Your Daily Market Insights

Market Analysis

GOLD - There is no change in our reading of GOLD after relatively flat trading yesterday, staying within the S&D zone as seen in the chart. We are waiting for any significant move out of the area to determine where the next run will be.

SILVER - SILVER has behaved similarly, and no particular change in our reading is required. We are waiting for further trading to occur in this market to see how it proceeds.

DXY - The Dollar is currently up, gaining more strength and momentum than we had expected. While we anticipated a break above 102.775, it happened earlier than the anticipated data release. Currently, we are pricing in a chance for this market to rise further with a small structural correction. The upcoming data is expected to be positive, possibly ruling out the chance of a rate cut this November.

GBPUSD - The Pound is still consolidated, with a slight breakout of structure under the S&D zone. Our reading on this does not change until further notice.

AUDUSD - The Aussie dollar has slowed its descent, finding support at 0.67142. We continue to view this market positively, with a chance of it falling further. However, we are waiting for more trading to occur before analyzing it further, as the possibility of a ceasefire in West Asia could push this market up in the short term.

NZDUSD - Similar to the Aussie dollar, we may see some recovery for the Kiwi, despite markets pricing in another rate cut this coming November.

EURUSD - The Euro broke lower and is now showing weakness in the markets. We are waiting to see where this will go and continue pricing it depending on the decisions regarding rate cuts in the coming week. The European Central Bank (ECB) is expected to cut its deposit rate by 25 basis points on Oct. 17 and again in December, according to over 90% of economists polled by Reuters, who now foresee a quicker decline in eurozone inflation.

USDJPY - The Yen shows significant weakness, breaking out of the upper boundary of this market. We are waiting to see where this will go, but currently, the bullish structure remains intact.

USDCHF - The S&D zone drawn at the peak of the Franc proves to be an important price point, leading to a price drop after reaching that zone. However, with the most recent bullish momentum, we can see that prices are most likely to continue moving upward. The intensified battles ongoing in West Asia will cause many to shift to the U.S. dollar.

USDCAD - The CADs overly bearish momentum is starting to stretch prices, with it moving toward 1.37261. We are waiting to see where the peak might be, but with the current trajectory, we may continue to see CAD weakness in the markets.