The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Tesla invested $1.5 billion in bitcoin
- US stocks have been climbing up for six days in a row. Notably, it’s the longest rally since August!
- S&P 500 surged above $3 900 for the first time, driven by hopes for an upcoming Biden’s relief package.
- Crude oil is coming back to pre-pandemic levels. WTI has just crossed $58.50, while Brent oil has jumped above $61.00.
- The market sentiment improved due to vaccine rollouts and signs of progress on US stimulus. However, investors start discussing how soon reflation trade could threaten stocks.
- Apple may soon offer a platform for buying and selling cryptocurrencies. If the tech giant enters the crypto market, Apple will skyrocket.
- Tesla invested $1.5 billion in bitcoin, sending the cryptocurrency above $47 000.
EUR/USD has approached the 100-period moving average of 1.2090. The move above it will drive the pair to the high of January 29 at 1.2150. However, it’s the least possible scenario, since the upside is limited by both the upper trendline and the 100-period moving average. Therefore, the pullback to the downside is expected. Support levels are 1.2050 and 1.2000.
GBP/USD is edging higher to the key psychological mark of 1.3800. The move above this level will drive the pair up to the next round number of 1.3850. Support levels are at yesterday’s low of 1.3730 and at the 50-period MA of 1.3690.
USD/JPY has bounced off the 200-day MA of 105.60 and broken through the key psychological mark of 105.00. The move down to the 100-day MA of 104.50 is clear now. If it manages to cross 104.50, it may fall to the 50-day MA at 104.00.
Finally, let’s discuss Brent oil. The current CFD is BRN-21J, which expires on February 26. The move above the high of January 22, 2020 at $64.50 will drive the price to the next resistance of $66.50. Support levels are the key psychological mark of $60.00 and the chain of recent lows at $55.00.
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).
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).