USDJPY-Outlook-Hinges-on-BoJ-Fed-Policy-105.40-Hurdle-in-Focus_body_ScreenShot118.png (680×164)

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

AUD/USD

0.7602

0.7619

0.7582

6

37

AUD/USD Daily

USDJPY-Outlook-Hinges-on-BoJ-Fed-Policy-105.40-Hurdle-in-Focus_body_ScreenShot115.png.full.png (1504×786)

Chart – Created Using Trading View

  • AUD/USD may work its way back towards the top of the ascending triangle as it preserves the upward trend from earlier this year, while the Relative Strength Index (RSI) retains the bullish formation carried over from the summer months; with market attention turning to the slew of central bank rate decisions on tap throughout the first full-week of November, the fresh rhetoric out of the Reserve Bank of Australia (RBA) may boost the appeal of the Australian dollar especially as the central bank is scheduled to release its quarterly monetary policy report on November 4.
  • It seems as though Governor Philip Lowe and Co. will continue to endorse a wait-and-see approach for monetary policy as the central bank anticipates the low-inflation environment to ‘remain the case for some time,’ but a material shift in the policy outlook may heighten the appeal of the higher-yielding currency should the RBA show a greater willingness to gradually move away from its easing cycle; will also keep a close eye on Australia’s 3Q Retail Sales report, with private-consumption projected to increase 0.2% following the 0.4% expansion during the three months through June.
  • A closing price above 1.0940 (61.8% retracement) may push EUR/USD towards the top of the near-term channel, with aligns with the next topside region of interest coming in around 1.0970 (38.2% retracement).

    • Currency

    Last

    High

    Low

    Daily Change (pip)

    Daily Range (pip)

    USD/JPY

    105

    105.08

    104.27

    29

    81

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