Forex Market Review: Dollar Gains as Eurozone Growth Slows
United States of America. The US dollar is strengthening against the euro and the pound, while showing mixed performance against the yen.
Markets
21
October
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By Sagar Dua - 27
The XAU/USD pair is trading slightly above the key summer support level of 4000.00, holding near 4116.00 amid persistent selling pressure in the precious metals market.
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By Sagar Dua
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Despite the relative stability of the Turkish economy, the USD/TRY pair continues to rise sharply even amid only modest gains in the US dollar, renewing record highs and currently trading at 49.5917.
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By Sagar Dua
- 22
Shares of The Boeing Company (NYSE: BA), one of the world's largest aerospace and aircraft manufacturers, are trading near 190.00.
20
October
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By Sagar Dua
- 26
Last week, the USD/CAD pair began an active corrective decline after failing to break above 1.4282 (61.8% Fibonacci retracement, Murray level [5/8]), under pressure from the hawkish rhetoric of Bank of Canada officials.
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By Sagar Dua
- 52
Shares of Apple Inc. (NASDAQ: AAPL), one of the world's leading technology companies and a major manufacturer of smartphones, personal computers and tablets, are trading near 343.00.
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By Sagar Dua
- 21
The Dow Jones Industrial Average (DJIA), the leading US stock market index, is correcting within a local upward trend near 52054.0 in the current technical snapshot, supported by the recent decline in Treasury yields as the corporate earnings season enters its busiest phase.
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By Sagar Dua
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For more than six months, the XAU/USD pair has been trading within a broad sideways range of 4765.62–3984.38 (Murray levels [+1/8]–[–1/8]). In late August, the price tested 4687.50 (Murray level [8/8]) but failed to break higher and reversed downward. Currently, gold is testing 4140.62 (Murray level [1/8]). If the price consolidates below this mark, a decline toward the lower boundary of the trading range at 3984.38 (Murray level [–1/8]) and 3750.00 (Murray level [4/8], W1) is expected. The importance of the $4,000 support area was also highlighted in our previous XAU/USD forecast. However, if the price breaks back above the upper Bollinger Band at 4296.88 (Murray level [3/8]), growth could resume toward 4531.25 (Murray level [6/8]) and 4765.62 (Murray level [+1/8]).
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By Sagar Dua
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Benchmark Brent Crude Oil prices continue to move within a broad corrective trend, holding near 110.00 amid persistent risks to global energy supplies.
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By Sagar Dua
- 21
Against the backdrop of a stronger US dollar, the AUD/USD pair continues to move within a downward trend, trading near 0.6982, as the lack of support from Australian macroeconomic data prevents the currency from moving significantly away from its recent lows.
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By Sagar Dua
- 21
Shares of PayPal Holdings Inc. (NASDAQ: PYPL), an American digital payments and financial technology company, are trading near 56.00.
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By Sagar Dua
- 20
The USD/CHF pair continues to move within a sustained upward trend, forming an ascending channel, as discussed in our previous USD/CHF forecast. At the beginning of the month, the price tested the upper boundary near 0.8361 (Murray level [+1/8]) before retreating toward the lower Bollinger Band at 0.8239 (Murray level [7/8], 38.2% Fibonacci retracement). If the price consolidates below this level, the correction could extend toward 0.8056 (Murray level [4/8]) and 0.7995 (Murray level [3/8], 23.6% Fibonacci retracement, lower boundary of the ascending channel). However, a breakout above 0.8361 would allow the pair to move beyond the channel and target 0.8600 (61.8% Fibonacci retracement) and 0.8667 (Murray level [7/8], W1).
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