EURUSD bouncing back
The dollar has not been the most favourable currency to trade with recently, as the rally that started in September has come to a halt. Sellers have continued to close their positions as the price spikes higher, clawing back some losses. As federal agencies begin to reopen after the most longest government shutdown in history, the dollar could rebound and regain its competitiveness against its rivals. 1.1550 is the first support, with 1.1700 the next target higher.
XAUUSD eyeing another record
As Gold hit another fresh high, investors digested the end of the government shutdown. With the restart of key economic data releases, which could reinforce expectations of further interest rate cuts. Sentiment could struggle to attract sellers below 4000, as this price now becomes a critical level of support. The yellow metal is targeting 4280 to sustain the rally and move towards another record.
SPX 500 maintains momentum
Indices were on the rise again as a series of economic data supported a solid American stock market, which seemed to ease fears that the Fed might cut rates due to a weakened economy. A steady labour market in recent weeks, combined with a progressive earnings season in which AI and tech have led the way, maintains the S&P’s drive to focus on another all time high. The quote is hovering above 6700, and 6900 is a key resistance ahead.
Test your forex and CFD trading strategy with Orbex
The post The Week Ahead – Decisions, Decisions for the Fed appeared first on Orbex Forex Trading Blog.