What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Market updates on October 28
- EUR/USD has been making confident steps towards the 1.1106 level on the 4-hour chart. If bears take over the market, the may pull the pair below the 1.1090 level. This scenario will increase the chances of a retest of the 1.1072 support level from October 25. In this case, the downward movement, which is confirmed by Parabolic SAR, may be resumed.
- The news that Brexit would be delayed until January 31, 2020 did not stop the consolidation of GBP/USD on the H4. The upper border of the range is placed at 1.2860. After that, further upside momentum may be limited by the 1.2876 level (50-period SMA). On the chart, you can see that this level lies close to the upper border of the short-term descending channel. As far as buyers overcome this border, the retest of tops from October 24th at 2.2927 seems likely. Bears will be eyeing the support at the lower border of the consolidation range (1.2807). The next key level for them will be placed at 1.2785.
- The gold is also trading sideways between the $1,506 and $1,503 levels. The breakout to the upside may lead bulls to move towards the $1,509 boundary. On the contrary, the consolidation period may be over with bears crossing the $1,503 level. In this case, the chances of reaching $1,500 are high.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!