#WaveAnalysis

#EURCHF reversed from support area

• Likely to rise to 1,0835

https://fxpro.news/market-snapshots/eurchf-wave-analysis-6-october-2020-20201006/

#WaveAnalysis

#Wheat broke resistance level 585.00

• Likely to rise to 600.00 and 610.00

https://fxpro.news/market-snapshots/wheat-wave-analysis-6-october-2020-20201006/

How will Trump’s ambition to raise his rating impact the markets?

News that Trump has abandoned talks with Democrats about a relief package wiped 2.5% from the S&P500, erasing its intraday growth and leading to a 1.4% decline on Tuesday.

The current US President will undoubtedly use his position to strengthen the association that he personally signed the stimulus packages and generously supported the economy and suffering industries. The President can issue executive orders that require funds to be allocated to specific areas.

Politically non-biased technical analysis is forcing us to look at market dynamics with caution in the upcoming days. With a sharp movement, Nasdaq and S&P 500 have fallen below the 50-day average. EURUSD and GBPUSD reversed from similar levels. This is a signal that bearish sentiment may continue to increase in these instruments.

https://fxpro.news/daily-forex-outlook/how-will-trumps-ambition-to-raise-his-rating-impact-the-markets-20201007/

Wheat prices reached a 5-year high this week, going above the round level of $6 per bushel. Soybeans also reached two and a half year highs, exceeding $10.5 per bushel. Buyers try to assess supply risks due to dry weather in the Black Sea region, as well as in Argentina and the USA.

In the meantime, the demand for grains remains robust. Unlike the metals and energy markets, the pandemic has not had a significant impact on demand. Sale and prices for basic foodstuffs are also supported by massive consumer support packages from governments, which elevates food prices.

It is also worth mentioning that under the terms of Phase 1 of the trade deal, China must seriously increase its purchases of soybeans. Volumes are significantly behind schedule but are still generating additional demand on the market.

Prices of other agricultural commodities - corn, sugar, cotton - have been on an upward trend in recent months, but so far have not been able to overcome the collapse of the first four months of the year.

#WaveAnalysis

#Sugar rising inside impulse wave 3

• Likely to rise to 14.75

https://fxpro.news/market-snapshots/sugar-wave-analysis-7-october-2020-20201007/

#WaveAnalysis

#Corn rising inside impulse waves 3 and (3)

• Likely to rise to 393.00

https://fxpro.news/market-snapshots/corn-wave-analysis-7-october-2020-20201007/

The world is likely on the verge of seeing multiple increases across agricultural commodity prices

With governments and central banks focusing on supporting household consumption, the cost of food and energy may continue to rise for quite a long time. As a result, we can see a repeat of the growth in 2010-2012.

Grain prices more than doubled between June 2010 and February 2011, rising from $4.2 to $9+, when government stimulus measures brought financial markets and the economy back towards growth.

Cotton grew five times between 2009 and 2011 after multi-year lows, clearly replicating the heat of passion in the financial system. In March-April 2020, its price was returning toward its lowest level since 2009, but since then prices have been rising for the several months in a row, adding more than 40% over this period.

https://fxpro.news/daily-forex-outlook/the-world-is-likely-on-the-verge-of-seeing-multiple-increases-across-agricultural-commodity-prices-20201008/

#WaveAnalysis

#Cotton rising inside impulse waves (iii) and 3

• Likely to rise to 68.90

https://fxpro.news/market-snapshots/cotton-wave-analysis-8-october-2020-20201008/

#WaveAnalysis

#Brent crude oil continues to rise

• Likely to reach 44.00

https://fxpro.news/market-snapshots/brent-crude-oil-wave-analysis-8-october-2020-20201008/

Crude oil and stock indices are rising steadily after a rollback in September

Stock indices are strengthening and the pressure on the dollar is gaining momentum. Futures on the S&P 500 added more than 3.6% within two days, more than recovering from the drop it took on news of pausing the relief package negotiations. Yesterday Trump reported that discussions would continue, bringing back to the market its main growth driver over recent days.

The short-term technical picture of the market is now on the bull’s side, noting a recovery in customer interest after the September slump.

Brent prices went above the 50 and 200-day averages after a 3% jump on Thursday and more than 11% growth so far this week. There is also a recovery of interest in oil due to speculation about improving economic prospects through incentives.

https://fxpro.news/daily-forex-outlook/crude-oil-and-stock-indices-are-rising-steadily-after-a-rollback-in-september-20201009/

#WaveAnalysis
#Gold rising inside impulse wave 3

• Likely to reach 1920.00

https://fxpro.news/market-snapshots/gold-wave-analysis-9-october-2020-20201009/

#WaveAnalysis

#USDCAD falling inside impulse wave C

• Likely to reach 1.3100

https://fxpro.news/market-snapshots/usdcad-wave-analysis-9-october-2020-20201009/

#WaveAnalysis

#Copper rising inside impulse wave 3

• Likely to test the resistance level 312.00

https://fxpro.news/market-snapshots/copper-wave-analysis-9-october-2020-20201009/

World Central Banks are strengthening measures to keep the dollar from falling

Asian markets opened a new week near the two-year peaks in the MSCI Asia Pacific Index, thanks to a 2% jump in the Chinese indices.

Demand for risk assets dragged the dollar down. On Friday, EURUSD went up above 1.1800 while GBPUSD surpassed 1.3000 and USDCHF sank to 0.9100.

A return of EURUSD, GBPUSD to recent local highs may raise the question of whether other countries’ authorities will be comfortable with their currencies strengthening.

China, for example, has begun taking measures to curb the growth of its currency since returning from the holidays. The People’s Bank of China made it easier to short the Chinese currency.

This means that it is now worth keeping a close eye on how the European authorities will react to the weakening of the dollar against their currencies above 1.2000 per euro and 1.3500 per pound. If it is sustained, we should expect even more easing in monetary policy.
https://fxpro.news/daily-forex-outlook/world-central-banks-are-strengthening-measures-to-keep-the-dollar-from-falling-20201012/

#WaveAnalysis

Natural gas (#NTG) broke key round resistance level 3.000

• Likely to reach 3.300

https://fxpro.news/market-snapshots/natural-gas-wave-analysis-12-october-2020-20201012/

#WaveAnalysis

#ChinaA50 broke daily Triangle

• Likely to rise to 16400

https://fxpro.news/market-snapshots/chinaa50-wave-analysis-12-october-2020-20201012/

#WaveAnalysis

#USDJPY reversed from resistance area

• Likely to fall 105.00

https://fxpro.news/market-snapshots/usdjpy-wave-analysis-12-october-2020-20201012/

Oil lost its momentum but retained its growth potential

Slowly but surely, oil is being pressured by news that is undermining the delicate balance of supply and demand. The USA is recovering its production disturbed by Hurricane Delta. Libya is restoring output on its largest oilfield. In Norway, oil workers are back to work following the end of a strike. A formal agreement for a ceasefire between Armenia and Azerbaijan is also favourable for supply.

But in an environment of strong demand for growth assets in the stock markets, we can expect to see an increased interest in commodities, particularly oil, among stock market participants

https://fxpro.news/daily-forex-outlook/oil-lost-its-momentum-but-retained-its-growth-potential-20201013/

#WaveAnalysis

#GBPUSD reversed from resistance area

• Likely to fall 1.2845

https://fxpro.news/market-snapshots/gbpusd-wave-analysis-13-october-2020-20201013/