In FX Gold & Currencies – Corrections & Consolidations happening

Gold: UK and EU CPI forecasted for boosting Gold prices

XAUUSD Gold price is moving in an Ascending channel and consolidation happened in the Higher high area of the Channel, the market rebounded from the higher low area of the channel.

XAUUSD Gold price is moving in an Ascending channel and consolidation happened in the Higher high area

XAGUSD Silver price is moving in an Ascending channel and rebounded from the higher low area of the channel.

XAGUSD Silver price is moving in an Ascending channel and rebounded from the higher low area of the channel 1

Gold prices are set to bull, and US Dollar keeps lower as inflation data printed at a higher number last week.

Gold prices are set to bull    

And this week, October Retail sales data is set to publish by the US; if weaker information is published, it will boost Gold this week.

And also, GBP & EU CPI report scheduled this week, positive numbers will boost the Gold on the higher side.

China crisis and Energy shortages make the demand for Gold higher in the current situation, so precious metals will decrease only by decreasing inflation numbers.

US Dollar: Michigan consumer sentiment fell below expected numbers

USDJPY is moving in the Descending channel and the market now fell from the Lower high of the channel.

USDJPY is moving in the Descending channel and the market now fell from the Lower high of the channel.

US Dollar index corrected lower after Michigan consumer sentiment fell below expectations on Friday, but last week CPI overshoot the USD Dollar up.

This week speech between China President and US President going to happen; more positive comments are expected on the Trade war and Taiwan matters & the South China sea.

USD This week speech between China President and US President going to happen

And Japanese GDP came out fewer expectations as -0.8% for the third quarter and -3.0% annual growth rate versus -0.20% and -0.70%, respectively.

Japanese Industrial production printed at -5.4% for September month and -2.3% year on year.

Due to this, USDJPY consolidated at resistance area, and no rush move was seen after Japanese Data printed.

EURO: ECB will do tapering soon in December month

EURNZD is moving in the Descending channel and market consolidation for a long time at the lower low of the channel, market fell from Equal highs and Equal low areas of the Box pattern.

EURNZD is moving in the Descending channel and market consolidation for a long time at the lower low

EURO Finds lower as US CPI data showed higher numbers last week.

And ECB may be winding up the PEPP program by March 2022 is expected, But the Asset purchase program will continue, and no tapering will be done until the Euro economy is fully well.

Unlike FED and Bank of England, ECB expressed slower interest in tapering and rate hikes.

Inflation Already inflation numbers hit 4.1 is well above 2 inflation target of ECB

Already inflation numbers hit 4.1% is well above 2% inflation target of ECB, it is 13 years high in Eurozone.

This week Eurozone CPI data is yet to publish; more CPI numbers made the Euro boost this time.

And in the Upcoming December meeting ECB will do proper action on asset purchases and tapering questions to answer

UK Pound: Brexit talks keeps Pushed down UK Pound

GBPCHF has broken the Major Ascending channel and the market now stands at the lower low of the Minor descending channel.

GBPCHF has broken the Major Ascending channel and the market now stands at the lower low

GBPUSD lowered last week after US CPI data disappointed UK Pound.

This week Talks between the EU and UK on the Brexit deal going to happen, whether the UK will trigger Article 16 or compromise with the EU based on the talk.

UK and EU Talks

And also, this week, UK CPI data set to publish, more numbers will boost UK Pound and unhealthy for UK Economy, lower numbers will drag down UK Pound and healthy for UK Economy.

UK Inflation data touched 5% still; no information of rate hikes come from the Bank of England.

And this way of approach pushed the inflation numbers higher, and the cost of consumer materials went higher if not concentrated by the Bank of England.

Inflation is to be controlled within the scale; otherwise, it will show its shape rapidly and decrease the consumer spending of buying strength.

Canadian Dollar: the US to release Oil supplies from reserves

CADJPY is moving in the Descending channel and rebounded from the lower low area.

CADJPY is moving in the Descending channel and rebounded from the lower low area.

Canadian Dollar loses against US Dollar as Oil prices dipped in recent days.

EU and Iran deal soon will be sanctioned, and once the deal is signed, the Oil demand will be decreased.

The US is ready to release the supplies from Strategic supply operations and plan to open the Oil supplies to the rest of the globe.

US is ready to release the supplies from Strategic supply operations

USDCAD faces down pressure after hitting 3.0% from the lower low area.

Now US Economy is slower, and Consumer spending has become low when compared to the last month.

Japanese Yen: Japanese PM Kishida focusses on pandemic areas

EURJPY is moving in the Descending channel and fallen from the lower high area and reached the Recent support area and lower low of the channel.

EURJPY is moving in the Descending channel and fallen from the lower high area

This month, the Japanese Yen may see further weakness after Japanese GDP printed at -3.0% versus -0.70% expected.

And Japanese Prime minister Fumio Kishida focused more stimulus on more affected areas during a pandemic.

In the Last quarter, more restrictions were implemented due to the pandemic, But in the Upcoming quarter easing restrictions put some growth in Q4 GDP.

Toyota largest car manufacturer, cut the productions in a recent week due to the chip shortage.

JPY Toyota largest car manufacturer cut the productions in a recent week due to the chip shortage

And Japanese economy faces tough against G7 Peers, and Japanese PM do more for the economy and recover economy from pandemic situations; IMF Predicted Japanese Economy to slower in 2021 end.

Chip and Battery industries to develop by Japanese Industry minister

Japanese industry minister told stimulus to Chip industries and will focus more chip industries on boosting up.

And on the other side, large scale operations to develop storage battery industries in full-fledged productions.

And Will design the strategy for storage battery industries, and it will be beneficial for Digital and Green technologies.

Australian Dollar: RBA meeting minutes forecasted

AUDJPY has broken the Descending channel.

AUDJPY has broken the Descending channel.

Australian Dollar lowered after US CPI data came at higher numbers last week.

And Chinese Retail sales and industrial productions numbers are yet to be published this week; talks between US and China are scheduled this week; analysts and investors expect more positive comments.

AUD RBA meeting minutes are scheduled for tomorrow

The New Zealand Business services index came at 44.6 for October and decreased from 46.5; this data is more disappointing for the investor’s side.

RBA meeting minutes are scheduled for tomorrow morning, and any changes in monetary policy settings will affect the Australian Dollar in the near term.

New Zealand Dollar: New Zealand Service index came down than expected

NZDJPY is moving in the Descending channel and the market now rebounded from the lower low of the channel.

NZDJPY is moving in the Descending channel and the market now rebounded from the lower low of the channel.

New Zealand Dollar is rising after better-than-expected Chinese data like Retail sales and industrial output publish.

China NZD better than expected Chinese data like Retail sales and industrial output publish

Next week RBNZ meeting is set to be conducted, and any hawkish expectations make the New Zealand Dollar bullish.

And RBA meeting minutes are set to publish on next day, and New Zealand Dollar is mainly affected by Domestic data.

New Zealand Services sector index came down with less number than expectations, 44.6 printed versus 46.1 expected.

Swiss Franc: US Domestic data performed lower than expected numbers

CHFJPY has reached the Previous support area and has broken the higher low area of the Bullish trendline, fallen from the lower high area of the minor Descending channel.

CHFJPY has reached the Previous support area and has broken the higher low area

US Michigan consumer confidence came at 66.8 versus 71.6, expected last Friday.

US Michigan consumer confidence came at 66.8 versus 71.6

And US JOLTS Job openings came at higher unemployed persons as 2.8 million on Friday.

Due to this, the Swiss Franc made corrections after US data came at lower numbers than expectations.

USDCHF is started to make higher after US Domestic data performed lower than expected.


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