The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Market updates on September 27
Key events ahead:
US core durable goods orders – 15:30 MT (12:30 GMT)
US personal spending – 15:30 MT (12:30 GMT)
Speech by the FOMC member Quarles – 15:30 MT (12:30 GMT)
- At the moment of writing, EUR/USD has been trading near the resistance at 1.0921. If bulls manage to break this level or the anticipated releases for the USD disappoint the market, the next resistance level will be situated at 1.0937. After that, the possibility of reaching the 1.0964 level will increase. From the downside, the fall towards the 1.0890 level seems likely if the USD strengthens. The next key support will lie at 1.0854.
- GBP/USD slid lower on the comment by the BOE member Saunders. He said that if the deal is not reached, the next move by the Bank of England may be a cut. The pair has tested the support zone at 1.2272-1.2281, where the 200-period SMA is moving. If the pair overcomes these levels, the next support will be placed at 1.2233. If the pair reverses, bulls will need to break the 1.2297 level to confirm their strength. The next resistance will lie at 1.2373. RSI is moving within the oversold zone.
- Gold moved lower on the improved market sentiment. The price of the yellow metal has tested the support at $1,496. Further supports in bears' focus will lie at $1,490 and $1,486. In case of risk-off sentiment, the reversal towards the $1,507 level will be possible. The next resistance will be placed at $1,512.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
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?
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.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).