Daily Technical Levels 03-Nov-2017

Daily Technical Analysis: EURUSD, GBPUSD, USDJPY, USDCHF (03-Nov-2017    at   10:56:36 am)

The EURUSD had a moderate bullish momentum yesterday topped at 1.1687. The bias is bullish in 

nearest term testing 1.1725/50 area but as long as stay below 1.1900 the “head and shoulders” bearish 

scenario remains intact and any upside pullback should be seen as a good opportunity to sell. Immediate 

support is seen around 1.1625. A clear break below that area could lead price to neutral zone in nearest 

term testing 1.1575 area. A clear break and daily/weekly close below that area would expose 1.1450 

region next week. Fundamental focus today will be on the US NFP number which is expected to be around 312K.

Market Morning Briefing: There's Been A Sharp Fall In The Pound (03-Nov-2017    at   08:39:41 am)

There's been a sharp fall in the Pound (1.3071) despite the 25bp increase in interest rates by the BOE 

yesterday, with chances of more hikes to come. This is in keeping with our suggested view of range trade 

between 1.31-33. Careful now as a further decline from here could herald 1.2750 in the medium/ long 

term. Watch today.

Australia's Services Sector Growth Continued To Slow, Retail Sales Missed Expectations (03-Nov-2017    at   11:12:52 am)

The pair is expected to find support at 0.7668, and a fall through could take it to the next support level of 

0.7651. The pair is expected to find its first resistance at 0.7716, and a rise through could take it to the 

next resistance level of 0.7747.

Eurozone Manufacturing PMI Hits An 80-Month High In October (03-Nov-2017    at   11:11:45 am)

The pair is expected to find support at 1.1627, and a fall through could take it to the next support level of 

1.1596. The pair is expected to find its first resistance at 1.1688, and a rise through could take it to the 

next resistance level of 1.1718.

BoE Raised Its Benchmark Interest Rate Due To Brexit Pressure, But Signalled Further Rate Hikes Would Be Gradual (03-Nov-2017    at   11:10:48 am)

The pair is expected to find support at 1.2978, and a fall through could take it to the next support level of 

1.2888. The pair is expected to find its first resistance at 1.3224, and a rise through could take it to the 

next resistance level of 1.3380

Japanese Yen Trading Marginally Higher In The Asian Session (03-Nov-2017    at   11:09:28 am)

The pair is expected to find support at 113.63, and a fall through could take it to the next support level of 

113.25. The pair is expected to find its first resistance at 114.31, and a rise through could take it to the 

next resistance level of 114.61.

Switzerland's Consumer Confidence Improved Slightly And Real Retail Sales Unexpectedly Fell (03-Nov-2017    at   11:08:32 am)

The pair is expected to find support at 0.9956, and a fall through could take it to the next support level of 

0.9924. The pair is expected to find its first resistance at 1.0013, and a rise through could take it to the 

next resistance level of 1.0038.

Loonie Trading Marginally Lower Ahead Of Canada's International Merchandise Trade Figures And Unemployment Rate (03-Nov-2017    at   11:04:11 am)

The pair is expected to find support at 1.2787, and a fall through could take it to the next support level of 

1.2762. The pair is expected to find its first resistance at 1.285, and a rise through could take it to the next 

resistance level of 1.2888.

Market Update - Asian Session: Next Week's RBA Meeting In Focus Amid Weaker Australia Retail Sales (03-Nov-2017    at   10:35:54 am)

With the Nikkei 225 closed in observance of a holiday, Asian equity markets opened the session generally 

higher. Australia's S&P ASX 200 index has hit a fresh high for 2017, amid gains in the mining and energy 

sectors. BHP has gained over 1%, while shares of gold miner Newcrest are up over 2%.

NFP Preview: Will October Jobs Data Bounce Back As Sharply As Expected? (03-Nov-2017    at   08:11:57 am)

On Friday, the official US jobs data for October will be reported, and expectations for a sharp bounce-

back from September’s weather-related negative reading are high. Last month, data for September 

showed a loss of 33,000 jobs, the first negative outcome in seven years, due in large part to the impact of 

hurricanes on food services and drinking establishments. That surprise reading, released in early 

October, helped contribute to a pullback for the US dollar, which had been in the process of beginning a 

recovery from multi-year lows.

AUD/CAD In Focus Ahead Of Aussie Retail sales, Canadian Jobs (03-Nov-2017    at   08:10:19 am)

For obvious reasons, Friday's main focus will be on the US nonfarm payrolls report. As a result, jobs data 

from the other North American nation, which will be released at the same time, will be overshadowed. But 

this need not be the case, as the Canadian dollar could possibly present better trading opportunities than 

the US dollar. That being said, if the Canadian dollar is going to move sharply, we will the nation's jobs 

report to show significant deviation from the +15,300 expectations for the headline figure. With the Bank 

of Canada recently putting its hawkish stance on a hold again, the downbeat CAD does really need a big 

jobs number otherwise we could see further declines.

What's Next For The Dollar ? (03-Nov-2017    at   07:00:45 am)

There remains a high level of uncertainty around tax reform but USD picture remains guardedly 

optimistic based on the fact that something is better than nothing when it comes to lower taxes. As for

 today, the Greenback remains in limbo more or less susceptible to positioning nuances as dealers 

attempt to figure out this tangled mess of confusion. But on a net on a net basis, the song remains the 

same, and from a forward-looking interest rate differential perspective, the USD should prevail on this 

guardedly optimistic presumption despite a tentative bid to UST 10Y yields

Dollar Weaker Ahead Of US Jobs Report (03-Nov-2017    at   06:59:20 am)

The US dollar is lower against major pairs ahead of the release of the U.S. non farm payrolls (NFP) on 

Friday, November 3 at 8:30 am EDT. The US is expected to have gained more than 300,000 jobs 

rebounding from the impact of hurricanes in the September report. The US currency has been weaker 

after the U.S. Federal Reserve decided to keep rates unchanged in its November meeting, President 

Trump nominated Jerome Powell to the position of Chair and some disappointment with the US tax 

reform details.

US Tax Cut, BoE Hike (03-Nov-2017    at   06:50:29 am)

The US House of Representatives released details of the tax cut plan Thursday and the market reaction 

showed a confused market. The commodity currencies were the top performers while the pound lagged 

after the BOE rate hike was accompanied with downward revisions in growth and inflation. Australian 

retail sales are up next.