October 17 - 21 Weekly Outlook

Oil market

XBRUSD and XTIUSD might experience massive volatility due to the Chinese GDP release on Tuesday, October 18. China is the second-largest economy in the world. Currently, the Chinese economy is facing a recession, affecting the oil market. Earlier today, China reported a 60% year-to-year air traffic decline, another sign of a weakening economy. Therefore, we suggest selling oil if the actual GDP numbers underperform the forecast. If it happens, XBRUSD might decline to 77.00 per barrel.

Japanese Yen

Japan's Central Bank Governor is still super positive about a further soft monetary policy and economic stimulation. However, he also mentioned the Central Bank is ready to intervene in JPY. According to the technical analysis, levels 149.40, 151.32, 153.40, and 154.95 are the major resistance levels for USDJPY, where the Japanese central bank will most likely intervene. 

Gold

XAUUSD had an awful previous week. The price lost more than 3% and closed a totally bearish weekly candle. We expect the price to decline to the 1615 - 1622 support range this week. If the price breaks through this support, XAUUSD might keep falling toward 1563.00. However, if buyers defend the support range, we might see a massive local reversal for the yellow metal toward 1700.

USDCHF

The pair is trading under the global resistance range of 1.0060 - 1.0095. If the price breaks above, buy USDCHF with the target at 1.0220. However, if the price loses 0.9930 support, it will decline to 0.9840.

US100

The US stock market is struggling due to the US dollar's strength. However, the earnings season might change the situation. As experts' expectations are low, companies might easily overperform them and push US500, US30, and US100 higher. We suggest you trade US100 this week. If the price breaks above 11180, you might buy it with the target at 11600 and 12000. However, if companies' reports disappoint investors and the US100 breaks below the recent low, it might keep declining toward 9700. 

TRADE NOW

Author: FBS Analyst Team

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