News, Trends, & Analytics 07.10.2020

Today, the focus is on the ban on the sale of financial products based on bitcoin, the expectation of a new storm in the Gulf of Mexico, and also on the decision of the RBA.

 

Calendar

12:10 UTC

ECB President Christine Lagarde will deliver a speech. The event may cause an increase in the volatility of the EUR currency pairs.

Assets to trade: EUR/USD, EUR/CHF


14:00 UTC

The report on business activity in Canada will be released. Previous indicator: 67.8 points. If the updated data turns out to be higher, the CAD will receive a positive push.

Assets to trade: EUR/CAD, USD/CAD


14:30 UTC

There will be a report on the change in US crude oil reserves. Raw material reserves are expected to rise by 0.4 million barrels. If the real data turn out to be above zero, Brent will receive a negative impulse.

Assets to trade: Brent, ExxonMobil

 

News

The British regulator has banned the sale of bitcoin-based financial products to retail investors. Affects Bitcoin


Cisco received a $1.9 billion fine for patent infringement. Affects Cisco


The Reserve Bank of Australia hints at a key rate cut. Affects AUD


Morgan Stanley believes that the introduction of a negative rate by the Bank of England is unlikely. Affects GBP


A powerful new storm forms in the Gulf of Mexico. Affects Brent

 

Technical Analysis

AUD/USD

The Reserve Bank of Australia yesterday decided to keep the interest rate unchanged at 0.25%. At the same time, the head of the regulator Lowe noted that the board is still discussing the possibility of introducing new economic incentives. Perhaps one of them will be the introduction of a zero or negative rate.

The AUD/USD chart gives a bearish signal: the asset failed to overcome the resistance level of 0.72000, which provoked sellers. It is possible that the pair will face a long downtrend.

Bitcoin

Bitcoin is trading near two types of support levels, which creates the preconditions for growth.

EUR/NZD

The currency pair is in the process of forming a head and shoulders pattern. We are waiting for the strengthening of the euro to complete it.

 

EUR/NZD on this day in history

  • Since 2000, October 7th has been a trading day 13 times.
  • On 46% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.77%.
  • The downward trend was limited to 1.33%.

Risk warning:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.

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