Financial Market Research and Analysis

Our analysts have their fingers on the pulse of the world's financial market news.

CFD trading is high risk and may not be suitable for everyone.
USDJPY bid, EUR, GBP steady
The EURUSD traded in the tight range of 1.0868/1.0885 in Asia. The 30-day RSI (at 27) still points at the oversold market, suggesting that we could temporarily see a recovery in the EURUSD. The 1.0860/1.0850 is expected to lend a minor support before a further drop to 1.0800 handle. Intra-day resistances are seen 1.0917 (100-hour moving average), 1.0958/1.0960 (minor 23.6% retracement on Sep 26th to Oct 24th decline & 200-hour moving average) and 1.1020 (major 38.2% retrace).

The USDJPY traded a leg up to 104.49 in Tokyo. While exporters and the options market remain seller above 104.50, surpassing 104.65 could encourage a further attempt to 105.00, max 105.50. Short-term support stands at 103.90 (200-hour moving average), 103.55 (minor 23.6% retracement on Sep 27th to Oct 13th rise), 103.15 (Oct 19th low) and 102.89 (major 38.2% retracement).

The GBPUSD refuses to move away from its 50, 100 and 200-hour moving averages, 1.2220/1.2245 area. A positive breakout above 1.2295 (major 38.2% retracement on Sep 28th to Oct 7th crash) in pre-signal and 1.2330 (weekly resistance) in confirmation, could trigger an attempt toward 1.2440 (Fibonacci 50% retracement). A minor support is eyed at 1.2200 (weekly ascending channel base), if broken could pull Cable to 1.2116 (minor 23.6% retrace) before 1.2080.

The AUDUSD found support at 0.7593 (major 61.8% retracement on Oct 13th to Oct 20th rise), and recovered above its 50, 200-hour moving averages in Sydney. Minor resistance is seen at 0.7640/0.7647 (100-hour moving average / major 38.2% retrace) before clearing the way toward 0.7680 (minor 23.6% retrace), then to 0.7730 mid-term resistance. Intra-day resistance is eyed at 0.7620/0.7593 (Fibonacci 50% and the major 61.8% retracement).

Gold gained 0.20% against the US dollar overnight. The precious metal remains offered below $1278, the 200-day moving average. The short-term support is eyed at $1255/ 1250 (major 38.2% retracement on Dec 16th to Jun 5th rise). Clearing $1278 should pave the way for a rise to $1297 (minor 23.6% retrace).

The WTI slipped to $49.68, yet buyers quickly jumped in to rectify the price above $50/barrel. In the lack of a solid momentum, intra-day support is seen at $50.27 (minor 23.6% retracement on Oct 19th to Oct 24th fall), $49.50/49.00. On the upside, a move above $52.00/52.60 should clear the way to $53.00/55.00 mid-term resistance.

CFD trading is high risk and may not be suitable for everyone.