How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
Market Updates on November 4
Key events ahead
Swiss Consumer Confidence – 08:45 MT time (06:45 UTC)
German Manufacturing PMI Index – 10:55 MT time (08:55 UTC)
The EURUSD pair has started the week with no significant shifts. Despite the release of higher than expected non-farm payroll figures (+128K in October against 89K expected) on November 1, the USD didn't gain strength. On the H4 chart of EUR/USD, the price is aiming at the resistance of 1.1177, set by the October high. The next resistance may be located at 1.1217. For the support levels, we may place 1.1145, 1.1101 and 1.1076 in case the market decides to favor the bears.
Although the NFP release was better than expected, the US dollar depreciated. Up to now, the USD is on a moderate rise. On the H4 chart of USD/JPY, we may place the support levels at 107.97 and 108.14, formed by the lows of Thursday-Friday last week. The bulls will have the resistance levels of 108.92, 108.99 and 109.25 on their way.
On the H4 chart of XAU/USD, we may see interesting patterns formed by gold. On October 25, gold reached the 1514.45 peak, which is now the closest resistance level. On the same day, the RSI index crossed the overbought level upside down. The gold has been dropping to the support range at 1484.14 simultaneously with the RSI index. After the latter has crossed the oversold level of 30% from below on October 29, gold started rising again and reached back up the resistance level of 1514.45, where it has been consolidating since last Friday. As we see that the RSI index crossed the overbought level of 70% from above again, there is a high probability that XAU/USD price will be falling once again. The support levels may be located at 1503.50, 1491.55, 1488.83, 1484.14 and 1480.35. While the bulls may have 1514.47 as the resistance level.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.