Forex trading plan for October 13

By Elizabeth Belugina 

On Monday there were some hawkish comments from the Fed’s member Lockhart, but with the US banks on holiday and the market being tired of guessing about the timing of the Fed’s rate hike the greenback didn’t react. On Tuesday there won’t be much of the news from America.   

The advance of EUR/USD has paused ahead of 1.1400. Germany will release economic sentiment figures at 09:00 GMT (negative forecast). Support is at 1.1350, 1.1318 and 1.1280. Further resistance us at 1.1460.

Pound is approaching resistance levels, but has some room for growth. GBP/USD has once again risen above the 200-day MA at 1.5320. As long as cable is above this point, it has a chance to rise to resistance is at 1.5380 ahead of 1.5435. The UK will release September inflation data at 08:30 GMT. Later in the day, there will be comments from the Bank of England’s officials. Support is at 1.5320 and then at 1.5278 and 1.5250.

USD/JPY was trading in the 120.15 area. In the absence of news from the United States and Japan the pair will be driven by the market’s risk sentiment. Lower than expected Chinese trade balance will bring it to 119.70 and probably to 119.25. Resistance is at 120.90/121.00.

AUD/USD rose to the top of the daily Ichimoku Cloud and the 100-day MA in the 0.7370 area. The pair has almost reached 38.2% Fibo of the decline since May and is overbought. The publication of China’s trade balance data is a risk for a bullish Aussie. Support is at 0.7275 and 0.7200. Resistance is at 0.7385 and 0.7440. 

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