Will the pound keep standing?
Services and Manufacturing PMIs are out on Wednesday at 11:30 MT time.
Trade ideas on May 29
Let’s look at main movements on the market.
USD/JPY fell down
Investors are waiting for Donald Trump’s response to China’s security law in Hong Kong. As a result, the market uncertainty pushed up the Japanese yen. The USD/JPY is headed down to the support line at 107.1. If the price manages to cross it, it will pave the way towards the next support level at 106.8. Resistance levels are at 107.45 and 107.725.
Stocks dipped on risk-off sentiment
S&P 500, Dow Jones, Nasdaq dipped today. Today the focus of investors has shifted from optimistic prospect of reopening economies to the US-China tensions. China’s parliament on Thursday insisted on the new security legislation in Hong Kong that raised a lot of questions about its future freedom and economic functioning. Everybody’s waiting for the US reaction today. Inevitably, the US-China relationship will get worse. Just yesterday S&P 500 passed the 3060 mark, unseen since March. Support levels are at 3000 and 2960.
Gold is moving up
The gold price rose on the market uncertainty and falling USD. It’s headed up to the retracement level at 1730. If it breaks through it, it will possibly jump up to 1750. Support levels are 1700 and 1680. Most analysts have bullish forecasts for gold as it always sticks to the long-term trend.
AUD/USD surged on weak USD
The Australian dollar went up as the US dollar fell. AUD has been climbing since March 20. Today it has met with a 200-day moving average at 0.6665. If it breaks through it, it will go up to the next resistance level at 0.675. Support lines are 0.66 and 0.65.
Similar
Main market movements on September 22
The market sentiment remains risk-off amid rising virus cases around the world and fears over new restrictions and lockdowns.
Will the RBNZ support the kiwi?
The New Zealand interest rate is announced on Wednesday at 05:00 MT time.
Latest news
US stimulus package improved sentiment
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
The US weekly labor data is out!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
Main market news on September 23
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.
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