Forex Technical/Fundamental Analysis & Forecast by RoboForex

Brent declines moderately following a surge to 81.00 USD

Brent prices surged to 81.00 USD amid increasing tensions in the Middle East. Growth may continue after a minor correction. Find out more in our Brent analysis for today, 8 October 2024.

Brent forecast: key trading points

• US data: the market awaits the API crude oil stock report today
• Current trend: correcting as part of the uptrend
• Brent forecast for 8 October 2024: 81.00 and 77.00

Fundamental analysis

Brent quotes are experiencing a strong upward rally (rising by about 10% in a week) following escalating geopolitical tensions in the Middle East. The American Petroleum Institute (API) is set to release US crude oil stock data today. A decline in inventories may support Brent prices, while an increase may conversely push the asset price down.

The market is also awaiting US inflation statistics this week, with the Consumer Price Index (CPI) and the Producer Price Index (PPI) due on Thursday and Friday. Oil will likely react to the US stock market’s response to inflation data. A rise will propel Brent’s price, while a decrease will push it down.

RoboForex Market Analysis & Forex Forecasts

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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The RoboForex Team

USDJPY under pressure: uncertainty about Japan and China intensifies

The USDJPY rate is slightly declining after rising for two trading sessions. Find out more in our analysis for 15 October 2024.

USDJPY technical analysis

The USDJPY H4 chart shows the market has broken above the consolidation range at 149.30. A growth structure is expected to develop today, 15 October 2024, aiming for 150.20. After reaching this level, the USDJPY rate could decline to 149.30 (testing from above).



The USDJPY rate remains under pressure amid uncertainty about the BoJ’s monetary policy and the yen’s weakness due to China’s fiscal stimulus package.

Read more - USDJPY Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDJPY: BoJ’s uncertain stance and weak data put pressure on the yen

The USDJPY rate rose slightly on Wednesday but remains below the resistance level. Find out more in our analysis for 16 October 2024.

USDJPY forecast: key trading points

• Seiji Adachi’s speech did not significantly impact the volatility of the USDJPY pair
• According to the BoJ official, interest rate hikes should be gradual to avoid the risk of deflation
• Japan’s machinery orders fell by 1.9% in August
• USDJPY forecast for 16 October 2024: 150.22, 151.30, and 153.22

Fundamental analysis

The USDJPY rate continues to test the 149.45 resistance level. However, buyers have yet to secure a position above it. The speech by BoJ official Seiji Adachi, which could have shed light on the BoJ’s future monetary policy moves, did not significantly impact the currency pair’s movements.

In his speech, Adachi said that the interest rate should be raised gradually to avoid the risk of deflation. He noted that the Japanese economy has already created conditions for normalising monetary policy, but slowing global demand requires a thorough assessment. The regulator’s official also emphasised that it is necessary to maintain a loose financial policy until inflation reaches a stable level.

Meanwhile, machinery orders in Japan decreased by 1.9% in August 2024, although analysts expected a 1.5% increase. This represents the fifth contraction this year. Orders declined by 3.4% year-on-year, significantly contrasting with the 8.7% growth in July. Therefore, this data within today’s USDJPY forecast may exert additional pressure on the yen.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Silver (XAGUSD) price rises, climbing above 31.00 USD

The XAGUSD price steadily rose after reversing from the support level near 30.00 USD. The trend is upward, and it is likely to continue. Our XAGUSD analysis for today, 17 October 2024, provides more details and insights.

XAGUSD technical analysis

XAGUSD quotes continue to rise gradually after receiving strong support from buyers in the price area near 30.00 USD and reversing upwards. Market participants now focus on an annual high of 32.95 USD. If the price surpasses this level, there is potential for growth to 35.00 USD.



Silver (XAGUSD) quotes continue ascending within the uptrend, potentially reaching an all-time high of 32.95 USD in the short term.

Read more - Silver Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Gold (XAUUSD) surges, rising above 2,700 USD

The XAUUSD price continues its upward rally, reaching a new all-time high of 2,714 USD today. The next growth target could be the 2,750 USD level. Our XAUUSD analysis for today, 18 October 2024, provides more details and insights.

XAUUSD technical analysis

Gold rises steadily within an uptrend after a bullish engulfing candlestick reversal pattern formed on the daily chart last week. The quotes are now trading around 2,705 USD, with strong upward momentum continuing.



Gold (XAUUSD) prices continue their upward surge within the uptrend, reaching a new all-time high of 2,714 USD.

Read more - Gold Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

EURUSD: the resilience of the US economy supports the US dollar

The EURUSD rate declines after rebounding from the 1.0870 resistance level. Find out more in our analysis for 21 October 2024.

EURUSD forecast: key trading points

• The US dollar has strengthened for the third consecutive week amid expectations of a softer Federal Reserve rate cut
• Markets estimate the likelihood of a 25-basis-point Fed rate cut in November at 90.9%
• This week, investors are focusing on corporate reports and risks related to the US election
• EURUSD forecast for 21 October 2024: 1.0820 and 1.077

Fundamental analysis

The EURUSD rate is undergoing a correction after Friday’s rise, remaining below the EMA-200 level, indicating persistent pressure from sellers. The US dollar has strengthened for three consecutive weeks amid expectations of a softer Fed rate-cutting cycle and higher chances of Donald Trump’s victory in the upcoming elections.

Analysts note that the current US interest rate helps strengthen the US currency. At the same time, rate cuts in other countries only add to the USD’s appeal. Experts believe this trend may persist until the election, and if Donald Trump wins, it will likely continue. The markets currently estimate the likelihood of a 25-basis-point Federal Reserve rate cut in November at 90.9%.

Investors are now awaiting the release of data on new home sales and durable goods orders in the US. The markets will primarily focus on corporate reports and risks related to the upcoming election. Retail sales data and the previously released robust statistics on the labour market and inflation show that consumer spending is stable. This reflects the resilience of the US economy, which is still far from a recession. According to today’s EURUSD forecast, this may support the US dollar.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

USDCHF: the franc is under pressure due to easing inflation

The USDCHF rate slightly declines on Tuesday. More details in our analysis for 22 October 2024.

USDCHF technical analysis

The USDCHF H4 chart shows that the market has formed a consolidation range around 0.8637. The price is expected to break above the upper boundary of this range and rise to 0.8717 today, 22 October 2024.



The USDCHF rate remains under pressure amid expectations of policy easing by the Swiss National Bank and the strength of the US dollar.

Read more - USDCHF Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

PepsiCo’s revenue falls, but its stock price continues to rise. What is the secret behind the popularity of PepsiCo shares?

Despite the challenges PepsiCo Inc. (NYSE: PEP) has faced, its stock price has been rising steadily. On 8 October, the company released its Q3 2024 report, posting revenue lower than the corresponding period in 2023. Nonetheless, the stock price continued its upward trajectory.

PepsiCo Inc.’s business model

PepsiCo divides its operations into three major segments, publishing information on each separately in its quarterly reports. Below are the segments in which the company operates:

• Frito-Lay: here, PepsiCo focuses on producing and selling various snacks. The range includes products from many popular brands (Cheetos, Doritos, Lay’s, Ruffles, and Tostitos). Its leading position in the US salty snack market is supported by these high-margin products
• Quaker Foods: this includes Quaker products, one of the pioneering brands in PepsiCo’s portfolio, which specialises in healthy eating. Quaker offers cereal bars, cereals, muesli, oatmeal, and other products. This sector focuses on breakfast and healthy eating products.

How inflation impacts PepsiCo Inc.’s revenue

Experts are increasingly suggesting online that US inflation may begin to rise again and exceed the 2022 figures. If these forecasts materialise, how could this influence the company’s revenue? It is impossible to predict reliably how exactly things will evolve. However, we can analyse past periods when the company operated amid both high and low inflation.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

Silver (XAGUSD) prices correct downwards from the area around 35.00 USD

XAGUSD prices are undergoing a downward correction after failing to break above the 35.00 USD level. The trend remains upward, with growth likely to continue. Find out more in our XAGUSD analysis for today, 24 October 2024.

XAGUSD technical analysis

XAGUSD quotes are currently undergoing a downward correction on the H4 chart, rebounding from the upper boundary of the ascending price channel. The price hit a new annual high of 34.86 USD. Once the correction is complete, further growth to the area above 35.00 USD can be expected.



Silver (XAGUSD) prices are correcting downwards after reaching another annual high of 34.86 USD

Read more - Silver Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team

NZDUSD under pressure: consumer confidence in New Zealand decreases

The NZDUSD rate is declining within a descending channel, attempting to secure a position below the support level. Find out more in our analysis for 25 October 2024.

NZDUSD forecast: key trading points

• RBNZ Governor Adrian Orr confirmed that the low inflation target is attainable, adding to arguments for an interest rate cut in November
• New Zealand’s Consumer Confidence Index fell from 95.1 in September to 91.2 in October
• NZDUSD forecast for 25 October 2024: 0.5984 and 0.6052

Fundamental analysis

The NZDUSD rate declined to 0.5987 on Friday, marking its fourth consecutive week of losses. The pressure on the New Zealand dollar is mounting amid rising expectations of a moderate Federal Reserve rate cut and uncertainty about the upcoming US presidential election.

Domestically, Reserve Bank of New Zealand Governor Adrian Orr noted that attaining low and stable inflation has become a realistic target. This adds to arguments supporting another substantial RBNZ rate cut in November. The markets have already priced in a 50-basis-point cut and are also assessing the likelihood of a 75-basis-point reduction. As part of today’s NZDUSD forecast, these factors exert pressure on the currency pair.

The significant economic news from New Zealand includes a decrease in consumer confidence in October after three consecutive months of growth. The ANZ-Roy Morgan Consumer Confidence Index fell to 91.2 points in October from 95.1 in September, indicating the end of the recovery period. Employment figures remain extremely weak, with 22% of respondents reporting a weaker financial position than last year and only 14% expecting improvements next year. This is significantly lower than the September indicator of 25%.

RoboForex Market Analysis & Forex Forecasts

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team