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EUR/USD was trading inside the ascending channel since mid-summer and Fed’s comments pressed the pair down and as a result, it broke through the lower line of the channel at 1.2000. It has approached the next support of 1.1950. The move below it will drive EUR/USD to the next round number of 1.19000. Resistance levels are 1.2000 and 1.2050.
GBP/USD dipped as well. It is getting closer to the support of 1.3860. If it manages to break it, the way down to the psychological mark of 1.3800 will be clear. On the flip side, the move above the high of March 2 at 1.3950 will drive the pair to the next resistance of 1.4000.
USD/JPY has broken through the key psychological mark of 108.00, the high unseen since June of 2020. The move above 108.50 will drive the pair up to the 200-weekly moving average of 109.00. Support levels are the round number of 108.00 and the 100-weekly MA of 107.20.
Finally, let’s discuss WTI oil. It has approached the resistance of $65.00. If it manages to break it, the way up to the psychological mark of $70.00 will be clear. Support levels are $59.00 and 55.00. If you want to trade WTI, you need to choose WTI-21J, which expires on March 19.
Follow one of the most important events for the Forex market – NFP at 15:30 MT time!
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).
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
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