Though there was some moderate lift in risk-leaning assets and even a few technical milestones marked this past week, the markets have not yet committed to a clear direction nor even shift in momentum. That may change quickly in the week ahead as the docket holds a long list of critical events including the FOMC rate decision; key developed economy 3Q GDP updates; NFPs; Brexit votes and much, much more.
The Dollar rebounded last week, but can it turn that rebound into something more or will it fizzle out and resume lower?
WTI crude oil prices still lack a clear trend this year despite the best week in over a month. Near-term technical signals hint a turn lower may be in store, will support give way?
The Australian Dollar is juxtaposed between an intimidating zone of technical resistance and rising trend support. As Aussie bears and bulls battle it out, watch these levels on AUDUSD, AUDJPY and GBPAUD.
The crude oil price outlook is bearish as the Fed rate decision, US-China trade tensions and Brexit uncertainty risk overpowering upside pressure from the next OPEC production report.
The Federal Reserve interest rate decision is likely to influence the price of gold as the central bank is widely expected to deliver another rate cut in October.
FTSE 100 posts the strongest weekly rise in 9-months as Pound drops on election risks, while Dow Jones looks to corporate earnings, NFP and Fed decision.
Sterling is flagging going into the weekend and may struggle to recover as the shambles otherwise known as Brexit continues to weigh on the British Pound.
A livelier week is in prospect for the Australian Dollar with one or two fascinating domestic data points in prospect before we get to the main event.
Following an incredible sprint that swung GBPUSD over 6.5 percent higher in just two weeks, the pair finally took a breather this past week. A retreat looks overdue, but volatility and Brexit should make traders circumspect.
Gold prices might be on the cusp of resuming an uptrend dating back to mid-2018 but they must first clear a critical chart barrier holding back gains.
Oil – Black
USD – Green
Gold – Yellow