Market updates on October 18

Market updates on October 18

EU economic summit – all day

Speech by the FOMC member Clarida – 18:30 MT (15:30 GMT)

Speech by the BOE Governor Mark Carney – 20:45 MT (17:45 GMT)

  • Brexit news continues to move the market ahead of the significant vote on Saturday. The GBP/USD pair has been trading between the support at 1.2838 and the resistance at 1.2890. If the resistance at 1.2890 is broken, the next resistance will be placed at 1.2920. After that, the retest of the levels close to 1.2970 seems possible. From the downside, the breakout of the 1.2838 level may lead bears to move towards 1.2749.

GBPUSDH4.png

  • After the test of the 108.92 level, USD/JPY slid lower to the 108.46 support level. If it is broken, bears may take over the market and pull the pair lower to 108.16. The next support will be placed at 107.79. In case of an alternative scenario, the pair may break the 108.92 level and rise above the 200-period SMA to the next resistance level at 109.45. If we look at oscillators, we can see that RSI is moving close to the overbought zone.

USDJPYDaily.png

  • Yesterday’s negotiations between the US and Turkey were productive as the countries agreed to a ceasefire in Syria. As a result, USD/TRY dropped heavily below the 50- and 100-period SMAs on H4. Bears are trying to reach the 5.7537 level. The next support will be placed at 5.7288. In case of a reversal, the first resistance to watch will be placed at 5.7990. After that, reaching the 5.8144 level will be desirable by bulls.

USDTRYH4.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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