الصفحة الرئيسية أخبار الفوركس Vantage FX Market Outlook for 26th Oct 2020

Vantage FX Market Outlook for 26th Oct 2020

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#Risk sentiment was down on Monday as a stimulus deal remained elusive and coronavirus infections hit a record for a second day. U.S. House Speaker Nancy Pelosi said the chamber could pass a pandemic relief plan this week, though a deal with the White House remains elusive as chances faded of a resolution before next week’s election. The commodity market and risk assets are under pressure with this risk-off session going on.

#DXY The dollar strengthened on Monday as investors remain focused on the chances of an agreement on a stimulus package as November’s election fast approaches. Still, concerns are mounting that surging virus cases could force additional business closures. The U.S. added more than 85,000 cases in a record figure for one day. If this risk-off session goes on with no good news from the U.S. stimulus talk, we could have USD buoyed by the demand for safe havens.

#Gold prices slipped on Monday in early Asia trade as the dollar firmed and while investors remain optimistic that a deal over the Coronavirus relief package could be reached. U.S. House Speaker Nancy Pelosi said on Sunday the Trump administration was reviewing the latest plan for more COVID-19 relief over the weekend and that she expected a response on Monday, reinforcing that a deal could be reached.

#CrudeOil #Oil demand recovery is being led by Asia, which shows positive signs in prices. China over-exhausted the imported oil quota this year, which motivates traders to hold oil till next year when new quotas are given. India and Japan have recovered most of their pre-virus oil sales. Inventories for the fourth quarter are expected to reduce as the U.S. and Europe are still managing the surge of infections. Brent is down by 1.7% for the week, and WTI futures fall by 1.8%.

#EURUSD, H4 is approaching our Pivot point. Potential for a further rise.

Description:

Price is approaching our Pivot point at 1.18090, which is in line with our 61.8%,78.6% Fibonacci retracement, 78.6% Fibonacci extension, and ascending trendline support. We could potentially see price rise from this level towards our 1st resistance at 1.18851. It’s worth noting that price is trending above an ascending trendline and Ichimoku cloud which is in line with our bullish bias.

Pivot: 1.18090
Why we like it:
61.8%,78.6% Fibonacci retracement, 61.8% Fibonacci extension, and ascending trendline support

1st Support: 1.17862
Why we like it:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical support level.

1st Resistance: 1.18851
Why we like it:
-27% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical resistance

Trading FX & CFDs carries high risk.

#GBPUSD, H4 has reversed from our Pivot point, potential for a drop.

Description:

Price is approaching our Pivot point at 1.29982, which is in line with our 38.2%, 78.6% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. We could potentially see the price rally towards our 1st resistance level at 1.31752. It’s worth noting that price is currently trending in an ascending channel and above the Ichimoku cloud.

Pivot: 1.29867
Why we like it:
38.2%, 78.6% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap

1st Support: 1.28692
Why we like it:
61.8% Fibonacci Retracement, 127.2% Fibonacci extension and Horizontal graphical support.

1st Resistance: 1.31765
Why we like it:
Horizontal graphical resistance and 61.8%, 78.6% Fibonacci Retracement

Trading FX & CFDs carries high risk.

#USDJPY, D1 is reversing from our Pivot point, potential for a rise.

Description:

Price is reversing from our Pivot point at 104.435 which is in line with our 78.6% Fibonacci Retracement, 61.8% Fibonacci extension and horizontal graphical support. We could potentially see price rally towards our 1st resistance level at 105.729. It is worth noting that the RSI is showing bullish divergence as price are making equal lows, but RSI is making higher lows.

Pivot: 104.435
Why we like it:
78.6% Fibonacci Retracement, 61.8% Fibonacci extension and horizontal graphical support

1st Support: 104.001
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 approaching our Pivot point, potential for a further drop.

Description:

Price is approaching our Pivot point at 0.90793, which is in line with our 38.2%, 78.6% Fibonacci Retracement, 61.8% 78.6% Fibonacci extension and horizontal graphical level. Price could potentially drop towards our 1st support level at 0.90202. It’s worth noting that price is trending within an descending trendline and our Ichimoku cloud.

Pivot: 0.90793
Why we like it:
38.2%, 78.6% Fibonacci Retracement, 61.8% 78.6% Fibonacci extension and horizontal graphical level

1st Support: 0.90202
Why we like it:
-27% Fibonacci extension, 61.8% Fibonacci extension and horizontal graphical support level.

1st Resistance: 0.91010
Why we like it:
50% Fibonacci Retracement, 88% Fibonacci extension and horizontal graphical resistance

Trading FX & CFDs carries high risk.

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