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USDCAD, 1-hour timeframe chart USDCAD retested the resistance level of 1.38500 👉Level explanation USDCAD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 1.38500. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.38475. Set your stop loss at 1.38725 above the previous high ($1.81 loss for 0.01 lot) and take profit at 1.37975 ($3.62 profit for 0.01 lot). The risk-reward ratio for this order is 1:2. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

GBPUSD, 30-minute timeframe chart GBPUSD retested the resistance level of 1.29880 👉Level explanation GBPUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 1.29880. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.29770. Set your stop loss at 1.30000 above the previous high ($2.30 loss for 0.01 lot) and take profit at 1.29540 ($2.30 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

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🔽 Gold retreats from record highs on surging U.S. dollar and bond yields Gold (XAU) fell by 1.24% on Wednesday as market participants took profit on long positions, triggering a technical pullback. 👉 Possible effects for traders Gold retreated from record highs, losing over 1% in the previous session due to several factors. On Wednesday, the U.S. dollar (USD) and Treasury bond yields surged to their highest levels in three months, prompting an intraday profit-taking pullback in gold. Strong U.S. macroeconomic data indicated the economy remains resilient, diminishing expectations for aggressive easing by the Federal Reserve (Fed). Additionally, recent remarks from key Fed officials suggest the central bank will move forward with modest interest rate cuts in the coming year. According to the CME Group's FedWatch Tool, traders are now pricing in a 90% probability of a 25-basis-point (bps) rate cut by the Fed in November. The BRICS summit, which concludes today, 24 October 2024, is significantly impacting XAUUSD due to discussions on de-dollarisation and the introduction of a gold-backed currency. Key topics at the summit include a roadmap for creating a multicurrency payment platform and plans to reduce reliance on the U.S. dollar in global trade. A major proposal discussed is a potential currency backed by gold and the national currencies of BRICS countries, which would increase gold's role in international finance. XAUUSD rose during the Asian trading hours. Today, traders should focus on the release of a series of Manufacturing and Services Purchasing Managers' Indices (PMIs). The U.S. PMIs will be published at 1:45 p.m. UTC. Higher-than-expected figures will have a bearish impact on XAUUSD as they weaken the case for more rate cuts. Conversely, lower-than-expected numbers may push XAUUSD higher. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 PMI reports will test USD strength against EUR The euro (EUR) lost 0.15% against the U.S. dollar (USD) on Wednesday as the greenback continued to strengthen on expectations of wider divergence in monetary policies between the European Central Bank (ECB) and the Federal Reserve (Fed). 👉 Possible effects for traders EURUSD has been declining since the end of September, with investors selling short-term rallies and rebounds. This decrease was caused by a run of positive U.S. economic data, which has dampened expectations about the size and speed of rate cuts by the Fed. EURUSD has now reached a three-month low partly due to rising prospects of Donald Trump's Presidency, which is expected to support the U.S. dollar. Still, traders are beginning to doubt that the rally in the U.S. dollar can continue much further from the current levels. ‘The bias for a stronger dollar in the short term probably from here is going to be more of potential Trump hedges rather than the rate story, which arguably is overblown’, said George Vessey, lead FX strategist at Convera. At the same time, positive eurozone economic news is largely absent. Figures released yesterday showed that consumer confidence remained essentially unchanged in October with no signs of improvement. Meanwhile, ECB policymaker Robert Holzmann confirmed in an interview with Bloomberg yesterday that the ECB will almost certainly cut interest rates by 25 basis points (bps) in December. EURUSD was rising slightly during the Asian and early European trading sessions. Today, S&P Global Market Intelligence will release its highly anticipated Purchasing Managers' Indices (PMIs). PMIs will be published for several key economies—Germany, France, the U.K., the U.S., and the eurozone. The most important report is the U.S. Composite PMI, due at 1:45 p.m. UTC. If figures are lower than expected, EURUSD may rebound slightly but will probably remain below the 1.08280 level. Otherwise, EURUSD will likely continue to decline, targeting 1.07600. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

🚀 USDJPY grows on political uncertainty and DXY strength USDJPY gained 1.11% yesterday. The pair reached its 3-month high due to political uncertainty leading up to the country's general election later this weekend. 👉 Possible effects for traders The coalition government of Japan, led by Prime Minister Shigeru Ishiba, faces the risk of losing its majority in upcoming elections on Sunday, as indicated by recent polls. This potential change in the political landscape may further complicate the Bank of Japan's (BOJ) plans for monetary policy normalisation. Kazuo Ueda, Governor of the BOJ, has stated that it remains necessary to take the time required to achieve the 2% inflation target in a sustainable manner. He has emphasised that interest rate hikes should be implemented cautiously and gradually while warning against moving too slowly, as this could lead to speculation and a further depreciation of the Japanese yen (JPY). At the same time, investors are reviewing data showing that private sector activity in Japan decreased for the first time in four months during October, with both the manufacturing and services sectors declining. Kazuhiko Aoki, Deputy Chief Cabinet Secretary of Japan, has stated that the government is closely monitoring currency fluctuations as the yen has lost more than half of its gains since the government intervention in July. Internationally, the Japanese yen continues to be pressured by a stronger U.S. dollar. The greenback is driven by expectations for a more cautious approach by the Federal Reserve (Fed) to interest rate reductions and the possibility of Trump's victory in the upcoming elections. Shoki Omori, senior strategist with Mizuho Securities, said that given the expectation of the Fed maintaining higher interest rates than anticipated and the prospect of a Trump win, the U.S. dollar will likely continue to dominate the market. This could result in USDJPY reaching the 160.000 mark. USDJPY has been experiencing a slight correction towards 152.000 during the Asian and early European trading sessions. Today, the U.S. Jobless Claims report at 12:30 p.m. UTC and U.S. Manufacturing and Services reports at 13:45 p.m. UTC could increase volatility in the pair. Additionally, the Tokyo CPI report will be published at 11:30 p.m. UTC. A higher-than-expected figure could push USDJPY higher, while softer data could give the pair a bullish momentum. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

EURUSD, 15-minute timeframe chart EURUSD retested the resistance level of 1.07940 👉Level explanation EURUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 1.07940. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.07910. Set your stop loss at 1.08110 above the previous high ($2.00 loss for 0.01 lot) and take profit at 1.07710 ($2.00 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. 📝Fundamental factors The eurozone Manufacturing Purchasing Managers' Index report will be released in a few minutes and could affect this trade. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

BTCUSD, 30-minute timeframe chart BTCUSD retested the resistance level of 67,543.30 👉General outlook BTCUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 67,543.30. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 67,326.52. Set your stop loss at 68,155.31 above the previous high ($8.29 loss for 0.01 lot) and take profit at 66,497.72 ($8.29 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

USDJPY, 15-minute timeframe chart USDJPY retested the support level of 152.150 👉General outlook USDJPY has been under selling pressure within the last day. The pair moved down to the support level of 152.150. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 152.180. Set your stop loss at 151.855 below the previous low ($2.14 loss for 0.01 lot) and take profit at 152.505 ($2.14 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

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#economic_calendar These events may affect the market on 24 October. 🔥 Don't forget to get a 100% deposit bonus!

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GBPJPY, 15-minute timeframe chart GBPJPY broke the support level of 198.020 👉Level explanation GBPJPY has been trading in a sideways market for the last couple of hours. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 197.970. Set your stop loss at 198.470 above the previous high ($3.27 loss for 0.01 lot) and take profit at 197.470 ($3.27 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

BTCUSD, 15-minute timeframe chart BTCUSD retested the resistance level of 66,750.00 👉Level explanation BTCUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 66,750.00. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 66,500.00. Set your stop loss at 67,150.00 above the previous high ($6.50 loss for 0.01 lot) and take profit at 65,650.00 ($8.50 profit for 0.01 lot). The risk-reward ratio for this order is 1:1.31. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

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XAUUSD, 30-minute timeframe chart XAUUSD retested the resistance level of 2,753.00 👉 Level explanation XAUUSD has been trading in a bullish trend for the last couple of hours. The pair moved up to the resistance level of 2,753.00. 👉 Possible scenario The best way to use this opportunity is to place a Sell order at 2,751.50. Set your stop loss at 2,743.40 above the previous high ($8.10 loss for 0.01 lot) and take profit at 2,743.40 ($8.10 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

🔥 Gold had the biggest gains in 45 years in 2024 Gold (XAU) has soared to record highs this year, marking its biggest gains in 45 years. 👉 Possible effects for traders Gold prices have soared to record highs this year—the largest gains in 45 years—on escalating geopolitical tensions in the Middle East and anticipated further interest rate cuts by the U.S. Federal Reserve (Fed). XAUUSD has risen by over 34%, marking the biggest annual increase since 1979. ‘[Apart from Middle East geopolitical tensions and U.S. Fed interest rate cuts], topping out of the U.S. Dollar Index (DXY), buying of gold by central banks, especially in emerging markets, fund inflows, and strong consumer demand is driving up the demand for precious metals’, said Siddharth Srivastava, Head-ETF Product & Fund Manager, Mirae Asset Investment Managers. With less than two weeks remaining until the U.S. presidential election on 5 November, investors are bracing for market volatility. Trump's chances of taking over Democratic candidate Vice President Kamala Harris have recently improved on betting websites, though opinion polls suggest the race is still too close to call. According to Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities, ‘Trump's improving election odds are also tempering market expectations for the Fed to continue easing into 2025, and the possibility of the Fed moving to the sidelines for six months next year can't be ruled out’. Currently, markets are pricing in 41 basis points (bps) of rate cuts for this year, with an additional 100 bps expected next year. Gold rose above $2,750, reaching another record high during the Asian trading session. Today, traders should focus on the U.S. Existing Home Sales report, due at 2:00 p.m. UTC, which could heighten volatility in USD pairs. If the figures exceed expectations, a stronger U.S. dollar could weigh on gold prices. Conversely, weaker data may support gold by increasing demand for safe-haven assets. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 ECB rate cut speculation and the prospect of Trump's victory weigh on the euro The euro lost 0.17% on Tuesday as the U.S. dollar (USD) continued to strengthen on expectations that the Federal Reserve (Fed) will temper its interest rate cut path while investors positioned ahead of an apparently tight U.S. presidential election. 👉 Possible effects for traders The EURUSD downtrend remains intact. Indeed, the pair reached a 2-month low yesterday. Reuters reported that the European Central Bank (ECB) policymakers were debating whether interest rates need to be lowered enough to start stimulating the economy, ending years of economic restriction. While anonymous sources stressed that any consensus was still long off, it marks a significant shift in the policymaking debate. This could ultimately lead to the bank cutting rates sooner and deeper than currently expected. Meanwhile, a shift in momentum towards a likely Donald Trump presidency has supported the U.S. Dollar Index (DXY) and lifted U.S. Treasury yields to a three-month high on expectations that U.S. rates may remain relatively high for longer than anticipated. That is because Trump's policies, including tariffs and tax cuts, are expected to increase inflation. Overall, the fundamental pressure on EURUSD remains bearish, with bears aiming to break below 1.07780 and head further down towards 1.06680. EURUSD rose somewhat during the Asian and early European trading sessions, but the move currently looks like a minor technical rebound. Today, the macroeconomic calendar doesn't feature any major events that could significantly impact EURUSD. Investors will likely continue to sell the rallies. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 The market is waiting for BOC's interest rate decision The Canadian dollar (CAD) has renewed a 2-month maximum this week. Still, the pair lost 0.11% yesterday ahead of the Bank of Canada's (BOC) interest rate decision. 👉 Possible effects for traders The BOC will announce an interest rate decision today, and there is a strong consensus among analysts that the bank will deliver a 50-basis-point (bps) cut. This would be the first significant rate reduction of the cycle, which began in June and has so far seen three cuts of 25 bps. The overnight indexed swap (OIS) market is currently pricing in a 90% of a 50-bps cut, with a slight possibility of a 25-bps reduction. Five of the six largest Canadian banks have also forecasted a 50-bps reduction, with the only one indicating uncertainty between a 50- and 25-bps cuts. However, CIBC suggested that a 75-bps decrease is more likely than a 0.25% point reduction. Meanwhile, U.S. bond yields have recently lost bullish momentum. According to George Davis, Chief Technical Strategist at RBC Capital Markets, the increase in U.S. yields has come to a halt, leading to a broader consolidation in the U.S. dollar (USD). This development can be seen in the USDCAD pair as the market waits for the BOC meeting to provide guidance on future monetary policy direction. USDCAD has been trading in a range during Asian and early European trading sessions. The market is currently awaiting today's BOC interest rate decision at 1:45 p.m. UTC and the following press conference at 2:00 p.m. UTC. Given the current market conditions, the anticipated rate increase seems to have already been priced. Thus, analysts don't anticipate a significant movement in the pair following the event. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

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