Market updates on October 2

Market updates on October 2

Key events ahead:

Brexit press conference by British PM Johnson – 14:00 MT (11:00 GMT) time

US ADP non-farm employment change – 17:30 MT (13:30 GMT) time

Speech by the FOMC member Williams – 17:50 MT (13:50 GMT) time

  • EUR/USD has touched the resistance at 1.0940 and started to fall down on the risk-off sentiment. Bears have been targeting the support at 1.0908. If this level is broken, the next key level will lie at 1.0884. Bulls will be awaiting the release of ADP non-farm employment change at 17:30 MT time. According to the forecasts, the indicator will advance by 140 thousand jobs. If the actual level is lower than the forecasts, the USD will weaken. As a result, the pair will rise to the resistance at 1.0940. Next resistance levels will lie at 1.0958-1.0964 (close to the 50-period SMA).


  • GBP/USD is awaiting the press conference by the British Prime Minister Boris Johnson on a new Brexit plan at 14:00 MT time. If it disappoints the market, the cable will slide towards the trend line of September 3. The 1.2210 level will be important for sellers. In case of a breakout, the support level at 1.2193 will be important. Strong bearish pressure may pull the pair even lower to the 1.2170 level.  On the other hand, if the market likes the new plan by Mr. Johnson, the pair will stick above the 1.2233 level. The next key levels lie at 1.2252 and 1.2272.


  • USD/JPY bounced from the 100-period SMA and moved down towards the 107.62 level. The next support lies at 107.51. From the upside, the resistance levels lie at 107.79 and 107.89 levels.



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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