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Currency Market Outlook in Anticipating the Impact of Upcoming Non-Farm Payroll Data for the- USD/CAD, EUR/USD, NZD/USD, AUD/USD, USD/JPY, and GBP/USD **Date: October 28, 2024**
As we approach the end of October 2024, the forex market is experiencing notable movements influenced by various economic indicators, including the anticipation of the upcoming non-farm payroll (NFP) report set for November 2, 2024. . Below is a look at the current state of key currency pairs: EUR/USD, AUD/USD, USD/JPY, GBP/USD, NZD/USD, and USD/CAD, along with technical analysis insights, including support and resistance levels.
EUR/USD: Economic data from the Eurozone has shown mixed signals, but the stronger U.S. dollar anticipating possible positive Fridays NFP Report
EUR/USD **Current Price:** 1.0795
The EUR/USD pair is trading at 1.0795. Recent economic data from the Eurozone has shown mixed signals, but the stronger U.S. dollar—bolstered by expectations for a positive NFP report—has kept the euro under pressure. RSI Analysis:
*RSI Analysis:** The Relative Strength Index (RSI) is hovering around 40, indicating bearish momentum. A drop below 1.0750 could signal further weakness, while a rise above 1.0850 could provide a bullish reversal opportunity.
Technical Levels: – ***Support:** 1.0750 – **Resistance:** 1.0850
Outlook:** Given the current economic conditions, if the Eurozone data disappoints, we could see the pair test the 1.0800 support level again. Conversely, a surprise in economic data could push the Euro back toward resistance levels. — #### USD/JPY **Current Price:** 149.29 **Price Action:
USD/JPY: pair has seen significant movement. The U.S. dollar remains strong due to expectations of positive job growth in the upcoming NFP report
USD/JPY **Current Price:** 153.391 At 153.391
At 153.391, the USD/JPY pair has seen significant movement. The U.S. dollar remains strong due to expectations of positive job growth in the upcoming NFP report, contrasting sharply with the Bank of Japan’s loose monetary policy.
**Technical Levels:** – **Support:** 152.50 – **Resistance:** 154.00
**RSI Analysis: The RSI is around 70, indicating overbought conditions. A pullback may be expected if the price approaches 154.00, but support at 152.50 could hold.
Market News:** At 153.391, the USD/JPY pair has seen significant movement. The U.S. dollar remains strong due to expectations of positive job growth in the upcoming NFP report, contrasting sharply with the Bank of Japan’s loose monetary policy.
AUD/USD **Current Price:** 0.6596
The AUD/USD is currently at 0.6596. Australia continues to face challenges with declining commodity prices, particularly iron ore. With the NFP report approaching, anticipated strong U.S. job growth could further weigh on the Aussie dollar.
**Technical Perspective:** The RSI is at 35, suggesting oversold conditions. A break below 0.6580 may lead to further declines, but a rebound above 0.6620 could indicate a recovery. ####
AUD/USD: Australia continues to face challenges with declining commodity prices, particularly iron ore
AUD/USD Current Price: 0.6596
The AUD/USD is currently at 0.6596. Australia continues to face challenges with declining commodity prices, particularly iron ore. With the NFP report approaching, anticipated strong U.S. job growth could further weigh on the Aussie dollar.
Technical Levels:**Support:** 0.6580 – **Resistance:** 0.6620 **Technical Perspective:** The RSI is at 35, suggesting oversold conditions. A break below 0.6580 may lead to further declines, but a rebound above 0.6620 could indicate a recovery.
Market News: Australia continues to face challenges with declining commodity prices, particularly iron ore. With the NFP report approaching, anticipated strong U.S. job growth could further weigh on the Aussie dollar. *
GBP/USD: Upcoming UK inflation data will be crucial, as rising inflation could lead the Bank of England to adjust its policy stance.
GBP/USD **Current Price:** 1.2955 *Price Action:** The GBP/USD is trading at 1.3044, having recently tested support at 1.3000. Ongoing uncertainties surrounding Brexit and weaker UK economic data are contributing to the pound’s struggles.
**Technical Levels:** – **Support:** 1.3000 – **Resistance:** 1.3100
**Market News: Upcoming UK inflation data will be crucial, as rising inflation could lead the Bank of England to adjust its policy stance. Additionally, any developments in Brexit negotiations might impact market sentiment.
The GBP/USD is trading at 1.2955. The British pound remains under pressure due to ongoing concerns about the UK economy, including high inflation and sluggish growth. The anticipation of a strong U.S. job report adds to bearish sentiment for the pound.
**Technical Analysis:** The RSI is currently at 42, suggesting a neutral stance. A break below 1.2900 may lead to further losses, while a rise above 1.3000 could indicate a potential reversal.
NZD/USD : New Zealand’s reliance on agricultural exports makes it vulnerable to shifts in global demand
NZD/USD **Current Price:** 0.5968
Currently at 0.5968, the NZD/USD pair is feeling the effects of global economic uncertainty.
**Support:** 0.5950 – **Resistance:** 0.6000 *
Market News: New Zealand’s reliance on agricultural exports makes it vulnerable to shifts in global demand.
RSI Perspective:** The RSI is at 36, indicating oversold conditions. A drop below 0.5950 may enhance bearish momentum, while a recovery above 0.6000 could signal a bullish reversal.
USD/CAD: (BoC) Monetary Policy announcement on Wednesday, October 18, 2024 fluctuations in Oil Prices affecting the CAD
USD/CAD **Current Price:** 1.3889 **Price Action:** The USD/CAD pair is trading at 1.3889. **Technical Analysis:** The RSI is around 65, suggesting bullish momentum. If the price breaks above 1.3900, it may target 1.3950, while support at 1.3800 could limit downside risks.
Technical Levels: Support:** 1.3700 – **Resistance:** 1.3850
Market News: The Canadian dollar faces headwinds from fluctuating oil prices and the anticipation of a strong NFP report, which could bolster the U.S. dollar further.
Technical Analysis: Support:** 1.3800 – **Resistance:** 1.3900
**RSI Analysis:* The RSI is around 65, suggesting bullish momentum. If the price breaks above 1.3900, it may target 1.3950, while support at 1.3800 could limit downside risks.
USD/CHF : Swiss franc is typically viewed as a safe haven, the strength of the U.S. dollar, driven by expectations from the NFP report
USD/CHF **Current Price:** 0.86877
Technical Analysis: Support:** 0.8650 – **Resistance:** 0.8700
Market News: While the Swiss franc is typically viewed as a safe haven, the strength of the U.S. dollar, driven by expectations from the NFP report, is keeping the franc under pressure.
RSI Analysis: The RSI is at 55, indicating a neutral trend. A break above 0.8700 may lead to further gains, while support around 0.8650 could provide a floor.
Anticipating the U.S. Non-Farm Payroll Report may have expectations of strong job growth in the U.S. are bolstering the dollar against other currencies
The forex market is being significantly influenced by the anticipation of the upcoming non-farm payroll report on November 2, 2024. Possible expectations of strong job growth in the U.S. are bolstering the dollar against other currencies, while the euro, pound, and Aussie dollar face their own economic challenges. Investors should keep an eye on RSI levels and technical indicators, as these factors will likely dictate price movements in the coming days.
As we conclude the week, forex traders should remain vigilant regarding the impending NFP report, which holds the potential to reshape market sentiment and currency movements. The results will play a crucial role in determining the direction of these major currency pairs in the days ahead. Stay tuned for further updates as we navigate the evolving forex landscape! —
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