The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Risk on is back on market
- The risk on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.
- GameStop skyrocketed on Wednesday, surprising investors as everybody thought the stock would stabilize after a rally in January, caused by people from Reddit.
- Gold is heading to close the second month in a row in red. The increasing bond yields pressed down the demand for gold as investors favor the USD that returns yields instead of non-yielding bullion.
- Australian Private Capital Expenditure came out 3.0%, beating estimates of 1.1%. AUD/USD soared to the two-years high.
- Crude oil keeps rallying up amid the supply cuts and the rising demand.
- NVIDIA beat market expectations with earnings of $3.1 per share! Even with the GPU shortage, it made a record $5 billion in revenue. The stock trading will be open at 16:30 MT time (GMT+2).
- Follow the US Prelim GDP q/q at 15:30 MT time.
EUR/USD is climbing to the 61.8% Fibonacci retracement level of 1.2200. It’s unlikely to cross this resistance on the first try, but if it does, the way up to the next Fibo level at 1.2260 will be clear. Support levels are 1.2150 and 1.2100.
GBP/USD has been rising for six days in a row. The jump above yesterday’s high of 1.4200 will open the way up to the next round number at 1.4250. Support levels are at the recent lows of 1.4100 and 1.4050.
USD/JPY has approached the key resistance of 106.00. If the price manages to jump above it, the doors towards the next resistance of 106.50 will be open. On the flip side, the move below the 200-day moving average of 105.50 will press the price down to Monday’s low of 105.00.
Finally, let’s discuss NVIDIA. The stock has been moving in an ascending channel since the summer of 2020. Since it’s in a lower part of the channel, it has more potential to keep rising. Besides, the downside is limited by the 50-and 100-day moving averages at $540.00. The move above $580.00 will drive the stock up to the high of February 16 at $615.00.
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- First of all, be sure you’ve downloaded Metatrader 5 or FBS Trader app. FBS allows you to trade stocks only through this software.
- Open the MT5 account in your personal area (an account in FBS Trader).
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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).