Home Forex News Vantage FX Market Outlook for 28th Oct 2020

Vantage FX Market Outlook for 28th Oct 2020

110
0

#Risk sentiment Market sentiment is quite risk-off on Wednesday morning which has led most of the commodities down. U.S. equity futures fell with Asian stocks as concern lingered about the impact of the worsening pandemic on economic activity in some parts of the world. Volatility remained elevated as the possibility of a U.S. stimulus package before next week’s election faded. Meanwhile, data showed Covid-19 hospitalizations rose at least 10% in the past week in 32 states and the nation’s capital.

#DXY The dollar rebounded against major peers. Safe haven demand comes back in the market as concern rises about the faster spread of the coronavirus on the continent. On tuesday, the Conference Board’s Confidence Index came at 100.9 this month, below expectations for it to increase further after it jumped to a downwardly revised 101.3 in September. U.S. Consumers were feeling less confident in October as rising coronavirus cases and a lack of economic stimulus clouded the forecast for the months ahead.

#CrudeOil #Oil prices are expected to continue its drop as Iraq poses a threat to the OPEC output deal. Due to the lack of demand in oil, the world’s third largest exporter is suffering the effects of a crumbling economy. Other oil producers are trying to bolster the fragile market by reducing outputs. However, the Iraqis are pushing their government to pump more oil. Brent lost 1.8% and WTI dropped 2.2% during the Asia session.

#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.

Telegram group for Daily updates on Trades and Analysis!

Enjoy your trading with Vantage FX today and claim a 50% welcome bonus.

Join Us

LEAVE A REPLY

Please enter your comment!
Please enter your name here