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Dukascopy Forex Overview: 21-10-2016 - Afternoon

Dukascopy Bank analytic desk report
Published: 21/10/2016 14:51
Dukascopy Technical Analysis

EUR/JPY plunges under 113.00 on Kuroda's comments
“With no major data due for release today, the currency pair remains at the mercy of the overall demand for Euros.”
- based on FXStreet
The Euro remained almost completely unchanged against the Yen yesterday, after having experienced substantial upside volatility. However, the overall trend remains bearish, and BoJ Kuroda's statement earlier today seems to have sparked solid Yen-buying, causing the pair to drop towards the second support area around 112.70, represented by the weekly S2 and the 23.60% Fibo.
Dukascopy Fundamental Analysis
ECB leaves interest rates unchanged at its October meeting
The European Central Bank left interest rates on hold and kept its 1.74 trillion euro ($1.95 trillion) asset buying scheme running in order to boost economic growth and inflation at its October monetary policy meeting on Thursday. As analysts predicted, the benchmark overnight deposit interest rate was left unchanged at - 0.40%; however, the majority of them expect the Bank to announce an extension of asset purchases at the Governing Council meeting in December. 
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Trade Pattern Idea
CAD/CHF 4H Chart: Channel Up
The Loonie recently has been surging against the Swiss Franc in an ascending channel pattern. However, the channel up is only a representation of the rates surge to a larger pattern’s resistance line.>>

AUD/CAD 1W Chart: Rising Wedge
Following a flattish fall of AUD/CAD, a rising wedge added nine percent of value just to build up some more bearish potential for a dive towards previous lows. >>
Expert Commentary
"In my opinion, it depends on how you define the positive trend."
- Eugen Weinberg, Head of Commodity Research at Commerzbank, on gold and silver
Prices returned to pre-Brexit levels as the degree of awareness for the risks and the risk aversion returned to the previous marks. Thus, the ongoing “positive” situation, or, I would say, a calming down situation, is actually leading to lower gold and silver prices rather than to higher prices. >>
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Press Review
Oil prices remain over $50
CNBC's Jackie DeAngelis reports on moves in the oil market.
Dukascopy Bank Sentiment Index
June Release
The positive momentum in the Asia-Pacific region seems to have continued in June even despite soft global demand and signs that the Chinese investment-led recovery is coming to an end, as both short and long run sentiment indices soared in the measured month.
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Economic Research

Forecasting Models for Exchange Rate
The science of prognostics has been going through a rapid and fruitful development in the past decades, with various forecasting methods, procedures and approaches flooding the economic world. It is estimated that there are more than 100 prediction methods, and sometimes the diversity makes it difficult to choose the one that would do the trick.
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min and 1H time frame charts for major pairs for the last 144 periods till 15:30 GMT.
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This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
“The Yen has reversed a portion of the losses; and this has helped to bring EUR/JPY back down to support around 114.08.”


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