Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Market updates on September 30
- During the Asian trading session, ANZ business confidence for New Zealand fell to the lowest levels since 2008. As a result, NZD/USD tested the lows below the 0.6254 level. If the 0.6254 level is broken, the next support will lie at 0.6235. Bulls will be looking for a short-term recovery towards the 0.6276 level. RSI will be especially helpful in this situation, as its line is moving close to the oversold zone. In case of a breakout of the 0.6276 resistance level, the next key level will be placed at 0.6297, close to the 50-period SMA.
- The cable has been trading above the 200-period SMA on H4, as the GBP traders anticipate the Brexit updates. In case of the news about the extension of the Brexit deadline, bulls may break the 1.2329 level and push GBP/USD higher towards the 1.2363 level. If the pair weakens, we may see the slide below the 1.2281 level. The next support will be placed at 1.2233.
- Gold has retested the lows of September 13 at $1,485. If it continues to weaken, it may provoke a further fall towards the $1,479.4 level. From the upside, pay attention to the resistance lines at $1,494 and $1,500. RSI has entered the oversold zone. If it leaves this zone, it may provide a buying opportunity.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.