DailyForexTrading

  USD/CNH drops to a 10-day low of 6.7580. Dollar draws offers as stocks rise on reports of progress in US stimulus talks.  Dollar selling is Thursday gathering pace and push Asian trading hours the USD / CNH lowest in the district 6.75, a level last seen on September 21 The shelter of the US dollar faced selling pressure, Asian stocks cheer signs of progress in the negotiations fiscal stimulus in the United States. According BloombergQuint, Treasury Secretary Steven Mnuchin said he and Nancy Pelosi made a lot of progress in many areas, and the Speaker of the House said the talks with the Secretary of the Treasury would continue. That said, the two sides remain far apart in their talks, warned the Senate as majority leader Mitch McConnell. In addition, the risk of delays in the US election results prominently. As such, markets remain vulnerable to risk aversion and more sharp reversal in the US dollar. At press time, USD / CNH is trading at 6.7580, down 0.36% on the day. The p...

  DXY refreshes intraday high to 93.95 following its drop to fresh low since September 22. Break of immediate resistance line, amid bullish MACD, favors short-term bulls. Three-day-old falling trend line, 200-bar SMA adds to the upside barriers. The early-month top, monthly support line lure sellers below 94.00. US dollar index (DXY) takes bids near 93.93, intraday high of 93.95 in early Wednesday. In doing so, the green ticket gauge reverse recent losses mainly supported by the US presidential debate between the two candidates, namely Donald Trump and Joe Biden. The recent rise also clears the immediate resistance line, now support, while taking cues from bullish MACD. Consequently, buyers should keep USD hope for recovery moves to another line of downtrend September 25, at 94.05 now. However, be challenged further increases the citation by a level 200 SMA 94.30 bar and the September 28 peak around 94.45. Otherwise, a new weakness in the US dollar index will fall below the previou...

  Gold (XAU / USD) started the US nonfarm payrolls (NFP) week on solid ground, rallying nearly $ 20 on Monday. The metal bounced off the SMA100-day support for the third consecutive day, courtesy of the great retreat of the US dollar relative to the peaks of two months. The risk on mood returned amid Chinese industrial profits optimistic data, lifting sentiment on global markets at the expense of green refuge ticket. Moreover, hopes the US Congress reach an agreement fiscal stimulus has also added to the optimism of the broader market. Attention now turns to a large number of speeches by Fed policy makers, the US consumer confidence data and the first debate of presidential elections in the United States to gather fresh clues on prices . Meanwhile, we’ll see how gold is positioned technically. Key resistances and supports Following the higher correction movement, the confluences technical indicator suggests that gold faced resistance to immediate fierce to $ 1889 which is the conve...

  AUD/USD ticks higher as Westpac pushes out the RBA rate cut forecast.  The US stock index futures rise, lending support to the AUD. DailyForexTrading  represented today’s market forecast. Bears Australian dollar took a break Monday, allowing a rebound in AUD / USD, with an economist influential in pushing down its forecast rates to November from October. The currency pair is currently trading at 0.7050, which represents a gain of 0.40% on the day. The pair dropped nearly 0.30% Friday 0.7006 – sixth right consecutive decrease. RBA to cut rates in November Westpac, one of the four major Australian banks expects the Reserve Bank of Australia (RBA) to cut the cash rate overnight (reference rate of interest) to a new record low of 0.1 % compared to 0.25% during November. Until last week, Westpac economist Bill Evans believed that the rate cut will happen at the meeting on October 6 The central bank should also reduce the bond yield target of three years to 0.1% from 0.25%, t...

  Gold stays heavy for third consecutive day, eyes Monday’s low of $1,882.34 as immediate support. US dollar stays bullish while refreshing the highest levels since July 27. American Congress avoids government shutdown in October, virus woes continue with fresh cluster in Brooklyn. Global PMIs are in focus given the central bankers’ readiness for more. The market prediction is acording to DailyForexTrading Gold takes nearly $ 1887.37 deals, down from 0.68% one day before the European session on Wednesday. In doing so, bullion seesaws near the intraday low near $ 1 882, while fighting against the weekly low close to the same level. Given the time that supported the US dollar for the fourth consecutive day, the new high two months, the bears are in control. may be cited cluster coronavirus (Covid-19) in Brooklyn as favoring the strength of the greenback. Although the US dollar index (DXY) is the major force US policymakers joint efforts on the palliative funding to avoid a government...

  EUR / USD risk of a decline to 1.1695 level over the coming weeks, suggested FX strategists at UOB Group. The market prediction is according to DailyForexTrading. 24 times view: “The sudden sharp decrease of EUR who sent him plummeting to a low of 1.1730 was a surprise (closed at 1.1769, -0.57%). While the rapid decline appears overrated, there is no sign of stabilization for now. From there, it is possible to EUR dipping to 1.1720 before the current weakness should stabilize. Resistance is at 1.1790 followed by 1.1815 “. Next 1-3 weeks: “In our last story last Friday (September 18 up to 1.1850), we had the idea that” there is still a chance, but decreased to EUR a stage other attempt to close below 1.1750. That said, the sudden sharp decline yesterday (21 September) was not exactly as planned EUR recorded a loss of -0.57% and closed down six weeks of 1.1769. Although EUR did not close below 1.1750, the rapid improvement of the downward trend suggests EUR may weaken further towar...

  GBP/USD stays bid near the mid-1.2900s following three successive failures to cross 1.3000 during last week. UK’s health authorities tease lockdown restrictions following the recent jump in cases, deaths due to the pandemic. British Chancellor Sunak may extend business support loans, the BDO survey suggests no V-shaped recovery. Fedspeak eyed amid a light calendar, risk catalysts are the key. GBP / USD takes bids near 1.2955, intraday rise of 0.33%, while heading into London open on Monday. In doing so, the cable pays little attention to threats coronavirus (Covid-19) from the United Kingdom and the Brexit pessimism, while encouraging the general weakness of the US dollar. Given the advance light schedule on comments from Fed policymakers during the American session, risk will be key catalysts. Excerpts from the upcoming Speech from the Chief Medical British chef Chris Whitty, shared by Reuters suggest that the return of the pandemic is not only fading economic recovery, but also...

  FX Strategists noted UOB Group EUR / USD did not rule out another test of the mid 1.1700s in the coming weeks. 24 times view: “Although our view weaken EUR yesterday was correct, we expect” a rupture of the major support at 1.1750 seems unlikely “was not. EUR fell to a low of 1.1735, but the decline was short-lived as it rebounded strongly to end the day more than + 0.28% (1.1847). The strong rebound and fast seems to be ahead of itself, but there is room for EUR extended its gains. That said, the chances of breaking the strong resistance 1.1885 are not high (the next resistance is at 1.1915). Support is at 1.1820, only a breach of 1.1795 indicates the actual pressure has eased “. Next 1-3 weeks “Yesterday (September 17 up to 1.1795), we pointed out that EUR is under slight downward pressure and may drop below 1.1750 but any weakness can not be maintained. EUR then dropped to a low of 1.1735 before staging a surprisingly strong and robust rebound (high 1.1853 overnight). While th...

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