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14.10.2019 - 08.10.2019

NZD/USD: the pair is trading ambiguously

Yesterday, the pair NZD/USD rose moderately. However, the instrument failed to consolidate at the new highs, and by the end of the daily session, the New Zealand dollar had lost most of its advantage. The pressure is exerted by sharply worsened prospects for concluding a trade agreement between the United States and China, which threatens to further slow the global economy down. Washington blacklisted some Chinese companies, banning them from working with American companies and accusing them of oppressing China’s Muslim minorities.

USD/CAD: wave analysis

The pair may grow.

On the 4-hour chart, the third wave of the higher level (3) develops, within which a correction ended as the wave ii of 1 of (3). Now, the wave iii of 1 is developing, within which the local correction (ii) of iii has ended, and the third wave (iii) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.3450–1.3564. In this scenario, critical stop loss level is 1.3205.

USD/JPY: wave analysis

The pair may grow.

On the 4-hour chart, the first wave 1 within the started wave (C) of the higher level develops. Now, the first wave of the lower level i of 1 of (C) has formed, and the local correction ii of 1 has ended, which has reached the correctional the level of 50%. If the assumption is correct, the pair will grow to the levels of 109.35–112.32. In this scenario, critical stop loss level is 106.44.

Westpac Consumer Sentiment. Australia, 01:30 (GMT +2)

At 01:30 (GMT+2), data on Westpac Consumer Sentiment Index in Australia will be published. The indicator captures the level of consumer confidence and is a leading indicator of consumer spending and economic activity. The data are calculated based on a survey of consumers regarding their assessment of economic prospects. The last time the indicator was negative, amounting to −1.7%. Continuation of the trend will put pressure on the Australian currency.

API Weekly Crude Oil Stock. United States, 22:30 (GMT+2)

At 22:30 (GMT+2), a weekly report on the amount of oil reserves in the United States from the American Petroleum Institute (API) will be released. Also to the data on oil reserves, the most important in the report, it contains data on the amount of gasoline and distillates in the USA. A reduction in oil reserves traditionally leads to an increase in oil prices, and an increase leads to a decrease. Last time, US oil inventories fell by 5.920 million barrels. Continuation of this trend may support the quotes.

Building Permits. Canada, 14:30 (GMT+2)

At 14:30 (GMT+2), data on the volume of building permits issued in August will be published in Canada. The monthly indicator records the change in the number of applications issued by the Canadian government for the construction of real estate and is one of the most important indicators of the construction sector. It is predicted that for August, the volume of permits issued will decrease by 2.0% after rising by 3.0% a month earlier. The implementation of forecasts may put pressure on the Canadian dollar.