EUR/USD Price Analysis: Further up aligns 1.1000
- EUR/USD reaches fresh three-month highs around 1.0965.
- The continuation of the bullish trend should meet 1.1000.
EUR/USD advances for the fourth consecutive session, hitting new peaks around 1.0965 on turnaround Tuesday.
The continuation of the upward bias could see the psychological threshold of 1.1000 revisited prior to the August high of 1.1064 (August 1.
So far, while above the significant 200-day SMA, today at 1.0806, the pair’s outlook should remain constructive.
EUR/USD daily chart
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The USDCHF completes the negative pattern – Analysis
The USDCHF pair managed to break 0.8888 and hold below it, to get negative motive that supports the continuation of the decline and head towards our next negative target at 0.8810, reminding you that breaking this level will push the price to 0.8710 as a next target.
Stochastic loses the positive momentum clearly to support the expectations to decline, noting that breaching 0.8888 will stop the expected negative pressure and push the price to recover.
The EMA50 forms negative pressure against the price to support the continuation of the expected bearish trend, which will remain valid unless the price rallied to breach 0.8968 and hold above it.
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AUD/USD seeing some hesitation ahead of Australian Unemployment Rate
The AUD/USD is pulling back into the Wednesday midrange.
Australian labor data due early Thursday, giving Aussie traders cause for pause.
US Data mixed on Wednesday, sending the Greenback nowhere in particular.
The AUD/USD is trading back into the Wednesday midpoint as the pair fails to push in either direction decisively. US data came in mixed while Aussie (AUD) traders will be bracing for an additional round of Australian labor data.
US Retail Sales for October came in above expectations, but still saw some declines to print at -0.1% against the forecast -0.3%, and September's read was revised upwards from 0.7% to 0.9%.
US Producer Price Index (PPI) ex Food & Energy for the year into October also missed expectations slightly, printing at 2.4% against the street's expected hold at 2.7%.
Aussie traders will now be looking ahead Australian labor data due early in the Thursday session.
Australian Employment Change for October is expected to show an additional 20 thousand job additions for the month, an increase from September's 6.7 thousand. Meanwhile, the Aussie Unemployment Rate is expected to tick upwards from 3.6% to 3.7% in October.
AUD/USD Technical Outlook
The AUD/USD is getting hung up on the 0.6500 handle, a region that should make bidders nervous as it's the turnaround point for prices earlier in the month, and the pair looks to be running out of gas on its recent bullish bounce.
There is still a significant price ceiling from the 200-day Simple Moving Average (SMA) near 0.6600, and the floor on any bearish corrections sits at the 50-day SMA at 0.6400, with bids trapped in the middle.
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AUD/USD Daily Chart