US debates deteriorated sentiment

US debates deteriorated sentiment

Yesterday Donald Trump and Joe Biden had intense debates. The market reaction was initially positive, which drove stocks higher. However, after that Trump claimed he would refuse to accept election results in case of Biden’s victory.  As a result, the overall sentiment deteriorated and pushed stocks to the downside.

S&P 500 has bounced off the key resistance of 3 350. If it manages to cross the low of September 24 at 3 200, it may dip to the 200-day moving average at 3 100. Resistance levels are 3 350 and 3 400.


Elsewhere, US CB Consumer Confidence came out 101.80, exceeding market expectations of 90.0. That added some tailwinds to the greenback. EUR/USD has just failed to cross the significant resistance of 1.1750. If it retests it again, the way towards Tuesday’s high of 1.1770 will be open. In the opposite scenario, the move below the low of 1.1700 will drive the price to yesterday’s low of 1.1675.


Chinese Manufacturing PMI was released early in the morning and was almost as planned: 51.5 vs. expected 51.3. That indicated the steady recovery in the world’s second largest economy. It wasn’t enough to drive the Chinese yuan as well as the Australian dollar upwards amid the strong US dollar. If AUD/USD jumps above the 50-day moving average at 0.7200, the way to high levels of early August at 0.7245 will be open. Support levels are 0.7000 and 0.6920.


As for the UK, Brexit talks continue. In addition, the UK GDP came out better than analysts anticipated: -19.8 vs. the forecast of -20.4. However, the British pound is loosening against the dollar. GBP/USD is unlikely to fall below the strong support at the 200-day moving average at 1.2720. The move above the 50-day moving average at 1.3000 will drive the pair to 1.3250.


Finally, let’s discuss gold. It has started recovering after the dramatic slump, but then failed to break through the key resistance of $1 900. The move below yesterday’s low of $1 880 will push the pair lower to the next support of $1 850. On the flip side, if it manages to jump above $1 900, the doors towards the 100-day moving average at $1 920 will be open.


The economic calendar is full of releases today. ADP will be out at 15:15 MT time and will give some hints ahead of Friday’s NFP. Later on, Canadian and US GDP will come out. Stay tuned!

Check the economic calendar



What to Trade on August 22–26?
What to Trade on August 22–26?

How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3­­ Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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