Gold: NFP Forecast
Gold price is standing now exactly at the lower high area of the descending channel – wait for breakout or reversal.
Gold prices remain higher as support reaches the previous level.
US Dollar prices are going now higher low and Gold prices for lower high progress.
And Non-Farm payrolls data is expected to 500k Jobs added in next week.
Initial Jobless claims show 362k up for the week ending September 25 and up from 351K as the previous level.
Now All eyes waiting for today PCE index and Consumer sentiment index as Positive numbers.
China Evergrande issue is calm down and money defaults, People bank of China-made injection more funds to economy regrowth.
US DOLLAR: US Main Domestic data scheduled today
USDCAD has retested the breakout level of the ascending channel twice.
USDJPY is falling from the higher high of the channel line.
US Dollar moved higher as August month PCE data scheduled today, and other data like Michigan consumer sentiment and ISM Manufacturing PMI also scheduled today.
So primary data are focused this weekend, and FED might do tapering in November month meeting as all expected. Fed forecasts Growth and inflation getting widens.
US Dollar posted 2% gains from last month as Domestic data supported for US Dollar to rose higher.
EURO: CPI data came in better numbers
EURUSD is still consolidating at strong support and the lower low level of a descending channel.
EURNZD is moving in a minor ascending channel after making a correction of 61% from the previous high.
Eurozone Preliminary CPI shows 3.4% rose from 3.3% expected and 3% in August month.
The main reason for the rising CPI in Eurozone is that Energy is expected to rise by 17.4% compared with 15.4% in August due to Oil prices surges.
And Non-energy industrial goods were lower to 2.1% compared with 2.6% in August month.
Food, Alcohol and Tobacco rose to 2.1% compared with 2.0% in August month.
Services rose to 1.7% compared with 1.1% in August month.
Now Eurozone is locked with Energy demand, as clearly showed in inflation data.
After Covid-19, the Energy crisis made developed nations worry more.
UK POUND: UK Economic Q2 Growth higher
GBPCAD has rebounded from the horizontal support area, trying to retest the recently broken support again.
UK Economic growth rose to 5.5% higher in Q2 and beat expectations of 4.8%.
Now the UK is facing an energy crisis and Labor shortages, inflation rising, stagflation rising fears; all concerns make the UK Pound slowdown in the economy.
Higher inflation by Energy prices makes UK Government difficult to reduce the stimulus, and rate hikes are only possible to reduce inflation rates.
Canadian Dollar: Oil Countries agreed to extended Supplies
AUDCAD is clearly moving in a descending channel and also rebounding from the higher low level of an ascending channel – market is consolidating now before moving more.
Canadian Dollar makes lower as Bank of Canada expected to delay tapering assets in October month.
Oil prices are surging higher as Supply crunches and Oil Countries agree to extend production for Supply increasing forecast.
And the Energy crisis makes Global countries to sustain without Gas, Petrol and Diesel.
US Government is going to shut down if Bill was not passed for Spending $3.5 Trillion packages.
The debt ceiling is not increased by the meeting of both parties; Republicans makes opposition for overspending by Democrats.
Japanese Yen: Retail sales decreases
GBPJPY is moving in a descending triangle pattern – triangle getting narrower. wait for the breakout soon from this triangle.
CHFJPY is moving in a minor descending channel in the 1-hour timeframe.
Japanese Retail sales fell by 3.2% versus a 1% expected Drop. And Bank of Japan will support with continuous stimulus to the economy.
US GDP rose to 6.7% in Q2, and Initial Jobless claims surged to 362K against 335K expected.
And USDJPY declined lower last day as 0.50% after US GDP data was released.
And Japanese Government now lacks stimulus and lack proper vaccinations in more regions.
US Secretary Janet Yellen warned if not passed a bill of the Debt ceiling; then US Government will face a massive financial crisis.
Australian Dollar: Coal demand rising in China
AUDUSD is moving in a descending channel and it has made a retracement of 78%
China Vice Premier Han Zheng says Energy resources are more secure in the coming days, and Demand is slightly higher.
And the Energy crisis also spread across Europe and UK countries.
Coal is the primary source of China electricity production. China banned Australian Coal last year, But this time more Demand for Coal rose to higher.
Now Chinese President Xi will like to lift the ban on Australian Coals to import.
And This way is Very Good clarity for the Australian Dollar to ramp up the Coal production, and Export revenue will rose higher.
Moody’s Forecast in AUD
Moody’s investor’s services said the Australian economy faces uneven vaccination rates, So the Reopening lockdowns make more hesitation for the Australian Government.
And Australian Budget shows rising concerns and will present difficulties with more Debt burdens.
Reserve Bank of Australia shows a more accommodative monetary policy and access to funding markets as rising debt concerns.
New Zealand Dollar: RBNZ meeting forecast
NZDUSD has started making a correction after falling from the lower high of the major descending channel.
Reserve bank of Newzealand Meeting will be conducted on October 6 next week, 100% chance of 25BPS rate hikes in this meeting as analysts expected, but 190% chances for 25bps rate hikes by the end of the year.
And Covid-19 cases hit the highest numbers last week in New Zealand, which makes worry for the Reserve Bank of New Zealand to rate hikes to a small stop from last month.
China, Real estate crisis made slower the revenue for exports of New Zealand; Foreign travel restrictions, slower the Travel revenues to New Zealand Government.
Swiss Franc: US Mixed bag of Domestic data
USDCHF is moving in an uptrend forming higher highs, higher lows.
EURCHF has broken the higher low area of the uptrend line and it has came to the 61% level – wait for rebound or breakout from this zone.
Swiss Franc made higher after US Dollar made lower as initial Jobless claims rose to 362k from 335k expected.
And China Evergrande crisis made safety measures for investors to invest in the Swiss Franc.
US Dollar shows Declines against Swiss Franc as mixed bag of Domestic data of US.
Today US PCE, Michigan consumer sentiment and ISM data are scheduled; more positive numbers will give a boost to USDCHF prices.
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1 thoughts on "Gold EUR USD CHF JPY is moving in a Channel patterns"
Thanks very much for analysis