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EUR/USD has failed to cross the 1.1800 support level so far. If it breaks it, the way down to the low of June 14 at 1.1770 will be clear. The 50-period moving average near 1.1825 remains the strong resistance level. The next resistance is at yesterday’s high of 1.1850.
Gold has failed to cross the key resistance level of $1833, which lies at the 50% Fibonacci retracement level. The way to the 38.2% Fibo level of $1815 is clear now. If it breaks it, the way down to the 23.6% Fibo level of $1790 will be open. In the opposite scenario, if gold crosses the $1833 barrier, the metal can rally up to the next round number of $1850.
Finally, let’s see what’s happening with the British pound. The symmetrical triangle has occurred on the GBP/USD chart. It means that we should wait for a breakout of the lower or upper line. If the price goes below the lower line and surpasses the 1.3800 support level, it will fall to 1.3750. However, 1.3800 is a strong barrier and the pair is likely to bounce off rather than breaking out. Resistance levels are 1.3865 and 1.3900.
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).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
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?
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