Last Week’s Highlights
Last week was a rollercoaster ride in the financial markets, featuring some key economic indicators and chart patterns that hint at the future.
The U.S. Consumer Confidence Index for September took a hit, falling from 108.7 to 103.0. With less optimistic consumers, the American dollar is showing signs of vulnerability.
On the other hand, the Australian CPI saw a steady rise, reaching 5.2% YoY, exceeding the previous month’s 4.9%. Could this strengthen the Aussie in the weeks to come?
Technical Analysis Insights
On the technical front, the EURUSD pair had a fascinating week. After 11 weeks of relentless decline, the currency pair finally showed a bullish tail. This development could hint at a change in momentum, providing traders with fresh opportunities.
Commodities had a mixed week, with both Gold and Silver closing lower. Crude Oils and Cryptocurrencies, however, bucked the trend and finished higher.
As for the global indices, they teased new lows but ended much higher, signaling what could be the end of the bearish run.
What’s Coming Next?
Now, let’s look forward to the week ahead:
–Monday: U.S. ISM Manufacturing PMI and a speech from Fed Chair Powell.
– Tuesday: Reserve Bank of Australia will announce its Cash Rate, expected to stay at 4.10%.
– Wednesday: New Zealand Official Cash Rate announcement.
– Thursday: Another round of U.S. Unemployment Claims.
And we can’t overlook Friday! Buckle up for Non-Farm Payroll, a key U.S. employment figure that has the power to shake markets. Given the state of U.S. consumer confidence, traders will watch this data closely.
In The Charts
First up, is the NASDAQ (tech100) setting up to hold support and push back now?
The EURUSD weekly chart also produced a bullish tail at support. Not a strong one, but could it mean that price will move higher next?
Bitcoin continues to show bullish behaviour off recent support.
Conclusion
Whether you trade Forex, commodities, or indices, make sure you stay updated with economic news and market trends. After all, an informed trader is a successful trader.
That’s all for this week’s review. Stay tuned for our next update and as always, trade wisely!
