Free Forex Signals for 10.30.2015
• The CHF and CAD are rising against the USD, while the JPY is stronger against most currencies following the BoJ’s decision to keep rates steady. Today AUD and NZD were the main outperformers.
• The RBNZ held rates steady, and the strength of the NZD may well force the central bank’s hand in December.
• The EURUSD has moved back above 1.100, as the impact of the hawkish Fed statement on bond and forex markets is waning. The pair is still below the Oct-15 peak of 1.1495, but if Draghi’s dovish comments last week were designed to keep a lid on the EUR, the effect seems to be waning already. The EUR is little changed against most other currencies, but down against NZD, which has been gaining across the board after.
EURUSD, Daily
EURUSD looks to be correcting higher and bouncing off the 1.09 support zone. Price remains below its weekly uptrend line and the most recent tentative downward slopping trend line. For the time being, price continues to receive macro support with relatively positive economic data being reported from the Eurozone. The pair had lost over 5% since the Oct-15 peak at 1.1495; I would expect EURUSD to remain a sell on rallies mode, with the ECB having readied markets for further stimulus.
USDJPY, Daily
The BoJ disappointed many traders overnight, as policy was left on hold, resulting in a USDJPY sell off to 120.30 lows. The short-term trend is up as price is trading above the downward trend line (Aug – Oct), and price is above its 1 year moving average. Upside potential remains for a 121.80 target, on a break of 121.50, but losing 120.25 will point back towards 119.60.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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