Forex Brief for Oct. 9: Are Crude Oil and the USD Set to Rebound? - Forex News by Strategia Forex

Forex Brief for Oct. 9: Are Crude Oil and the USD Set to Rebound?

Posted Monday, October 9, 2017 by
Rowan Crosby • 2 min read

Welcome to another big week guys,

Last week was a big one that ended with the jobs report on Friday. Our team managed to find a couple of nice winners in the EUR/CHF and AUD/USD. While we got stopped out on our GBP/JPY trade, it was on the back of a string of great winners in that pair.

In Monday trade our attention turns to both the USD and Crude Oil, so keep a close eye on FX Leaders Forex signals as European and U.S. traders enter for the day.

 

Today’s Signals Watchlist

Crude Oil – Hurricane Nate has been on the minds of traders over the weekend and we look to be finding strength here. Watch this one very closely today as my colleague Arslan will be all over it.

USD/JPY – We just can’t break out of the 113.00 level in the Yen. If it does, get ready for a big run higher.

Nikkei – We are really overbought. Has the weak jobs number done enough to spook equity markets?

Bitcoin – As predicted we bounced higher on Friday. The trend is still up so get ready for another opportunity to buy.

 

Top Trades

Crude Oil – Nate’s a Fizzer

Hurricane Nate looks like it’s fizzed out before hitting U.S. shores. Prior to that, we have seen Crude Oil starting to look quite bullish. There was a very pronounced head and shoulders pattern that formed as price attacked the 50 cent mark and broke it.

However, the next key level looks to be 49.0-49.5. If we can gather a foothold, there is the potential for a rebound so watch closely for any upcoming signals today.

 

Crude Oil

Crude Oil – 240 min Chart.

 

Key Support & Resistance Levels

Support

Resistance

49.00

50.00

48.50

50.75

48.20

51.17

 

USD/JPY – Can We Take Out 113.00

I’ve been really focused on the key resistance level of 113.00 in the Yen. So far we’ve managed to test it on three occasions and fail. That is also on the back of a strong rally in the USD.

However, I suspect that we can’t hold this level forever and certainly in the long term we are going to break through it. As it stands we are looking for a good entry to buy the USD/JPY so keep an eye on this trade. Any further weakness in the USD might be the perfect opportunity for a long-term entry point.

 

Yen

USD/JPY – 240 min Chart.

 

Key Support & Resistance Levels

Support

Resistance

50.00

50.22

49.50

50.50

49.18

50.62

 

Here’s hoping for another big week in forex markets. The team has you covered with all the latest Forex signals. Good trading guys!

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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