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Technical Outlook

  

-AUDUSD is near a resistance, traders should wait for break and retest pattern for buying trade opportunity. If the price do not break and hold above the region, market is still a downtrend.

-GBPUSD just broke the range is moving up near a confluence are where it broke above the EMA.

Australia Interest Rate Decision

Reserve Bank of Australia (RBA) board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the AUD, while a lower than expected rate is negative/bearish for the AUD.

The previous Actual data was 4.10%. The forecasted data is 4.10%. The report is due Tuesday, November 7, 2023, 9:00 GMT.

AUDUSD Technical Analysis:

AUDUSD, after forming a double top in July, has seen a drastic price drop. The price went down by 9.03%. Price was then seen making lower highs and lows, slowly moving in a downtrend. On the way, the price broke the support near $0.64958.

The price then was trading below the 50EMA, showing a short-term downtrend when it was respecting the bearish channel. We could see the Bullish RSI Divergence that indicated the bullish movement was due. After the formation of the RSI Divergence, the price broke the bearish channel and started moving up. On the way up, it also crossed the EMA.

Currently, the price is at a major resistance. Crossing and staying above the resistance can give a good chance of buying opportunities to the traders. But it may also be a fake.

Pivot Points: AUDUSD

  Support  Resistance
S10.6504R10.6513
S20.6499R20.6517
S30.6495R30.6521

U.S. Initial Jobless Claims

Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week.

A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

The previous Actual data was 217K. The forecasted data is 210K. The report is due Thursday, November 9, 2023, 19:00 GMT.

GBPUSD Technical Analysis:

GBPUSD was in a downtrend, with the price trading inside the bearish channel. The price recently formed its bottom at $1.20371 and went into a consolidation state. The price was stuck between $1.20691 and $1.22988.

The price most recently broke out of the range and the 50EMA, moving up. A confluence could be seen where buyers had a good trading opportunity. A lower time frame can give a better understanding of the entry. The next major resistance would be near $1.25434. However, the trend is bearish and may go further if the buyers cannot maintain the momentum.

Pivot Points: GBPUSD

  Support  Resistance
S11.2417R11.2430
S21.2409R21.2435
S31.2405R31.2443

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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