Daily Report on October 19, 2018

Futures on major US indices were trading in Positive territory on Friday. Nasdaq 100 and S&P 500 futures rose to 7181 and 2781.25 respectively at the time of writing.

On the economic front, Existing Home Sales for Sept. are scheduled to be released today at 10 am ET.  Sales numbers are expected to fall to 5.30M from 5.34M in the previous month. In addition, the Baker Hughes Oil Rig Count is also scheduled to be released today at 1 p.m. ET.  The Oil Rig count is expected to rise to 870 in the week ended on 19th Oct. from 869 in the previous week.

European shares were lower on Thursday afternoon. In the cash markets, DAX 30 inched down 0.31% and FTSE 100 edged up 0.45% at the time of writing.

In Brexit news, European leaders and British PM Theresa May said on Thursday that they are working hard to overcome the ongoing impasse over Brexit talks.

Italy’s 10-year and 30-year bond yields hit their highest levels since early 2014 on Friday after the European Union warned of rules breaches in Italy’s draft budget. Italian sovereign debt yields hit fresh multi-year highs as investors grow cautious over lending to the embattled government after it unveiled new budget plans.

On the economic front, the Euro Zone Current Account numbers released earlier came in at 23.9B –above the expectation of 21.4B.

Asia-Pacific markets closed mixed on Friday. The Shanghai Composite closed higher by 2.5%. On the other hand, the Nikkei 225 fell 0.56% booking its third straight week of declines. The ASX 200 saw a partial recovery but still closed lower at 5939.5 with the heavily weighted financial subindex adding 0.43% for the day.

On the economic front, data released earlier today reported that China’s GDP (YoY) growth for Q3 was 6.5%. The GDP growth was below expectations of 6.6% with the growth being 6.7% in the previous quarter. In addition, Chinese Industrial Production (YoY) for Sept. also released earlier came in at 5.8%.  The markets expected the Production change to come in at 6% with the Production growth being 6.1% in August.

US Dollar Index futures inched down 0.13% to 95.56 at the time of writing. The pound rose on Friday after European Union negotiator Michel Barnier said a Brexit deal with the United Kingdom was 90 percent done, although political uncertainty in Britain kept the gains in check.

In the Commodity Markets, Gold inched up to 1227.45 and Silver rose to 14.570 at the time of writing. In news related to commodity markets, Oil prices rose on Friday on signs of surging demand in China although the market was heading for the second week of losses on rising U.S. inventories and concern that trade wars were curbing economic activity.

In the Cryptocurrency Markets, Ethereum inched down to 196.65 and Bitcoin rose to 6531 at the time of writing. In news related to cryptocurrency markets, U.K.-based Security services Company G4S has started offering a crypto custody service aimed to protect investors’ holdings of digital assets. Announcing the move in a press release on Oct. 16(Tuesday), the firm said, with the rising popularity of cryptocurrencies, it developed the new service to offer “high-security offline storage that helps to protect assets from criminals and hackers.”

 

TECHNICAL SUMMARY

 

EUR/USD

 

EUR/USD D1

TRADE SUGGESTION- LIMIT SELL AT 1.14700 TAKE PROFIT AT 1.14350  STOP LOSS AT 1.14880

 

AUD/USD

 

AUD/USD D1

TRADE SUGGESTION-LIMIT BUY AT 0.71110 TAKE PROFIT AT 0.71410  STOP LOSS AT 0.70960

 

EUR/JPY

 

EUR/JPY D1

TRADE SUGGESTION-LIMIT SELL AT 129.000 TAKE PROFIT AT 128.700  STOP LOSS AT 129.150

 

USD/JPY

 

USD/JPY D1

TRADE SUGGESTION-LIMIT BUY AT 112.370 TAKE PROFIT AT 112.670  STOP LOSS AT 112.220

 

NATURAL GAS

 

NATURAL GAS D1

TRADE SUGGESTION-LIMIT SELL AT 3.180 TAKE PROFIT AT 3.120  STOP LOSS AT 3.210

 

SILVER

 

SILVER D1

TRADE SUGGESTION- LIMIT BUY AT 14.510 TAKE PROFIT AT 14.610  STOP LOSS AT 14.460

 

DAX 30

 

DAX 30 D1

TRADE SUGGESTION-LIMIT SELL AT 11570 TAKE PROFIT AT 11470  STOP LOSS AT 11620

 

BTC/USD

 

BTC/USD H8

TRADE SUGGESTION- LIMIT SELL AT 6570 TAKE PROFIT AT 6490  STOP LOSS AT 6610

 

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