FOREX CHART ANALYSIS OCT 8 - TRADE NOW

Oct 08, 2020
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Thursday is always the high time for trading. Check out the chart analysis below to see what we should trade today.

Latest updates

  • The Federal Reserve may strengthen its bond buying program to reduce borrowing costs, but right now the most pressing need for the US economy is a new round of government spending, many Fed officials said on Wednesday.
  • After a series of negative tweets, Mr. Trump changed his voice, opposed the idea of ​​no stimulation, suggested that the Bicamera proceed with negotiations on separate $ 25 billion deals to help airlines and 135 billion Other dollars for small businesses, as well as a 1,200 USD live stream in the form of checks to citizens. This change of stance has helped investors regain their confidence after a strong sell-off.
  • Industrial production of Germany, the hub of the common-currency economy, fell 0.2% in August, despite expectations of a 1.5% increase. Shows that the economic recovery of Europe has signs of shaking.
  • Federal Reserve Chairman Jerome Powell cited what analysts say is his strongest call for the government to give more support to the economy through fiscal policy.

USD/JPY chart

USDJPY chart analysis

Price broke the resistance at 105.8 as expected. A short-term uptrend channel has been formed. Please continue to maintain short positions. Expect the price to approach the 106.5-107 zone. This is the upper boundary of the descending channel that started in March. Note the possibility that sellers will return to around this price zone.

EUR/USD chart

EURUSD chart analysis

After plummeting from 1.18, the price is showing signs of recovery. However, this does not change our view. Those who have entered short before can continue to hold. For new orders, consider entering when the price completely breaks the wedge-shaped accumulation area as shown in the picture. The target for this decline will be around 1.16.

GBP/USD chart

GBPUSD chart analysis

Price slightly recovered after a bearish signal on the daily chart. However, it also does not disable the previous reduction model. Hence we maintain our selling strategy in the short term. The target of sell orders this time should not be too far, only stop at around 1.270.

USD/CAD chart

USDCAD chart analysis

The price suddenly fell sharply and returned to re-test the 1.325 conversion zone. This is threatening previous buy orders. You need to be prepared to cut your losses. In case the price breaks down to 1.325, there is a high possibility that it will return to 1.315.

AUD/USD chart

AUDUSD chart analysis

Prices recovered slightly, but in general, still in our calculations. The 0.715 zone has been approached. You consider the opportunity to add short positions. Keep the old target for this decline around 0.7.