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The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
EUR/USD is edging lower. According to UOB, the pair may drop to 1.1650 in the short term. Watch out for the breakout of the low of September 29 at 1.1670 as it will open doors towards the support of 1.1650. On the flip side, if it retests 1.1710, the way to the 100-period moving average of 1.1710 will be clear.
XAU/USD is trading inside the ascending channel. It’s moving down, but it’s likely to reverse from the intersection of the lower trendline and the $1 900 level. The move above yesterday’s high of $1 910 will drive the yellow metal to the 200-period moving average of $1 917. Support levels are $1 890 and $1 875.
The British pound is falling amid Brexit uncertainties. However, the 23.6% Fibonacci retracement is strong enough to constrain the further falling of the pair. If it manages to break it, the way to lows of late September at 1.2820 will be open. Resistance levels are 1.2980 and 1.3000.
S&P 500 is forming a cup & handle pattern. If it breaks the resistance of 3 535, the way to the all-time high of 3 580 will be clear. After that it’s likely to rally further. However, today’s mood isn’t favorable to risk, so it’s better to keep an eye on the chart to catch the price movement up. Support levels are 3 445 and 3 400.
US Core retail sales will be out at 15:30 MT time! Stay tuned!
Last week was not full of events, but we still saw decent moves in the charts of majors, S&P500, NASDAQ, oil, and crypto. The upcoming week will bring even more volatility to your favorite assets!
The US will release the Philly Fed Manufacturing Index – the impactful event for the USD and thus for all the major pairs. It will be out on November 18 at 15:30 MT (GMT+2).
The United Kingdom will publish the Inflation Rate on November 17, at 09:00 MT (GMT+2). How will it impact the markets?
The Eurozone will publish the Indicator of GfK Consumer Confidence on November 25, at 09:00 GMT+2.
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
The United States will publish Flash Manufacturing and Services PMIs on Tuesday at 16:45 GMT+2.
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