The AUDUSD has been trading in a choppy up-and-down range today, but pressure is building as the North American session sees fresh intraday lows. The decline has taken the pair back toward yesterday’s low and a swing area between 0.65389 and 0.6544.A break below that zone would open the door for further downside confirmation, with traders eyeing the 100-day moving average at 0.65314 as the next target. Just below, the 61.8% retracement of the rally from the August low at 0.65257 adds another key hurdle. Taken together, those levels mark a critical support cluster that, if broken, would tilt the bias more firmly bearish. Key area for both buyers and sellers.In the video above, I break down the technicals driving this pair into the end of the trading week. Sellers are starting to make a move, but key support levels could slow the downside momentum. I also highlight the areas that would give buyers more confidence if reclaimed, outlining the critical decision points for traders on both sides. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

In a TruthSocial post from Donald Trump, he says that tariffs will need to be raised on China goods coming into the US as a result of China’s recent export controls on rare Earth’s. A summary of bullet point format:China’s move: China has sent letters worldwide signaling intent to impose export controls on rare earths and other production elements, even those not manufactured in China.Global reaction: Other countries are angry and alarmed, viewing this as sudden trade hostility that could disrupt markets globally.Surprise factor: The U.S. relationship with China had been positive over the past six months, making this move especially unexpected.China’s strategy: Seen as a plan to build a monopoly over rare earths and magnets, holding the world “captive.”U.S. stance: The U.S. also holds stronger monopoly positions in other areas, which haven’t been used — but now may be deployed in response.Presidential response: Trump has not spoken with Xi, canceling plans to meet at APEC in South Korea; considers the timing hostile, especially as it coincided with a peace breakthrough in the Middle East.Potential countermeasures: U.S. preparing financial responses, including a massive increase in tariffs on Chinese goods and other measures under review.Outlook: While potentially painful, Trump frames this as ultimately a long-term positive for the U.S. The US market is not take it well with the NASDAQ index down 272.2 or -1.19%. The S&P index is down -56.50 point or -0.84%, while the Dow industrial average is down -285.2 or -0.61%.US yields are lower with the 10 year yield down -7.7 basis points at 4.070%. The two-year is down 5.4 basis points at 3.545%.The USD has moved sharply lower. EURUSD: The EURUSD is trading down toward its 100 day moving average and 100 hour MA at 1.1633. The high price of just reached 1.1621.GBPUSD: The GBPUSD is back above the old floor between 1.3323 and 1.3341.. The high price just reached 1.3370. The falling 100 hour moving averages at 1.33904.USDJPY: The USDJPY has moved below its low from yesterday near 152.11 and the rising 100 hour moving average at 152.01. The low price of just reached 151.85.Meanwhile, the EU is preparing a new proposal with the U.S. to advance the next phase of their trade deal, seeking to sideline Washington’s push for the EU to roll back regulations that former President Trump has frequently criticized. According to sources, the plan involves creating a detailed checklist to ensure the agreement stays on track and progresses within the framework the two sides established over the summer, providing a structured path forward for implementation. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

The major US stock indices are tumbling with the NASDAQ index now down -2.36% and the S&P down -1.65%. Both are trading at session lows.On the hourly chart, the NASDAQ has broken below its 100-hour moving average at 22,712.15 and is now approaching the 200-hour moving average at 22,343.72. Just below sits the 38.2% retracement of the recent uptrend at 22,275.37, adding to the downside watch zone. Notably, the last time the index traded below its 200-hour MA was on September 2, before quickly rebounding on September 3 and beginning the surge to new all-time highs.The S&P 500 has also slipped under its 100-hour moving average and tested its 200-hour MA at 6,615.60. Today’s low of 6,618.12 came within striking distance of that support. A clear break below the 200-hour MAs on both indices would shift momentum further bearish and open the door to deeper corrective pressure. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

If you don’t know what inflation is doing, you can’t fight it. The BLS has announced that despite the government shut down, they will look to release the CPI data on Friday, October 24 at 8:30 AM. They added that no other releases will be rescheduled or produced until the resumption of the regular government services..Fed’s Waller spoke earlier on inflation and the economy (and policy). Below is a summary of his comments on inflation, and also the importance of the CPI data:Tariffs and inflation: Waller said the inflationary impact of tariffs is a one-time effect and should be looked through by policymakers.CPI importance: He stressed that upcoming CPI data will be crucial for the Fed’s next meeting.Inflation swings: If inflation rises temporarily and then falls back, it should not influence monetary policy.Policy stance: The Fed still needs to cut rates, but will do so cautiously and gradually, in quarter-point steps, rather than aggressively. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

The EURUSD raced higher with the dollar selling after US China tensions increased with Pres. Trump saying that massive tariffs would need to be imposed on imported goods from China in response to their export controls on rare earths. The move to the upside saw the pair extend toward key resistance at the near converged 100-hour moving average and 100 day moving average near 1.1631 to 1.1633. The high price reached 1.1630 and has backed off a bit. The current price is trading at 1.1613.The holding of those to moving averages comes as no surprise as risk can be defined and limited against the levels.The successful test of the moving averages increases that level as a key risk-defining level. Stay below keeps the sellers in play. Move above and the bias could see more upside momentum with the swing area between 1.1645 and 1.16596 the next key hurdle. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

The major European indices are all closing lower on the day. The biggest decliner was Italy’s FTSE MIB with a fall of -1.74%. Spain’s Ibex was the best performer with only a decline of -0.70%. Below is a summary of the changes for the indices:Europe (Euro Stoxx 50): 5,537.50, -88.10 (-1.57%)Germany (DAX 40): 24,241.47, -369.79 (-1.50%)France (CAC 40): 7,918.01, -123.35 (-1.53%)United Kingdom (FTSE 100): 9,427.46, -81.93 (-0.86%)Spain (IBEX 35): 15,476.49, -108.32 (-0.70%)Italy (FTSE MIB): 42,047.49, -744.11 (-1.74%)For the week, the indices also moved lower: EuroStoxx -2.11%German Dax -0.56%France’s CAC -2.02%UK FTSE 100 -0.67%Spain’s Ibex -0.70%Italy’s FTSE MIB, -2.80% This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

The US OMB Director Vought is saying that the layoffs have begun. By layoffs, he means firings. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

The S&P is trading to new lows and 6615.71, and in doing so is dipping just below the 200 hour moving average at 6616.42.Concerned about US and China and now the layoffs/firings of thousands of federal workers. The market has been ignoring the shut down. Add concerns about raising tariffs on China goods and its impact on inflation and layoffs, and that could lead to lower growth if the problems are not solved.The NASDAQ index is down 558 points or 2.43% at 22463. Its low from earlier today came in at 22439.66. It 200 hour moving average is further lower at 22349.22. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)