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EUR/USD is moving in an uptrend. It has approached the key resistance of 1.2170, which it has failed to break a few times already. If it jumps above it, the way up to the next round number of 1.2200 will be clear. On the flip side, the pair is unlikely to break the 50-period moving average of 1.2130 as it has been nicely supporting the pair since November. The Fed’s meeting on Wednesday will have a huge impact on the pair.
The British pound regained its recent losses. GBP/USD is trading inside ascending channel. If it jumps above the key resistance of 1.3400, the way up to the high of December 3 at 1.3460 will be clear. On the flip side, the move below the recent lows of 1.3300 will push the pair to the next support of 1.3200.
XAU/USD has approached the level of the recent highs at $1 845. Since it has failed to cross it several times, we can expect the pullback. If it manages to break it through, the way up to the high of December 8 at $1 870 will be clear. Support levels are $1 810 and $1 770.
The Australian dollar dipped amid the risk-off market sentiment. It is getting closer to the key psychological mark of 0.7500. It’s unlikely to break it by the first attempt, therefore we may see a retracement. If it finally drops below 0.7500, the way down to the 50-period moving average of 0.7470 will be open. Resistance levels are 0.7580 and 0.7600.
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).
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).
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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