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Market updates on October 8

Market updates on October 8

Information is not investment advice

Key events ahead:

Speech by the Fed chair Jerome Powell – 20:50 MT (17:50 GMT) time

  • EUR/USD has been consolidating. From the upside, the movement of a pair is limited by the 1.0987 level, close to the 100-period SMA on the 4-hour chart. If this level is broken, the next resistance will be placed at the 1.0999 level. If the USD gets stronger, the pair will slide towards the 1.0965 level. Further support levels in bears’ attention will lie at 1.0956 and 1.0944 (50-period SMA).

EURUSDH4.png

  • If we look at the GBP/USD pair, it has been trading near the strong support at 1.2277. On H4, the pair formed the descending triangle pattern with the risks to break to the downside. The next support level will lie at 1.2210-1.2226. After that, there will be a chance of reaching the 1.2193 level. In case of a break to the upside, the first resistance will be situated at 1.2322-1.2337. If bulls overcome this level, the next key resistance will lie at 1.2368.

GBPUSDH4.png

  • Despite the news that the US Commerce Department announced about adding to the trade blacklist 28 Chinese firms ahead of the US-China trade talks, the Australian dollar corrected to the upside during the Asian session and stuck above the 50-period SMA. If the aussie weakens, AUD/USD will slide below the 0.6746 level. The next support will be placed at 0.6739 (50-period SMA). From the upside, the first resistance will lie at 0.6759 (descending trend line). The next key resistance is situated at 0.6771.

AUDUSDH4.png

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