Intraday Forex Friday, October 16 (USDJPY, EURUSD, & etc.) The dollar was headed for its best week of the month on Friday.


Hi everyone. This observation is made around 4:40 UTC today, with 15 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Stocks across Asia-Pacific on mixed direction on Friday, as some buoyed by gains in China, though threaded cautiously, as hope for a U.S. coronavirus stimulus deal continues to decline while infections across Europe surged. Sentiment was further weighted on the jobs data front in the U.S.
The U.S. dollar strengthened as uncertainty rose and investors flocked to safe-haven.
Oil prices lower weighted by a stronger dollar, more lockdown imposed by more countries, and EIA bigger stockpiles report.

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  • The Japanese yen strengthened versus the dollar Friday, as investors moved to safe-haven.
  • The yen was last steady at 105.23 per dollar.
  • The yen strengthened on the outlook for additional fiscal stimulus from the Japanese government. The Nikkei reported Wednesday that Japanese Prime Minister Suga, as soon as next month, instructed his administration to come up with stimulus measures to boost consumption in tourism and the eatery business that has been slammed by the pandemic.
  • Apart from that, a rising coronavirus cases and fading hopes and progress towards a U.S. stimulus deal also unnerved investors.
  • Sentiment was further weighted on the jobs data front in the U.S.
Important Levels to Watch for Today:
  • Resistance line of 105.564 and 105.719.
  • Support line of 105.063 and 104.909.

  • The euro last sat at $1.1704 on Friday.
  • The euro fell 0.3% against the dollar overnight and has lost about 1% for the week so far as worries gather.
  • The dollar was headed for gains on Friday, as surging coronavirus cases and stalled progress toward U.S. stimulus had nervous investors seeking safe assets.
  • EUR/USD on Thursday tumbled to a 2-week low. Economic growth concerns weighed on EUR/USD on fears the surge in COVID-19 infections will prompt lockdowns in Europe that will derail the economic recovery.
  • France on Thursday imposed a curfew in 9 of its biggest cities between 9 p.m. and 6 a.m. for four weeks starting Saturday, and Londoners will be banned from mixing with other households indoors. Also, Austria posted a record of 1,552 new infections Thursday, and Poland reported a record 8,099 new infections.
Important Levels to Watch for:
  • Resistance line of 1.17605 and 1.17876.
  • Support line of 1.16730 and 1.16460.

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