Analytics

News, Trends, & Analytics 28.10.2020

Jack Ma sets new records

Today, the focus is on a major AMD deal, RBA’s expectations, and Ant Group’s IPO.

 

Calendar

14:00 UTC

The Bank of Canada will decide on the interest rate. The regulator is expected to keep the figure at 0.25%. However, the event could trigger an increase in CAD volatility.

Assets to trade: USD/CAD, CAD/JPY


14:00 UTC

A report on US crude oil reserves will be published. The reserves are expected to increase by 1.1 million barrels. If the real data is higher, Brent will get under pressure.

Assets to trade: Brent

 

News

AMD plans to buy chip maker Xilinx for $ 35 billion. Affects AMD


3M Company beats 3Q EPS expectations. Affects 3M Company


Ant Group’s IPO is valued at $34 billion. Affects Alibaba


The Reserve Bank of Australia Assistant Governor Michele Bullock said  Australia’s economic recovery will be unpredictable. Affects AUD


The unemployment rate in Spain rose to 16.26% in the third quarter. Affects EUR

 

Technical Analysis

Alibaba

The Ant Group, a subsidiary of Alibaba fintech, is expected to raise at least $34 billion in its initial public offering on the Shanghai and Hong Kong exchanges. The Ant Group is well positioned to break the fundraising record previously set by Saudi Aramco.

However, Alibaba shares are now looking overbought. This is evidenced by the bearish divergence detected on the weekly timeframe of the chart.

NZD/CHF

The asset chart has formed an inverted head and shoulders pattern. We expect the uptrend to continue.

NZD/USD

A triple bottom reversal pattern indicates the potential for strengthening of the New Zealand dollar.

 

NZD/CHF on this day in history

  • Since 2000, October 28th has been a trading day 12 times.
  • On 67% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 5.08%.
  • The downward trend was limited to 2.7%.
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