Market updates on October 17

Market updates on October 17

Key events ahead

British retail sales - 11:30 MT (8:30 GMT)

EU Economic Summit – all day

Philly Fed Manufacturing Index – 15:30 MT (12:30 GMT)

Speech by the RBA Governor Philip Lowe – 23:00 MT (20:00 GMT)

  • Yesterday’s reports that the Brexit deal was not reached ahead of the European summit scheduled for today pulled the British pound lower. GBP/USD slid to the support at 1.2745. If this level is broken, the next support will be placed at 1.2686. The next support levels will lie at 1.2662 and 1.2641. From the upside, the first key resistance will lie at 1.2877. After the breakout, reaching the 1.2920 and 1.2943 levels seem possible.


  • AUD/USD has risen on a lower-than-expected unemployment rate and the news that China is discussing the next phase of trade talks. The pair has crossed the 200-period SMA and moved higher to the 0.6804 level. If bulls overcome this level, the next resistance levels will be placed at 0.6810 and 0.6818. In case of a reversal, pay attention to the 0.6780 level. After that, reaching the support level at 0.6773 seems possible.


  • NZD/USD has been supported as the risk sentiment in the market gets better. The kiwi has tested the 200-period SMA. If this level is broken, the next resistance will lie at 0.6330. After that, the next resistance will be situated at 0.6345. From the downside, bears will pay attention to 0.6288, 0.6277 and 0.6267.



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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