Weekly US employment: a chance for the USD
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
News to trade on November 13
- The British quarterly average earnings report was released today at 11:30 MT time. It reached 3% in this quarter as well as it was expected. It gave a positive momentum for the British pound. Hopes that the British Prime Minister Theresa May will present a draft of a workable Brexit deal by the November’s EU summit exist but still not clear.
Yesterday the strong US dollar in a combination with never-ending Brexit tensions made the cable form a gap and test the support at 1.2817. Today’s release helped the British pound to test the resistance at 1.2896. However, more negative news on Brexit can push the pair below 1.2817.
- Italy is expected to resubmit its unfortunate budget today. Last month the European Commission rejected its budget, due to the lack of deficit control. However, Italy made very little changes to it. So, if the European Commission changes its mind today, watch EUR/USD turns bid.
As we can see from the chart, yesterday a strong US dollar pushed the pair below the psychological level at 1.13 and made it fall below the next support at 1.1265. A series of lower highs created a bearish scenario for the pair. If the Italian budget to be approved today, the pair will have a chance to cross 1.1265. The next resistance lies at 1.13. In case of more uncertainties, the next support lies at 1.1197.
- During the Asian session, Chinese trade war negotiator announced his plans on visiting the US for trade talks. He attempts to ease rising trade tensions ahead of a meeting of Chinese president Xi and US president Trump.
As a result, the Australian dollar bounced from the support at 0.7171 and is heading towards the resistance at 0.7237. If the bullish pressure continues, the aussie can stick above 0.7237. The strong USD can pull the pair below the support at 0.7171. The next support for the pair lies at 0.7117.
As for NZD/USD, the pair is testing the resistance at 0.6726. The next resistance lies at 0.6825. If the USD is strong, the pair can fall downwards to the support at 100-day MA at 0.6658.
- Positive update of the trade negotiations increased the risk-on sentiment across the Asian equity markets. That is why USD/JPY is targeting the resistance at 114.268. The bullish pressure will help the pair to stick above 114.268. If the USD is weak, the pair will fall below the support at 113.609.
Follow us for more news!
Similar
Gold Skyrocketed, USD Dropped. What Drives The Market Today?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
High-Impactful Event for Forex: US Retail Sales
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Latest news
What will move the market on October 25-29?
Last week was full of surprises! Stock indices have shown significant growth…
Will USD Stop Falling Today? Market Wrap
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Major Event Alert: Canadian Retail Sales
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
Deposit with your local payment systems
