The United States has one week before default, and NVIDIA may become the next Tesla. What else drives the market?
What Will Move The Market On November 15-19?
After an extremely volatile week in the markets, traders await the next steps of the USD and stocks. What drivers will move the assets next week? Lets’ find out!
The main intrigue of this week is connected with the further performance of the US dollar. The USD strengthened last week on the Consumer Price Index report. Analysts and experts are concerned about inflation as looks like that unexpected and unwanted houseguest who just won’t leave. The US dollar index has reached the key ascending resistance line and some correction is expected at the beginning of this week. EUR/USD has reached March 2020 level, which is a huge support. Some reversal is expected in this currency pair with the target at 1.1540. Also, pay attention to GBP/USD, the pair might reach 1.3530. Monetary Policy Meeting Minutes will shake the Australian dollar on Tuesday. AUD/USD might bounce out of the 0.7270 support level and head towards 0.7395 after.
Investors will continue tracking the performance of indices. Last week NASDAQ (US100) has reached the upper border of the rising channel it has been moving into for 16 months. As usual, the price got rejected out of it. During this week US100 might slide further and reach the key support level of 15700. US500 has also reached, the global ascending resistance line and got rejected. The key support locates at the 4550 level where the price will head on this week.
Oil & metals
The oil prices kept moving in a range between $80 and $84.5 last week. The next week will be not less volatile for XBR/USD. If the price breaks through the main support of $80, it might fall to $77. The price of XTI/USD follows a similar scenario. After reaching $83.25, it reversed and fell to $79. If this resistance level gets broken, the price will plunge to $75 support. XNG/USD dropped hard last week. It reached $4.8 support and bounced back. During this week the price will be consolidating in the $5.3 and $4.8 range. Breakout of either side will define the future trend. Gold broke through the key descending resistance line and heads towards $1900. Before that, it might retest the $1830 key level from the above.
Some progress in US debt ceiling talks is made, and the PMI data is out.
When will the US go bankrupt? Will it start the market crash unseen before? We have plenty to share with you, so let’s get started.
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Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!