Market updates on October 3

Market updates on October 3

Key events ahead:

Speech by the British PM Boris Johnson – 13:30 MT (10:30 GMT)

Speech by the FOMC member Quarles – 15:30 MT (12:30 GMT)

US ISM non-manufacturing PMI – 17:00 MT (14:00 GMT)

  • EUR/USD stuck above the 50-period SMA on H4 yesterday and moved up towards the resistance level at 1.0974. If the US dollar continues to weaken, buyers of the euro will break this level and push the pair towards the next resistance at 1.0994 (100-period SMA). On the other hand, if the USD is supported by the release of non-manufacturing PMI, the pair will slide below the 1.0954 level. After that, bears of EUR/USD will be waiting for a retest of the 1.0928-1.0936 levels. Reaching the 1.0928 level will increase the chance of a test of the ascending channel's lower border. The breakout of that border will make the pair vulnerable to the fall towards 1.0908.


  • GBP/USD has been consolidating above the 200-period SMA on the mixed news about the new plan by the British PM Boris Johnson. Bulls are looking for a breakout of the 1.2317-1.23330 levels. Such a move will increase the possibility of reaching the resistance level at 1.2353. Downside movement will be limited by the 1.2272-1.2284 levels. Further support lies in the 1.2224-1.2234 area. The cable may get volatile on the speech by the British PM Boris Johnson at 13:30 MT.


  • Weak USD is positive for gold bulls. The price for the yellow metal has been testing the 1,504.8 resistance level. The next resistance will lie at $1,507.6. If this level is broken, bulls may push the higher to the $1,510.7 level. On the other hand, the breakout of the $1,497.4 level will make gold vulnerable to the fall towards the $1,493.6 level. The next support will lie at $1,489. Pay attention to RSI, as it is moving close to the overbought zone.




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. 

Latest news

Increased Volatility is Coming
Increased Volatility is Coming

The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.

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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