الصفحة الرئيسية أخبار الفوركس Vantage FX Market Outlook for 16th Oct 2020

Vantage FX Market Outlook for 16th Oct 2020

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#Risk Overnight, markets across the board saw risk-off sentiment start building and gaining momentum. This was largely attributed to resurging virus cases happening across Europe and some states in the US. Further, London also announced an imminent “Tier 2” Covid restrictions on top of the raging virus counts in Germany and Italy. We do not expect much change to the risk sentiment tonight for the last trading day of the week and investors are cautioned to trade with a more risk-averse mindset today.

# DXY Dollar is surging higher once again as we witnessed a wave of risk aversion hit markets on Thursday as fading prospects for economic recovery after European governments tightened restrictions to battle an accelerating second wave of coronavirus, along with disappointment in the US fiscal stimulus bill being passed through prompted investors into safety.

#GBP continues to weaken as “no strong and credible” signs of a breakthrough for Brexit are in place. EU negotiators are pushing Johnson for negotiation deadlines that coincidentally with the U.S. Presidential Elections And measurements to contain the virus in the EU and UK will be announced in the week. #EUR like the Pound are not expected to move drastically over the last market open day as no further news is scheduled.

#EURUSD, H4 is reversing off our Pivot point. Potential for a further drop.

Description:

Price is reversing off our Pivot point at 1.17231, which is in line with our 50% Fibonacci retracement, 38.2% Fibonacci extension, and horizontal graphical resistance. We could potentially see price drop from this level towards our 1st support at 1.16593. It’s worth noting that the Ichomoku cloud and MACD are showing bearish momentum. Lastly, we could see that price has broken out of the ascending channel.

Pivot: 1.17231
Why we like it:
50% Fibonacci retracement, 38.2% Fibonacci extension, and horizontal graphical resistance

1st Support: 1.16593
Why we like it:
61.8%, 100% Fibonacci extension and 78.6% Fibonacci retracement.

1st Resistance: 1.17548
Why we like it:
38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance

Trading FX & CFDs carries high risk.

#GBPUSD, H4 is approaching our Pivot point, potential for a bounce.

Description:

Price is approaching our Pivot point at 1.28448 which is in line with our 61.8% Fibonacci retracement, 76.4%, 100% Fibonacci extension horizontal graphical overlap. We could potentially see price rally towards our 1st resistance level at 1.30677. It’s worth noting that the RSI is showing bullish momentum where price has previously bounced off the 33% level.

Pivot: 1.28844
Why we like it:
61.8% Fibonacci retracement, 76.4%, 100% Fibonacci extension horizontal graphical overlap

1st Support: 1.27691
Why we like it:
78.6% Fibonacci Retracement and Horizontal graphical overlap support

1st Resistance: 1.30677
Why we like it:
Horizontal graphical resistance overlap.

Trading FX & CFDs carries high risk.

#USDJPY, H4 has reached our Pivot point, potential for further drop.

Description:

Price has reached our Pivot point at 105.291 which is in line with our 23.6% Fibonacci Retracement and horizontal graphical overlap. We could potentially see price drop further towards our 1st support level at 104.967. It is worth noting that the Ichimoku Cloud and EMA(55)) are showing bearish momentum. Lastly, price is trending within the descending channel

Pivot: 105.291
Why we like it:
23.6% Fibonacci Retracement and horizontal graphical overlap

1st Support: 104.967
Why we like it:
127.2% Fibonacci retracement, 78.6%, 0.88% Fibonacci extension, horizontal graphical support.

1st Resistance: 105.544
Why we like it:
61.8% Fibonacci retracement Horizontal graphical resistance level.

Trading FX & CFDs carries high risk.

#USDCHF, H4 is bouncing off our Pivot point, potential for a bullish rise.

Description:

Price is bouncing off our Pivot point at 0.91330 which is in line with our 23.6%, 38.2% Fibonacci Retracement and horizontal graphical overlap support. Price could potentially rally towards our 1st resistance level at 0.91922. It’s worth noting that the MACD and breakout of the descending channel are showing bullish momentum.

Pivot: 0.91330
Why we like it:
23.6%, 38.2% Fibonacci Retracement and horizontal graphical overlap support

1st Support: 0.91127
Why we like it:
23.6% Fibonacci Retracement and horizontal graphical support level./p>

1st Resistance: 0.91922
Why we like it:
50%, 88.6% Fibonacci Retracement, and horizontal graphical resistance level.

Trading FX & CFDs carries high risk.

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