KQMarkets

KQMarkets

The Dax has once again fallen below key resistance at around 13,000 on the back of a surge in covid cases and a re-introduction of strict lockdowns across Europe. We therefore take a short view below this level as prices could fall rapidly towards support at 12,000 given the volatile nature of the index.

KQMarkets

We still see Bitcoin moving higher and reaching YTD highs above $12000 as it has strong upward momentum and the 50 and 100 day moving averages are above the 200 day moving average. Increased demand for cryptocurrency as a safe haven and Bitcoin being more accepted by institutional investors could see prices increase in the coming months.

KQMarkets

We hold our short view on USDJPY as the currency pair has consolidated below key support at 105.4 and we now anticipate prices challenging multi month lows below 104. Continued uncertainty over the US election and the worsening coronavirus situation as well as US stimulus could put downward pressure on USDJPY.

KQMarkets

We still hold a neutral view on EURUSD as the currency pair has been showing some short term weakness in it's attempts to rise above key resistance above 1.18. Additionally, the continued impact of the coronavirus on the Eurozone economy and US stimulus could put downtrend pressure on the currency pair therefore for the moment we hold a neutral view.

KQMarkets

AUDUSD has been in a downtrend since the beginning of September and we expect there to be continued pressure on the currency pair due to the strong possibility of the RBA cutting rates from 0.25% to 0.1% in November. Therefore we hold a short view and our first target is for AUDUSD to consolidate below support at 0.70892 as we await Westpac consumer confidence...

KQMarkets

We still hold a neutral view on Gold as the precious metal has rebounded back up towards the base of the descending triangle pattern it formed at $1928. We are awaiting for to see if prices will consolidate above key resistance at $1928 before considering a long view. This is because we believe there could be significant upside in particular with uncertainty...

KQMarkets

We still hold a short view on Silver despite the rebound in prices over the past few trading sessions on the back of hopes of further stimulus for the US economy. However, the US dollar continuing to strengthen over the past couple of months could put downward pressure on prices and a move towards $21.

KQMarkets

We hold a neutral view on the Dax as the ECB indicated today there would be no change to monetary policy going forward keeping Eurozone interest rates on hold and continuing stimulus. Additionally, the index has consolidated around long term resistance above 13,000 as we await significant price action at this level before forming a directional view.

KQMarkets

We still see Bitcoin as having significant upside potential despite the currency pair losing it's upward momentum in the past few trading sessions. Therefore we will hold our long view whilst the cryptocurrency hasn't consolidated below key support at $12,600.

KQMarkets

We still see USDJPY moving lower and continuing it's downtrend since March despite the currency pair rebounding above resistance at 105.41 on news of Trump's recovery from the coronavirus. We believe the continued uncertainty surrounding the US election and a potential pullback in equities would lead to downward pressure on USDJPY.

KQMarkets

We still hold a neutral view on EURUSD despite 50 day moving average at 1.180 being above the 100 day moving average 1.176 as we wait to see if prices will consolidate above key resistance at 1.18 before taking a long view. EURUSD has recovered over the past few trading sessions mainly on the back of US dollar weakness and non farm payrolls came through at 661K vs...

KQMarkets

We still hold neutral view on AUDUSD as the currency pair having dropped below key support at 0.71 failed to consolidate below this level. Therefore we will await further price action in the coming trading sessions starting with the release of non farm payrolls today to form a directional view.

KQMarkets

We hold a neutral view on Gold despite the base of the descending pattern being broken at $1931 because Gold has since rebounded back towards $1900 from falling to $1840. Therefore we will change our view to neutral in particular considering fears of a worsening of the coronavirus situation and uncertainty surrounding the US presidential election.

KQMarkets

We indicated in our previous analysis that if the base of the descending triangle at $26.665 were to be broken prices would fall towards $20. However, at this point we have less conviction in our short view as Silver prices have recovered to $23.85, having dropped below $22. Prices could continue to move higher due to equities showing signs of weakness and the...

KQMarkets

The Dax dropped sharply having fallen below key support at 13,048 towards around 12,400 before recovering but we downside potential. We believe could fall sharply again if it doesn't consolidate above resistance at 13,048 as we await German inflation and US consumer confidence later today in case of significant price action.

KQMarkets

Bitcoin has consolidated above key support at $10560 as the cryptocurrency continues it's upward momentum. We therefore still expect the Bitcoin to challenge YTD high above $12000 in coming weeks in particular due to the 2nd wave of the coronavirus and Bitcoin increasingly being seen as a safe haven.

KQMarkets

We still hold a short view on USDJPY and expect the currency pair to continue it's downtrend since March despite it challenging to consolidate above resistance at 105.42. This is due to the current risk off sentiment and fears surrounding the impact of a 2nd wave of the coronavirus as we await durable good orders tomorrow in case of any significant price action.

KQMarkets

We still hold a neutral view on EURUSD despite the recent drop in the currency pair due to fears on the impact of a second wave of the coronavirus in Europe. Additionally, the 100 day MA is still below the 50 day MA as await data releases including US consumer confidence on Friday.