2022-11-08 • Updated
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.
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.
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.
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.
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.
The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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