
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
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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!
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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