Market updates on October 15

Market updates on October 15

Key events ahead:

Speech by the BOE Governor Mark Carney – 11:30 MT (8:30 GMT) 

Speech by the FOMC member Bostic – 16:00 MT (13:00 GMT)

Speech by the FOMC member George – 19:45 MT (16:25 GMT)

Speech by the FOMC member Bullard – 22:25 MT (19:25 GMT)

Speech by the FOMC member Daly – 22:30 MT (19:30 GMT)

  • GBP/USD has retested its recent highs above the 1.27 level after the comments by the EU chief Brexit negotiator about the possibility of a Brexit deal this week. Today we anticipate the UK to suggest fresh Brexit proposals after the meeting between the UK Prime Minister Boris Johnson and DUP leader Arlene Foster. It’s highly recommended to follow the headlines, as the GBP gets volatile on the announcements. In case of positive news, the cable may inch higher to the 1.2684 resistance level. If this level is broken, the next resistance will be placed at 1.2706. Further levels in bulls’ focus will lie at 1.2725 and 1.2741. Alternatively, bears will pull the GBP/USD pair lower to the support at 1.2630. The next support will be placed at 1.2576. If this level is broken, the chances of reaching the 1.2515 level will increase. Technically, RSI is moving within an overbought zone. If it leaves this zone, it may provide us a short-term selling opportunity.

GBPUSDH4.png

  • EUR/USD is looking for further direction. The pair has been consolidating between 1.1034 and 1.1024 levels but has already tested the resistance level at 1.1045 and the support level at 1.1014. If bulls take over the market, the breakout of the 1.1034 level will happen and the next resistance will be placed at 1.1045. On the other hand, bears will be looking for a break of the 1.1024 to slide lower to the 1.1014 level.

EURUSDH4.png

  • The US threatened Turkey with tariffs on steel yesterday after the Turkish military actions in Syria. USD/TRY reached the resistance at 5.9202 but slid lower to the support at 5.8590. If bulls regain their positions, the pair will rise higher to the 5.9120 level and may retest the 5.9202 resistance level. The pair may rise as far as the 5.94 level will be reached. If a correction to the downside happens, the pair will fall lower to the 5.8590 level. The next support will be situated at 5.8396. MACD oscillator shows a bearish divergence with the price.

USDTRYH4.png

 

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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

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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.

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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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