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EUR/USD is moving inside the descending channel. If the pair drops to the mid-May low at 1.2060, it’s likely to reverse up from that level as 1.2060 is a quite strong support level, which the pair has failed to cross several times already. The breakout will open the doors to the early-May lows at 1.2000. On the flip side, if it jumps above the high of June 3 at 1.2130, it may rally up to the 200-period moving average of 1.2150.
In the long term, GBP/USD is moving in an uptrend inside the descending channel, nicely supported by the 100-day moving average. In the short term, it’s trading back and forth inside the horizontal corridor. Thus, there are two possible scenarios. The pair breaks the 1.4085 support and drops to the lower trend line and the 50-day moving average of 1.4000, which it’s unlikely to cross on the first try. The pair may reverse up at that level. In the opposite scenario, the move above the 1.4200-1.4250 resistance zone will drive the pair to the next round number of 1.4500.
XAU/USD has dropped below the lower trend line. The 200-period moving average of $1855 should stop the metal from falling deeper. So, we might see the reverse up from that level. The breakout may push XAU/USD to May lows of $1825.
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).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
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