The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Market updates on October 11
Key events ahead:
- US-China trade talks
- Meeting between the EU chief negotiator Michel Barnier and UK Brexit Secretary Stephen Barclay - 10:00 MT (7:00 GMT) time
- Canadian employment change and unemployment rate – 15:30 MT (12:30 GMT) time
- EUR/USD has been consolidating above the 1.0994 level (200-period MA on the 4-hour chart). The next resistance, which bulls will try to reach, will be placed at 1.1023. The further rise may be restricted by the 1.1046 level. In case of an alternative scenario, when bears may try to break the 1.1005 level, they will pull the pair lower towards the support at 1.0994. After that, the next key support will lie at 1.0985.
- The British pound has been moving up on positive news surrounding Brexit. Yesterday’s comments by the Irish Prime Minister expressed optimistic views on the outcome of the meeting with the UK PM Boris Johnson. Today the European Council president Donald Tusk said that the EU is awaiting a final proposal by the PM today ahead of the European summit next week. GBP/USD has surged above the long-term descending trendline and tested the highs above the 1.2520 level on H4. If the bullish mood in the market continues, there is a chance of the pair to reach the 1.2558 level. After that, the next key resistance will lie at 1.2577. From the downside, the levels are 1.2480, 1.2462 and 1.2435.
- The Canadian dollar is awaiting Canada's jobs data. According to the forecasts, the employment change will advance by 11.2 thousand jobs, while the unemployment rate will remain at the same level of 5.7%. If the actual figures are positive, USD/CAD will break the support at 1.3268 and pull the pair below the 200-period SMA to the 1.3259 level. The next support level will lie at 1.3253. If the pair reverses, it will retest the 1.3296 resistance level. Bulls will be looking for a breakout of this level to reach 1.3306.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
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?
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).