Market updates on October 1

Market updates on October 1

Key events ahead:

Canadian GDP – 15:30 MT (12:30 GMT) time

Speech by the FOMC member Clarida – 15:30 MT (12:30 GMT) time

Speech by the FOMC member Bullard – 16:15 MT (13:15 GMT) time

US ISM Manufacturing PMI – 17:00 MT (14:00 GMT) time

  • Earlier today the Reserve bank of Australia cut its interest rate by 25 basis points to a record low 0.75%. Also, the RBA statement hinted on further easing amid the worsening economic outlook. The meeting weakened the AUD and pulled AUD/USD towards the support at 0.6689. If the Australian dollar strengthens, it will rise towards the resistance at 0.6735. The next key level will lie at 0.6748. RSI is moving within the oversold zone.

AUDUSDH4.png

  • GBP/USD is consolidating as the market is awaiting a new Brexit plan by the British Prime Minister Boris Johnson today. The pair has been trading close to the 200-period SMA on H4. If the new plans provide a solution to the backstop, the British pound will break the resistance at 1.2306. The next key level will be placed at 1.2329. In case of an alternative scenario, we will see a slide below the 1.2281 level. In this case, bears will target the next support at 1.2233.

GBPUSDH4.png

  • Will the euro slide below the 1.0890 level? The answer depends on today’s events for the USD. If they support the USD, EUR/USD will fall below the support at 1.0890. In this case, the next support will lie at 1.0858. If the USD is weak, the pair will rise to the 1.0912 level. The next resistance will be placed at 1.0947.

EURUSDH4.png

Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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