Good morning, traders! Let’s dive into today’s key market insights, trade signals, upcoming events, and a special invitation to our Forex368 community.
📉 Asian Market Recap
Asian stocks fell as chipmaker concerns spread across the region. ASML's guidance cut weighed heavily on SK Hynix and Samsung Electronics, while Chinese stocks saw volatility ahead of a critical housing ministry briefing on Thursday.
Topix: -1.1%
Hang Seng: +0.9%
Shanghai Composite: +0.4%
🔮 Forex Trade Signals
GBP/USD: Bullish bias above 1.3050, targeting 1.3095 & 1.3110. Below 1.3050, expect 1.3030.
EUR/USD: Bearish below 1.0910, with targets at 1.0875 & 1.0860. Upside above 1.0910 toward 1.0925 & 1.0940.
USD/JPY: Bearish below 149.55, aiming for 148.85 & 148.60.
AUD/USD: Bearish below 0.6705, targeting 0.6665 & 0.6650.
🔧 Commodities Focus
Gold: Long positions above 2653.00, targeting 2675.00 & 2685.00.
Silver: Long positions above 31.30, targeting 31.85 & 32.05.
Copper (CME Dec): Rebound expected above 4.2870, downside below 4.2870 to 4.2690.
🔥 Crypto Watch
Bitcoin: $66,942.32 (+0.7%)
Ethereum: $2,609.12 (+1.4%)
📅 Key Upcoming Events
Keep an eye on these upcoming events that could shake the markets:
Thursday, October 17:
ECB Rate Decision: The European Central Bank will announce its latest interest rate decision. A hawkish stance could strengthen the euro, while dovish signals could drive a sell-off.
US Retail Sales Data: Key data to gauge consumer spending. Strong numbers could bolster the USD, while weak data might weaken it.
China GDP Data: China's growth figures could have a significant impact on commodities like oil and copper, given the country’s massive influence on demand.
Friday, October 18:
US Housing Starts: A key indicator of the health of the US housing market, which could affect USD-related pairs.
Fed Speakers: Fed officials, including Christopher Waller and Neel Kashkari, will speak, possibly offering insights into future monetary policy direction.
Other Major Events:
Thursday: Jobless Claims and US Industrial Production
Friday: Fed's Austan Goolsbee and Raphael Bostic speak.
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