Brad Alexander
FX Large Limited
For the third month, OPEC has lowered its global demand forecast for crude and price fell dramatically.
WTI fell from $76 per barrel to $71.50 almost overnight but are we ready for a reversal yet?
On most time frames, the stochastic oscillator looks oversold but please wait for confirmation before going long.
Watch out for quick pullbacks that might look like reversals.
Today and tomorrow we will be watching inflation data in the form of CPI from Canada, New Zealand and the United Kingdom.
Later in the week, we have employment data from Australia.
More importantly, we have a predicted lowering of Interest Rate from the European Central Bank on Thursday.
Then we have a press conference later which will also drive the markets.
We can see from the charts of EUR pairs that we have mixed strength and weakness.
This may give us some great opportunities if we see volatility, especially if the predictions are incorrect.
For example, on EURJPY we see an ascending triangle which could go either way, with or without the news.
Speaking of triangles, we see Silver in a symmetrical pennant on the 1-hour chart so we will watch for a breakout.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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EUR/USD holds above 1.0900 after upbeat Eurozone sentiment data
EUR/USD trades marginally higher on the day above 1.0900 in the European session. The data from Germany and the Eurozone both showed that ZEW Survey - Economic Sentiment improved more than expected in October, helping the Euro hold its ground.
GBP/USD clings to recovery gains below 1.3100 after UK data
GBP/USD clings to recovery gains below 1.3100 in European trading on Tuesday. The data from the UK showed that the ILO Unemployment Rate declined to 4% in the three months to August, with Employment Change rising 373K, but failed to deter Pound Sterling.
Gold price remains depressed amid smaller Fed rate cut bets; lacks follow-through selling
Gold price ticks lower for the second straight day amid smaller Fed rate cut bets and a bullish USD. Signs of a slowdown in China – the biggest bullion consumer – further undermine the XAU/USD.
Canada CPI set to show easing price pressures in September ahead of BoC decision
The Canadian Consumer Price Index is expected to rise 1.8% YoY in September. The Bank of Canada has reduced its policy rate by 75 bps so far this year. The Canadian Dollar has been losing considerable ground in October.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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