Daily Report on October 26, 2018

Futures on major US indices were trading in the Negative territory on the last trading day of the week. Nasdaq 100 and S&P 500 futures fell to 6777 and 2655.50 respectively at the time of writing.

In the Corporate news, Glencore and Aon are among the major companies scheduled to report their earnings today.

On the Economic front, US Q3 GDP (Preliminary reading) is scheduled to be released today at 8:30 am ET. According to the consensus estimate, GDP growth in the three months to September eased to 3.3% in annualized terms after hitting 4.2% in Q2, the fastest rate recorded in four years and almost twice the 2.2% pace it printed in Q1. 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 875 in the week ended on 26th Oct. from 873 in the previous week.

European equities tumbled on Friday morning, tracking a decline in U.S. stocks futures after tech companies Amazon and Google parent Alphabet missed earnings expectations. The pan-European Stoxx 600 was off 1.4% during late-morning deals, putting the benchmark index on track for its worst month of trading since August 2015.

Asia-Pacific markets broadly lower on Friday. Earlier in the session Asian shares skidded to 20-month lows. The Shanghai Composite inched down 0.19% on Friday. The Nikkei 225 closed lower by 0.40%. The ASX 200 edged up 0.01% with the heavily weighted financial subindex up by 0.35% for the day.

The Bank of Japan said today that Japan and China signed a currency swap arrangement of up to $30 billion – the largest such bilateral deal concluded by Tokyo – to strengthen financial stability and spur business activity in both countries.

US Dollar Index futures inched up 0.24% to 96.55 at the time of writing. On Friday, the yuan hit a fresh 22-month low of 6.9647 against the dollar, and markets expected that the tightly managed, partially convertible currency would soon be testing 7 per dollar, a level unseen since the global financial crisis a decade ago.

In the Commodity Markets, Gold inched up to 1235.25 and Silver rose to 14.600 respectively at the time of writing. In news related to commodity markets, Gold prices edged up on Friday and were on track to rise for the fourth straight week, the longest string of weekly gains since January, as Asian stocks slumped amid increasing worries over the outlook for U.S. corporate earnings and global economic slowdown.

In the Cryptocurrency Markets, Ethereum inched up to 196.12 and Bitcoin rose to 6492 at the time of writing. According to market sources, Britain’s Royal Mint had frozen its plans to issue Royal Mint Gold (RMG) tokens after its partnership with US exchange group CME failed and the U.K. government vetoed a plan to have the tokens trade on a cryptocurrency exchange.

 

TECHNICAL SUMMARY

 

EUR/USD

 

EUR/USD D1

TRADE SUGGESTION- STOP SELL AT 1.13332 TAKE PROFIT AT 1.13032  STOP LOSS AT 1.13482

 

AUD/USD

 

AUD/USD D1

TRADE SUGGESTION-LIMIT SELL AT 0.70300 TAKE PROFIT AT 0.70100  STOP LOSS AT 0.70400

 

EUR/JPY

 

EUR/JPY D1

TRADE SUGGESTION-STOP SELL AT 126.900 TAKE PROFIT AT 126.300  STOP LOSS AT 127.200

 

USD/JPY

 

USD/JPY D1

TRADE SUGGESTION-LIMIT SELL AT 112.150 TAKE PROFIT AT 111.850  STOP LOSS AT 112.300

 

NATURAL GAS

 

NATURAL GAS D1

TRADE SUGGESTION-LIMIT SELL AT 3.185 TAKE PROFIT AT 3.135  STOP LOSS AT 3.210

 

SILVER

 

SILVER D1

TRADE SUGGESTION- LIMIT BUY AT 14.580 TAKE PROFIT AT 14.680  STOP LOSS AT 14.530

 

CAC 40

 

CAC 40 D1

TRADE SUGGESTION-LIMIT SELL AT 4950 TAKE PROFIT AT 4890  STOP LOSS AT 4980

 

ETHEREUM

 

ETHEREUM H8

TRADE SUGGESTION- LIMIT BUY AT 196.10 TAKE PROFIT AT 197.40  STOP LOSS AT 195.60

 

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