Market outlook for this week
Jump in to know the key market events and trading ideas for this week!
News to trade on October 30
- The CB consumer confidence for the US will be released today at 17:00 MT time. It is expected it to drop to 136.3 points from reaching 138.4 points in September. Up to this moment, the USD index is rising towards the resistance at 96.76 due to the drop of 10-year Treasury yields. If the situation on the equity market stabilizes, the US dollar index can fall to the support at 95.98.
- Yesterday the US president Trump made some positive comments regarding his plans on reaching a great trade deal with China. It lifted the demand for the risk assets and made the aussie to rise above the resistance at 0.7077. If there is more positive news on the trade deal, the pair can stick above the resistance at 0.7134. If the USD is supported, the pair can fall down to the support at 0.7029. The NZD price was less certain yesterday and formed a Doji candlestick. Up to this moment, NZD/USD is testing the resistance at 0.6529, targeting the next resistance at 0.6694. The strong USD can make the pair fall downwards to the support at 0.6449.
- EUR/USD fell yesterday following the Angela Merkel comments about her stepping down as a chancellor in 2021. Positive news for the Eurozone can make the EUR stick above the resistance at 1.1429. If the USD is stronger, the pair can fell below the support at 1.1307.
- Yesterday UK's Finance Minister Hammond failed to deliver positive comments on Brexit during the British budget release. As a result, the price closed lower the psychological level at 1.28. Positive news on Brexit can support the British pound and it can move up to the resistance at 1.2895. However, the strong USD can continue to push the pair downwards 1.2704.
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