Market updates on October 31

Market updates on October 31

European Quarterly GDP Growth Rate – 12:00 MT (10:00 GMT)

American Monthly Personal Income and Personal Spending Index – 14:30 MT (12:30 GMT)

  • The US Fed announced the interest rate cut to 1.75% on October 30. EUR/USD reacted by rising. On the H4 chart of EUR/USD, the day has started with the price inching into the resistance range of 1.1167 – 1.1177 and possibly aiming at another 3-months resistance level of 1.1217. The support levels of 1.1101 and 1.1076 remain valid unless a strong bearish movement appears on the chart.

EURUSDH4 October 31.png

  • While the Bank of Canada released the unchanged interest rate of 1.75% against the lowered rate of US Fed on October 30, the USD/CAD performed a sharp rise during the announcement. That was due to the negative tone the officials expressed in regards to the likely contractions within the investments, exports, employment growth and global economy slowdown pushing the Bank of Canada to implement monetary ease in the coming future. On the H1 chart of USD/CAD, the price bounced back from the newly formed local resistance level of 1.3180, testing the support level of 1.3152. If it is broken, we will have a range of 1.3120 – 1.3131, 1.3078 and 1.3049 as the support levels. Otherwise, the additional resistance level may be placed at 1.3208.

USDCADH1 October 31.png

  • On the H4 chart of USD/JPY, the quote has dropped to the support level of 108.65. That was due to the unchanged Japanese interest rate (set at -0.1% as per October 31 release) against the lowered US Fed rate, which led to relative depreciation of the US dollar. However, the likelihood of the monetary ease in the future on behalf of the Bank of Japan keeps the Japanese yen dropping slowly, viewing the resistance levels of 108.99 and 109.254. The support level of 108.55 and the range of 108.34 – 108.41 remains valid.

USDJPYH4 October 31.png

Similar

USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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