 Welcome to Tick-Melt Weekly Market Outlook for we commencing the 28th of October with me, Patrick Munley. With the market fully pricing in the October Fed rate cuts at Wednesday's meeting, the central bank is unlikely to pre-commit to a more meaningful cutting cycle. Rather, it's likely to stick to its reactive approach insurance cut rhetoric. Key dollar drivers should be the US economic data. Markets looking to queue through GDP also released Wednesday to come in modestly above consensus. Key risk to the dollar stems from the October US labor report released Friday. The non-farm payrolls may well see another dip with market consensus at 95,000. A potential catalyst for the disappointment may be due to the GM strike being a drag on the numbers. A miss would increase the odds of a further rate cut. And from a technical perspective, the dollar held the symmetry swing support highlighted in last week's review. And I'm looking now for this current correction to be capped around the 98 level and for another load to be made to test the ascending trend line support down to the 9680. From this area, we could see a more meaningful correction in a three-way pattern, and that will be another selling opportunity in and around the 9850 area. Whilst we're looking at the dollar, let's check in with gold. Gold continue to hold the support area highlighted in last week's review and broke higher to test offers above the 1500 level. And we saw seller step into the market, but we're still in the consolidation pattern. And while the 1480 area access support still see the potential for a push higher to test the 1580 target. However, any failure below 1480 would be a bearish development suggesting a move down to test support at the 1440 area. In Canada, the focus will be on the Bank of Canada rate announcement on Thursday, which comes four hours before the FOMC makes its move. Markets are pricing for rates that will be kept on hold and expect government pollers to stick to his recent rhetoric. September headline inflation disappointed, but the preferred core measures remain on target and wage growth boom to 4.3%. Unemployment levels also down, which suggests the bank is still lacking reasons to cut or change its neutral guidance, especially when adding rising optimism around the trade war resolution. On Friday, August GDP numbers should flatten up to around 1.3% year over year. From a technical perspective, the Canadian dollar has continued to drift lower and as the 13150 area can access resistance, I'm anticipating a move down to test support at the 130 level. A move back through 132 would be needed at this stage to stabilise the pair and suggest a more sustained correction could evolve. In Europe, we should get another batch of unsurprising data. Both October core and headline Eurozone CPI should come in at 1%. And third quarter GDP should stay at around 0.2% quarter over quarter, although there is a non-negligible risk of a 0.1%. This means that European data won't provide many reasons to be cheerful about the Euro next week. The Euro has initiated its correction from its symmetry swing resistance area at the 11180 zone. I'm now looking for a corrective pattern to develop and ultimately test the support now back down at 110, where I'll be looking for bullish reversal patterns to set long positions as looking for 110, 110.50 to set a platform for a test of 112.50. Only a move back down 109.50 would concern this bullish bias and suggest a retest of year to day close. Whilst we're talking about the Euro, let's check in with the DAX. The DAX has continued to trade higher with no bearish reversal signals as per last week's analysis. And we are now testing up looking for a new high to be made and an equidistant swing with an ABCD target at 13,061. As this area then contains, we have sending trend line resistance as well, looking for bearish divergence to develop. And I'll be looking to set short positions from this 13,000 level, looking for a move back down to test 12,500 as support. In the UK, uncertainty is creeping in again as Prime Minister Johnson is keen to call early elections, but that doesn't seem to be the required majority in Parliament. The EU signaled that it would wait until after Monday's vote in the UK Parliament or an early election before it decides on the length of the Article 50 extension period. With the UK general election unlikely to gain the required majority, the eventual agenda may move back towards the withdrawal agreement bill, with the aim of translating the deal into law. Still, there is a risk that Boris Johnson will follow on his threat and unless the early election vote is passed, he does not follow with legislating the withdrawal agreement, effectively ending up with the zombie parliament. From a technical perspective, the sterling pound has pulled back from the ascending trend line resistance zone at the 130 area. I'm now looking for a symmetry swing correction to test 12650, 127 area support. As it does, I'll be watching for bullish reversal patterns to set long positions, initially targeting a retest of this 130 resistance area, but ultimately looking for a move up to Test 132. A breach below 126 would suggest that we're going to see a deeper correction, looking then to the ascending trend line support down at the 124 area. The Bank of Japan meets on October 30th and 31st to set monetary policy. The improving global backdrop has left markets undecided on whether Governor Corrado will push rates into deeper negative territory, and the implied probability of a cut is around 65%. However, markets suspect that consumption tax hike this month worsens and already batters the economic outlook in Japan, which should really warrant more than a 10 basis point cut. The dolly end continued to consolidate last week in a relatively tight range, so looking for any test hire now into this offers above 109 to contain that move, and then I'll be looking for a symmetry swing correction back down to test the 10730 area as support. As the RBA navigated these past few months of monetary using, the market's perception has been that two indicators were the major detriment of the bank's decisions. Inflation and unemployment, for both the RBA sets two targets 2.5% and 4.5%. However, markets have also noticed that even a slight improvement those two gauges seems to be enough to prompt a pause in RBA easing. The unemployment rate slowed 5.2% from 5.3% in the September print, and this was enough to halve the implied probability now only at 18% for a cut in the November 5th meeting. Next Friday, the Q3 inflation report will be published and consensus sees the headline CPI advance from 1.6 to 1.7%. This may be enough to cement expectations that the RBA will stay put in November. Governor Lowe will speak on Tuesday, please unlikely to diverge from his recent rhetoric before seeing the inflation numbers. From a technical perspective, I'm looking for support to develop at the 68 level in the Australian dollar and ultimately to test trend line resistance at the 69 level. From there, we may see a more sustained correction. I'll be looking for bearish reversal patterns in and around this 69 level to set short positions. However, ultimately, I'm looking for support to develop back down in the 67.50 area after that correction, and then we can see a challenge of the 70 cents level over the coming weeks. That concludes the weekly market outlook for week men's scene, October the 28th.