What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Market Updates on November 4
Key events ahead
Swiss Consumer Confidence – 08:45 MT time (06:45 UTC)
German Manufacturing PMI Index – 10:55 MT time (08:55 UTC)
The EURUSD pair has started the week with no significant shifts. Despite the release of higher than expected non-farm payroll figures (+128K in October against 89K expected) on November 1, the USD didn't gain strength. On the H4 chart of EUR/USD, the price is aiming at the resistance of 1.1177, set by the October high. The next resistance may be located at 1.1217. For the support levels, we may place 1.1145, 1.1101 and 1.1076 in case the market decides to favor the bears.
Although the NFP release was better than expected, the US dollar depreciated. Up to now, the USD is on a moderate rise. On the H4 chart of USD/JPY, we may place the support levels at 107.97 and 108.14, formed by the lows of Thursday-Friday last week. The bulls will have the resistance levels of 108.92, 108.99 and 109.25 on their way.
On the H4 chart of XAU/USD, we may see interesting patterns formed by gold. On October 25, gold reached the 1514.45 peak, which is now the closest resistance level. On the same day, the RSI index crossed the overbought level upside down. The gold has been dropping to the support range at 1484.14 simultaneously with the RSI index. After the latter has crossed the oversold level of 30% from below on October 29, gold started rising again and reached back up the resistance level of 1514.45, where it has been consolidating since last Friday. As we see that the RSI index crossed the overbought level of 70% from above again, there is a high probability that XAU/USD price will be falling once again. The support levels may be located at 1503.50, 1491.55, 1488.83, 1484.14 and 1480.35. While the bulls may have 1514.47 as the resistance level.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
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What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!