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

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