Amana FS Daily Market Reports
Get ready for the trading day with our free Forex market outlook. We take a look at the major currency pairs such as the EURUSD, NZDUSD and share our view on the trend and key levels that we suspect traders are targeting.
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GBPUSD rose slightly in the moments following the release of the August U.K. labor market report. At the time of writing, the trend remained short-term bullish above the October 12 low of 1.3121, and as long as the price stays above this level, bullish traders might target the October 13 high of 1.3337. On a break to the 1.3121 level, traders might target the October 6 low of 1.3031 as it is the next support level on a break to 1.3121.
- The U.K. unemployment rate remained at 4.3% in August and meet economist expectations in a Bloomberg poll.
- Annual wage growth including bonuses rose by 2.2% vs. the 2.1% anticipated.
I see today's labor market report as positive for the GBPUSD given that the unemployment growth remains near multi-year lows and wage growth rose slightly more than the anticipated.
Today, the price of Ethereum ended a multi-day consolidation with enough energy to lift it more than 15% from today's low. The breakout from the $286.58 to $315.14 range, was as good as they can get, and the breakout will surely be used as an example of how to trade breakouts.
Following today's rise in price, the October 9 low of $286.58 is my preferred trend defining level, and I suspect that traders will buy if the price was to trade back to the breakout level of $315.22. The next resistance level and potential level where traders might book profits is the August high of 394.81.
If Ethereum, was to slide below the October 9 low of $286.58, the trend might turn bearish and traders might target the upward sloping trendline seen in the chart below.
Check out the archived version of today's free Forex market outlook with our Cheif Market Analyst, Alejandro Zambrano. In this video, he will provide you with an outlook for currency pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, and USD/CAD. We also discuss the impact of the latest NFP figures, and how they, almost one week later keep on influencing the major currency pairs.
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The GBPUSD bounced sharply following last week’s mixed U.S. NFP report. The price is now trading near the October 4 high of 1.3292, but the overall trend is bearish as seen in the chart below, as the sequence of lower and lower highs remains intact.
Given that the price maintains a bearish bias and is trading near resistance, the GBPUSD might roll-over to target last week’s low of 1.3031. However, if price manages to take out the October 4 high of 1.3292, the downtrend would probably end, and this could open up the door for a rally towards the September 28 high of 1.3451.
The USDCAD maintains a bullish trend and the critical swing low and trend-defining level is the October 4 low of 1.2447. As long as the price trades above this level, the pair might reach the October 6 high of 1.2601, which also is the high created ahead of last week’s NFP report. The next resistance level above the 1.2601 high is the August 31 high of 1.2666.
On the price trading below the October 4 low of 1.2447, the trend might turn bearish, and the price might slide to the September 28 low of 1.2411.
Our sentiment indicator shows that 65% of retail clients are long the USDCAD.