Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
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.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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