Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
Market updates on October 25
GfK Consumer Confidence – 08:00 MT (06:00 GMT)
Ifo Business Climate – 10:00 MT (08:00 GMT)
European trading session started today on a bullish move. GfK Consumer confidence index came out just slightly lower than the previous mark. Ifo Business Climate index proved exactly the same as in the month before, continuing a gradual rise. On the H1 chart of EUR/USD we have local support at 1.1096. Traders need to watch out for this level not to be broken. If the rising trend reverts and the downward movement is indicated, the next support may be placed at 1.1067. If the trend continues upward direction, the nearest resistance level may be set at 1.1134. If this level is passed, the next threshold may be located at 1.11514 with the midterm resistance at 1.1117.
On the USD/JPY H1 chart we see that dollar is experiencing continuous volatility. If the support level at 108.50 is broken, the next support may be located at 108.31. If the trend shows bullish potential, the resistance level to be watched is 108.71. If it is passed, the next threshold may be placed at 108.87.
This week started on the bullish note for gold. If it continues the same trend, the resistance level to be watched is 1508.20. If it is broken, the next level may be placed at 1515.38 for upward direction. If the quote reverts into downward direction, the first support is at 1500.91. Further levels for the bearish move may be located at 1491.77, 1488.64 and 1482.92.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.