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USDJPY still showing strong momentum on weekly time frames but there are chances the pair will pull back from the current level. At the time of writing, the pair slightly retreated from a 3-year high of 113.80 and now hovers near 113.40. Any break below 113.00 will open the doors to 112.50/30. On the upper side break above 113.80 can lead the pair to 114/114.20.
EQUITIES
Asian and European shares trades higher on Thursday boosted stronger-than-expected macro-economic data and Q3 earnings results. On Wednesday, the US Bank JP Morgan reported better-than-expected Q3 earnings results while the stock ended slightly lower.
OIL
Crude oil prices holding the previous session gains but struggling to break the weekly highs after the release of weak API inventory data. The data showed stocks of crude oil in the US increased by 5.123 million barrels in the week ended October 8th.
CURRENCIES
In the currency market, the Australian dollar remains one of the strongest currency pairs in this week. The currency pair climbs to the fresh monthly high of 0.7413 on Thursday supported by better-than-expected Australian unemployment data.
GOLD
The safe-haven metal bullish momentum continues after an impressive previous session rally. At the time of writing, the metal trades near the $1800 psychological level.
Economic Outlook
On the data front, Minutes from the FOMC’s September meeting revealed the Fed plans to begin reducing their bond-buying stimulus program in November and the policymakers worried about high inflationary pressures persisting for a longer period of time.
Moving ahead today, the important events to watch:
US – Jobless claims: GMT – 12.30
US – PPI: GMT – 12.30
US – EIA crude inventories: GMT – 15.00
Coronavirus update:
Worldwide, more than 239 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook
Dollar Index: The Index trades below 93.80. In the short-term, if the bearish momentum continues the next downside levels watch 93.65 and 93.50. On the flip side, the immediate resistance is at 94.10 and then 94.30.
The important levels to watch for today: Support- 93.65 and 93.50 Resistance- 94.10 and 94.35.
GOLD: The precious metal trades steady above $1795. If the bullish momentum continues then the next upside level is to watch $1800 and $1806. On the downside, any meaningful pullback now seems to find some support near the $1788 zones, below which the slide could further get extended towards the $1780 region.
The important levels to watch for today: Support- 1788 and 1780 Resistance- 1800 and 1806.
Quote of the day- Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. - Benjamin Graham.
Read more- https://gulfbrokers.com/en/daily-market-report-385