Home Forex News Vantage FX Market Outlook for 29th Oct 2020

Vantage FX Market Outlook for 29th Oct 2020

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#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.

#NZDUSD, H4 is approaching our Pivot point. Potential for a drop.

Description:

Price is reversing from our Pivot point of 0.66656, which is in line with our 38.2%, 38.2% Fibonacci retracement, 50% Fibonacci extension, and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.65983, in line with 100% Fibonacci extension and -27%, 127.2% Fibonacci retracement. It is worth noting that the Ichimoku cloud and MACD are both showing bullish momentum which is in line with our analysis.

Pivot: 0.66413
Why we like it:
38.2%, 61.8% Fibonacci retracement, 38.2% Fibonacci extension, and horizontal graphical overlap

1st Support: 0.65785
Why we like it:
23.8%, 78.6% Fibonacci retracement and horizontal swing low support

1st Resistance: 0.67245
Why we like it:
127% Fibonacci extension and -27%, 127.2% Fibonacci retracement

Trading FX & CFDs carries high risk.

#USDCAD, H4 is approaching our Pivot point, potential for a further drop.

Description:

Price is currently heading towards our Pivot point at 1.31567, which is in line with 61.8% Fibonacci retracement and 50% Fibonacci extension and descending trendline resistance. We could potentially see price drop towards our 1st support level at 1.30556. It is worth noting that the MACD and Ichomoku cloud are both showing bearish pressure.

Pivot: 1.31567
Why we like it:
61.8% Fibonacci retracement and 50% Fibonacci extension and descending trendline resistance

1st Support: 1.30556
Why we like it:
-27% Fibonacci retracement and 127.2% Fibonacci extension

1st Resistance: 1.32044
Why we like it:
78.6% Fibonacci retracement, and horizontal graphical resistance level.

Trading FX & CFDs carries high risk.

#XAUUSD, H4 is reversing from our Pivot point, potential for a bounce.

Description:

Price is reversing from our Pivot point at 1902.26 which is in line with our 61.8% Fibonacci extension, 78.6% Fibonacci retracement and ascending trendline support. We could potentially see price rise towards our 1st resistance level at 1923.16, which is in line with 78.6% Fibonacci extension, 61.8% Fibonacci retracement and our descending trendline resistance. It is worth noting that the price is currently in a triangular squeeze between two conflicting trendlines. Lastly, the Ichimoku cloud is showing bullish pressure.

Pivot: 1902.26
Why we like it:
61.8% Fibonacci extension, 78.6% Fibonacci retracement and ascending trendline support

1st Support: 1892.57
Why we like it:
78.6% Fibonacci retracement and horizontal graphical support

1st Resistance: 1923.16
Why we like it:
78.6% Fibonacci extension, 61.8% Fibonacci retracement and our descending trendline resistance

Trading FX & CFDs carries high risk.

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

Description:

Price is approaching our Pivot point of 0.71069, which is in line with our 23.6%, 61.8% Fibonacci retracement and horizontal graphical overlap support, where we could see a potential reversal at this level to our first resistance level of 0.71963, in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement. It is worth noting that the MACD and EMA (34) are both showing bullish momentum which is in line with our analysis.

Pivot: 0.71069
Why we like it:
23.6%, 61.8% Fibonacci retracement and horizontal graphical overlap support

1st Support: 0.70615
Why we like it:
61.8% Fibonacci retracement and horizontal graphical overlap support.

1st Resistance: 0.71963
Why we like it:
127.2% Fibonacci extension and 78.6% Fibonacci retracement

Trading FX & CFDs carries high risk.

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