EUR/USD: plan for the European session on October 17. Bulls need a breakout of resistance at 1.1085, but the EU summit could

To open long positions on EURUSD you need:

Yesterday's weak inflation did not put pressure on the euro for long, and good Brexit news strengthened the position of buyers. At the moment, the task of the bulls is to break the resistance at 1.1085, above which we can expect continued growth of EUR/USD to new monthly highs in the areas of 1.1117 and 1.1151, where I recommend taking profits. Considering that important fundamental statistics are not expected to be released in the morning, all attention will be focused on Brexit news, which may continue the euro's growth in the hopes of signing a deal. Under the scenario of a downward correction, good levels for purchases are seen in the region of 1.1055, subject to a false breakout, and slightly lower, at a low of 1.1026, where long positions can be opened immediately for a rebound.

To open short positions on EURUSD you need:

Failure to consolidate above resistance at 1.1085, along with news that Boris Johnson had problems communicating with representatives of various British parties on the current Brexit deal, all this will be a signal to open short positions. The first goal will be to return to support at 1.1055, where the moving averages are located. However, a more important task will be updating the low of 1.1026, where I recommend profit taking. Under the scenario of further growth of EUR/USD, which is quite possible amid optimism, short positions can be considered immediately for a rebound from the highs of 1.1117 and 1.1151. Much will also depend on the statements made at the EU summit.

Signals of indicators:

Moving averages

Trade is conducted above 30 and 50 moving averages, which indicates a further increase in the euro.

Bollinger bands

In case the euro declines, support will be provided by the lower boundary of the indicator around 1.1040. The upper boundary of the indicator in the area of 1.1100 will act as resistance.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: Fast EMA 12, Slow EMA 26, SMA 9
  • Bollinger Bands 20
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Forecast for EUR/USD on October 17, 2019

EUR/USD

Yesterday, the US dollar came under extreme PR pressure: European and British politicians were talking about the Brexit agreement that was about to be signed, US President Trump suddenly refused to sign an interim trade deal with China until he met with Xi Jinping, and that could be not earlier than November 16-17 at the APEC summit in Chile. Against this background, the eurozone trade balance for August showed an increase from 17.5 billion euros to 20.3 billion, US retail sales in September fell by -0.3%. As a result, the euro grew by 38 points.

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The price reached the Fibonacci level of 123.6% on the daily chart. If yesterday's growth is taken as false, then today the euro can turn under the MACD line and further to the level of 138.2% (1.0985). If psychological growth continues, the goal looks open - 1.1125 - an embedded line of the price channel. The uncertainty range is wide: 1.1030-1.1125 - MACD line-price channel line.

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Another divergence was formed on the Marlin oscillator on the four-hour chart. There are no other reversal signs on the chart.

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Forecast for GBP/USD on October 17, 2019

GBP/USD

On Wednesday, the pound once again brought confusion to the market - the trading range was 222 points, but in the end the day closed with an increase of 45 points. The market was feverish on reports of an almost ready deal on Brexit. Boris Johnson promised to send a letter to the EU with a request to postpone the Brexit date (as required by the law adopted by Parliament) if the current agreement is not signed until the 19th.

We are inclined to present the following scenario for further events with respect to the British currency: in fact, the UK's exit from the EU worsens its economic condition, no matter how "good" the deal is. And with any further developments, from a good deal to leaving the EU without a deal, the pound will decline, it is only a matter of the speed of this decline. In recent days, there is a typical growth of the instrument on expectations, and as a result, in fact, a fall will follow.

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The price reached the Fibonacci level of 100.0%, that is, the low of the first branch of the movement from March 13 to April 25. Technically, this is an important level, a reversal may occur today. The signal line of the Marlin oscillator is turning down.

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A double divergence on Marlin is formed on the four-hour chart. The purpose of the decline is the Fibonacci level of 161.8% (1.2548), since it is to it that the MACD line on H4 tends. If the decline is not rapid, the first target will be the Fibonacci level of 138.2% at 1.2668.

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AUD/USD: labor market data pleased, but traders are expecting Lowe's speech

The Australian dollar paired with the US currency showed an upward impulse during the Asian session on Thursday. Blame everything - the release of data on the labor market in Australia. The September figures were mostly good, and this fact made it possible for AUD/USD bulls to strengthen the pair by several tens of points. However, the pair's growth was limited: the fact is that today (at 20:00 London time), the Reserve Bank of Australia Chairman Philip Lowe is expected to deliver a speech at the IMF. He will comment on the general situation for the first time after the conclusion of the US-Chinese negotiations, which, as you know, ended on a major note. In anticipation of this event, traders are in no hurry to open large positions, although the data released today allow us to count on a broader correctional growth of the aussie.

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For four months - from April to July - the unemployment rate exceeded 5.2%. In August, this figure rose to 5.3%. And although the negative dynamics was low, this fact alarmed traders, since most analysts did not expect the growth of this indicator on the eve of the release. Many market participants expressed concern that further growth in unemployment would be negatively perceived by RBA members. In one of his speeches, the head of the Australian regulator expressed the opinion that the unemployment rate should ideally be reduced to 4.5% - only in this case, according to Low, the labor market will put upward pressure on wages. In other words, the results of the last RBA meeting made it clear that Australian labor market indicators will play a special role for the Australian currency.

That is why today's numbers have had a positive effect on the aussie. Firstly, the unemployment rate returned to 5.2%. Secondly, the number of employment growth increased by 14.7 thousand. Although this is a relatively modest result (in the past months the release came out at the level of 36-37 thousand), it is separately necessary to dwell on the structure of this indicator.

The fact is that the positive dynamics of employment growth in September was mainly due to the growth of full employment - this component jumped by 26 thousand. But part-time employment, on the contrary, showed negative dynamics, decreasing by 11.4 thousand. This trend can have a positive effect on the dynamics of wage growth, as regular positions, as a rule, offer a higher level of wages and a higher level of social protection. In the context of recent statements by Philip Lowe, the data on the growth of the Australian labor market published today reduce the likelihood of aggressive measures to mitigate monetary policy by the RBA.

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It is worth noting here that in early October, the head of the Australian central bank, Philip Lowe made it clear that the regulator is ready to continue to respond to the decline in key indicators, "playing ahead of the curve." He did not talk about any temporary guidelines, but the market then expressed confidence that by the end of the year the RBA would still lower the rate to 0.5%. In the framework of 2019, two more meetings will be held - November 5 and December 3. If the US-Chinese negotiations would have ended in failure, the regulator would probably have made the corresponding decision in November. But given the recent events, it is not worth rushing with these conclusions. Lowe is unlikely to ignore the good dynamics of the Australian labor market amid a "thaw" in relations between the US and China: with a high degree of probability, the RBA will take a wait-and-see position.

However, it is important for traders to hear the position of the head of the RBA. Over the past ten days, quite a lot of quite important events have occurred that can affect the position of members of the Australian regulator in general, and Philip Lowe in particular. Therefore, despite today's impulsive rise in the price of AUD/USD, the pair remained within the wide-range flat of 0.6705-0.6800. It's too early to talk about the turning point of the trend at all: for this, the aussie bulls need to overcome and gain a foothold above the key mark of 0.7000, confirming the strength of the upward movement. Until then, traders will be forced to trade within the above price range.

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From a technical point of view, the AUD/USD pair has a growth potential to the midline of the Bollinger Bands indicator on the weekly chart, which corresponds to a price mark of 0.6850. If the pair overcomes this target, the Ichimoku indicator will generate a Golden Cross signal, which will open the way to the next resistance level of 0.7010 (the lower boundary of the Kumo cloud, which coincides with the upper line of the Bollinger Bands on the same time frame). However, for such a price spurt, a corresponding information line is needed related to the prospects for US-Chinese trade relations and the "hawkish" rhetoric of the RBA. Due to the weakness of the dollar, it will be difficult for AUD/USD buyers to reach similar price heights.

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Technical analysis: Important Intraday Levels For EUR/USD, October 17, 2019

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When the European market opens, some economic data will be released such as Spanish 10-y Bond Auction and Italian Trade Balance. The US will also publish the economic data such as Crude Oil Inventories, Natural Gas Storage, Capacity Utilization Rate, Industrial Production m/m, Unemployment Claims, Housing Starts, Building Permits, and Philly Fed Manufacturing Index, so amid the reports, the EUR/USD pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Breakout BUY Level: 1.1129. Strong Resistance: 1.1123. Original Resistance: 1.1112. Inner Sell Area: 1.1101. Target Inner Area: 1.1075. Inner Buy Area: 1.1049. Original Support: 1.1038. Strong Support: 1.1027. Breakout SELL Level: 1.1021. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, October 17, 2019

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In Asia, Japan will not release any economic reports today, but the US will publish some economic data such as Crude Oil Inventories, Natural Gas Storage, Capacity Utilization Rate, Industrial Production m/m, Unemployment Claims, Housing Starts, Building Permits, and Philly Fed Manufacturing Index. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Resistance. 3: 109.32. Resistance. 2: 109.11. Resistance. 1: 108.89. Support. 1: 108.63. Support. 2: 108.42. Support. 3: 108.20. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for AUD/USD on October 17, 2019

AUD/USD

The Australian dollar consolidated yesterday under the indicator lines of balance and MACD on the daily chart, but today returned above them, almost reaching the line of the red price channel. Consolidation above the line (0.6800) opens up the prospect of growth to 0.6900 - to the upper boundary of the blue price channel. In general, the aussie is trading in the accumulation range on August 7-27, therefore it is in a completely neutral situation, even the Marlin signal line along the border (zero line) winds a sine wave.

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On a four-hour chart, the price is formally in a growing position - above the indicator lines, Marlin in the territory of positive numbers. But the situation may change under the pressure of the higher timeframe. Consolidating the price below the MACD line (0.6745) will spin the bearish flywheel with the target of 0.6633 (daily).

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Technical analysis of ETH/USD for 17/10/2019

Crypto Industry News:

Bank of England CEO Mark Carney defended Facebook's choice to create a new currency. He highlighted the disadvantages of the current traditional financial system. Due to inefficiencies in payments, Carey believes that companies like Facebook should be involved in projects like Libra.

More specifically, he criticized the high costs of moving money, claiming that they penalize small businesses and can cost up to 200 basis points per transaction, except that they are processed too slowly.

"This is not enough these days. These payments should be immediate, they should be the same as for online banknote exchanges. They should be practically cost-free and 100% resistant" - he said.

Carney acknowledges that the problem can be solved in many ways, and notes that the challenge is "to bring online and other payments to the level that is found in many large emerging economies and several advanced economies."

However, he also warned companies that want to try to solve this problem, noting that changes in space will be thoroughly investigated by the authorities.

Technical Market Overview:

The ETH/USD pair has made another lower low at the level of $170.50 after falling out of the ascending channel. The downside momentum is clearly accelerating which is a not signal for bulls. The key technical resistance is still located at the level of $196.61 and only a clear and dynamic breakout higher will open the road towards the next target at $202.70 and $215.73. If there is no move up back to the channel, then the next target for bears is seen at the level of $163.98 which is the next major support for the price.

Weekly Pivot Points:

WR3 - $223.04

WR2 - $209.75

WR1 - $194.13

Weekly Pivot - $180.64

WS1 - $164.92

WS2 - $151.12

WS3 - $135.26

Trading recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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Technical analysis of BTC/USD for 17/10/2019

Crypto Industry News:

The former head of the US regulatory authority believes that the government must digitize the dollar and take power from central banks.

In a press release, J. Christopher Giancarlo, former chairman of the Commodity Futures Trading Commission or CFTC, argued that the dollar could lose its status in the future. This is due in particular to the fact that other countries are introducing digital currencies. He argued that the answer was to create a new form of a dollar.

"We propose a digital dollar - a blockchain protocol sanctioned by the government, created and maintained by an independent non-governmental group, but administered by banks and other trusted payment organizations. The funds entered into the system would be exchanged for digital US dollars on the Blockchain, with the funds being kept on special trust accounts kept by the Federal Reserve, "he explains.

Unlike many banking sources that discussed the digital currency, the concept of the digital dollar directly points to the decentralization of power over money. While refraining from claiming that central banks should lose their ability to control national currencies, Giancarlo says that by avoiding the digital currency, the US will weaken the dollar's attractiveness.

"Significant entities, including central banks and social media platforms, may introduce new currencies in the next few years. As the network develops, they may eventually destroy the status of the dollar as the most popular currency on the international market," he warned.

Technical Market Overview:

The BTC/USD pair keeps moving lower this week and currently is very close to the key technical support level located at $7,672. The move down has been initiated after the Bearish Engulfing pattern was made around the level of 38% of the Fibonacci retracement and since then the bears have been pushing the price lower and lower. Any violation of the level of $7,672 will invalidate the current Elliott wave scenario and make the whole corrective structure more complex and time-consuming.

Weekly Pivot Points:

WR3 - $9,781

WR2 - $9,248

WR1 - $8,711

Weekly Pivot - $8,198

WS1 - $7,675

WS2 - $7,127

WS3 - $6,590

Trading recommendations:

Due to the short-term impulsive scenario invalidation, the best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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Technical analysis of GBP/USD for 17/10/2019

Technical market overview:

The GBP/USD pair has made another higher high at the level of 1.2875 during the ongoing bull run and it looks like the next target for bulls is seen at the level of 1.2939. The bullish move up is strong, so now the immediate technical support is seen at the level of 1.2783, so as long as the price is trading above this zone, the chances for another leg up are high. The momentum remains strong and positive, but to reverse the higher timeframe trend the bulls must break through the level of 1.2939.

Weekly Pivot Points:

WR3 - 1.3395

WR2 - 1.3032

WR1 - 1.2877

Weekly Pivot - 1.2532

WS1 - 1.2380

WS2 - 1.2032

WS3 - 1.1859

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2939 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

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Technical analysis of EUR/USD for 17/10/2019

Technical market overview:

After the successful test of the technical support located at the level of 1.0999, the EUR/USD pair moved higher towards the key technical resistance that is being tested now. The bulls have managed to hit the level of 1.1084 despite the overbought market conditions. If the level of 1.1091 is clearly violated, then the next target for bulls is seen at the level of 1.1109 or even 1.1160. The immediate support is still located at the level of 1.1062 and the key technical support is seen at the level of 1.0999. Please remember, that the higher timeframe trend is still bearish.

Weekly Pivot Points:

WR3 - 1.1211

WR2 - 1.1133

WR1 - 1.1093

Weekly Pivot - 1.1014

WS1 - 1.0971

WS2 - 1.0893

WS3 - 1.0849

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0999 and the technical resistance at the level of 1.1267.

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EURUSD approaching resistance, potential big drop coming up!

Entry: 1.1100

Why is it good: Horizontal swing high resistance, 50% fibonacci retracement

Stop loss: 1.11500

Why is it good: Horizontal swing high resistance, 38.2% fibonacci retracement

Take Profit: 1.09500

Why is it good: Horizontal swing low support, 61.8% fibonacci retracement

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USDNOK pull back below resistance

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Entry: 9.20590

161.8% Fibonacci extension

Take Profit : 9.11148

Why it's good : 61.8% Fibonacci retracementThe material has been provided by InstaForex Company - www.instaforex.com

DXY to reach 1st support at 97.84, potential to bounce!

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Will trade disputes help gold reach $1,600?

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The main driver of the growth in the value of gold is the demand for the precious metal as a tool for hedging the risks of a trade war between the United States and China. Do trade disputes between the world's two largest economies really play into the hands of gold? Will the precious metal be able to reach $1,600 thanks to them before the end of the year?

In order to answer these questions, it is necessary to consider the dynamics of gold prices in relation to the stages of the trade war.

Recall, the trade conflict began in January last year, when the White House imposed seemingly innocuous duties on solar panels and washing machines from China. However, this was followed by a 25% tariff duty on Chinese steel and 10% on aluminum.

The next round began in the summer of 2018 and lasted from July to September.

The Washington-Beijing trade war has been going on for more than 460 days, and currently the United States has imposed $550 billion worth of tariffs on Chinese goods. China has paid $185 billion in reciprocal duties on American products.

Now consider the dynamics of gold prices over the past 20 months. Last year, quotes fell from $1,300 per ounce in January to $1,200 in October. The main losses were suffered by the precious metal in April-September 2018, when rhetoric was tightened and actual actions of the parties to the conflict intensified. This year, after a summer surge that led gold to six-year highs (just below $1,560), the precious metal was trapped in a narrow trading range. In part, this may be due to profit taking at overbought levels. A certain pressure on the precious metal is exerted by increased hopes for a speedy conclusion of the US and China trade deal. Many believe that the settlement of the trade conflict reduces the need for hedging risks and, accordingly, the demand for gold.

Another factor that has put pressure on gold in recent weeks is the US dollar. The USD index, which reflects the strength of the greenback against a basket of six currencies, has grown by more than 2% since the beginning of the year, and in September reached an almost two-year high of 99.33. Although such dynamics look rather pale compared to six-year highs of gold and its 13% rally since the beginning of the year, the US currency that has risen in price in recent weeks has become a serious obstacle to gold.

Thus, trade wars had an ambiguous effect on precious metals, as they strengthened the position of the dollar - the main competitor of gold.

It is assumed that by the end of the year the precious metal will nevertheless reach $1,600 or even overcome it, and in 2020 will try to storm record highs above $1,900.

These expectations are based on the fact that the Federal Reserve has two more attempts to reduce the interest rate in the current year (at least a quarter point in each round), as a result of which the rate will decrease to 1.5% per year.

It is also doubtful that the United States and China will be able to resolve their differences by the end of the year and sign a deal that will not lead to increased antagonism on both sides.

In addition, many other uncertainties remain, including conflict in the Middle East and Brexit. Impeachment against Donald Trump can also cause a sharp jump in gold prices.

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#USDX vs EUR / USD vs GBP / USD vs USD / JPY (H4). Comprehensive analysis of movement options from October 17, 2019 APLs

Higher and higher and higher? Here's a comprehensive analysis of movement options of #USDX, EUR / USD, GBP / USD and USD / JPY (H4) from October 17, 2019.

Minuette (H4 time frame)

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US dollar Index

The movement of the dollar index #USDX from October 17, 2019 will continue to develop depending on the direction of the breakdown of the range :

  • resistance level of 98.20 (the upper boundary of the ISL38.2 equilibrium zones of the Minuette operational scale fork);
  • support level of 98.10 (final Schiff Line Minuette).

In the event of the breakdown of the final Schiff Line Minuette (support level of 98.10), the development of the movement of the dollar index will continue within the boundaries of the equilibrium zones of the Minuette operational scales fork (98.20 - 97.90 - 97.60) and Minuette (98.20 - 97.77 - 97.40) with the prospect of reaching the final line FSL (96.60) Minuette operating scale fork.

The breakdown of the upper boundary of ISL38.2 (resistance level of 98.20) of the Minuette operational scale fork together with the final Schiff Line Minuette (98.25) is an option for the development of the upward movement #USDX to the local maximum 98.65 and the boundaries of 1/2 Median Line Minuette channel (98.80 - 99.00 - 99.20).

The details of the #USDX movement are presented in the animated chart.

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Euro vs US dollar

EUR / USD will continue to develop movement inside the equilibrium zone (1.1045 - 1.1085 - 1.1120) of the Minuette operational scale fork. The movement markings within this zone are presented in the animated chart. So, what will happen further from the single European currency? After the breakdown of the indicated above the levels, we will consider the following:

The breakdown of the upper boundary of ISL61.8 (resistance level of 1.1120) of the equilibrium zone of the Minuette operational scale fork will make it relevant to continue the development of the upward movement of EUR / USD to targets - the lower boundary of ISL38.2 (1.1180) the equilibrium zone of the Minuette operational scale fork - the final Schiff Line Minuette (1.1210) - the final line FSL Minuette (1.1230).

In case of breakdown of the lower boundary of ISL38.2 (support level of 1.1045) of the equilibrium zone of the Minuette operational scale fork, the downward movement of EUR / USD can continue to 1/2 of the Median Line Minuette (1.1030) and the lower boundary of the 1/2 of the Median Line channel (1.0985) of the Minuette operational scale with the prospect of reaching the boundaries of 1/2 Median Line Minuette channel (1.0975 - 1.0950 - 1.0930) and local minimum 1.0879.

The details of the EUR / USD movement options are shown in the animated chart.

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Great Britain pound vs US dollar

Her Majesty's Currency in a range that is limited by levels:

  • resistance level of 1.2910 (warning line UWL38.2 of the Minuette operational scale fork);
  • support level of 1.2810 (control line UTL Minuette operational scale fork);

Accordingly, the development and direction of the breakdown of this range will determine the subsequent development of the GBP / USD movement from October 17, 2019.

The consecutive breakdown of the warning line UWL38.2 (resistance level of 1.2910) of the Minuette operational scale and for the reaction line RL161.8 (1.2933) of the Minuette operational scale fork will make it possible to continue the development of the upward movement of GBP / USD to the warning lines - UWL61.8 Minuette (1.2985) and UWL100.0 Minuette (1.3105) with the subsequent achievement of the final line FSL Minute (1.3180).

A combined breakdown of support levels - 1.2810 (UTL Minuette control line) and 1.2790 (SSL Minuette start line) will determine the development of Her Majesty's currency movement to the boundaries of the equilibrium zones of the Minuette operational scales forks (1.2700 - 1.2550 - 1.2405) and Minuette (1.2550 - 1.2475 - 1.2405) with the prospect of reaching the ultimate Schiff Line Minuette (1.2290).

The details of the GBP / USD movement can be seen in the animated chart.

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US dollar vs Japanese yen

As in the previous case, the movement of the USD / JPY currency of the country of the rising sun from October 15, 2019 will also be determined by the direction of the breakdown of the range:

  • resistance level of 108.80 (the initial SSL line of the Minuette operational scale fork);
  • support level of 108.45 (the boundary of the red zone of the Minuette operational scale fork).

The breakdown of the support level of 108.45 (the border of the red zone of the Minuette operational scale - the option of developing the downward movement of the currency of the "country of the rising sun" can be continued to the boundaries of the 1/2 Median Line Minuette channel (108.15 - 107.90 - 107.70) and the equilibrium zones of the Minuette operational scale fork (107.60 - 107.05 - 106.50) and Minuette (107.40 - 106.95 - 106.50).

The combined breakdown of the initial SSL line (resistance level of 108.80) of the Minuette operational scale fork and the UTL Minuette control line (109.00) will determine the continuation of the development of the upward movement of USD / JPY to the goals - the final line FSL (109.50) of the Minuette operational scale fork - the warning line UWL38.2 Minuette (110.45).

We look at the details of the USD / JPY movement in the animated chart.

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The review is made without taking into account the news background. Thus, the opening of trading sessions of the main financial centers does not serve as a guide to action (placing orders "sell" or "buy").

The formula for calculating the dollar index :

USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.

where power factors correspond to the weights of the currencies in the basket:

Euro - 57.6% ;

Yen - 13.6% ;

Pound Sterling - 11.9% ;

Canadian dollar - 9.1%;

Swedish Krona - 4.2%;

Swiss franc - 3.6%.

The first coefficient in the formula leads the index to 100 at the start date of the countdown - March 1973, when the main currencies began to be freely quoted relative to each other.

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EUR/USD: euro has high hopes for the Fed

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According to the updated forecast of the International Monetary Fund (IMF), the global economy will expand by 3% in 2019, which is 0.2% lower than the July estimate. This will be the lowest indicator since the crisis of 2008-2009.

As one of the reasons for the loss in the growth rate of global GDP, the authoritative organization cites a decrease in activity in world trade, whose growth in the first half of 2019 amounted to 1%, which is the lowest level since 2012.

According to IMF estimates, if the United States raises duties on Chinese imports in worth $250 billion from 25% to 30% and introduces 10% tariffs worth $156 billion for the supply of goods fromChina, then the world economy will not receive 0.8% next year (about $700 billion). If America does not, then the loss will be 0.6%. By closing the deal and canceling all applicable tariffs, Washington and Beijing can add 0.8% to global economic growth.

It should be noted that the IMF revised downward forecasts for many countries, including Germany, which, along with China, looks the most affected by trade wars. The Fund expects that in 2019–2020 German GDP will expand by only 1.2% and 1.4%.

The deterioration in estimates of global GDP and the economy of Germany for some time returned the demand for defensive assets and put pressure on the euro. In addition, according to the Zew Research Institute, the mood index in German business circles fell to -22.8 points in October from -22.5 points in September. The indicator is in the negative zone for the sixth consecutive month. Against this background, the EUR/USD pair plunged to the bottom of the 10th figure. The deterioration in IMF forecasts was a highly anticipated event: investors are already well aware that the dynamics of world GDP will depend on trade conflicts, which also affect the monetary policy of the Federal Reserve.

San Francisco Federal Reserve Bank believes that negative rates can help the United States in times of crisis, as they lead to lower yields and better financial conditions. In this regard, Jerome Powell and his colleagues have the operational scope for monetary expansion. The opposing views of the presidents of the Federal Reserve Bank of San Francisco and St. Louis may seem like babble compared to what is happening inside the Governing Council of the ECB, whose hawks claim that with the help of QE, the regulator protects the debt of European governments from raising rates. Recall that Mary Daly considers the Fed's current policy "moderately accommodative", and James Bullard - "too restraining."

The convergence in the monetary policy of the European and US regulators is one of the key drivers of EUR/USD growth. If the ECB has exhausted its resources, then the Federal Reserve still has room for maneuver.

"If the previous QE programs from the ECB in 2015-2018 serve as some kind of guideline, then EUR/USD can stabilize after the start of the bond purchase (" sell by the rumor, buy by the fact "). We expect the EUR/USD rate to gradually recover to 1.12 in the 2nd quarter and to 1.14 in the 3rd quarter of 2020. This is taking into account the fact that there will be a more aggressive easing of monetary policy by the Fed," said the UOB Group.

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Fractal analysis of the main currency pairs for October 17

Forecast for October 17:

Analytical review of currency pairs on the scale of H1:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1179, 1.1161, 1.1126, 1.1101, 1.1087, 1.1058, 1.1039 and 1.1010. Here, the continuation of the development of the upward cycle of October 8 is expected after the price passes the noise range 1.1087 - 1.1101. In this case, the target is 1.1126. Price consolidation is near this level. The breakdown of the level of 1.1128 will lead to movement to the potential target 1.1161. Price consolidation is in the range of 1.1161 - 1.1179, and from here, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.1058 - 1.1039. The breakdown of the last value will lead to a long correction. Here, the target is 1.1010. This level is a key support for the top.

The main trend is the local ascending structure of October 8.

Trading recommendations:

Buy: 1.1101 Take profit: 1.1124

Buy 1.1128 Take profit: 1.1160

Sell: 1.1058 Take profit: 1.1040

Sell: 1.1036 Take profit: 1.1010

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For the pound / dollar pair, the key levels on the H1 scale are: 1.3033, 1.2906, 1.2810, 1.2678, 1.2625 and 1.2532. Here, we are following the development of the upward cycle of October 9. Short-term upward movement, as well as consolidation, are expected in the range 1.2810 - 1.2906. The breakdown of the level of 1.2906 should be accompanied by a pronounced upward movement. Here, the potential target is 1.3033.

Short-term downward movement is expected in the range of 1.2678 - 1.2625. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2532. This level is a key support for the top.

The main trend is the upward structure of October 9.

Trading recommendations:

Buy: 1.2810 Take profit: 1.2904

Buy: 1.2908 Take profit: 1.3030

Sell: 1.2678 Take profit: 1.2625

Sell: 1.2623 Take profit: 1.2534

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For the dollar / franc pair, the key levels on the H1 scale are: 1.0054, 1.0033, 1.0018, 0.9999, 0.9950, 0.9934, 0.9892 and 0.9872. Here, we are following the ascending structure of October 10. The development of this structure is expected after the breakdown of the level of 0.9999. In this case, the target is -1.0018. Price consolidation is in the range of 1.0018 - 1.0033. For the potential value for the top, we consider the level of 1.0054. Upon reaching which, we expect a pullback to the bottom.

Short-term downward movement, as well as consolidation, are possible in the range 0.9950 - 0.9934. The breakdown of the latter value will favor the development of a downward structure from October 3. In this case, the first goal is 0.9892.

The main trend is the descending structure of October 3, the formation of the potential for the top of October 10.

Trading recommendations:

Buy : 0.9999 Take profit: 1.0018

Buy : 1.0035 Take profit: 1.0054

Sell: 0.9950 Take profit: 0.9936

Sell: 0.9931 Take profit: 0.9894

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For the dollar / yen pair, the key levels on the scale are : 109.66, 109.33, 108.90, 108.72, 108.24, 108.02 and 107.67. Here, we are following the development of the upward cycle of October 4. Short-term upward movement is expected in the range 108.72 - 108.90. The breakdown of the latter value will lead to a movement to the level of 109.33. Price consolidation is near this level. For the potential value for the top, we consider the level of 109.66. Upon reaching this level, we expect a consolidated movement, as well as a pullback to the bottom.

Short-term downward movement is expected in the range of 108.24 - 108.02. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 107.67. This level is a key support for the top.

The main trend: the upward cycle of October 4.

Trading recommendations:

Buy: 108.90 Take profit: 109.30

Buy : 109.34 Take profit: 109.65

Sell: 108.24 Take profit: 108.03

Sell: 108.00 Take profit: 107.70

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3279, 1.3251, 1.3223, 1.3177, 1.3158, 1.3142 and 1.3107. Here, we are following the development of the downward cycle of October 10. At the moment, the price is in correction. The continuation of movement to the bottom is expected after the breakdown of the level of 1.3177. In this case, the target is 1.3158. Price consolidation is in the range of 1.3158 - 1.3142. For the potential value for the bottom, we consider the level of 1.3107. The movement to which is expected after the breakdown of the level of 1.3140.

Short-term upward movement is possibly in the range of 1.3223 - 1.3251. The breakdown of the latter value will lead to the formation of initial conditions for the upward cycle. In this case, the first potential target is 1.3279.

The main trend is the downward cycle of October 10.

Trading recommendations:

Buy: 1.3226 Take profit: 1.3250

Buy : 1.3253 Take profit: 1.3276

Sell: 1.3177 Take profit: 1.3158

Sell: 1.3140 Take profit: 1.3110

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6810, 0.6788, 0.6770, 0.6759, 0.6731, 0.6710, 0.6694, 0.6674 and 0.6661. Here, we are following the formation of the descending structure of October 11. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.6730. In this case, the target is 0.6710. Short-term downward movement, as well as consolidation is in the range of 0.6710 - 0.6694. The breakdown of the level of 0.6694 should be accompanied by a pronounced downward movement to the potential target - 0.6674. Price consolidation is in the range of 0.6674 - 0.6661, and from here, we expect a pullback in correction.

Short-term upward movement is possibly in the range of 0.6759 - 0.6770. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.6788. This level is a key support for the downward structure. Its passage in price will lead to the development of the upward structure. Here, the first potential target is 0.6810.

The main trend is the formation of the downward movement of October 11.

Trading recommendations:

Buy: 0.6770 Take profit: 0.6786

Buy: 0.6790 Take profit: 0.6810

Sell : 0.6730 Take profit : 0.6710

Sell: 0.6709 Take profit: 0.6696

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For the euro / yen pair, the key levels on the H1 scale are: 121.79, 121.34, 121.03, 120.61, 120.28, 119.92, 119.64, 119.08 and 118.75. Here, we are following the development of the local ascendant structure of October 15. Short-term upward movement, as well as consolidation, are expected in the range of 120.28 - 120.60. The breakdown of the level of 120.61 should be accompanied by a pronounced upward movement. Here, the target is 121.03. Short-term upward movement, as well as consolidation is in the range of 121.03 - 121.34. For the potential value for the top, we consider the level of 121.79. Upon reaching this level, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 119.92 - 119.64. The breakdown of the last value will have the downward structure formation. Here, the first potential target is 119.08.

The main trend is the local ascending structure of October 15.

Trading recommendations:

Buy: 120.63 Take profit: 121.00

Buy: 121.05 Take profit: 121.34

Sell: 119.90 Take profit: 119.66

Sell: 119.60 Take profit: 119.20

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For the pound / yen pair, the key levels on the H1 scale are : 142.82, 140.89, 139.53, 137.79, 137.08, 136.05 and 135.47. Here, we are following the development of the upward cycle of October 8. The continuation of the movement to the top is expected after the breakdown of the level of 139.55. In this case, the target is 140.89. Price consolidation is near this level. The breakdown of the level of 140.92 will lead to the development of a pronounced movement. In this case, the potential goal is 142.82. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 137.79 - 137.08. The breakdown of the last value will lead to a long correction. Here, the target is 136.05. The range of 136.05 - 135.47 is a key support for the top.

The main trend is the medium-term upward structure of October 8.

Trading recommendations:

Buy: 139.55 Take profit: 140.85

Buy: 141.00 Take profit: 142.80

Sell: 137.77 Take profit: 137.08

Sell: 137.05 Take profit: 136.05

The material has been provided by InstaForex Company - www.instaforex.com

We will evaluate the future prospects of EUR/USD, given the rumors

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EUR/USD is growing on rumors about Germany's readiness to launch a program of fiscal stimulus measures. The dollar is recovering from weekly lows. It may be possible to test the monthly high again at 1.1060. Now the pair is convincingly demonstrating growth potential after Bloomberg news agency announced that German officials are considering launching a program that includes some fiscal stimulus measures in case of further deterioration in economic prospects. However, while the upward movement is difficult, because the bulls were unable to move further from the monthly peaks in the region of 1.1060-65. In addition, a little optimistic sentiment added fading optimism about a breakthrough in the Brexit negotiations, this news did not go unnoticed and helped to bounce off weekly lows. Taking into account other external factors, the final values of the consumer price index for September are unlikely to affect investor sentiment. Instead, all attention will be paid to the publication of the September data on retail sales and business investments.

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What to expect from the euro? The upside currently remains valid, although limited to 1.1060 amid frequently changing sentiment regarding risk and stable dollar performance. Looking at the wider picture, the inexorable slowdown in the region's economy only justifies the ECB's dovish position in monetary policy and a bearish look at the single currency in the long run. Brexit, on the other hand, will continue to influence the pair's behavior, and sporadic rumors of Germany's fiscal stimulus will also increase market volatility.

The material has been provided by InstaForex Company - www.instaforex.com

GBP, USD and CAD require increased attention today

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Today, traders will focus on such currency pairs as USD / CAD and USD / JPY. Canada, in turn, will release a report on consumer inflation, and the United States will publish a measure of retail sales. "Loonie" managed to resist the fall in prices due to strong fundamental factors. Last week, the country released optimistic data on the labor market. Now, to stay afloat, we need equally rosy indicators for rising consumer prices. Judging by the report of business activity in the services sector from IVEY, which reflected a significant jump in prices, inflation data in Canada should exceed the forecast.

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It is worth noting that oil has moved to growth today. This, in particular, is due to the fact that market participants have high hopes for a possible Brexit deal and for signals from OPEC and its allies that further supply restrictions may be possible.

However, commodity price growth remains limited due to continued concerns about the global economic downturn. According to analysts, any transaction that avoids a "hard" scenario or an inactive Brexit should stimulate economic growth and, in turn, increase the value of black gold.

Due to the increased attention to Brexit as well as to the fact that a little more than two weeks are left before leaving the EU, the volatility literally haunts the pound. The British currency almost does not respond to macro statistics, since the most important now is the political background.

According to British sources, Brexit negotiations are resuming today in Brussels after a "constructive" dialogue that lasted until late at night. Also, on Wednesday, the "Briton" retreated from a 5-month high. Thus, the GBP/USD pair dropped to 1.2670. Rumors appeared in the market that the UK parliament would not ratify the deal. The reason for such concerns was a post on Twitter by ITV commentator Robert Peston. He wrote that the Democratic Union Party of Northern Ireland would not support the agreement, which means that the chances of approving the deal are very low. Peston wrote, citing a source in the government.

It is noted that if the Brexit transaction were approved before the end of the current week, the pound could grow by 3-5% above the previous day's highs of 1.28. Due to this, some market analysts expect the pound at 1.30 if the deal is agreed before the summit on Thursday.

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The USD / JPY pair rose to the level of 109 during the night. Slow wage growth is a kind of harbinger of a decline in consumer demand. According to experts, retail sales in the US slowed from September 0.4% to 0.3%. If the report becomes even more negative, the USD / JPY rate will be subject to the most severe pressure. In addition, the market will increase expectations again about easing the Fed's policy at the next meeting.

On Wednesday, the Beige Book will be published. The Fed regions are likely to report a slowdown.

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Regarding forecasts for the growth of USD / JPY, reputable banks do not believe in the development of this enterprise. Strategists advise selling the pair, in their opinion, a short position remains an attractive and undervalued hedge in case of further weakening of the US economy or a new round of trade war.

The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD. "Agreed - not agreed": the pound follows newspaper headlines

The fundamental background for the pound changes with kaleidoscopic speed. The news flow throws the Briton from side to side, keeping traders in constant tension. It is now almost impossible to predict the direction of the GBP/USD price: the pound's prospects depend solely on the position of the British MPs, in whose hands the fate of the deal.

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One can imagine the pressure now being experienced by members of the House of Commons - and especially the representatives of the Democratic Union Party. In fact, the owners of the golden share in the Lower House of Parliament in the coming hours can put an end to the long-standing negotiating epic, offsetting the fears of Britain, Europe, and the whole financial world regarding the prospects for a "hard" Brexit. The fate of the agreement between London and Brussels now largely depends on the Unionists. Whether they succumb to political pressure or show integrity is an open question. That is why the British currency now reacts so sharply to newspaper headlines regarding the position of the DUP. All other fundamental factors do not have any significance for the GBP/USD pair.

As usual, in anticipation of key decisions, the market is flooded with numerous rumors, which sometimes contradict each other. The pound follows the news flow, although at the moment no one can say anything intelligible: political bidding is still ongoing. Nevertheless, with a high degree of probability it can be assumed that the negotiations reached the finish line, at its decisive stage. It will become clear in the coming hours: whether the parties could find a compromise or Brexit will again leave for the next round of negotiations.

In the morning, reports began to appear in the Irish media that the Unionists had agreed to the latest proposals of the negotiation group, and the issue of concluding a deal could be considered resolved. The pound reacted very carefully to this news, as it was not confirmed by any other information sources. This time, the market was not in vain and showed its caution: literally an hour later, the leader of the Youth League denied these rumors, adding that the parties are in search of a compromise that would suit both the Unionists and the Irish nationalists. Given the fact that foster did not leave the negotiation process, the pound has not lost its attractiveness: hopes for an agreement still remain.

Later, the head of the European Council Donald Tusk commented on the situation. And although he did not go into the details of the negotiations, he noted that after "eight to nine hours" (that is, until the end of Wednesday) it will be known whether an ordered Brexit will take place on October 31 or not. Such comments again inspired the GBP/USD bulls, and the pair quickly went up, updating multi-month price highs. However, the continuing uncertainty did not allow the bulls to approach the resistance level of 1.2900 (the upper line of the BB indicator on the weekly chart): the impulse died out when the target reached 1.2850.

It is likely that today this is not the last upward impulse. The many months of languishing tension regarding the prospects of Brexit is a central problem for traders of the GBP/USD pair (and indeed the British currency in general). Therefore, when the real hope for a happy end appears on the market, the "open spring" effect will work, after which the pair will again overcome several figures.

There is no consensus on the market at what level the GBP/USD pair will stop if the parties nevertheless sign the deal and the Parliament approves it at a Saturday meeting (October 18). According to some experts, the pair will rise to 32-33 figures in a few days, but then retreat to around 1.30, in anticipation of comments from representatives of the English regulator. According to other analysts, the 40th figure will be the price "ceiling". Let me remind you that the head of the Bank of England, Mark Carney, has repeatedly stated that the central bank's reaction to the decision on Brexit will not be "automatic." That is, the day after the implementation of the hard Brexit, the regulator will not reduce the rate - and, conversely, in the case of a "soft" scenario, the monetary policy parameters will not be tightened at the next meeting.

In my opinion, after the first emotions about the conclusion of the deal have settled down, the key macroeconomic statistics will again be in the spotlight. For example, today's data on the growth of British inflation turned out to be very contradictory: core inflation predictably grew (up to 1.7%), but the general consumer price index was in the red zone, not reaching the forecast values. The data on the British labor market published on the eve also left a double impression: the unemployment rate unexpectedly grew to 3.9%, while salaries continued to show positive dynamics. In other words, as soon as the Brexit issue is left behind, the focus of the market will shift to internal statistics, and this fact can serve as an anchor for the British currency.

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However, it's too early to talk about this. Amid general uncertainty about the prospects of the negotiation process, only one thing can be said with confidence: if the parties nevertheless come to a compromise solution, the GBP/USD pair is guaranteed to overcome the 1.30 mark. In case of failure, by the end of the week the price will be in the area of annual lows.

The material has been provided by InstaForex Company - www.instaforex.com

Kiwi clipped its wings

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The New Zealand dollar is not in the best mood this week. The kiwi remains under pressure despite a slight strengthening. Analysts believe the kiwi's dynamics is not too stable.

The beginning of the week was a time of strength testing for the New Zealand currency. At the start of trading, the kiwi was under pressure: after negotiations between US and Chinese trade representatives last week, and also the kiwi fell after the publication on Monday, October 14, disappointing data on Chinese exports and imports. By the middle of the week, the kiwi managed to slightly strengthen its position, analysts said. At the beginning of the European session on Tuesday, October 15, the NZD/USD pair was trading near the level of 0.6282. On Wednesday morning, the pair slightly fell, reaching a range of 0.6275-0.6276.

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According to experts, the economy of New Zealand, mainly export-oriented, is adversely affected by a slowdown in the global economy and a decrease in purchases of New Zealand products by other countries. The backbone of the New Zealand economy is the agribusiness, represented by timber and agricultural complexes. The lion's share of New Zealand exports is dairy products, primarily milk powder. The share of dairy exports in the country's total exports reaches 20%. According to current forecasts, if world prices for dairy products rise, especially for milk powder, a strengthening of the New Zealand currency should be expected.

The kiwi dynamics are also influenced by the expectation of a potential reduction in the key rate by the Reserve Bank of New Zealand (RBNZ). Currently, it is close to zero, analysts emphasize. In the last month of the summer, RBNZ reduced the rate immediately by 50 bp to 1.00%. The regulator explained this decision by the escalation of the trade conflict between the US and China and the loss of momentum in the New Zealand economy. The agency believes that the weakening of global economic activity reduces the demand for goods and services from New Zealand.

The leadership of the central bank also records a weak rise in wages in the country. In a similar situation, inflationary expectations are reduced, analysts emphasize. Recent statistics indicate that New Zealand's annual GDP growth may be below 2%, although it must be 3% in order to sustainably achieve the inflation target.

A further RBNZ strategy involves easing monetary policy in the near future. Experts believe that this will put significant pressure on the kiwi. The regulator's tendency to maintain a soft policy and a high probability of rate cuts keep the NZD/USD pair in constant tension, analysts said. They tend to further pull down the pair with targets at support levels of 0.6200 and 0.6100.

The negative fundamental background creates the prerequisites for the weakening of the New Zealand dollar in the short and medium term, analysts said. They allow the pair NZD/USD to slide from current levels, but generally do not observe excessive pessimism in the pair. Analysts recommend a short position in the pair, since a long-term "bearish" trend prevails below the resistance level of 0.6560. Experts believe NZD/USD sales below the short-term resistance level of 0.6305 are quite safe. At the moment, the pair runs in the range of 0.6259–0.6260, showing downward trends, but sooner or later the kiwi hopes to spread its wings.

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GBP/USD. October 16. Results of the day. Comments by EU top officials in the style of "a deal can be concluded" again had

4-hour timeframe

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Amplitude of the last 5 days (high-low): 93p - 264p - 298p - 134p - 198p.

Average volatility over the past 5 days: 197p (high).

The pound sterling paired with the US currency continues a strong upward movement, as well as breaking all volatility records. The average volatility over the past five days is already almost 200 points. Nearly all of these 200 points of steam usually goes only one way, up. The September inflation report was published in the UK today, which showed that experts' forecasts about accelerating inflation to 1.8% y/y did not come true. The consumer price index remained at around 1.7% y/y, and in monthly terms a low price increase of 0.1% was recorded. But what does it matter if traders received a new batch of comments from top officials of the European Union that a Brexit deal could be concluded before the end of the week? Whenever we hear such a wording, I want to add "maybe not concluded". However, participants in the foreign exchange market do not take the second part of this phrase into account, so the pound continues to grow.

Today, President of the European Council Donald Tusk said that "theoretically, the fate of Brexit can be decided within 7-8 hours." What this means is unknown. Either the parties have to agree on a couple of issues, and the deal between Brussels and London is almost a settled matter. Either the European Union is still waiting for some kind of concession from London, but it may not wait for it. Unclear. However, most of the traders regarded Tusk's words as a signal that the parties were close to signing an agreement, so new purchases of the British currency followed. Donald Tusk also added that the main provisions of the document have already been agreed and, theoretically, the deal can be signed on October 17, that is, on the first day of the EU summit. However, Tusk also notes that "everything is possible with our British colleagues," clearly hinting at possible surprises from Boris Johnson.

The Prime Minister of Ireland Leo Varadkar also spoke today. He said that he had a conversation with Boris Johnson over the phone and believes that there really is progress in the negotiations. "There are still a few issues that need to be addressed," adds Varadkar. The prime minister of Ireland also hopes that these issues will be resolved today in order to ratify the agreement with the European Union tomorrow, and on Saturday to allow the British Parliament to consider it and vote.

At the same time, sources in Brussels say that there are still many unresolved issues, and negotiations continue almost around the clock. As usual, the rhetoric of Johnson and the EU is different. The only question is whether the parties will ultimately be able to come to an agreement. Actually, we can find out about this tomorrow, when the EU summit begins and information begins to flow from it.

All the action will end on Saturday, when the British Parliament will meet in any case, since it will either have to vote for Boris Johnson's "deal" with the European Union, or decide whether the "divorce" is postponed until January 31, 2020. In any case, before the end of the week it will become clear what awaits Britain in the next few months, and possibly years.

The technical picture remains unchanged - a strong upward movement. At the moment, the first resistance level of 1.2841 has been worked out, however, the upward movement can easily continue if tomorrow the deal on Brexit is ratified.

Trading recommendations:

The GBP/USD currency pair continues to move up. Thus, we recommend now continuing to trade on the rise, especially for those who are already in long positions, with the target of 1.3029. But the opening of new purchases, from our point of view, involves high risks. Sales of the pair are now not relevant at all.

In addition to the technical picture, fundamental data and the time of their release should also be taken into account.

Explanation of the illustration:

Ichimoku indicator:

Tenkan-sen is the red line.

Kijun-sen is the blue line.

Senkou Span A - light brown dotted line.

Senkou Span B - light purple dashed line.

Chikou Span - green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD indicator:

Red line and bar graph with white bars in the indicator window.

The material has been provided by InstaForex Company - www.instaforex.com