USD/JPY

USD/JPY starts out the week flat to Friday’s close after markets rallied at the end of the week. The prospects of a full-on trade deal between the US and China as trade negotiations take shape in the form of a phase 1 deal between the two nations lifted the pair to a fresh high, with bulls scoring a high of 108.62 having moved up from out of the 107.00 handle. USD/JPY is expected to find support at 108.11 and a fall through could take it to the support level of 107.93. On the other side, resistance stands at 108.49 and a rise through could take it to the level of 108.62.

USDJPY-14-10-2019

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 108.08 108.18 108.33 108.43 108.58 108.68 108.83
1 WEEK 105.06 105.81 107.12 107.87 109.18 109.93 111.24
1 MONTH 103.64 104.69 106.39 107.44 109.14 110.19 111.89

EURUSD

EUR/USD failed to close above the 50-day moving average (MA) on Friday and is trading below the key average at press time despite the US-China trade truce. Trading volumes will likely be thin as the US trading desks are observing Columbus Day holiday.  EUR/USD is expected to find support at 1.1018 and a fall through could take it further to the support level of 1.1000. On the other side, resistance stands at 1.1049 and a rise through could take it to the next resistance level of 1.1061.

EURUSD-14-10-2019

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0845 1.0893 1.0968 1.1016 1.1091 1.1139 1.1214
1 WEEK 1.0783 1.0831 1.0905 1.0953 1.1027 1.1075 1.1149
1 MONTH 1.0593 1.0739 1.0819 1.0965 1.1045 1.1191 1.1271

GBPUSD

GBP/USD has been on the back foot at the beginning of the new week as reports from the intense weekend talks suggest not enough progress has been made. The pair may remain on the defensive in Europe on fading optimism for the Brexit deal. Britain and the European Union on Sunday that a lot more work would be needed to secure an agreement on Britain’s departure from the bloc. GBP/USD is expected to find support at 1.2420 and a fall through could take it to the next support level of 1.2397. On the other side, resistance stands at 1.2473, and a rise through could take it to the next resistance level of 1.2491.

GBPUSD-14-10-2019

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.2554 1.2579 1.2597 1.2622 1.2640 1.2665 1.2683
1 WEEK 1.1814 1.2004 1.2327 1.2517 1.2840 1.3030 1.3353
1 MONTH 1.1348 1.1654 1.1972 1.2278 1.2596 1.2902 1.3220

GOLD

Gold bears give little importance to doubts over soft Brexit and tension surrounding Syria while flashing $1,488.50 as a quote during Monday’s early session. The yellow metal recently witnessed downside pressure after the United States and Chinese diplomats agreed over the first part of the trade deal on late-Thursday. Gold is expected to find support at 1,483.10 and a fall through could take it to the support level of 1,479.60. On the other side, resistance stands at 1,491.60, and a rise through could take it to the level of 1,497.20.

Gold-14-10-2019

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1479.36 1483.28 1486.11 1490.03 1492.86 1496.78 1499.61
1 WEEK 1426.06 1452.03 1470.36 1496.33 1514.66 1540.63 1558.96
1 MONTH 1344.50 1407.50 1440.20 1503.20 1535.90 1598.90 1631.60