The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Forex market update on March 30
To start the week, let’s throw a quick glance on the market disposition this Monday.
No big movement so far, with USD and JPY being moderately strong against their counterparts. In general, the overall mood of the market is very cautious. Very possibly, currency investors are not yet sure how to interpret Donald Trump’s recent stepping back from his previous call to resume normal activity by Easter. Now, the virus state is extended until April 30 in the US. So the audience is watching for more fundamentals on the USD to factor it into this week’s movements.
USD/JPY: support 107.00, resistance 108.50
The precious metal has lost its momentum for the upside. Currently, it trades at $1,615 per ounce and is likely to continue the consolidation at this level. As there is no certainty on the market about the nearest perspectives, and the positivity is hardly outweighing the pessimism of what’s going on, so is the gold – hanging there at the ranges of $1,610-1,620.
XAU/USD: support $1,600, resistance $1,645
The oil market is now in a “prepare for the ride” state. Most media reiterate the truth that Donald Trump lost the opportunity to lead the global oil market anywhere, and even if he wanted it now, it is too late. Saudi Arabia and Russia show no more sympathy to each other nor any more concern by the global consequences of the oil price war. These last days of March will end the current period of output limitations following the December agreements of the OPEC+, now obsolete. Hence, Wednesday will be the first day of the truly free oil market. Probably, that is going to be an example that freedom without limitations is no good for anyone. In the meantime, the oil price is at decade-long bottom levels.
WTI: support $20, resistance $28
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).