Daily Report October 9th 2018: Dollar Mixed as Traders Seek Safe Havens

Morning Report: 07.00 London

This morning, markets are choppy on growing concerns that are limiting risk appetite. Concerns mount over emerging currencies, China and the Italian economy.

The USD/JPY continues to fall from the highs around 114.50, with support at 113.00 the latest test. The EUR/JPY is following a similar path, with steady selling from 133.00 – The 130.00 level is holding for now. The GBP/JPY sold off yesterday like other yen pairs, but from a much stronger base. The AUD/JPY is out performing through, with the 80.00 level holding.

The AUD/USD is the exception amongst dollar pairs, rallying for the second day in a row.

The GBP/USD is slightly higher and holding up well on Brexit hopes, while the EUR/USD continues to struggle on Italy concerns. The EUR/GBP’s trend remains firmly lower, hitting its lowest level since June.

The USD/CHF’s power trend remains higher, pausing just below 0.9950. The USD/CAD’s uptrend remains firmly on track despite a rejection of the 1.3000 level yesterday.

Coming up today

Today we have MPC Member Broadbent speaking at 15.35.

Trade Idea

The pound is gathering some genuine Brexit momentum right now, while the euro faces increasing concerns over the state of Italian banks and bond market.

The EUR/GBP has sold off heavily in the past few weeks, but there could be room for further selling if bond concerns intensify.

October 9th 2018: Dollar Mixed as Traders Seek Safe Havens

A good way to play this is a ONE TOUCH trade predicting that the EUR/GBP will TOUCH 0.8650 with 14 days for a potential return of 148%.

October 9th 2018: Dollar Mixed as Traders Seek Safe Havens

Open Trade

Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com. Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.

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