Germany: Producer Price Index (YoY), September -0.1% (forecast -0.3%)
Germany: Producer Price Index (MoM), September 0.1% (forecast -0.1%)
Japan: All Industry Activity Index, m/m, August 0% (forecast -0.1%)
|remaining time till the new event being published|
Yesterday's session started with another selling pressure, but bulls managed to save the day and push the price sharply higher as the index rose around 40 points from daily lows to close slightly higher on the day. It was consolidating on Tuesday and was down briefly, trading at around 2,635 USD during the session.
The pair remains very calm, despite big volatility on and commodities. It was trading at 0.25 percent stronger on Tuesday, hovering at around 1.1380 during the London session, while it was stuck in a bigger triangle pattern.
The upper line of this triangle is near the 1.14 level and if broken, the bullish momentum could accelerate further, and the next target could be at November highs at 1.15, where the 100-day moving average is also located.
The CADJPY cross-moved higher on Monday and was marginally stronger during the London session, testing the first major resistance of previous lows, which is located near 84.65.
If this level is taken out, further rise toward the 200-day moving average could occur, which is currently slightly below the 85.00 mark. However, the price needs to rise above the medium-term bearish trend line at 85.50 to cancel the downward momentum. If this is achieved, we may see a relief rally toward the 100-day moving average at 85.80 in the initial reaction.
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