Forex Market Updates as on Wednesday October 11, 2017

Posted by: In: Market News 11 Oct 2017 Comments: 0

Having touched a session low level of 112.22, the USD/JPY pair caught some fresh bids and extended previous session’s rebound from the vicinity of 200-day SMA support.

The bulls failed to take on the three-day recovery above 0.71 handle, knocking-off the NZD/USD pair back to test the 5-DMA support located at 0.7077 levels.

EUR/USD rose an eight-day high of 1.1828 in early Asia after premier Carles Puigdemont pulled back from the brink of a full-blown unilateral declaration of independence for Catalonia and opened doors for last minute negotiations.

The bulls failed once again near 1.3225 region in the Asian trades, sending GBP/USD pair back into the red zone near 1.32 handle, while markets eagerly await the release of the FOMC Sept meeting minutes for the next direction.

AUD/USD pair surrendered majority of its early strong gains and has retreated over 25-pips from a four-day high level of 0.7809.

XAU/USD retreated from $1294 to $1284 levels in Asia as haven demand dropped after premier Carles Puigdemont pulled back from the brink of a full-blown unilateral declaration of independence for Catalonia and opened doors for last minute negotiations.

In the short and medium term, the oil market will remain “boringly rangebound” with prices possibly coming under downward pressure in the first few months of 2018, when demand would typically weaken, the head of top oil trader Vitol, Ian Taylor, told Reuters.

 

Daily Support & Resistance Level

Currency Pair S3 S2 S1 Pivot Points  R1 R2 R3
EUR/USD 1.1709 1.1741 1.1761 1.1793 1.1825 1.1845 1.1877
USD/JPY 111.55 111.87 112.07 112.39 112.71 112.91 113.23
GBP/USD 1.3106 1.3138 1.3159 1.3191 1.3223 1.3244 1.3276
USD/CHF 0.9698 0.9722 0.9737 0.9761 0.9785 0.9800 0.9824
NZD/USD 0.7042 0.7054 0.7061 0.7073 0.7085 0.7092 0.7104
AUD/USD 0.7742 0.7757 0.7766 0.7781 0.7796 0.7805 0.7820
XAU/USD 1276.69 1281.29 1284.13 1288.73 1293.33 1296.17 1300.77
CRUDE OIL WTL 49.01 49.58 49.93 50.50 51.07 51.42 51.99

 

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