The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
Market updates on October 29
On the H4 of EUR/GBP, we see that the price is testing the psychological level of 0.8612. The pair is consolidating, thus, the further direction will depend on the strength of the euro. If the pair falls below 0.8612, it will slide towards 0.8590. In the case of the reversal, the resistance is placed in the range of 0.8649-0.8663.
On the H4 of EUR/USD, we see a similar picture, indicating a bearish movement. The price may test the support range 1.1073-1.1061, 1.1038. If the pair sticks above 1.1085, we may see a rise to 1.1105.
Gold is on the sideways movement, indicating a potential for a rise. On the H1 chart of XAU/USD, it has already broken yesterdays’ resistance and is gradually climbing up towards the resistance levels at 1495.47, 1506.00 and 1514.47. For the market reversion, support levels may be set at 1488.83, 1484.14 and 1480.35.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…