Daily F.X. Analysis, October 15 – Top Trade Setups In Forex - BOE Gov Carney Speaks!
By Eaglefx On October 15, 2019 in Daily Market Analysis
On Tuesday, the dollar floated under 2-1/2-month highs versus the safe-haven currency Japanese yen The greenback failed to extend fresh gains as confidence over trade agreements between the world's two largest nations and for a definite British departure from the European Union started to decline.
The U.S. dollar also traded slightly bearish after the Eurozone's Industrial Production for the month of September at 14:00 showed growth and supported Euro by releasing at 0.4% against 0.3% expectations. Today, investors will be looking to trade the BOE Gov Mark Carney Speech later in the day.
Economic Calendar - BOE Gov Carney Speaks
BTC/USD - Daily Analysis
The BTC/USD bulls seemed as if they were carrying invasion during the previous week as BTC/USD grew by above $1,000, albeit instantly.
Bitcoin surged during the week from a low point of $7,760 placed on October 7 to above $8,800, where it declined to nearby the 200 Day Moving Average (MA) on October 11.
Following this, 50% of the weekly earnings were dried out in a matter of minutes as it dropped back below to the $8,300 range. As Bitcoin price tries another return, could we begin to notice altcoins recovering impulse? Let's discuss the technical side of the market, as the BTC/USD traded mostly in narrow ranges due to holidays in the U.S.m, Japan, and Canada.
BTC/USD - Daily Technical Levels
Support Resistance
8,133.86 8,654.05
7,951.34 8,991.72
7,431.15 9,511.91
Pivot Point 8,471.53
BTC/USD – Daily Forecast
Bitcoin trades inline with our previous forecast, as it continues to trade within a narrow range of 8,115 - 8,340. The BTC/USD may gain support above 8,115 levels with a resistance of 8,340 levels. On the hourly timeframe, bullish trendline supporting the BTC/USD above 8,115 level. Today, a bullish breakout of 8,340 resistance can lead the BTC/USD prices towards 8,500 level.
EUR/USD – Resistance Become Support
EUR/USD opened at 1.10314 and has placed a high of 1.10427 and a low of 1.10126. It is currently trading at 1.10299. At 11:00 GMT, the German Wholesale Price Index (WPI) came in as -0.4% against -0.2% expectations and weighed on Euro.
The Industrial Production for the month of September at 14:00 showed growth and supported Euro by coming in as 0.4% against 0.3% expectations. The EUR/USD has been moved up and down throughout the day and has shown no specific movement.
The pair after the release of the German Wholesale Price Index showed a downward movement to place a low of 1.10126. The report enhanced the chances of the German economy to fall into recession and gave a downfall to the prices of EUR/USD in the beginning session of the day. But after the release of Industrial Production of Eurozone, the pair EUR/USD recovered its losses and has return to from where it started its day.
Apart from macroeconomic data, the pair also saw a downward movement caused by the uncertainty that emerged after the Chinese demand for more talk sessions by the end of October came on board. This news faded away from the optimism created on Friday after the comment of Trump over the Phase-one deal.
However, the pair EUR/USD has not shown any significant moves on Monday, and the trend is unclear for that day as of writing.
EUR/USD - Daily Technical Levels
Support Resistance
1.0932 1.0988
1.0909 1.102
1.0854 1.1075
Pivot Point 1.0964
EUR/USD – Daily Forecast
The technical side of the EUR/USD hasn't changed much due to a lack of liquidity and trading volume on Monday. Most of the banks remained closed in the observance of Thanksgiving Day. The EUR/USD is still trading the higher's high and higher's low pattern on the hourly timeframe.
The trend seems bullish, and the bullish trend line is supporting the pair around 1.1020 today. Above this, the EUR/USD may continue with its bullish trend until 1.1050. Whereas, the violation of 1.1020 can lead the EUR/USD towards 1.0990 level.
GBP/USD - Sterling On Fire Amid Brexit Updates
The GBP/USD opened at 1.26210 and has placed a high of 1.26495 and a low of 1.25158 until now. It is currently trading at 1.15776.
Sterling dropped in the early session on Monday after the traders realized the Brexit reality. On Friday, GBP/USD gained dramatically when PM Boris Johnson and his Ireland counterpart shared positive comments about the Brexit deal.
But on Sunday, both the European Union and Britain parties gave comments that there was much effort required to be made to secure a Brexit deal before the E.U. Summit. Traders on Monday showed a response to this news by selling GBP/USD.
The United Kingdom is due to depart the E.U. on October 31 with or without a deal. Currently, given the circumstances, it looks like they would ask for an extension in the deadline rather than exiting without securing a deal.
Besides, it is to be noted that the E.U. Summit will start on Thursday, and the deal should be agreed on that day. It means that the deal should be agreed till Wednesday to be secured on Thursday at Summit. In that setting, there are just three days remaining, including Monday, to secure a deal for Brexit. No-deal means the beginning of uncertainties.
On Monday, the Queen said that leaving the European Union on October 31 was the priority in the state opening of Parliament. In the upcoming three days, the British pound would remain sensitive to ongoing headlines related to Brexit Deal. The chances of no-deal Brexit have increased again after the Queen's speech because of the few days remaining to secure a deal. However, anything could happen so that traders would be looking closely at any news from E.U. or Britain regarding Brexit.
GBP/USD - Daily Technical Levels
Support Resistance
1.2469 1.2768
1.2289 1.2887
1.199 1.3185
Pivot Point 1.2588
GBP/USD – Daily Forecast
As anticipated, the GBP/USD bounced off above the double top resistance become a support level of 1.2535. Today, the Cable may find an immediate resistance at 1.2675 level and the violation of which could lead the GBP/USD prices towards 1.2550 level. Now that's a level that may give a hard time to the GBP/USD, and we may see selling in the GBP/USD pair below this level.
All the best for today.