The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Markets after US retail sales
- The USA has revealed encouraging data! Retail Sales, Philly Fed Manufacturing Index, and Unemployment Claims – all they came out much better than expected! It has improved the market sentiment – S&P 500 and Nasdaq 100 hit all-time highs, but the reaction of the US dollar was mixed. Today, the greenback has started the day on a positive footing.
- China has published its GDP for the first quarter, which came exactly as expected: 18.3%. It was the fastest growth since records started!
- The first week of the earnings season is coming to an end. Yesterday, Bank of America, PepsiCo, and Citigroup revealed better-than-expected earnings. Today, investors await Morgan Stanley’s report at 14:30 MT.
- Oil is heading for the best week since early March amid the overall optimism about the stronger-than-expected recovery from the pandemic.
Gold has broken through the key level of $1760! It retraced to it shortly, but it’s likely to be a natural sell-off ahead of the further rally up. Thus, it may reach the high of late February at $1790. If it crosses this level as well, it may jump to $1815! Support levels are the 50- and 100-period moving averages of $1745 and $1730.
EUR/USD is moving inside the ascending channel in the short term, but we shouldn’t forget that the overall trend is downward. As a rule, a pair is likely to reverse down after it touches the upper trend line. So, if the pair breaks through the 1.1960 support, it will fall further to the 50-period moving average of 1.1915. In the opposite scenario, it manages to cross the strong resistance area of 1.1990-1.2000, the way up to the next round number of 1.2050 will be open.
USD/JPY is moving inside the descending channel. It has bounced off the support of 108.65. If it manages to break the psychological mark of 109.00, the way up to the 200-period moving average of 109.10 and then to 109.25 will be open. Support levels are at recent lows of 108.65 and 108.40.
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).