and the China and US trade deal has not been signed in advance. We believe that if the crude oil price rises to the $57 range or near $58, the crude oil price may be in the recent situation and make a deep adjustment. Target $53.
Gold
1503/1505 resistance
1485/1483 support
Yesterday here mentioned that the Brexit deadline could be extended and gold prices could fall. But today, U.S. GDP is expected to be weak, the Fed still has a chance to cut interest rates in the future, and a China and US trade deal signed could be pushed back. These adverse factors, could bull the price of gold. If U.S. ADP payrolls and Q3 GDP fall and the federal reserve cuts interest rates more than expected, money could flow into the gold market, allowing gold prices to rise again.
U.S. Dow Jones industrial average futures US30
27125/27220 resistance
26890/26755 support
The market watched the FOMC meeting, it could cut interest rates, supporting Dow futures to stay high. But U.S. economic data released today is expected to be weak, watch Dow futures adjust to test support at 26890 or 26755.
BTCUSD:
9885/ 10250 resistance
9100 / 8950 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin. Technically, if the bitcoin price failed to support at US7885, it would rebound to US9885 or US10250. Keep watching the gold price, catch up the trend in Bitcoin.
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.
Personal opinions today:
The FOMC could cut interest rates 25 basis points, it was the most important of several key economic data releases from Europe and the United States today. Following a press conference by Fed chairman Powell speech. If there will indicate whether further rate cuts will be made in the future, or the Fed may anticipate a cycle of rate cuts. Tonight, U.S. ADP payroll and the U.S. Q3 GDP fell to 1.7% or less, there is a good chance that the Fed cut interest rates again after cutting rates to 1.75%, investors are advised to stay focused and plan for the future. It was believe a large Q3 U.S. GDP gap could lead to market volatility, with short-term dollar and Dow futures down and gold, silver and yen rebounding. The Bank of Canada will release its interest rate decision and monetary policy report tonight, and watch the press conference. Interest rate decisions and monetary policy reports and press releases could be bearish for the Canadian dollar.
[Important financial data and events]
Note: * is the degree of importance
08:30 Australia Q3 CPI annualized rate **
16:00 Swiss KOF economic leading indicator *
16:55 German unemployment and unemployment rate ***
17:00 Swiss ZEW investor confidence index *
18:00 Eurozone economic and industrial sentiment **
18:00 Eurozone consumer confidence index final ***
20:15 U.S. ADP payroll***
20:30 U.S. Real Q3 GDP Pre ***
21:00 Germany CPI ***
22:00 Bank of Canada interest rate decision ***
22:30 U.S. EIA crude oil inventory **
23:15 Bank of Canada Press conference ***
The next day 02:00 FOMC interest rate decision ***
The next day 02:30 FOMC Press conference
Today's suggestion:
Euro/dollar
1.1130/1.1140 resistance
1.1085/1.1075 support
The dollar fell on expectations of weak U.S. economic data, believed to be one of the euro's supports. All the while, the Brexit deal still hasn't been approved by the British parliament, and repeated political wrangling could be bearish for both the pound and the euro. Technically, note that sterling will continue to lead the euro. Due to important data in Europe and the United States today, and pay attention to the FOMC released the interest rate decision and policy statement, Fed chairman Powell held a press conference speech.
British pound to US dollar
1.2880/1.2895 resistance
1.2810/1.2795 support
Brexit vote and approved the general election in December but the market expected bearish pound. Pound has recovered from its low against the dollar, but is expected to make only limited gains, heeding the 1.2895 resistance. The British House of Commons continues to debate and vote on the Brexit deal. If there is news, will affect the trend of pound.
Australian dollar to US dollar
0.6860/0.6870 resistance
0.6815/0.6805 support
Despite today's release of Australia Q3 CPI annualized growth, the Australian dollar. But a trade deal between China and the United States could hit a snag ahead of schedule, potentially bearish the Australian and New Zealand dollars if problems intensify. It is only now that the Fed is expected to announce a cut in interest rates, before this period of bearish US dollar, will be expected to be bullish Australian and New Zealand dollar.
Dollar/Japanese yen
109.05/109.15 resistance
108.50/108.40 support
The market expected The Bank of Japan kept interest rates at negative levels, and may further ease monetary policy to weaken the Japanese yen. In addition, dow Jones industrial average futures held high, and the market forecast that the federal reserve will cut interest rates by 25 basis points, which is likely to make a cut, the dollar will test 109 against the yen. But limit the gains after testing 109 if the dollar follows the yen higher. Technically, USDJPY continues to follow the stock market. Target 109.05 and 109.15 resistance.
U.S. dollar to Canadian dollar
1.3125/1.3140 resistance
1.3050/1.3035 support
The Bank of Canada rates tonight, the market is expected to remain unchanged, bullish Canadian dollar. If U.S. Q3 GDP falls more than expected and expected the Fed cuts interest rates, it could still bullish the Canadian dollar in the short term. Technically, watch the USDCAD expect to test 1.3050 or 1.3035 support. Otherwise, resistance to 1.3125 or 1.3140.
United States crude oil futures
56.55/56.80 resistance
54.55/54.40 support
US API announced last week crude oil stocks declined, the news has been in the market for nearly two weeks, so adjust. The US Q3 GDP was expected to weak, the Brexit still unresolved, and the China and US trade deal has not been signed in advance. We believe that if the crude oil price rises to the $57 range or near $58, the crude oil price may be in the recent situation and make a deep adjustment. Target $53.
Gold
1503/1505 resistance
1485/1483 support
Yesterday here mentioned that the Brexit deadline could be extended and gold prices could fall. But today, U.S. GDP is expected to be weak, the Fed still has a chance to cut interest rates in the future, and a China and US trade deal signed could be pushed back. These adverse factors, could bull the price of gold. If U.S. ADP payrolls and Q3 GDP fall and the federal reserve cuts interest rates more than expected, money could flow into the gold market, allowing gold prices to rise again.
U.S. Dow Jones industrial average futures US30
27125/27220 resistance
26890/26755 support
The market watched the FOMC meeting, it could cut interest rates, supporting Dow futures to stay high. But U.S. economic data released today is expected to be weak, watch Dow futures adjust to test support at 26890 or 26755.
BTCUSD:
9885/ 10250 resistance
9100 / 8950 support
As US economy slowdown, FOMC would consider cut Fed fund rate. It is supposed bullish for crypto currencies, such as Bitcoin. Technically, if the bitcoin price failed to support at US7885, it would rebound to US9885 or US10250. Keep watching the gold price, catch up the trend in Bitcoin.
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
- Messages
- 835
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 1
Personal opinions today:
The U.S. government's October nonfarm payrolls report, released today, was also weak in the wake of the ADP private payrolls report the following night. The current market estimate is just 89,000, well below the previous 136,000 and almost down to 2008 levels. In addition, the number of initial jobless claims rose last night, while the core price index and the Chicago PMI fell in October. Also, after the House of representatives held a full house vote to confirm the impeachment proceedings against U.S. President Trump, investment sentiment was affected, Dow futures fell, and gold, silver and yen rebounded. Crude oil prices fell on these bad news. The above factors, Dow futures fell, driving risk aversion, boosting gold, silver and yen rebound. And the price of crude oil is expected to fall. These all we mentioned yesterday.
In Asian trading today, the main focus of Japan unemployment rate and China Caixin manufacturing PMI results, led the Asia regional index performance. That in turn affected the prices of gold and silver. It also affects the Australian, New Zealand and Canadian dollars. The forecast for us non-farm employment data tonight is expected to be weak, and recent market movements have already been reflected. Therefore, watch out for the reversal of market price trend after the release of the results tonight if the US non-farm payroll is in line with the expected range. If unemployment rate falls and average wages rise, Dow futures and the dollar could rebound immediately. But if it remains weak, the trend could fall before recovering. Other major currencies against the dollar, gold and silver may move up and then down. Expect a rebound unless the U.S. non-farm payrolls data show a larger increase and crude oil prices do not move somuch.
[Important financial data and events]
Note: * is the degree of importance
07:30 Japan unemployment rate *
09:45 China Caixin manufacturing PMI final **
15:30 Swiss October CPI ***
17:30 UK manufacturing PMI in October **
20:30 US non-farm payrolls ***
20:30 US unemployment rate and average wage ***
21:45 US Markit manufacturing PMI final ***
22:00 US ISM manufacturing PMI **
The next day 01:00 Fed Vice Chairman speech *
Today's suggestion:
Euro/dollar
1.1175/1.1185 resistance
1.1135/1.1125 support
The dollar fell in recent days after a weak October ADP payroll and expected weak U.S. non-farm payrolls data tonight. Adding in the Eurozone preliminary CPI annualized rate in October and the Eurozone preliminary GDP annualized rate in the third quarter, the Euro was bullish . If U.S. non-farm payrolls come in below market estimates of 89,000 late tonight, expect the Euro rise after the non-farm payroll, looking at resistance of 1.1175 and 1.1185. Then looking at support levels.
British pound to US dollar
1.2960/1.2970 resistance
1.2880/1.2870 support
The dollar fell in recent days and the pound indirectly rose. If US non-farm payrolls come in below market estimates of 89,000 late tonight, the pound is expected to rise against the dollar after the release of the data, initially looking at resistance of 1.2960 or 1.2970, the most important resistance level of 1.3005. Markets could then digest the data, then raising the Brexit and next month's UK general election, which could push the pound lower.
Australian dollar to US dollar
0.6910/0.6920 resistance
0.6860/0.6850 support
The federal reserve cut interest rates and ADP employment data for October were weak. Estimated US non-farm payroll data before the bearish US dollar, more Australian and New Zealand dollar. The Australian and New Zealand dollars adjusted gains ahead of China's final Caixin manufacturing PMI in October. Bullish AUD could see headwinds if China manufacturing PMI data show growth and expected U.S. non-farm payrolls data are weak. If the above data is in line with expectations, the Australian dollar and New Zealand dollar may test support tonight.
Dollar/yen
108.40/108.50 resistance
107.80/107.70 support
Japan unemployment rate today did not affect the yen's fall, only affected the Nikkei futures fell, thus the dollar fell against the yen. The dollar fell against the Japanese yen, following Dow futures fell, believing it was related to expectations of weak U.S. non-farm payroll data. Dow futures are expected to have a chance of falling, as are the chances that the dollar will continue to follow stocks lower against the yen. Keep on eye out for 107.80 and 107.70 support. If U.S. non-farm payrolls are not as weak as expected, an increase in U.S. average wages could lead to gains in Dow and Nikkei futures, and the dollar could see resistance against the yen.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
As the price of crude oil fell, the Canadian dollar fell. If U.S. jobs data is weak and the dollar falls, technically, watch for the dollar to test 1.3125 or 1.3115 support against the Canadian dollar. If crude oil prices rebound, the U.S. dollar could test support against the Canadian dollar.
United States crude oil futures
55.65/56.10 resistance
53.90/53.40 support
U.S. Q3 GDP was weak and crude oil prices are expected to test support before tonight's non-farm payrolls data, with a target of $53. The weak U.S. economic and employment data could then be digested, creating an opportunity for U.S. crude oil futures to rise. Improving trade relations with the U.S. and China, also OPEC production cut could bullish U.S. crude futures prices.
Gold
1518/1520 resistance
1500/1498 support
The market is already pricing in weak U.S. non-farm payroll data, with gold likely to see resistance at $1,518 or $1,520 before the release. But then, if the data meets expectations and average wages rise, gold could test $1,500 support. Believe, silver price follows gold price pace and trend.
U.S. Dow Jones industrial average futures US30
27160/27220 resistance
26890/26785 support
Dow futures fell because the U.S. economic is weak, non-farm payrolls data is not expected well, it must watch the Dow futures correction. The U.S. economy is weak at the moment, but the Fed pace of rate cuts is likely to stop, a bearish move for the Dow. As a short-term factor, Dow futures, 27160 and 27220 as important resistance.
BTCUSD:
9380/ 9950 resistance
8950 / 8750 support
Since US economy slowdown, FOMC Fed fund rate cut. The FOMC mentions the Fed rate may not cut further, bearish for crypto currencies, such as Bitcoin. The bitcoin price fell after the FOMC meeting. Technically if the bitcoin price could test the support at US7885, but the US non-farm payroll forecast and the actual could lower, could catch up the upward in Bitcoin price.
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.
ATFX Market Outlook, 2019 Nov 1
Personal opinions today:
The U.S. government's October nonfarm payrolls report, released today, was also weak in the wake of the ADP private payrolls report the following night. The current market estimate is just 89,000, well below the previous 136,000 and almost down to 2008 levels. In addition, the number of initial jobless claims rose last night, while the core price index and the Chicago PMI fell in October. Also, after the House of representatives held a full house vote to confirm the impeachment proceedings against U.S. President Trump, investment sentiment was affected, Dow futures fell, and gold, silver and yen rebounded. Crude oil prices fell on these bad news. The above factors, Dow futures fell, driving risk aversion, boosting gold, silver and yen rebound. And the price of crude oil is expected to fall. These all we mentioned yesterday.
In Asian trading today, the main focus of Japan unemployment rate and China Caixin manufacturing PMI results, led the Asia regional index performance. That in turn affected the prices of gold and silver. It also affects the Australian, New Zealand and Canadian dollars. The forecast for us non-farm employment data tonight is expected to be weak, and recent market movements have already been reflected. Therefore, watch out for the reversal of market price trend after the release of the results tonight if the US non-farm payroll is in line with the expected range. If unemployment rate falls and average wages rise, Dow futures and the dollar could rebound immediately. But if it remains weak, the trend could fall before recovering. Other major currencies against the dollar, gold and silver may move up and then down. Expect a rebound unless the U.S. non-farm payrolls data show a larger increase and crude oil prices do not move somuch.
[Important financial data and events]
Note: * is the degree of importance
07:30 Japan unemployment rate *
09:45 China Caixin manufacturing PMI final **
15:30 Swiss October CPI ***
17:30 UK manufacturing PMI in October **
20:30 US non-farm payrolls ***
20:30 US unemployment rate and average wage ***
21:45 US Markit manufacturing PMI final ***
22:00 US ISM manufacturing PMI **
The next day 01:00 Fed Vice Chairman speech *
Today's suggestion:
Euro/dollar
1.1175/1.1185 resistance
1.1135/1.1125 support
The dollar fell in recent days after a weak October ADP payroll and expected weak U.S. non-farm payrolls data tonight. Adding in the Eurozone preliminary CPI annualized rate in October and the Eurozone preliminary GDP annualized rate in the third quarter, the Euro was bullish . If U.S. non-farm payrolls come in below market estimates of 89,000 late tonight, expect the Euro rise after the non-farm payroll, looking at resistance of 1.1175 and 1.1185. Then looking at support levels.
British pound to US dollar
1.2960/1.2970 resistance
1.2880/1.2870 support
The dollar fell in recent days and the pound indirectly rose. If US non-farm payrolls come in below market estimates of 89,000 late tonight, the pound is expected to rise against the dollar after the release of the data, initially looking at resistance of 1.2960 or 1.2970, the most important resistance level of 1.3005. Markets could then digest the data, then raising the Brexit and next month's UK general election, which could push the pound lower.
Australian dollar to US dollar
0.6910/0.6920 resistance
0.6860/0.6850 support
The federal reserve cut interest rates and ADP employment data for October were weak. Estimated US non-farm payroll data before the bearish US dollar, more Australian and New Zealand dollar. The Australian and New Zealand dollars adjusted gains ahead of China's final Caixin manufacturing PMI in October. Bullish AUD could see headwinds if China manufacturing PMI data show growth and expected U.S. non-farm payrolls data are weak. If the above data is in line with expectations, the Australian dollar and New Zealand dollar may test support tonight.
Dollar/yen
108.40/108.50 resistance
107.80/107.70 support
Japan unemployment rate today did not affect the yen's fall, only affected the Nikkei futures fell, thus the dollar fell against the yen. The dollar fell against the Japanese yen, following Dow futures fell, believing it was related to expectations of weak U.S. non-farm payroll data. Dow futures are expected to have a chance of falling, as are the chances that the dollar will continue to follow stocks lower against the yen. Keep on eye out for 107.80 and 107.70 support. If U.S. non-farm payrolls are not as weak as expected, an increase in U.S. average wages could lead to gains in Dow and Nikkei futures, and the dollar could see resistance against the yen.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
As the price of crude oil fell, the Canadian dollar fell. If U.S. jobs data is weak and the dollar falls, technically, watch for the dollar to test 1.3125 or 1.3115 support against the Canadian dollar. If crude oil prices rebound, the U.S. dollar could test support against the Canadian dollar.
United States crude oil futures
55.65/56.10 resistance
53.90/53.40 support
U.S. Q3 GDP was weak and crude oil prices are expected to test support before tonight's non-farm payrolls data, with a target of $53. The weak U.S. economic and employment data could then be digested, creating an opportunity for U.S. crude oil futures to rise. Improving trade relations with the U.S. and China, also OPEC production cut could bullish U.S. crude futures prices.
Gold
1518/1520 resistance
1500/1498 support
The market is already pricing in weak U.S. non-farm payroll data, with gold likely to see resistance at $1,518 or $1,520 before the release. But then, if the data meets expectations and average wages rise, gold could test $1,500 support. Believe, silver price follows gold price pace and trend.
U.S. Dow Jones industrial average futures US30
27160/27220 resistance
26890/26785 support
Dow futures fell because the U.S. economic is weak, non-farm payrolls data is not expected well, it must watch the Dow futures correction. The U.S. economy is weak at the moment, but the Fed pace of rate cuts is likely to stop, a bearish move for the Dow. As a short-term factor, Dow futures, 27160 and 27220 as important resistance.
BTCUSD:
9380/ 9950 resistance
8950 / 8750 support
Since US economy slowdown, FOMC Fed fund rate cut. The FOMC mentions the Fed rate may not cut further, bearish for crypto currencies, such as Bitcoin. The bitcoin price fell after the FOMC meeting. Technically if the bitcoin price could test the support at US7885, but the US non-farm payroll forecast and the actual could lower, could catch up the upward in Bitcoin price.
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
- Messages
- 835
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 4
Personal opinions today:
In Asian trading today, the main focus of the German and Eurozone manufacturing PMI final data in October, the market has been expected to be flat. If the data is in line with expectations, the Euro and British pound are likely to fall. In U.S. trading today, the market focused on U.S. September factory orders and a speech by the ECB president, Christine Lagarde. The market is waiting to see whether U.S. factory orders in September. Later, watch what the ECB president speech. Whether she will consider stepping up loose monetary policy to push down the Euro and British pound and the Swiss franc. If U.S. factory orders in September turn out to be better than expected, gold could fall and crude oil could rise.
[Important financial data and events]
Note: * is the degree of importance
Winter time begins in the United States
Japanese Holiday
14:45 Swiss consumer confidence index **
16:55 German manufacturing PMI final ***
17:00 Eurozone manufacturing PMI final **
17:30 Eurozone Sentix investor confidence index *
23:00 U.S. factory orders **
The next day 02:30 ECB President Christine lagarde speech
Today's suggestion:
Euro/dollar
1.1175/1.1185 resistance
1.1135/1.1125 support
The Euro had risen after U.S. non-farm payrolls were below predicted. The Euro could see resistance at 1.1175 and 1.1185 if German and Eurozone manufacturing PMI better-than-expected, bullish Euro. Then, tomorrow morning, focus on a speech by the European CB president, Christine. If dovish speech, it could push the Euro lower.
British pound to dollar
1.2960/1.2970 resistance
1.2900/1.2890 support
The British pound rose against the dollar after the weaker-than-expected U.S. non-farm payrolls, but failed to challenge the most important resistance level, 1.3005. As markets digested the data, the focus turned to concerns about Brexit and UK general election, which in turn led to a correction in pound gains. U.S. factory orders are expected to fall in September from a month earlier, and pound is expected to test resistance against the dollar again ahead of the release. But then it is possible to test the support level again.
Australian dollar to U.S. dollar
0.6925/0.6935 resistance
0.6890/0.6880 support
Weak U.S. non-farm employment data and an improvement in the trade war between China and the U.S. could see headwinds against the aussie dollar. If any further good news in the future, such easing of trade tariffs between China and the United States, we suggest to be bullish on the Australian dollar and New Zealand dollar.
Dollar/Japanese yen
108.60/108.70 resistance
108.00/107.90 support
Dow futures rebounded, the Nikkei rose and USDJPY followed. If U.S. factory orders in September would not as weak as expected today, it could lead to gains in Dow and Nikkei futures, while the USDJPY could test 108.60 or 108.70 resistance.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
Crude oil prices stronger, bullish Canadian dollar. But dovish comments from the Bank of Canada kept the currency in lower. If crude oil prices are estimated to rise, would bullish Canadian dollar, USDCAD is likely to test support. Technically, watch the USDCAD for 1.3125 or 1.3115 support.
United States crude oil futures
56.80/57.00 resistance
55.25/55.05 support
Crude oil prices fell to within the $53 range before rebounding, and the market digested weak U.S. economic and job data, creating an opportunity for U.S. crude oil futures rebounded. At the moment, improving trade relations between China and the United States and the extension of OPEC production cuts could bullish U.S. crude futures prices.
Gold
1516/1518 resistance
1506/1504 support
U.S. non-farm payrolls were weak and gold prices adjusted after released. But gold rose on expectations that U.S. factory orders fell in September today. If the data meets or beats expectations, gold could test $1,504 support. US and China trade tensions improved, with the first phase of a trade deal expected to be signed next week. Gold will see a correction, more likely to break the $1500 support level.
U.S. Dow Jones industrial average futures US30
27560/27640 resistance
27230/27145 support
U.S. non-farm payrolls data for October beat market expectations. Trade tensions between China and the United States have improved, and the first phase of a trade deal is expected to be signed next week. Easing expectations for a weak U.S. economy lifted investment sentiment, with Dow futures broke the 27220 resistance. Now keep an eye on 27230 and 27145 support. Testing Dow future, 27640 resistance.
BTCUSD:
9380/ 9950 resistance
8950 / 8750 support
The FOMC mentions the Fed rate may not further cut further, it will bearish for crypto currencies. The bitcoin price limited gain after the FOMC meeting. US and China trade deal would signed next week, global stock market rebound. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 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.
ATFX Market Outlook, 2019 Nov 4
Personal opinions today:
In Asian trading today, the main focus of the German and Eurozone manufacturing PMI final data in October, the market has been expected to be flat. If the data is in line with expectations, the Euro and British pound are likely to fall. In U.S. trading today, the market focused on U.S. September factory orders and a speech by the ECB president, Christine Lagarde. The market is waiting to see whether U.S. factory orders in September. Later, watch what the ECB president speech. Whether she will consider stepping up loose monetary policy to push down the Euro and British pound and the Swiss franc. If U.S. factory orders in September turn out to be better than expected, gold could fall and crude oil could rise.
[Important financial data and events]
Note: * is the degree of importance
Winter time begins in the United States
Japanese Holiday
14:45 Swiss consumer confidence index **
16:55 German manufacturing PMI final ***
17:00 Eurozone manufacturing PMI final **
17:30 Eurozone Sentix investor confidence index *
23:00 U.S. factory orders **
The next day 02:30 ECB President Christine lagarde speech
Today's suggestion:
Euro/dollar
1.1175/1.1185 resistance
1.1135/1.1125 support
The Euro had risen after U.S. non-farm payrolls were below predicted. The Euro could see resistance at 1.1175 and 1.1185 if German and Eurozone manufacturing PMI better-than-expected, bullish Euro. Then, tomorrow morning, focus on a speech by the European CB president, Christine. If dovish speech, it could push the Euro lower.
British pound to dollar
1.2960/1.2970 resistance
1.2900/1.2890 support
The British pound rose against the dollar after the weaker-than-expected U.S. non-farm payrolls, but failed to challenge the most important resistance level, 1.3005. As markets digested the data, the focus turned to concerns about Brexit and UK general election, which in turn led to a correction in pound gains. U.S. factory orders are expected to fall in September from a month earlier, and pound is expected to test resistance against the dollar again ahead of the release. But then it is possible to test the support level again.
Australian dollar to U.S. dollar
0.6925/0.6935 resistance
0.6890/0.6880 support
Weak U.S. non-farm employment data and an improvement in the trade war between China and the U.S. could see headwinds against the aussie dollar. If any further good news in the future, such easing of trade tariffs between China and the United States, we suggest to be bullish on the Australian dollar and New Zealand dollar.
Dollar/Japanese yen
108.60/108.70 resistance
108.00/107.90 support
Dow futures rebounded, the Nikkei rose and USDJPY followed. If U.S. factory orders in September would not as weak as expected today, it could lead to gains in Dow and Nikkei futures, while the USDJPY could test 108.60 or 108.70 resistance.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
Crude oil prices stronger, bullish Canadian dollar. But dovish comments from the Bank of Canada kept the currency in lower. If crude oil prices are estimated to rise, would bullish Canadian dollar, USDCAD is likely to test support. Technically, watch the USDCAD for 1.3125 or 1.3115 support.
United States crude oil futures
56.80/57.00 resistance
55.25/55.05 support
Crude oil prices fell to within the $53 range before rebounding, and the market digested weak U.S. economic and job data, creating an opportunity for U.S. crude oil futures rebounded. At the moment, improving trade relations between China and the United States and the extension of OPEC production cuts could bullish U.S. crude futures prices.
Gold
1516/1518 resistance
1506/1504 support
U.S. non-farm payrolls were weak and gold prices adjusted after released. But gold rose on expectations that U.S. factory orders fell in September today. If the data meets or beats expectations, gold could test $1,504 support. US and China trade tensions improved, with the first phase of a trade deal expected to be signed next week. Gold will see a correction, more likely to break the $1500 support level.
U.S. Dow Jones industrial average futures US30
27560/27640 resistance
27230/27145 support
U.S. non-farm payrolls data for October beat market expectations. Trade tensions between China and the United States have improved, and the first phase of a trade deal is expected to be signed next week. Easing expectations for a weak U.S. economy lifted investment sentiment, with Dow futures broke the 27220 resistance. Now keep an eye on 27230 and 27145 support. Testing Dow future, 27640 resistance.
BTCUSD:
9380/ 9950 resistance
8950 / 8750 support
The FOMC mentions the Fed rate may not further cut further, it will bearish for crypto currencies. The bitcoin price limited gain after the FOMC meeting. US and China trade deal would signed next week, global stock market rebound. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 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.
Kelly Yeung
ATFX.com Representative
- Messages
- 835
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 5
Personal opinions today:
In Asian trading today, China Caixin services PMI for October, which is expected to fall slightly, with a slight impact on Asian currencies and stock markets. Most importantly, the good progressing China and US trade deal helped Asian stock markets rise, which was bearish for gold and silver prices. Bullish China RMB and crude oil prices. In addition, the RBA announced the interest rate decision by the market most attention. Market estimates of interest rates unchanged, but the monetary policy orientation and outlook are noted. Entering European trading hours, UK services PMI for October and Eurozone PPI for September. The Euro and pound have been trading at high levels recently as markets have long expected growth. If the data is in line with or below expectations, the extent of the difference in the data will determine the direction of the Euro and pound. Prior to U.S. trading, the market was forecasting a decline in the U.S. trade account for September, but the market was expected to wait to see if September factory orders outpaced expectations for a rise in the final Markit services PMI and ISM non-manufacturing PMI for October, which could support the dollar, the Euro and pound, the Swiss franc and the Japanese yen. Gold and silver extended losses. Before the close of U.S. trading, the release of API crude inventories last week, if now estimated to have fallen, could support a rise in crude prices.
[Important financial data and events]
Note: * is the degree of importance
Winter time begins in the United States
09:45 China's Caixin services PMI **
11:30 RBA announces interest rate decision ***
17:30 UK services PMI **
18:00 Eurozone PPI **
21:30 United States trade account **
22:45 U.S. Markit services PMI final ***
23:00 U.S. ISM non-manufacturing PMI **
The next day 05:30 U.S. API crude oil stocks last week ***
Today's suggestion:
Euro/dollar
1.1140/1.1150 resistance
1.1095/1.1085 support
In a speech, the new President of the European central bank Christine Lagarde said monetary policy was appropriate at present and would continue to ease monetary policy. Bearish comments on the euro, such as yesterday's estimate of the EURUSD test support level 1.1125. While the Eurozone producer price index is expected to rise in September, the U.S. trade account for September and the ISM non-manufacturing PMI for October are also expected to rise by a larger margin. Believe Eurozone PPI data, the EURUSD has a downside opportunity, test 1.1085 support.
British pound to US dollar
1.2905/1.2920 resistance
1.2840/1.2825 support
The market is waiting for the British parliament to debate the issue of Brexit, and for parliamentary elections in December. Without any good news to improve the problem, the pound against the dollar is difficult to test resistance. In addition, the U.S. government stepped up efforts to ease restrictions on Chinese companies, providing any good news on trade deals, and the dollar was supported. As yesterday's analysis estimates consistent, the pound further down support. In addition, the market expected tonight, the US ISM non-manufacturing PMI growth in October, the bigger the increase, the higher the chances of the pound against the dollar to test 1.2825 support.
Australian dollar to US dollar
0.6925/0.6935 resistance
0.6870/0.6860 support
The reserve bank of Australia set interest rates today, the market worried about the dovish monetary policy and pessimistic economic outlook, the traditional adjustment fell. If the RBA issued a positive outlook, did not indicate that another rate cut expected. With the good progress of China and US trade deal, bullish Australian dollar and New Zealand dollar, the Australian dollar is expected to rise. If AUDUSD breakthrough of 0.6935 resistance is likely to strengthen. The Short-term support bit 0.6860 support, can be used as a reference.
Dollar to Japanese yen
108.90/109.00 resistance
108.50/108.40 support
Trade authority in China and the United States signed the first phase of a trade agreement within a month, Dow futures kept upward, the Nikkei future and the USDJPY following the trend. As expected yesterday, USDJPY has tested 108.70 resistance. Futures on the Dow and Nikkei future are expected to rise tonight as the U.S. trade account and ISM non-manufacturing PMI rise. The USDJPY could test 109.00 resistance, depending on the gains in the Dow and Nikkei futures, testing 109.35 or 109.50 resistance. Mainly, the Bank of Japan releases its monetary policy minutes tomorrow morning. In the short term recommend resistance at 109 level, pay attention to adjust.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
Crude oil prices bullish, bullish Canadian dollar. But dovish comments from the Bank of Canada kept the currency in weak. If crude oil prices continue to rise, indirectly bullish Canadian dollar and maintain USDCAD strong. Technically, watching the USDCAD for 1.3125 or 1.3115 support.
United States crude oil futures
56.80/57.00 resistance
55.25/55.05 support
The U.S. service sector PMI growth expected and a decline in crude inventories. U.S. crude oil futures offer an opportunity to rise. At the moment, trade tensions between China and the United States release and the extension of OPEC production cuts could bullish U.S. crude futures prices. Technical, $56.80 and $57.00 is the recent rebound range of important resistance, pay attention to the possibility of adjustment.
Gold
1511/1513 resistance
1500/1498 support
Without any bad news and good political atmosphere, gold price adjustment, gold prices expected to fall with good forecast in the U.S. trade account and the services sector PMI release today. If the data is in line with or beat expectations, gold could test below $1,504, further testing support at $1,500 or $1,498. As expected yesterday, trade relations between China and the United States have improved and the first phase of a trade agreement is expected to be signed next week. Gold will see a downward, probably break the $1500 support level.
U.S. Dow Jones futures US30
27560/27640 resistance
27310/27230 support
Trade relations between China and the United States have improved, and the first phase of a trade deal is expected to be signed next week. US Corporate has a good outlook, with ratings agencies estimating that low global inflation and the federal reserve keep low interest rate, it would help businesses grow and profit. After the trade war between China and the United States is expected to ease, the United States revised up its economic forecast for the fourth quarter, boosting the investment climate. Technically, Dow futures break through 27220 resistance and are looking up Dow futures to 27560 or 27640 resistance. If the Dow futures adjust, keep an eye on 27310 and 27230 support.
BTCUSD:
9780/ 9950 resistance
9250 / 9050 support
The FOMC mentions the Fed rate may not further cut further, it will bearish for crypto currencies. Dow and global stock upward with US and China trade deal would signed next week. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. Technically, the bitcoin price could test US 9780 or US9950 resistance. If failure break through the resistance, the price could 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.
ATFX Market Outlook, 2019 Nov 5
Personal opinions today:
In Asian trading today, China Caixin services PMI for October, which is expected to fall slightly, with a slight impact on Asian currencies and stock markets. Most importantly, the good progressing China and US trade deal helped Asian stock markets rise, which was bearish for gold and silver prices. Bullish China RMB and crude oil prices. In addition, the RBA announced the interest rate decision by the market most attention. Market estimates of interest rates unchanged, but the monetary policy orientation and outlook are noted. Entering European trading hours, UK services PMI for October and Eurozone PPI for September. The Euro and pound have been trading at high levels recently as markets have long expected growth. If the data is in line with or below expectations, the extent of the difference in the data will determine the direction of the Euro and pound. Prior to U.S. trading, the market was forecasting a decline in the U.S. trade account for September, but the market was expected to wait to see if September factory orders outpaced expectations for a rise in the final Markit services PMI and ISM non-manufacturing PMI for October, which could support the dollar, the Euro and pound, the Swiss franc and the Japanese yen. Gold and silver extended losses. Before the close of U.S. trading, the release of API crude inventories last week, if now estimated to have fallen, could support a rise in crude prices.
[Important financial data and events]
Note: * is the degree of importance
Winter time begins in the United States
09:45 China's Caixin services PMI **
11:30 RBA announces interest rate decision ***
17:30 UK services PMI **
18:00 Eurozone PPI **
21:30 United States trade account **
22:45 U.S. Markit services PMI final ***
23:00 U.S. ISM non-manufacturing PMI **
The next day 05:30 U.S. API crude oil stocks last week ***
Today's suggestion:
Euro/dollar
1.1140/1.1150 resistance
1.1095/1.1085 support
In a speech, the new President of the European central bank Christine Lagarde said monetary policy was appropriate at present and would continue to ease monetary policy. Bearish comments on the euro, such as yesterday's estimate of the EURUSD test support level 1.1125. While the Eurozone producer price index is expected to rise in September, the U.S. trade account for September and the ISM non-manufacturing PMI for October are also expected to rise by a larger margin. Believe Eurozone PPI data, the EURUSD has a downside opportunity, test 1.1085 support.
British pound to US dollar
1.2905/1.2920 resistance
1.2840/1.2825 support
The market is waiting for the British parliament to debate the issue of Brexit, and for parliamentary elections in December. Without any good news to improve the problem, the pound against the dollar is difficult to test resistance. In addition, the U.S. government stepped up efforts to ease restrictions on Chinese companies, providing any good news on trade deals, and the dollar was supported. As yesterday's analysis estimates consistent, the pound further down support. In addition, the market expected tonight, the US ISM non-manufacturing PMI growth in October, the bigger the increase, the higher the chances of the pound against the dollar to test 1.2825 support.
Australian dollar to US dollar
0.6925/0.6935 resistance
0.6870/0.6860 support
The reserve bank of Australia set interest rates today, the market worried about the dovish monetary policy and pessimistic economic outlook, the traditional adjustment fell. If the RBA issued a positive outlook, did not indicate that another rate cut expected. With the good progress of China and US trade deal, bullish Australian dollar and New Zealand dollar, the Australian dollar is expected to rise. If AUDUSD breakthrough of 0.6935 resistance is likely to strengthen. The Short-term support bit 0.6860 support, can be used as a reference.
Dollar to Japanese yen
108.90/109.00 resistance
108.50/108.40 support
Trade authority in China and the United States signed the first phase of a trade agreement within a month, Dow futures kept upward, the Nikkei future and the USDJPY following the trend. As expected yesterday, USDJPY has tested 108.70 resistance. Futures on the Dow and Nikkei future are expected to rise tonight as the U.S. trade account and ISM non-manufacturing PMI rise. The USDJPY could test 109.00 resistance, depending on the gains in the Dow and Nikkei futures, testing 109.35 or 109.50 resistance. Mainly, the Bank of Japan releases its monetary policy minutes tomorrow morning. In the short term recommend resistance at 109 level, pay attention to adjust.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
Crude oil prices bullish, bullish Canadian dollar. But dovish comments from the Bank of Canada kept the currency in weak. If crude oil prices continue to rise, indirectly bullish Canadian dollar and maintain USDCAD strong. Technically, watching the USDCAD for 1.3125 or 1.3115 support.
United States crude oil futures
56.80/57.00 resistance
55.25/55.05 support
The U.S. service sector PMI growth expected and a decline in crude inventories. U.S. crude oil futures offer an opportunity to rise. At the moment, trade tensions between China and the United States release and the extension of OPEC production cuts could bullish U.S. crude futures prices. Technical, $56.80 and $57.00 is the recent rebound range of important resistance, pay attention to the possibility of adjustment.
Gold
1511/1513 resistance
1500/1498 support
Without any bad news and good political atmosphere, gold price adjustment, gold prices expected to fall with good forecast in the U.S. trade account and the services sector PMI release today. If the data is in line with or beat expectations, gold could test below $1,504, further testing support at $1,500 or $1,498. As expected yesterday, trade relations between China and the United States have improved and the first phase of a trade agreement is expected to be signed next week. Gold will see a downward, probably break the $1500 support level.
U.S. Dow Jones futures US30
27560/27640 resistance
27310/27230 support
Trade relations between China and the United States have improved, and the first phase of a trade deal is expected to be signed next week. US Corporate has a good outlook, with ratings agencies estimating that low global inflation and the federal reserve keep low interest rate, it would help businesses grow and profit. After the trade war between China and the United States is expected to ease, the United States revised up its economic forecast for the fourth quarter, boosting the investment climate. Technically, Dow futures break through 27220 resistance and are looking up Dow futures to 27560 or 27640 resistance. If the Dow futures adjust, keep an eye on 27310 and 27230 support.
BTCUSD:
9780/ 9950 resistance
9250 / 9050 support
The FOMC mentions the Fed rate may not further cut further, it will bearish for crypto currencies. Dow and global stock upward with US and China trade deal would signed next week. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. Technically, the bitcoin price could test US 9780 or US9950 resistance. If failure break through the resistance, the price could 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
- Messages
- 835
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 6
Personal opinions today:
The US Markit services PMI fell in October, followed by an increase in the US ISM non-manufacturing PMI, the dollar rebounded, the Euro and British pound, the Swiss franc and the Japanese yen all fell. As in this analysis, precious metal, gold and silver price are expected to extend the decline. The price of gold fell to a two-week low of $1,480. The price of silver followed the price of gold fell. Some of that was due to outflows from gold as U.S. Dow futures gained a week and risk aversion cooled. U.S. API crude inventories rose to 4.3 million barrels last week as prices adjusted from high levels.
European markets today focus on Eurozone retail sales. Market forecasts fell last month, and the market began to react last night, bearish Euro. In U.S. trading, the dollar was expected to rebound after comments from Fed governor Charles Evans and Fed governor William indicated that the Fed interest rate direction.
[Important financial data and events]
Note: * is the degree of importance
Wintertime begins in the United States
07:50 Bank of Japan minutes **
16:55 Germany services sector PMI final ***
17:00 Eurozone services PMI final **
18:00 Eurozone Retail sales ***
21:00 Fed Evans speech **
22:30 Fed Williams speech **
23:30 U.S. EIA crude oil inventory **
Today's suggestion:
Euro/dollar
1.1095/1. 1105 resistance
1.1045/1.1035 support
Eurozone PPI was flat, the U.S. trade account for September, and the ISM non-manufacturing PMI rose in October, and the dollar rose. Further breakout after euro test 1.1085 support. The market expected Eurozone retail sales in September weakened, Fed Evans and Fed Williams speech tonight. These factors are bearish for the Euro. Without a break in resistance, the Euro could test support of $1.1045 or $1.1035.
British pound to dollar
1.2905/1.2920 resistance
1.2840/1.2820 support
The market is waiting for the British parliament to debate the issue of Brexit, and for parliamentary elections in December. Without any good news, the pound against the dollar is difficult to test resistance. Besides, the U.S. ISM non-manufacturing PMI rose in October, and the dollar rebounded. Technically, the pound against the dollar adjustment wave from 1.2970. It touched a 61.8 percent correction last night and is expected to test support at either 1.2840 or 1.2820 during the session. U.S. trading hours, Fed Evans and Fed Williams speech. If the hawkish remarks, the dollar may rise, GBPUSD to test support level.
Australian dollar to US dollar
0.6925/0.6935 resistance
0.6870/0.6860 support
RBA issued a positive outlook, did not express the interest rate cut again expected. Is expected to cooperate with international trade differences to further resolve, more Australian dollar and New Zealand dollar, the Australian dollar is likely to rise against the U.S. dollar. A technical breakthrough of 0.6935 resistance is likely to strengthen the AUD. Short-term support bit 0.6860 support, can be used as a reference.
Dollar to Japanese yen
109.15/109.25 resistance
108.70/108.60 support
The U.S. trade account for September and the ISM non-manufacturing PMI for October rose, dow futures rose, the nikkei also rose, and the dollar rose against the yen in line with stocks. The yen rose today after the bank of Japan released minutes of its monetary policy meeting, saying the central bank was "dovish" in its approach to monetary policy but did not consider expanding quantitative easing. Technically, the dollar/yen is expected to test the recent 109.00 resistance, but the above factors failed to test 109.35 resistance. As noted yesterday, the Bank of Japan released its monetary policy record. In the short term 109 level resistance, pay attention to adjust the risk. The dollar could breakthrough 108.60 support against the yen if the Dow and Nikkei futures are adjusted lower.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
Crude oil prices stronger, bullish Canadian dollar. Dovish comments from the Bank of Canada capped the rise in the Canadian dollar. If crude oil prices are expected to rise in U.S. API and EIA crude oil inventories, indirectly bearish for the Canadian dollar, the USDCAD could see the resistance of 1.3180 or 1.3190. Technically, around the time of next week's international crude oil and energy report, the USDCAD is likely to test either 1.3125 or 1.3115 support.
United States crude oil futures
57.45/57.60 resistance
56.25/56.05 support
The market digested weak U.S. economic and job data, with U.S. crude oil futures offering an opportunity to rise on the back of a rise in the U.S. services PMI and a drop in crude inventories in October. Also, improved international trade relations and OPEC consideration of an extension of its production cut in December boosted U.S. crude futures prices. Technically, the rise from $53 after the expansion, now note the adjustment. 56.25 and 56.05 as short-term support bits.
Gold
1492/1494 resistance
1478/1476 support
The rise in gold prices came to a halt after the September trade account and the October services sector PMI expanded with comments expected tonight from Fed governor speech. If they were keeping the outlook for rate cuts in place. The gold prices are expected to fall. Gold broke through $1,498 support last night, accelerating its slide to a two-week low. Besides, the biggest reason is the improvement of international trade between the United States and the United Kingdom, the cooling of Brexit, the outflow of money from the gold market, and the adjustment of gold price. If Dow futures continue to rise, gold price adjustment continues to widen. Technically, if gold does not break through $1494 resistance, we can see $1476 support. For breakout support, look down at $1,470 or $1,468
U.S. Dow Jones industrial average futures US30
27560/27640 resistance
27315/27230 support
The improvement of international trade relations will help US companies to develop and grow. Ratings agencies raised their Q4 U.S. economic forecasts, boosting investment sentiment. Technically, Dow futures break through 27220 resistance and are looking up Dow futures 27560 or 27640 resistance. If Dow futures adjust, watch out for 27315 and 27230 support. If the breakthrough support 27230 support level, believe the trend began to reverse, 27,000 points.
BTCUSD:
9780/ 9950 resistance
9200 / 9050 support
The FOMC mentions the Fed rate may not further cut further, it will bearish for crypto currencies. Dow and global stock upward with US and China trade deal would signed next week. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. Technically, the bitcoin price could test US 9780 or US9950 resistance. If failure break through the resistance, the price could 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.
ATFX Market Outlook, 2019 Nov 6
Personal opinions today:
The US Markit services PMI fell in October, followed by an increase in the US ISM non-manufacturing PMI, the dollar rebounded, the Euro and British pound, the Swiss franc and the Japanese yen all fell. As in this analysis, precious metal, gold and silver price are expected to extend the decline. The price of gold fell to a two-week low of $1,480. The price of silver followed the price of gold fell. Some of that was due to outflows from gold as U.S. Dow futures gained a week and risk aversion cooled. U.S. API crude inventories rose to 4.3 million barrels last week as prices adjusted from high levels.
European markets today focus on Eurozone retail sales. Market forecasts fell last month, and the market began to react last night, bearish Euro. In U.S. trading, the dollar was expected to rebound after comments from Fed governor Charles Evans and Fed governor William indicated that the Fed interest rate direction.
[Important financial data and events]
Note: * is the degree of importance
Wintertime begins in the United States
07:50 Bank of Japan minutes **
16:55 Germany services sector PMI final ***
17:00 Eurozone services PMI final **
18:00 Eurozone Retail sales ***
21:00 Fed Evans speech **
22:30 Fed Williams speech **
23:30 U.S. EIA crude oil inventory **
Today's suggestion:
Euro/dollar
1.1095/1. 1105 resistance
1.1045/1.1035 support
Eurozone PPI was flat, the U.S. trade account for September, and the ISM non-manufacturing PMI rose in October, and the dollar rose. Further breakout after euro test 1.1085 support. The market expected Eurozone retail sales in September weakened, Fed Evans and Fed Williams speech tonight. These factors are bearish for the Euro. Without a break in resistance, the Euro could test support of $1.1045 or $1.1035.
British pound to dollar
1.2905/1.2920 resistance
1.2840/1.2820 support
The market is waiting for the British parliament to debate the issue of Brexit, and for parliamentary elections in December. Without any good news, the pound against the dollar is difficult to test resistance. Besides, the U.S. ISM non-manufacturing PMI rose in October, and the dollar rebounded. Technically, the pound against the dollar adjustment wave from 1.2970. It touched a 61.8 percent correction last night and is expected to test support at either 1.2840 or 1.2820 during the session. U.S. trading hours, Fed Evans and Fed Williams speech. If the hawkish remarks, the dollar may rise, GBPUSD to test support level.
Australian dollar to US dollar
0.6925/0.6935 resistance
0.6870/0.6860 support
RBA issued a positive outlook, did not express the interest rate cut again expected. Is expected to cooperate with international trade differences to further resolve, more Australian dollar and New Zealand dollar, the Australian dollar is likely to rise against the U.S. dollar. A technical breakthrough of 0.6935 resistance is likely to strengthen the AUD. Short-term support bit 0.6860 support, can be used as a reference.
Dollar to Japanese yen
109.15/109.25 resistance
108.70/108.60 support
The U.S. trade account for September and the ISM non-manufacturing PMI for October rose, dow futures rose, the nikkei also rose, and the dollar rose against the yen in line with stocks. The yen rose today after the bank of Japan released minutes of its monetary policy meeting, saying the central bank was "dovish" in its approach to monetary policy but did not consider expanding quantitative easing. Technically, the dollar/yen is expected to test the recent 109.00 resistance, but the above factors failed to test 109.35 resistance. As noted yesterday, the Bank of Japan released its monetary policy record. In the short term 109 level resistance, pay attention to adjust the risk. The dollar could breakthrough 108.60 support against the yen if the Dow and Nikkei futures are adjusted lower.
U.S. dollar to Canadian dollar
1.3180/1.3190 resistance
1.3125/1.3115 support
Crude oil prices stronger, bullish Canadian dollar. Dovish comments from the Bank of Canada capped the rise in the Canadian dollar. If crude oil prices are expected to rise in U.S. API and EIA crude oil inventories, indirectly bearish for the Canadian dollar, the USDCAD could see the resistance of 1.3180 or 1.3190. Technically, around the time of next week's international crude oil and energy report, the USDCAD is likely to test either 1.3125 or 1.3115 support.
United States crude oil futures
57.45/57.60 resistance
56.25/56.05 support
The market digested weak U.S. economic and job data, with U.S. crude oil futures offering an opportunity to rise on the back of a rise in the U.S. services PMI and a drop in crude inventories in October. Also, improved international trade relations and OPEC consideration of an extension of its production cut in December boosted U.S. crude futures prices. Technically, the rise from $53 after the expansion, now note the adjustment. 56.25 and 56.05 as short-term support bits.
Gold
1492/1494 resistance
1478/1476 support
The rise in gold prices came to a halt after the September trade account and the October services sector PMI expanded with comments expected tonight from Fed governor speech. If they were keeping the outlook for rate cuts in place. The gold prices are expected to fall. Gold broke through $1,498 support last night, accelerating its slide to a two-week low. Besides, the biggest reason is the improvement of international trade between the United States and the United Kingdom, the cooling of Brexit, the outflow of money from the gold market, and the adjustment of gold price. If Dow futures continue to rise, gold price adjustment continues to widen. Technically, if gold does not break through $1494 resistance, we can see $1476 support. For breakout support, look down at $1,470 or $1,468
U.S. Dow Jones industrial average futures US30
27560/27640 resistance
27315/27230 support
The improvement of international trade relations will help US companies to develop and grow. Ratings agencies raised their Q4 U.S. economic forecasts, boosting investment sentiment. Technically, Dow futures break through 27220 resistance and are looking up Dow futures 27560 or 27640 resistance. If Dow futures adjust, watch out for 27315 and 27230 support. If the breakthrough support 27230 support level, believe the trend began to reverse, 27,000 points.
BTCUSD:
9780/ 9950 resistance
9200 / 9050 support
The FOMC mentions the Fed rate may not further cut further, it will bearish for crypto currencies. Dow and global stock upward with US and China trade deal would signed next week. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. Technically, the bitcoin price could test US 9780 or US9950 resistance. If failure break through the resistance, the price could 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
- Messages
- 835
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
- Messages
- 835
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2019 Nov 7
Personal opinions today:
After a week of Dow future gains, the market did not have further positive news to pull up then fell, as expected yesterday. Gold price rebounded, leading silver price rally from its low. Separately, in European trading yesterday, the Eurozone reported retail sales for September, only in line with forecasts but down from the previous month. In the United States trading sessions, the federal reserve Evans and Williams speech, respectively, said the Fed has no intention to consider further rate cuts. Led by above two news, the dollar rebound. Crude oil futures fell after other OPEC members said they had no intention of following the cut.
The Bank of England announced interest rates decision today. Then, 20:30 Bank of England press conference. The market is watching whether the monetary policy will adjust in the face of the impact of the delayed Brexit. If strengthen loose monetary policy, bearish British pound. On the contrary, if there is no change, it is likely that pound will rebound and the Euro will follow. Then, focus on the US initial jobless claims. The Euro, Swiss franc and pound could be affected by a meeting of 19 eurozone finance ministers to discuss monetary policy and Brexit.
[Important financial data and events]
Note: * is the degree of importance
15:00 German industrial output **
16:30 UK Halifax house price index *
20:00 Bank of England interest rate decision ***
20:30 Bank of England press conference ***
21:30 U.S. jobless claims ***
22:00 Eurozone finance ministers meeting **
Today's suggestion:
Euro/dollar
1.1085/1. 1095 resistance
1.1045/1.1035 support
Markets are forecasting a fall in German industrial output in September, fewer U.S. jobless claims last week and a rise in the dollar. Euro testing 1.1060 support. If further breakthrough after, could test 1.1045 and 1.1035 support. Expect no any good news from the Eurozone data or Brexit, the Euro still has a downside risk. EU Finance ministers meeting tonight, if there are downside opportunities as they discuss monetary policy and Brexit.
British pound to dollar
1.2880/1.2890 resistance
1.2820/1.2810 support
British Parliament is closed until after the December elections. But there are still challenges as to who will lead the next faction to lead the British parliament and resolve the Brexit deal. It is believed that the Bank of England interest rate decision and monetary policy report tonight, followed by Bank of England press conference, the GBPUSD are hard to test higher resistance. Technically, the GBPUSD correction, wave from 1.2970, has been down to 1.2840. The next target will be either the 1.2810 support or the 1.2780 support.
Australian dollar to US dollar
0.6900/0.6905 resistance
0.6865/0.6860 support
RBA positive outlook, did not express the interest rate cut again. Unfortunately, it trade deals did not sign in advance, which is bearish for Australian dollar and New Zealand dollar. The AUDUSD trend correction, could test the support level of 0.6860. Technically, if break 0.6935 resistance it could strengthen the AUDUSD. Conversely, breakthrough 0.6860 support, the next level of support target is 0.6825.
Dollar to Japanese yen
109.00/109.10 resistance
108.70/108.60 support
Dow futures fell, while the Nikkei and the USDJPY adjusted their losses. In addition, the Bank of Japan announced monetary policy, did not expanding and widely the quantitative easing, the Japanese yen rose. Technically, USDJPY recovered 109.00 resistance, failed to explore 109.35 resistance, please pay attention the correction risk. If Dow and Nikkei futures fall, the USDJPY could break through 108.60 to test 108.45 or 108.30.
U.S. dollar to Canadian dollar
1.3190/1.3210 resistance
1.3155/1.3145 support
Dovish comments from the Bank of Canada, bearish the Canadian dollar. Crude oil prices were hit by a rise in U.S. API and EIA crude oil inventories, and other OPEC members failed to follow the production cuts. Crude oil prices fell, which indirectly bearish the Canadian dollar, and USDCAD tested 1.3190 resistance. If next week, the international crude oil and energy report will bring good news for crude oil demand, and the USDCAD is likely to test support.
United States crude oil futures
56.75/57.00 resistance
55.25/55.05 support
U.S. crude oil futures fell after OPEC members failed to extension of their output cut in December. Yesterday, in this analysis has mentioned the risk of correction, technical attention to adjust to US$56.25 and US$56.05 as short-term support. Now if crude oil prices rebound above the $56.75 or $57.00 resistance, the trend is likely to test the $55.25 or $55.05 support. It could then test October lows, supported by $54 or $53.
Gold
1494/1496 resistance
1487/1485 support
Trade deal may delay signing, Dow futures correction. In addition, the Bank of England interest rate decision tonight, gold prices rebounded before announcement. If Dow futures rebounded and keeps upward, gold prices down lower. Technically, the key resistance is $1,500. If gold price does not break $1494 resistance in the short term, it could still test $1485 support. After breaking through support, look down at $1,480 or $1,478.
U.S. Dow Jones industrial average futures US30
27560/27640 resistance
27315/27230 support
The trade agreement still hasn't been signed, the investment sentiment began to cautious, Dow futures from 27560 technical resistance reversed. If this correction, Dow futures did not break 27315 or 27230 support, it could test the Dow futures 27560 or 27640 resistance again. If break 27230 support level, it would believe the trend began to correction continue, could bearish to test 27000 support.
BTCUSD:
9780/ 9950 resistance
9200 / 9050 support
If Dow future and global stock continues upward. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. If it would failure break through the US9780 or US9950 resistance, the bitcoin price could 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.
ATFX Market Outlook, 2019 Nov 7
Personal opinions today:
After a week of Dow future gains, the market did not have further positive news to pull up then fell, as expected yesterday. Gold price rebounded, leading silver price rally from its low. Separately, in European trading yesterday, the Eurozone reported retail sales for September, only in line with forecasts but down from the previous month. In the United States trading sessions, the federal reserve Evans and Williams speech, respectively, said the Fed has no intention to consider further rate cuts. Led by above two news, the dollar rebound. Crude oil futures fell after other OPEC members said they had no intention of following the cut.
The Bank of England announced interest rates decision today. Then, 20:30 Bank of England press conference. The market is watching whether the monetary policy will adjust in the face of the impact of the delayed Brexit. If strengthen loose monetary policy, bearish British pound. On the contrary, if there is no change, it is likely that pound will rebound and the Euro will follow. Then, focus on the US initial jobless claims. The Euro, Swiss franc and pound could be affected by a meeting of 19 eurozone finance ministers to discuss monetary policy and Brexit.
[Important financial data and events]
Note: * is the degree of importance
15:00 German industrial output **
16:30 UK Halifax house price index *
20:00 Bank of England interest rate decision ***
20:30 Bank of England press conference ***
21:30 U.S. jobless claims ***
22:00 Eurozone finance ministers meeting **
Today's suggestion:
Euro/dollar
1.1085/1. 1095 resistance
1.1045/1.1035 support
Markets are forecasting a fall in German industrial output in September, fewer U.S. jobless claims last week and a rise in the dollar. Euro testing 1.1060 support. If further breakthrough after, could test 1.1045 and 1.1035 support. Expect no any good news from the Eurozone data or Brexit, the Euro still has a downside risk. EU Finance ministers meeting tonight, if there are downside opportunities as they discuss monetary policy and Brexit.
British pound to dollar
1.2880/1.2890 resistance
1.2820/1.2810 support
British Parliament is closed until after the December elections. But there are still challenges as to who will lead the next faction to lead the British parliament and resolve the Brexit deal. It is believed that the Bank of England interest rate decision and monetary policy report tonight, followed by Bank of England press conference, the GBPUSD are hard to test higher resistance. Technically, the GBPUSD correction, wave from 1.2970, has been down to 1.2840. The next target will be either the 1.2810 support or the 1.2780 support.
Australian dollar to US dollar
0.6900/0.6905 resistance
0.6865/0.6860 support
RBA positive outlook, did not express the interest rate cut again. Unfortunately, it trade deals did not sign in advance, which is bearish for Australian dollar and New Zealand dollar. The AUDUSD trend correction, could test the support level of 0.6860. Technically, if break 0.6935 resistance it could strengthen the AUDUSD. Conversely, breakthrough 0.6860 support, the next level of support target is 0.6825.
Dollar to Japanese yen
109.00/109.10 resistance
108.70/108.60 support
Dow futures fell, while the Nikkei and the USDJPY adjusted their losses. In addition, the Bank of Japan announced monetary policy, did not expanding and widely the quantitative easing, the Japanese yen rose. Technically, USDJPY recovered 109.00 resistance, failed to explore 109.35 resistance, please pay attention the correction risk. If Dow and Nikkei futures fall, the USDJPY could break through 108.60 to test 108.45 or 108.30.
U.S. dollar to Canadian dollar
1.3190/1.3210 resistance
1.3155/1.3145 support
Dovish comments from the Bank of Canada, bearish the Canadian dollar. Crude oil prices were hit by a rise in U.S. API and EIA crude oil inventories, and other OPEC members failed to follow the production cuts. Crude oil prices fell, which indirectly bearish the Canadian dollar, and USDCAD tested 1.3190 resistance. If next week, the international crude oil and energy report will bring good news for crude oil demand, and the USDCAD is likely to test support.
United States crude oil futures
56.75/57.00 resistance
55.25/55.05 support
U.S. crude oil futures fell after OPEC members failed to extension of their output cut in December. Yesterday, in this analysis has mentioned the risk of correction, technical attention to adjust to US$56.25 and US$56.05 as short-term support. Now if crude oil prices rebound above the $56.75 or $57.00 resistance, the trend is likely to test the $55.25 or $55.05 support. It could then test October lows, supported by $54 or $53.
Gold
1494/1496 resistance
1487/1485 support
Trade deal may delay signing, Dow futures correction. In addition, the Bank of England interest rate decision tonight, gold prices rebounded before announcement. If Dow futures rebounded and keeps upward, gold prices down lower. Technically, the key resistance is $1,500. If gold price does not break $1494 resistance in the short term, it could still test $1485 support. After breaking through support, look down at $1,480 or $1,478.
U.S. Dow Jones industrial average futures US30
27560/27640 resistance
27315/27230 support
The trade agreement still hasn't been signed, the investment sentiment began to cautious, Dow futures from 27560 technical resistance reversed. If this correction, Dow futures did not break 27315 or 27230 support, it could test the Dow futures 27560 or 27640 resistance again. If break 27230 support level, it would believe the trend began to correction continue, could bearish to test 27000 support.
BTCUSD:
9780/ 9950 resistance
9200 / 9050 support
If Dow future and global stock continues upward. Technically, it could bearish Bitcoin price. If break US8750 support, then look at US7885 support. If it would failure break through the US9780 or US9950 resistance, the bitcoin price could 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
- Messages
- 835
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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