During trading on Tuesday, October 1, 2019, financial markets and Forex markets investors are on for an important date with the announcement of the Japanese Tankan survey, in addition to the interest rate decision from the Reserve Bank of Australia, amid expectations that it will cut interest rates to a new record low, as the trade war continues Between the United States and China, which directly affect the Australian economy. The manufacturing PMI figures will be monitored in Britain, the Eurozone and the United States. The Euro zone will announce the inflation figures, which are still far from the ECB's target and thus support further stimulus plans.
Regarding the performance and movements of global currencies. The US dollar has made stronger gains against other major currencies, and is indifferent to expectations of a US rate cut nor by the US House of Representatives fact-finding against US President Trump, regarding the upcoming US elections, which could isolate him if conviction is proved. The Euro is moving below 1.0900 support against the USD, and the negative numbers of the Eurozone economies are still pressuring it, especially from Germany, the largest economy in the region. The uncertain future of Brexit continues to weaken the British pound and expectations are growing that Britain may be forced out without an agreement, especially as the political conflict between Prime Minister Johnson and the opposition continues. The strength of the US dollar and risk appetite helped the gold prices to collapse to lowest level in two months, to $1465 an ounce. The Japanese yen is facing a decision to increase Japanese sales tax starting today.
In the following lines we will review together the most important trading opportunities to buy or sell the most important currency pairs and gold, which may occur during today's trading based on the expected events and economic data:
Key buying levels:
- Buy gold from 1463, target 1510 resistance and stop at 1450.0.
- Buy the EUR / USD pair from 1.0875 level, target 1.1065 resistance and stop at 1.0800.
- Buy USD / CAD from 1.3200, target 1.3400 and stop at 1.3130.
- Buy EUR / AUD from 1.6080, target 1.6400 and stop at 1.6000.
Key Selling Levels:
- Sell USD / CHF from the 1.0020 resistance, target 0.9800 and stop at 1.0100.
- Sell USD / CAD from 1.3330, target 1.3100 support and stop at 1.3400.
- Sell GBP / USD from 1.2400, target the 1.2000 support, and stop at 1.2475.