[email protected]
+44 7862 068336
Open Live Account Open Demo Account Client Login Partners Login Download MT4 Contact Us
cfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-white
  • About Us
    • CF Merchants
    • Why Choose Us
    • Registering Bodies
    • Security of Funds
    • Legal Documents
  • Trading
    • Products
      • Forex
      • Commodities
      • CFDs
      • INDICES
      • Cryptocurrencies
    • Platform
      • META TRADER 4
    • Pricing
      • Product Knowledge
      • Trading Hours
      • Execution Policy
      • Expiration of CFD’s
  • Accounts
    • Accounts Comparison
    • Islamic Accounts
    • Deposit & Withdrawals
  • Research & Education
    • CFM Academy
      • What is Forex?
      • E-Book
      • Forex Glossary
    • News
      • Forex News
      • Crypto News
      • Education News
    • Market
      • Economic Calendar
      • Market Analysis
  • Promotions
    • 50% Deposit Bonus
  • Partnership
  • Contact Us
✕
  • Home
  • Company News
  • Daily Market Analysis
Daily Market Analysis
October 12, 2020
Daily Market Analysis
October 14, 2020
Published by CF Merchants on October 13, 2020
Categories
  • Company News
  • Market Analysis
Tags

EURUSD

The medium-term bullish trend survives and the support at 1.1790 looks likely to be today’s pivotal point. As long as this level holds up, we are likely to see a rise in the price today. Arguably there is a lower high at about 1.1820 so this area might hold the price. However, there are no key resistance levels that stand out until 1.1880 so the price has room to rise. I think we are somewhat likely to see higher prices today.

GBPUSD

After many failed attempts, the British Pound managed to clear the 1.3000 resistance against the US Dollar. GBP/USD is showing positive signs, but the bulls might face hurdles near 1.3180 and 1.3200. A low was formed near 1.2674 and the pair started a steady increase above the 1.2850 resistance. The pair even cleared the 38.2% Fib retracement level of the key decline from the 1.3482 high to 1.2674 low. On the upside, the pair could struggle near 1.3120. The first major resistance is near the 1.3180 level, followed by the 1.3200 breakout zone. There is also a rising channel forming with support near 1.2980 on the same chart. If there is a downside break below the channel support, the pair could correct lower towards the 1.2920 support level. The main support seems to be forming near the 1.2850 level. Overall, GBP/USD is showing positive signs, but it could struggle near the 1.3200 zone.

USDJPY

USD/JPY stays neutral first and some more consolidation could be seen below 106.10 temporary top. Still, further rise is mildly in favor with 104.94 support intact. On the upside, break of 106.10 will target 106.94 resistance. Sustained break there should confirm completion of the whole decline from 111.71. On the downside, break of 104.94 support will revive near term bearishness and target a test on 104.00 low instead.

EURJPY

EUR/JPY is turned neutral with current retreat. But with 123.84 minor support intact, further rise is still in favor. Break of 125.08 will extend the rebound from 122.37 to retest 127.07 high. Decisive break there will resume larger rally from 114.42. On the downside, however, break of 123.84 will turn bias back to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23 instead.

AUDUSD

AUD/USD is turned neutral with today’s retreat. But further rise is in favor as long as 0.7095 support holds. On the upside, above 0.7243 will extend the rebound from 0.7005 to retest 0.7413 high. Decisive break there will resume larger rise from 0.5506 to 0.7635 fibonacci level. However, firm break of 0.7095 will argue that corrective fall from 0.7413 is resuming through 0.7005.

USDCAD

Further fall is expected in USD/CAD with 1.3242 support turned resistance intact. Decline from 1.3418 would target a test on 1.2994 low. Larger fall from 1.4667 might be resuming. Firm break of 1.2994 will confirm and target 61.8% projection of 1.4667 to 1.2994 from 1.3418 at 1.2384. On the upside, though, break of 1.3242 support turned resistance will dampen this bearish case and turn bias neutral first.

XAUUSD

Our preference Short positions below 1925.00 with targets at 1900.00 & 1890.00 in extension. Alternative scenario Above 1925.00 look for further upside with 1933.00 & 1940.00 as targets. RSI advocates for further decline.

WTI

Our preference Short positions below 39.85 with targets at 39.05 & 38.60 in extension. Alternative scenario Above 39.85 look for further upside with 40.35 & 40.65 as targets.

Share
2
CF Merchants
CF Merchants

Related posts

May 7, 2021

Dollar under pressure as U.S. payrolls data could spur more risk-taking


Read more
May 6, 2021

Dollar holds near two-week high, U.S. jobs data eyed for Fed clues


Read more
May 5, 2021

Asia Shares Subdued By Tech Retreat, U.s. Futures Steady


Read more

Leave a Reply Cancel reply

You must be logged in to post a comment.

[email protected]
[email protected]
+44 7862 068336

    Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
    Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.

    High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.

    Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.

    © 2011-2020 CF Merchants Ltd.

    • Terms & Conditions
    • Privacy Policy
    • Fraud Warning
    • Risk Disclosure
    • AML Policy
    • Client Agreement
    • IB Agreement
    • Power of Attorney