The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
Market updates on September 24
Key events ahead:
Speech by the RBA governor Philip Lowe – 12:55 MT (8:55 GMT)
CB consumer confidence for the US – 17:00 MT (14:00 GMT)
- During the Asian trading session, the trading of AUD/USD was mixed. Bulls managed to push the pair higher towards the 0.6787 level. If the RBA governor shares some positive comments, the AUD may inch higher. If the 0.6787 level is broken, the next resistance will lie at 0.6795-0.6799 levels. After that, bulls need to focus on the 0.6804 level. From the downside, the first support for the pair will lie at 0.6773. If it is broken, the pair will be vulnerable to the fall to 0.6767 level. After that, reaching the support at 0.6759 seems possible.
- EUR/USD has been trading with low volatility. We may expect CB consumer confidence to move the pair. According to the forecasts, the indicator will reach 134.1 points. If the actual level is higher, the support at 1.09816 will be broken. The next key support for the pair will be placed at 1.0956-1.0964. If the USD is weak, the breakout of the resistance level at 1.0997 will be in focus. After that, bulls will be targeting the 1.1024 level.
- GBP/USD has spiked above the 1.2460 level on the news that the Supreme Court decided that the prorogation of the Parliament was unlawful. We will wait for further updates on that matter. The next resistance for the cable on H4 will lie at 1.24. From the downside, the support levels lie at 1.2414, 1.2391 and 1.2364.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?