
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
The market sentiment switched to risk-on. The US dollar is dipping down, while riskier assets are rising, especially the Australian dollar after the positive employment data. All eyes on US unemployment claims.
The Australian dollar surged, but then bounced off the resistance at the high of August 11 at 0.7185. If It manages to cross this level, it will open doors towards the next resistance at the high of August 7 at 0.7215. Support levels are 0.7145 and 0.7115.
EUR/USD has just broken out the 61.8% Fibonacci level. It may have a short pullback back to this level, but then it should surge higher to the key psychological mark at 1.1900. Support levels are 1.1820 and 1.1800.
S&P 500 is edging higher. It almost reached the all-time high at 3 390, but then slightly contracted. Vaccine hopes and declining infections should support the current risk-on sentiment and drive the stock index higher. Watch out the key resistance at 3 390. The move above will push the price to 3 400. Support levels are at the low of August 11 at 3 315 and at 3 270.
Finally, let’s look at the gold chart. It has just crossed the resistance at $1 930. Therefore, it should reach the next one at $1 950. Support levels at $1 910 and $1 880.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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