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Daily Pivots: (S1) 1.3975; (P) 1.4004; (R1) 1.4033; More… Intraday bias in USD/CAD stays neutral for the moment. On the upside, sustained break of 1.4014/7 will suggest that USD/CAD is already reversing the whole fall from 1.4719, and target 61.8% retracement at 1.4312. On the downside, firm break of 1.3930 support will indicate rejection by […]
The post USD/CAD Daily Outlook appeared first on Action Forex.
GBP/JPY’s rally resumed last week and surged to as high as 205.30, but retreated sharply since then. With 201.24 resistance turned support intact, initial bias remains neutral this week and further rally is still in favor. Break of 205.30 will target 61.8% projection of 184.35 to 199.96 from 197.47 at 207.11. However, firm break of […]
The post GBP/JPY Weekly Outlook appeared first on Action Forex.
After two months of declines, wholesale prices nudged back up a little in September. On a year-on-year basis, prices are still up by 1.2% with the index (117.1) continuing to hold above the 2024 annual average (116.4).
This article was written by Justin Low at investinglive.com.
There are just a couple to take note of on the board for today, as highlighted in bold below.
That being for EUR/USD at the 1.1635 to 1.1650 levels. The 100-hour moving average at 1.1619 is helping to limit upside price movements currently but the 100-day moving average sits at 1.1635, keeping with the expiries above. That adds to an extra layer in terms of placing a ceiling on price action later today, amid a likely lack of catalysts in European trading.
As such, the expiries could just help to put another defensive layer for sellers in the session ahead. That before we get to US trading to see what will happen and if Trump has anything more to say since the weekend.
For more information on how to use this data, you may refer to this post here.
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This article was written by Justin Low at investinglive.com.
There was plenty of drama to end things last week and it carried through the weekend as well as the early stages today. It all mostly stemmed from Trump and his penchant for the theatrical, with the latest being stirring the pot with China again. The timing seems uncanny as it comes right after his bid for the Nobel peace prize ended in defeat.
In any case, here’s a summary of what we’re dealing with from Friday and the weekend ahead of European trading later.
France unveils new government despite political turmoilSebastien Lecornu was reinstated as French prime minister, just four days after resigning. He has also announced a new cabinet and must now present a 2026 draft budget before the deadline on Tuesday. That will give parliament the required 70 days to scrutinise the plan before year-end comes along. Don’t hold your breath though. As the saying goes, “insanity is doing the same thing over and over again and expecting different results”. 🤪
Japan political fracture finds no solution yetThe Komeito party’s decision to leave the ruling coalition is still sending shockwaves in the Japanese political circles. And that is frustrating Sanae Takaichi in her bid to become the next prime minister. The lack of solutions to resolve the situation is still making for a bout of political uncertainty, preventing much clarity on how things will shape up next. Pain. 😖
China defends its position to impose rare earth export controlsThis is Beijing’s ace card and they are not shying away from using it once again in what was supposed to be the run up towards a meeting between Xi and Trump. All of the trade progress is now in jeopardy as both sides are still fighting fire with fire rather than actually striking any meaningful compromises. As mentioned before, the trade conflict is merely paused or put on ice rather than being resolved since April. And the latest developments here reaffirm that as China will not just sit back and let Trump push their buttons. ❌
Trump threatens tariffs but another TACO in the making?He threatened fresh tariffs against China on Friday but there was some scope for optimism as the deadline given was for 1 November. Trump then said that there is still an “eternity” before the deadline hits, which suggests room for tensions to die down and both sides to find some agreement to press pause on the trade conflict again. While both sides do not want things to escalate further, it doesn’t mean we’re closer to an actual trade deal and for things to get better. Trump’s latest tweet here is also helping to lift the market mood a little as we look to the day ahead at least:
“Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!! President DJT”
Sure, it’s passive aggressive. However, that at least beats being all out aggressive I guess. And it does offer the potential for pulling back of his threats, at least that’s how markets are reading the subtext at the moment.
As such, risk trades are bouncing back with the dollar having to cancel out some of the price movements on Friday. AUD/USD is up 0.8% to 0.6523 with S&P 500 futures up 1.3% after the steep decline on Friday last week. 📈
This article was written by Justin Low at investinglive.com.
Daily Pivots: (S1) 0.6442; (P) 0.6508; (R1) 0.6542; More… AUD/USD recovered notably today and intraday bias is turned neutral first. Still, risk will remain on the downside as long as 0.6628 resistance holds. Current development suggests rejection by 0.6713 fibonacci resistance. Below 0.6472 will resume the fall from 0.6706 to 0.6413 cluster support (38.2% retracement […]
The post AUD/USD Daily Report appeared first on Action Forex.
Asian equities started the week sharply lower after renewed flare-up in U.S.–China trade tensions, though signs from U.S. futures suggested that sentiment hadn’t worsened materially beyond last Friday’s selloff. Hong Kong’s Hang Seng Index slumped nearly -3.5% by midday, leading regional loss. The declines came after Beijing recently tightened export controls on rare earth minerals, […]
The post U.S.–China War of Words Jolts Asia, Yet U.S. Futures Signal Contained Fallout appeared first on Action Forex.
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