Trading plan for October 4

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Published: Oct 3, 2018, 14:47 UTC

Trading is very intense these days as there is a lot of news. Firstly the euro rose on reports that Italy plans to reduce its budget deficit over the next three years

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Trading is very intense these days as there is a lot of news. Firstly the euro rose on reports that Italy plans to reduce its budget deficit over the next three years. Then a member of the US central bank said that he was comfortable with a December rate hike. This lifted the USD against other major currencies.

On Thursday, October 4, we will likely continue hearing news about Italy. The economic calendar is light with only Australian trade balance and Canadian Ivey PMI.

EUR/USD remains under negative pressure. Sellers will get new opportunities below 1.15. If the euro attempts to recover, it will meet resistance at 1.1590 and 1.1620.

British Prime Minister Theresa May said that the UK is “not afraid to leave the EU with no deal if it has to”. Resistance for GBP/USD is at 1.3050 and 1.3080.

AUD and NZD suffer versus the USD and may try to revisit lows.

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