News, Trends, & Analytics 20.10.2020

Today the focus is on the IPO of Ant Group in Hong Kong, the continued lack of US incentives, as well as forecasts for the oil market from the IMF.

 

Calendar

12:30 UTC

A report on the number of building permits issued in the United States for September will be published. Indicator is predicted: 1.5 million. If real data are lower, USD may come under pressure.

Assets to trade: USD/CHF, USD/CAD

 

News

ECB officials do not see the need to quickly ease monetary policy. Affects EUR


The IMF predicts a stabilization of the situation in the oil market next year. Affects Brent


Today is the deadline for agreeing on a package for economic stimulus in the United States, set by the Speaker of the House of Representatives Nancy Pelosi. Affects the S&P 500


EU negotiators still admit the possibility of a trade deal with the UK. Affects GBP


China has allowed Ant Group to conduct an IPO in Hong Kong. Affectz AliBaba

 

Technical Analysis

Brent

The IMF expects the onset of stabilization in the oil market in 2021. According to the fund’s analysts, the price of black gold next year will vary in the region of $40-45, that is, close to the current quotes.

The news helped oil stay afloat amid rising numbers of COVID-19 cases, as well as after the release of China’s GDP data, which were slightly lower than expected.

The use of the SMA and the Fibonacci fan indicates the possibility of a breakout of oil quotes upwards.

EUR/CHF

The asset has gone beyond the boundaries of the channel, which may lead to a prolonged downtrend.

EUR/AUD

The currency pair may soon feel pressure from the upward resistance level.

 

EUR/AUD on this day in history

  • Since 2000, October 20th has been a trading day 13 times.
  • On 53% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.84%.
  • The downward trend was limited to 2.74%.

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