
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
The US president is back to White House after three days spent in the hospital. Riskier assets rose, while safe havens dipped.
EUR/USD has beautifully bounced off the 23.6% Fibonacci level at 1.17050 and rallied to 1.1800, but failed to cross this level. If it manages to break through it, it may rise to the 50.0% Fibonacci level of 1.1810 and then to 61.8% Fibo level of 1.1860. In the opposite scenario, the move below the 38.2% Fibo level of 1.17640 will drive the pair back to 1.17050.
S&P 500 is edging higher amid the overall risk-on sentiment. The move above the high of September 16 at 3 420 will push the stock index upwards to 3 480. On the flip side, the move below the 100-period moving average of 3 330 will push the price lower to September’s low of 3 205.
The Australian dollar has reversed from the key resistance of 0.7210 at the 50.0% Fibo level. If it crosses the 38.2% Fibo level of 0.7160, it will fall deeper to Friday’s low of 0.7140. In the opposite scenario, if the aussie manages to break the 50.0% level, it will jump to 0.7260, as the current risk-on mood may help it to climb up.
Finally, let’s talk about XAU/USD. It has been trading in the ascending channel. The move above yesterday’s high of $1 920 will push the price the 200-period moving average at $1 926. Otherwise, if the risky mood weighs further on the precious metal and it drops below the recent low of $1 890, the doors to $1 880 will be open.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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