Market Daily FX Outlook – Greenback is reversing…

US dollar is grinding higher against its rivals as traders turned to a risk-off mode waiting for the corporate earnings and further developments on the coronavirus vaccine. 

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Reviewing today’s agenda news, the EU ZEW Economic sentiment dropped to 52.3 from 73.9 while German’s 56.1 from 77.4 respectively in September. Also, traders anticipate Bundesbank Wuermeling and Buch Speech shortly. UK unemployment rose more than expected (153k from 30k) while Labour productivity fell to -2%. Later today, Italy will sell 3-year dept with a 0% coupon at auction. During the US session, we are expecting US Inflation Rate YoY, US Consumer Inflation Expectations as well as the 3 and 6-Month Bill Auction.


The fiber is rising within the upward channel however bulls should hold the blue zone if they want to maintain the positive momentum. In any other case, sellers will step in and push the pair lower.

EURUSDH1 13102020


The pair is trying to hold the major 200SMA. Also, it may form a falling wedge (not solid symmetry). The current level is critical.

EURJPYH1 13102020

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The cable follows the rising channel nicely but buyers have to hold the 1.30 level, otherwise, bears will have the control in case this level is violated to the downside.

GBPUSDH1 13102020


The loonie is close to 261.8% Fibonacci extension level and traders should monitor RSI and MACD ‘s positive divergences.

USDCADH1 13102020

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Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on EURUSD, GBPUSD, and GBPJPY while bearish on USDJPY.
sentim 13102020


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