Home Forex News Vantage FX Market Outlook for 30th Oct 2020

Vantage FX Market Outlook for 30th Oct 2020

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#DXY The dollar went higher on Friday morning, benefiting from the revived concerns on stock earnings and a weakening EUR. The euro held losses against the dollar after the ECB left its key rates unchanged and signaled that forecasts in December will allow recalibration of stimulus. Meanwhile, U.S. 3Q GDP expanded at a 33.1% annualized pace, according to the initial estimate for Q3. The gain came after a 31.4% plunge in the second quarter and was better than the 32% estimate from economists surveyed by Dow Jones. The previous post-World War II record was the 16.7% burst in the first quarter of 1950. With the market seeing increasing volatility, USD could consolidate at current high levels and even aim higher.

#CrudeOil #Oil prices set for worst performance since March, infections over the U.S. and Europe imposes more travel restrictions. Infections have risen to new highs from the previous wave in Europe, auto and aviation fuel continues to suffer. Approaching the U.S. elections, more volatility is expected while OPEC+ meeting will only be held at the end of November. Stockpiles are still rising from Libya, experts are forecasting a continual drop into the next week. WTI lost 3.3%, and Brent is down by 7% this month.

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

Description:

Price is reversing from our Pivot point at 1.17850, which is in line with our 50% Fibonacci retracement, and horizontal graphical overlap. We could potentially see price drop from this level towards our 1st support at 1.17417. It’s worth noting the Ichimoku cloud and MACD are both showing bearish momentum

Pivot: 1.17850
Why we like it:
50% Fibonacci retracement, and horizontal graphical overlap

1st Support: 1.17417
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical overlap.

1st Resistance: 1.18115
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap

Trading FX & CFDs carries high risk.

#GBPUSD, H4 is bouncing from our Pivot point, potential for a rise.

Description:

Price is bouncing from our Pivot point at 1.29923, which is in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see the price rally towards our 1st resistance level at 1.31561. It’s worth noting that price is currently trending in an ascending channel and Stochastics (13,5,3) is showing bullish pressure where price has previously bounced off the 21% level.

Pivot: 1.29923
Why we like it:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap

1st Support: 1.29678
Why we like it:
78.6% Fibonacci Retracement, 100% Fibonacci extension and Horizontal graphical support.

1st Resistance: 1.31561
Why we like it:
61.8% Fibonacci extension, 78.6% Fibonacci Retracement and Horizontal graphical resistance

Trading FX & CFDs carries high risk.

#USDJPY, H4 is approaching our Pivot point, potential for a rise.

Description:

Price is approaching our Pivot point at 103.989 which is in line with our -27%, -61.8%, 161.8% Fibonacci Retracement, 78.6% Fibonacci extension and horizontal graphical support. We could potentially see price rally towards our 1st resistance level at 104.527. It is worth noting that the Stochastics (21,5,3) is showing bullish pressure where price has previously bounced off the 9% level.

Pivot: 103.989
Why we like it:
-27%, -61.8%, 161.8% Fibonacci Retracement, 78.6% Fibonacci extension and horizontal graphical support

1st Support: 103.707
Why we like it:
-27% Fibonacci retracement, 100% Fibonacci extension

1st Resistance: 104.527
Why we like it:
50% Fibonacci retracement, 78.6% Fibonacci extension 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 0.91372, which is in line with our 78.6% Fibonacci Retracement, 127.2% Fibonacci extension and horizontal graphical level. Price could potentially drop towards our 1st support level at 0.90574. It’s worth noting that price is trending under a descending trendline and Stochastics (21,5,3) is showing bearish pressure where price has previously reversed off the 79% level

Pivot: 0.91372
Why we like it:
78.6% Fibonacci Retracement, 127.2% Fibonacci extension and horizontal graphical level

1st Support: 0.90574
Why we like it:
61.8% Fibonacci extension, 127.2% Fibonacci extension and horizontal graphical support level.

1st Resistance: 0.91627
Why we like it:
161.8% Fibonacci extension, descending trendline resistance and horizontal graphical resistance

Trading FX & CFDs carries high risk.

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