During the trading on Thursday, October 3, 2019, financial markets and investors in the forex trading market are on a date with the announcement of the Purchasing Managers' Index of the services sector from the Eurozone, Britain and the United States of America. In addition to the US weekly jobless claims numbers and factory orders.
For the performance and movements of global currencies now. The US dollar is losing more ground, especially after the release of lower-than-expected non-farm employment figures in the US, according to the ADP survey. The Euro is rebounding from a 28-month low against the dollar and is making gains while still under threat from weak economic indicators in the Eurozone. The British pound is cautiously awaiting the European response to British Prime Minister Boris Johnson's proposals made yesterday to find a final solution to avoid a no-deal Brexit. Weakening of the US dollar and renewed trade and geopolitical tensions helped the gold price rebound to the $1500 psychological resistance again. The Japanese Yen ignores fears of a sales tax hike in Japan and gains as a safe haven.
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 the USD / JPY from the 106.75 support, target 109.00 and stop at 106.00.
Buy the GBP / USD from the 1.2220 support, target 1.2450 and stop at 1.2140.
Buy gold from the 1488 support, target 1515 resistance and stop at the 1478 support.
Buy the EUR / USD pair from the 1.0875 support, target the 1.1065 resistance and stop at 1.0800 psychological support.
Key Selling Levels:
Sell the USD / CHF from the 1.0020 resistance, target the 0.9800 support, and stop at 1.0100.
Sell the USD / CAD from the 1.3360 resistance, the target 1.3100 support and stop at 1.3420 resistance.
Sell GBP / USD from the 1.2420 resistance, target the 1.2000 support and stop at the 1.2500 resistance.