Market updates on October 24

Market updates on October 24

Key events ahead

ECB monetary policy statement – 14:45 MT (12:45 GMT)

ECB press conference – 15:30 MT (12:30 GMT)

Core durable goods orders - 15:30 MT (12:30 GMT)

  • The start of the European trading session has been volatile for the euro. After the releases of French flash services and flash manufacturing PMIs, where the actual figures came out higher than the forecasts, EUR/USD tested the 1.1160 resistance level, but inched lower on the disappointing German PMIs and flash manufacturing PMI for the Eurozone. Further attention of traders will be on the ECB meeting at 14:45 MT. If the ECB is hawkish, the pair will rise above the 1.1137 and 1.1151 levels, where it may retest the 1.1160 resistance level. If this level is broken, the next key resistance for bulls will be placed at 1.1172. On the other hand, if the ECB is dovish, EUR/USD will slide below the 1.1130 level. After that, reaching the support level at 1.1120 seems possible. The next key level from the downside will be placed at 1.11.


  • USD/JPY has moved lower to the support at 108.59. If bears break this level, their next target will be at 108.45. After that, the next support in focus will lie at 108.36. If buyers continue to dominate in the market, the 108.7 level will be broken. A further rise will be limited by the 108.77 and 108.85.


  • Gold has tested the support at $1,489 (50-day SMA). If the price for the yellow metal continues to fall, this level will be broken and the next support will lie at $1,486. After that, the $1,483 level will be important. Buyers will be looking for the retest of the $1,493.2 level. Further resistance levels will be placed at $1,495, $1,497 and $1,500.



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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