Facebook Suffered Outage, Oil Rallies After OPEC

The market sentiment is risk-off. Stocks are falling, while the safe-haven US dollar is edging higher. Meanwhile, oil advanced after the OPEC meeting.

• Facebook suffered the largest outage in its history with more than 10.6 million reports. Its services went down yesterday, which have started recovering just now. Mark Zuckerberg’s personal wealth has dropped by over $6 billion just in a few hours. The stock of Facebook fell by nearly 5%. It’s a lot for one day!
• The S&P 500 plunged to the lowest level since July and the Nasdaq 100 lost more than 2% of its value, amid the sell-off of Facebook.
• One more developer from China got into crisis. Fantasia Holdings didn’t repay a $205.7 million bond. It weighed on the investors’ sentiment.
• Oil has reached the highest level since 2014 after OPEC+’s decision to stick to a gradual supply increase.
• Bitcoin has surged! The cryptocurrency is getting closer to the psychological level of $50,000.
• This morning, the Reserve Bank of Australia kept its monetary policy unchanged. AUD/USD went down.

Tech outlook

EUR/USD keeps moving inside the descending channel. It has just broken through the important support level of 1.1600. After a short pullback to this level, the pair is likely to continue falling further. The next support level is at 1.1565 – the low of October 1.

USD/JPY has surged above the key resistance level of 111.00 due to the strong USD. The way up to the next round number of 111.50 is open now. If the pair breaks through this resistance level, then it may advance to the high of September 30 at 112.00. Support levels are 110.80 and 110.50.

TRADE NOW

FBS Analyst Team

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