USD/JPY Key Technical Levels

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Despite the latest struggle, a convergence of the 100-Day Moving Average and an upward-sloping support line from November 04, around 0.6690, restricts the short-term AUD/USD Forex downside. The AUD/JPY pair has recorded a gap-down opening around 93.50 as Covid-19 concerns in China have escalated the risk-off theme for trading partners of China.

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This, in turn, takes its toll on the global risk sentiment and boosts demand for the traditional safe-haven Gold price. Nothing scheduled in the euro docket leaves all the attention to the speech by Chair Lagarde before the European Parliament. In fact, Lagarde notes that interest rates remain the exclusive tool for fighting inflation and that fiscal policy must be considerate and not add to inflationary pressures. Lagarde also said that DotBig LTD inflation risks remain on the upside, at the time when she declined to comment on whether inflation has peaked. There is normally a consensus amongst leading economists about what level an economic announcement is likely to come in at. Changes to non-farm payrolls​​, GDP or inflation data will have a resulting effect on the market. For example, low unemployment suggests a strong economy, so many would expect the stock market to rise.

USD/JPY Key Technical Levels

Gold price has turned south and dropped to the $1,740 area after having climbed above $1,760 earlier in the day. The US Dollar is benefiting from the souring market mood in the early American session and the 10-year yield holds steady near 3.7%, weighing on XAU/USD. It’s worth noting that the prospect of the Fed’s slower pace of interest rate hikes weighed on the US Dollar the previous week even if the Reserve Bank of Australia officials appeared not too hawkish. Also positive could be the People’s Bank of China’s cutting of the Reserve Requirement Ratio by 25 basis points effective from December 5. Prospects of Fed’s easy rate hikes favor Aussie pair buyers even as RBA’s lacks hawkish moves. Accelerating interest rates and weak economic projections have led to a decline in consensus for US ADP employment.

  • The Indian Rupee is set to remain within the range against the US Dollar as the Reserve Bank of India will be involved in FX intervention, economists at Deutsche Bank report.
  • The cross has attempted a rebound after a dark open but is still under caution.
  • It’s worth noting that the $70.00 round figure may act as a buffer during the anticipated fall.
  • FXStreet has the best real-time graphs to follow stocks and the best Forex analysis.
  • In doing so, the black gold also portrays the market’s fears of witnessing a limit on Russian oil prices.

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Once it was discovered that the missiles were from Ukraine anti-defense, USD/PLN quickly returned to prior levels. US Dollar bears may be looking for higher levels to sell, while EUR/USD bulls may be looking for better levels Forex news to buy. The Riksbank meets on Thursday and the decision to raise by 75bps or 100bps could have implications for the next direction in EUR/SEK. Some of the orders I place go against my natural inclination in a market.

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Seasonal forex trading news and impacts tend to be seen in energy and agricultural commodities, but less so for precious metals. The table below shows some of the main resource currencies and the commodities that affect them. These can be used by traders as a sort of trading signal, as it can help to predict where the price of the currency is headed. As with other asset classes, forex trading news can become particularly active before and following major economic events.