Trading plan for October 30There’s not much news from the economic calendar, as the prices for the pairs are mostly driven by the risk sentiment among the investors on the equity market.
There’s not much news from the economic calendar, as the prices for the pairs are mostly driven by the risk sentiment among the investors on the equity market. If we look at the economic calendar, there are two major events: the release of the consumer confidence level for the US dollar at 5 in the afternoon and the speech by the Bank of Canada governor at 22:30 in the evening MT time. The consumer confidence is expected it to drop to 136.3 points from reaching 138.4 points in September. There are a lot of releases for the Eurozone, which may affect the EUR too. Yesterday the US president Trump made some positive comments regarding his plans on reaching a great trade deal with China. It lifted the demand for the risk assets and made the aussie to rise above the resistance at 0.7077. If there is more positive news on a trade deal, the pair can stick above the resistance at 0.7134. If the USD is supported, the pair can fall down to the support at 0.7029. EUR/USD fell yesterday following the Angela Merkel comments about her stepping down as a chancellor in 2021. Higher than expected data for the Eurozone can make the EUR stick above the resistance at 1.1429. If the USD is stronger, the pair can fell below the support at 1.1309. As for the cable, yesterday UK’s Finance Minister Hammond failed to deliver positive comments on Brexit during the British budget release. As a result, the pair fell down to the support at 1.2704. Positive news on Brexit can support the British pound and it can move up to the resistance at 1.2895. However, the strong USD can continue to push the pair downwards 1.2704.