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The market sentiment is mixed today as contradictory economic data from China and the USA this week showed that the recovery path will be bumpy and it will take a lot of time to reach pre-crisis levels. It erased the investors’ optimism based on successful vaccine tests. US retail sales came out better than analysts expected. They were 7.5%, while the forecast was 5.0%. However, jobless claims tuned out more by 50 000 than the forecast – 1.3 million people filed for unemployment benefits. The US dollar fell down after report, but then returned to previous levels.
Let’s look at the charts. EUR/USD bounced back from the key resistance at 1.1445. Now it’s moving upward to the resistance at 1.1415. If it breaks through this level, it may surge again to the recent high at 1.1445. Support levels are 1.1343 and 1.1280. Follow the EU Final CPI at 12:00 MT time and the US Consumer Sentiment at 17:00 MT time, the latter will have a huge impact on the market.
The S&P 500 reached the key resistance at 3 225, but failed to break it through. The move above will push the price to the next resistance at 3 300. Support levels are 3 135 and 3 110. The US consumer sentiment should define the further S&P movement.
Gold dropped dramatically and even broke through the lower trend line. It reversed from the support at $1 794 and crossed the key psychological mark at $1 800. It will meet soon the resistance at $1 810. Support levels are at $1 794 and $1 778.
Finally, let’s look at the USD/JPY. The pair has just crossed the support at 107.2. It's moving towards the next one at 107.0. Resistance levels are at 107.35 and 107.7. Follow the US consumer sentiment report at 17:00 MT time!
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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