Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of October 2nd, 2022: Trading
recovered after initially plunging to the 1.05 level. This is a market that continues to see a lot of noisy behavior, so at this point in time I think it’s only a matter of time before we see sellers come back into this market. The 1.15 level is a major resistance barrier, and therefore I think that this is a simple recovery that is going to get faded given enough time.
After all, the market has gotten a bit overdone, but at this point in time I think that it’s clear that the US dollar is going to continue to be the main currency to own.has rallied a bit during the course of the week, testing the ¥145 level. This is an area that is very resistive, so does make a certain amount of sense that we have stalled here.
The Bank of Japan should be thought of in the back of your mind, but they are more worried about the rate of change of the market than the actual level.market has gone back and forth during the course of the week, showing signs of life. Ultimately, the market is still in a descending channel, and I think we will continue to have an overall negative pressure on this market, as we have seen demand for crude oil dwindle.
In the short term, I suspect that this is a market that will continue to fade rallies that show signs of exhaustion, as earnings estimates, and forward guidance is starting to come down. Furthermore, we see a significant amount of strength in the interest rate market, then the NASDAQ 100 will continue to fall.initially tried to rally during the week but then plunged below the 7000 level. At this point, the market is now starting to threaten a significant support level and move down below the 6800 level could open the possibility of a bigger move to the downside.
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