October 17 - 21 Weekly Outlook

October 17 - 21 Weekly Outlook

2022-11-08 • Updated

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. 



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. 




What lies ahead for gold?
What lies ahead for gold?

As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.

What Does the CPI Have in Store?
What Does the CPI Have in Store?

On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.

TRADE IDEA: What's Next for Yen Crosses? - 27-12-2022
TRADE IDEA: What's Next for Yen Crosses? - 27-12-2022

The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.

Latest news

Will USDJPY slide lower in 2023?
Will USDJPY slide lower in 2023?

Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?

BoC Rates Could Alter The Trend on USDCAD and others
BoC Rates Could Alter The Trend on USDCAD and others

Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.

MSFT faces gloomy forecasts ahead of earnings report
MSFT faces gloomy forecasts ahead of earnings report

In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.

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