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US500 (SP500) UPDATE
- Despite talk of overvaluations and potential bubbles, stocks are hanging tough by holding off attempts to retrace.
- With that said, anything other than a new record high would be a disappoint.
- In this regard, 6754 still blocks exposing the 6768 record high.
- In any case, finds support while above 6685
US500 4 HOUR CHART
XAUUSD (GOLD) UPDATE
- Recovery from the plunge from 4381 => 4004 is like trying to dig out after an earthquake that still needs to move back above 4161 to confirm the low is in and shift the risk back to 4200 or above.
- If above 4091, then momentum is tilted up waiting for a 4161 break to confirm.
XAUUSD 1 HOUR CHART
Trading Trip:
When you see a strong cross currency move that creates a tug-of-war between two currencies that sees them move in opposite directions assume it is being driven by a real money buy (or sell) order.
Looking to fade such a move until there is a reason to do so makes you a liquidity provider more than just a trader.
In equity trading it would be known as rotation.
EURGBP up => EURUSD up; GBPUSD down
EURUSD catching a bid although seems more from offsets out of a EURGBP buy order than the Consumker Confidence data.
EURUSD 4h
EUR is trying to turn the tide to the Upside.
Supports are now: 1.15850, 1.15750 & 1.15400
Resistances: 1.16050, 1.16250 & 1.16550
Most important level on the upper side is now at 1.16550, and if EUR manages above it things might turn Bullish for it.
However, if it fails there , road would be open for 1.14 area very quickly.
US500 (SP500) UPDATE
Broad view:
- Consolidating within the wide 6768 => 6496 range
- Bulls likely to try and hang in ahead of the Oct 29 FOMC (rate cut) decision
Current view:
- Case can made for a downside risk while trade is below 6724
- For momentum to build 6655 would need to be broken but even then would still be within its range to 6532.
US500 4 HOUR CHART
Ripple Price Analysis: XRP Remains Weak Against Both BTC and USD
Ripple’s native token has been under pressure over the past two weeks, giving up almost all of its strong Q3 gains. While Bitcoin’s dominance has surged, altcoins like XRP are struggling to hold critical support levels. However, the charts still show some structure holding for now.
On the USDT chart, XRP has pulled back from the upper boundary of its broad ascending channel and is now testing the lower trendline. The asset is currently positioned just below the 100-day and 200-day moving averages, with the latter serving as immediate resistance at around $2.60.
A break below the lower boundary of the channel could expose the $2 demand zone. With the RSI also hovering around 40, the momentum is bearish but not oversold, suggesting more room for downside if support fails.
FX option expiries for 23 October 10am New York cut
There are just a couple to take note of on the board for today, as highlighted in bold below.
The first one is for EUR/USD at the 1.1575 level. The expiries don’t tie to any technical significance but could just help to limit any downside extensions for price action in the session ahead before rolling off later in the day. That especially with no major economic data releases to work with in European trading.
Then, there is one for USD/JPY at the 152.00 level. That also doesn’t tie to any technical significance, so it might not offer much – if any – impact on price action today. That as the Japanese yen remains softer after Takaichi was officially confirmed as prime minister, while the dollar also remain firmer in trading so far this week.
Newsquawk Pre-Market Movers
<p style=”text-align: center;”>Source: Try Newsquawk free for 7 days</p>XTIUSD (WTI) UPDATE
- Classic Amazing Trader directional indicator pattern playing out with a 10+% rise off the 56.44 low.
- Faces a potential key obstacle at 63.13, needing to see 62.00+ to put it in play.
- Beyond 63.13 lies 66.70+
- Supports: 61.80. 60.24, 58.36
XTIUSD 4 HOUR CHART
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