I’m capping the week off with this easy vary play on AUD/CAD!
Do you assume the ground will maintain throughout Canada’s retail gross sales launch?
Earlier than transferring on, ICYMI, yesterday’s watchlist checked out EUR/USD’s long-term downtrend forward of U.S. information releases. You should definitely try if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final buying and selling classes:
Recent Market Headlines & Financial Information:
U.Okay. Prime Minister Liz Truss broadcasts resignation
U.S. Philly Fed manufacturing index up from -9.9 to -8.7 vs. -5.5 forecast
U.S. current dwelling gross sales hunch from 4.78M to 4.71M
U.S. CB main index down by 0.4% vs. projected 0.3% dip
Snapchat share costs tumbled 26% on slowing income
Fed official Harker: Central financial institution to maintain elevating charges for some time
New Zealand commerce deficit narrowed from 2.62B NZD to 1.61B NZD
Japanese nationwide core CPI up from 2.8% to three.0% as anticipated
U.Okay. GfK shopper confidence index improved from -49 to -47 vs. -52 forecast
New Zealand bank card spending up from 29.3% to 34.1% y/y
U.Okay. retail gross sales tumbled by 1.4% in September, following earlier 1.7% slide
U.Okay. public sector web borrowing jumped from 8.6B GBP to 19.2B GBP
Germany drops opposition to EU pure gasoline value hole
BOJ will increase quantities at common bond-buying operation
Canadian retail gross sales at 12:30 pm GMT
FOMC member Williams to talk at 1:10 pm GMT
Eurozone shopper confidence index at 2:00 pm GMT
Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️
What to Watch: AUD/CAD
Try the sideways chart motion on AUD/CAD!
This pair has been bouncing off assist on the .8600 deal with and resistance close to the .8700 mark for the previous few weeks.
One other check of the ground appears to be shaping up, however will it maintain once more?
It might all boil all the way down to the result of the Canadian retail gross sales report in the present day, as a robust rebound in shopper spending is likely to be sufficient to ship the Loonie rallying.
Analysts expect headline retail gross sales to get well by 0.2% after the sooner 2.5% hunch. The core model of the report would possibly submit a 0.3% achieve, following the earlier 3.1% slide.
Don’t neglect that Canada’s newest CPI readings turned out largely stronger than anticipated, giving the BOC extra leeway to maintain mountaineering rates of interest.
If that’s the case, EUR/CAD might tumble beneath the vary assist and go for a drop that’s the identical top because the rectangle or round 100 pips.
Technical indicators are giving combined alerts in the intervening time, though there are some hints of weakening bearish strain.
The 100 SMA is beneath the 200 SMA, however the hole between the transferring averages has narrowed sufficient to counsel a possible bullish crossover. Stochastic has additionally reached the oversold space and is likely to be resulting from flip greater quickly.
In any case, higher apply correct danger administration and take a look at the typical AUD/CAD volatility when buying and selling the information!