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Trading plan for Oct. 30

US dollar strengthened versus the major currencies as the Federal Reserve ended QE3 and gave an optimistic view on the US economy.

EUR/USD declined from $1.2730 to the levels below $1.2600. The pair retraced 76.4% of its October advance and is oversold in the short-term. However, there’s still potential for decline to $1.2570/50 and then to $1.2500 in the coming sessions. Resistance is at $1.2625, $1.2650 and $1.2690. Don't miss the release of the US advance GDP (12:30 GMT) and Yellen’s speech (13:00 GMT).

Short-term bears have regained control over the cable: GBP/USD has retreated from the $1.6185 resistance, dipping to $1.5960 on the hawkish Fed. The pair needs to break below the $1.5950 support to confirm the continuation of a longer-term downtrend, however. Next support lies at $1.5870. Great Britain is scheduled to release Nationwide HPI at 7:00 GMT, while later in the day all eyes will be glued to the United States. US GDP above 3% would support demand for the dollar.

USD/JPY break above the 108.30 resistance switched the picture to bullish with the next targets lying at 109.40 and 110 yen. Japan is scheduled to release household spending and Inflation figures tonight at 23:30 GMT. Consumer prices are forecasted to show further weakness, increasing expectations for additional BOJ easing.

AUD/USD met resistance at $0.8910 and returned down to $0.8750 where it found some support. If this level is breached, Aussie will slide to $0.8720 and $0.8685.

Video analysis is available at the link below

Thursday, 30 Oct, 2014 / 8:19

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