Daily Price Outlook

- Testing Key Pivot: AUD/USD is hovering around the $0.67389 pivot point, a critical level for near-term direction.

- Immediate Resistance: A break above $0.67621 and the 50-day EMA at $0.67612 could signal a bullish trend continuation.

- Support Levels: A breach below $0.67108 could expose AUD/USD to deeper supports at $0.66915 and $0.66708.

The Australian Dollar (AUD/USD) is trading at $0.67392, up 0.33%, signaling a potential rebound from recent lows. On the 4-hour chart, the pair is testing the pivot point at $0.67389, which aligns with a minor support level.

If the AUD/USD sustains its position above this level, it could target the immediate resistance at $0.67621, followed by the 50-day Exponential Moving Average (EMA) at $0.67612. A successful breakout above the 50-day EMA would pave the way for further gains toward the next resistance levels at $0.67861 and $0.68105.

Conversely, if the AUD/USD fails to hold above $0.67389, the pair may encounter initial support at $0.67108, followed by deeper support levels at $0.66915 and $0.66708. A breach below $0.66708 would likely signal increased bearish pressure, exposing the pair to further downside risks.

The Relative Strength Index (RSI) stands at 50, indicating neutral market sentiment. This suggests that AUD/USD could move in either direction depending on whether it breaks above or below the current pivot level. With the RSI at equilibrium, traders should watch for a clear breakout above $0.67621 or a breakdown below $0.67108 for directional cues.

Given the current technical setup, buying interest above $0.67223 could drive the pair toward $0.67616, while a failure to maintain above this level may trigger selling pressure.

AUD/USD - Trade Ideas

Entry Price – Buy Above 0.67223

Take Profit – 0.67616

Stop Loss – 0.66905

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$397/ -$318

Profit & Loss Per Mini Lot = +$39/ -$31

Daily Price Outlook

- Bearish Sentiment: Gold remains below the pivot point of $2,623.02, indicating continued downward pressure.

- Key Support Levels: Immediate support stands at $2,606.30, with further downside potential to $2,596.45 and $2,586.52.

- RSI Near Oversold: RSI at 37 suggests the possibility of a rebound if prices stabilize above the $2,620 level.

Gold (XAU/USD) is currently trading lower at $2,613.02, down 0.34% for the day, signaling continued selling pressure as the metal struggles to hold above critical support levels. On the 4-hour chart, gold is trading below the pivot point at $2,623.02, indicating a bearish outlook in the near term. Immediate resistance is seen at $2,632.79, with additional hurdles at $2,640.56 and $2,655.51 if buying interest picks up.

On the downside, immediate support is located at $2,606.30, followed by deeper support levels at $2,596.45 and $2,586.52. The 50-day Exponential Moving Average (EMA) at $2,635.53 suggests a strong resistance level, reinforcing the bearish sentiment. The Relative Strength Index (RSI) stands at 37, indicating the metal is approaching oversold territory, which may suggest a potential rebound if prices stabilize above the $2,620 mark.

Given the bearish momentum, traders may consider selling below $2,620 with a target at $2,606, while a stop-loss order above $2,627 could limit risk. A decisive break below $2,606 could accelerate selling pressure, driving prices toward the next support level at $2,596. Conversely, a recovery above $2,623 could signal a reversal, with potential gains toward $2,635.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2620

Take Profit – 2606

Stop Loss – 2627

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1400/ -$700

Profit & Loss Per Mini Lot = +$140/ -$70

Daily Price Outlook

- Bearish Bias: GBP/USD trades below the pivot point at $1.31065, indicating sustained selling pressure.

- Immediate Support Levels: Key support stands at $1.30595; a break below could lead to further declines.

- RSI at 41: RSI is nearing oversold territory, signaling potential for stabilization if support holds above $1.30595.

The British Pound (GBP/USD) is trading lower at $1.30776, down 0.21% on the day, as bearish sentiment prevails. On the 4-hour chart, the pair is currently hovering below the pivot point at $1.31065, indicating selling pressure. Immediate resistance is located at $1.31345, followed by $1.31666 and $1.31972, suggesting that the pair needs to clear these levels to signal a potential bullish reversal.

On the downside, immediate support is found at $1.30595, with further levels at $1.30320 and $1.30021 providing additional protection. A drop below these levels could increase downside momentum. The 50-day Exponential Moving Average (EMA) at $1.31060 is positioned close to the pivot point, acting as a strong resistance. The Relative Strength Index (RSI) stands at 41, which is approaching oversold territory but remains neutral.

Given the current market structure, traders might consider a buying opportunity above $1.30588, targeting the pivot point at $1.31065 with a stop-loss set below $1.30310. However, failing to hold above $1.30595 could lead to further selling pressure, pushing the pair toward $1.30320. For a potential bullish reversal, GBP/USD would need to sustain a move above $1.31065, which could open the path toward $1.31345 and beyond.

GBP/USD - Trade Ideas

Entry Price – Buy Above 1.30588

Take Profit – 1.31065

Stop Loss – 1.30310

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$477/ -$278

Profit & Loss Per Mini Lot = +$47/ -$27

Daily Price Outlook

- Bearish Momentum: EUR/USD remains below the $1.09529 pivot point, indicating sustained bearish pressure.

- Immediate Support Levels: Key support lies at $1.09400; a break could push prices lower toward $1.09275 and $1.09141.

- RSI at 39: RSI indicates a nearing oversold condition, which could support a potential short-term recovery if $1.09400 holds.

The Euro (EUR/USD) is currently trading at $1.09616, down 0.17% for the day, as bearish momentum dominates. The pair is moving below the key pivot point of $1.09529 on the 4-hour chart, signaling continued downward pressure. Immediate resistance is situated at $1.09991, followed by $1.10163 and $1.10362, suggesting that buyers will need to push the pair above these levels to regain control.

On the downside, immediate support lies at $1.09400, with additional supports at $1.09275 and $1.09141. A break below $1.09400 could lead to further declines, targeting these lower levels. The 50-day Exponential Moving Average (EMA) at $1.09906 is currently acting as a critical resistance level, reflecting a bearish bias as long as prices remain beneath it.

The Relative Strength Index (RSI) stands at 39, indicating a nearing oversold condition that could trigger a potential consolidation or short-term rebound if support holds.

Traders may consider a buying opportunity if EUR/USD breaks above $1.09527, targeting a move to $1.09924, with a stop-loss set below $1.09278 to manage risk. On the other hand, failure to hold above $1.09529 could signal a deeper correction toward the next support at $1.09275.

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.09527

Take Profit – 1.09924

Stop Loss – 1.09278

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$397/ -$249

Profit & Loss Per Mini Lot = +$39/ -$24

Daily Price Outlook

- Gold faces resistance at $2,656, with RSI at 46, indicating limited bullish momentum for now.

- Breaking below $2,631 support could trigger a deeper correction toward $2,624 and $2,617 levels.

- CPI report impact on gold likely to drive next major move, watch for key resistance and support levels.

Gold (XAU/USD) is trading at $2,641.84, slightly down by 0.04% in the current session. After encountering strong resistance at $2,651—marked by the 50-day Exponential Moving Average (EMA)—the yellow metal has struggled to gain momentum. Price action remains within a tight range, as traders look for catalysts to determine the next direction.

On the 4-hour chart, gold is hovering just below the pivot point at $2,645, indicating a lack of clear directional bias. Immediate resistance lies at $2,656, followed by $2,663 and $2,670. Breaking above these levels could trigger a short-term bullish trend. However, with the Relative Strength Index (RSI) sitting at 46, there’s limited bullish momentum, and gold could remain under pressure in the short term.

Conversely, if prices break below immediate support at $2,631, gold could see further declines, with subsequent support levels at $2,624 and $2,617. The market remains sensitive to macroeconomic indicators, with the upcoming U.S. Consumer Price Index (CPI) report likely to have a significant impact on gold prices.

Traders are advised to monitor key price levels closely. A move below $2,631 may signal a deeper correction, while a sustained break above $2,656 could pave the way for a potential recovery.

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2650

Take Profit – 2633

Stop Loss – 2660

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$1700/ -$1000

Profit & Loss Per Mini Lot = +$170/ -$100

Daily Price Outlook

During the European trading session, the AUD/USD currency pair has continued its bearish trend, trading around the 0.6734 level and hitting an intra-day low of 0.6715. This downward movement can be attributed to risk-off market sentiment, which tends to undermine riskier assets like the Australian dollar (AUD), contributing to the pair's losses. Moreover, comments from the National Development and Reform Commission during a recent press conference have further pressured the AUD/USD.

However, the losses could be short-lived due to the hawkish stance of the Reserve Bank of Australia (RBA) following its September Meeting Minutes. Meanwhile, the US dollar has slightly weakened despite strong jobs report for September has tempered expectations for aggressive rate cuts by the Federal Reserve. Hence, the bearish US dollar provides some support to the AUD/USD pair to limit its losses.

Looking ahead, investors are eager for insights from Fed officials later on Tuesday, as well as the Federal Open Market Committee (FOMC) Minutes. All eyes will then turn to the US Consumer Price Index (CPI) for September, set to be released on Thursday, which could significantly influence market direction.

Australian Dollar Under Pressure Amid Economic Concerns and RBA Caution

As we mentioned above, the Australian dollar is losing traction due to comments from the National Development and Reform Commission during a press conference. China's state planner indicated that the country's economy is facing a more complex internal and external environment, disappointing traders who were hoping for significant stimulus measures. Meanwhile, escalating geopolitical tensions in the Middle East have created a risk-off sentiment in the market, putting further selling pressure on riskier assets like the AUD.

Furthermore, the Reserve Bank of Australia (RBA) released its September Meeting Minutes on Tuesday, revealing that board members discussed future scenarios for both lowering and raising interest rates. The Minutes stated, “Policy will need to remain restrictive until Board members are confident inflation is moving sustainably towards the target range.”

RBA Deputy Governor Andrew Hauser emphasized that the central bank will take action only when inflation is no longer high and persistent. He noted that reducing inflation is a significant task and that they are not finished yet. This cautious approach suggests that the RBA is focused on maintaining stability amid current economic challenges.

Therefore, the news is likely to weaken the AUD/USD pair as risk-off sentiment and disappointing Chinese economic signals undermine the Australian dollar. The RBA's cautious stance on interest rates further contributes to bearish pressure on the AUD against the US dollar.

US Dollar Weakens Amid Strong Jobs Report and Cautious Fed Outlook

On the US front, the broad-based US dollar lost some of its gains on Tuesday. However, a strong jobs report for September has led to reduced expectations for aggressive rate cuts by the Federal Reserve. This report highlights a robust labor market, prompting investors to lower their bets on significant interest rate cuts. As a result, demand for gold, which is a non-yielding asset, has also been negatively affected. According to the CME's FedWatch tool, there is now an 85% chance of a 25 basis point rate cut at the Fed's next meeting in November.

Meanwhile, Federal Reserve officials are shifting their focus from concerns about high inflation to the potential risks of rising unemployment. Minneapolis Fed President Neel Kashkari pointed out this shift, while St. Louis Fed President Alberto Musalem noted that further interest rate cuts would depend on economic performance.

Traders are remaining cautious as they await important US inflation data, including the Consumer Price Index (CPI) and Producer Price Index (PPI), as well as the minutes from the Federal Open Market Committee (FOMC) meeting, both of which are due this week. These reports could significantly influence gold prices and market sentiment.

AUD/USD - Technical Analysis

The AUD/USD pair is currently trading at 0.67354, down 0.51% for the day, following a consistent bearish trend. This decline has pushed the pair below its key pivot point at 0.67678, indicating potential for further downside movement in the near term.

The 4-hour chart suggests that the pair is struggling to regain upward momentum as it hovers around immediate support at 0.67149. Should the price break below this support, the next targets would be at 0.66845 and 0.66569.

The Relative Strength Index (RSI) is hovering at 28, indicating that the pair is in oversold territory and may be due for a short-term corrective bounce. However, the bearish pressure remains strong as AUD/USD trades below its 50-day Exponential Moving Average (EMA) at 0.68150, suggesting that any upward moves could be limited by this resistance level.

On the upside, a move above the immediate resistance at 0.68078 could signal a potential reversal, with subsequent targets at 0.68417 and 0.68884. However, the overall technical sentiment favors further bearishness, particularly if prices continue to stay below the 0.67678 pivot point.

Given the current technical setup, traders should consider selling below 0.67671 with a take profit target at 0.67144 and a stop loss at 0.68050. However, any break above 0.68078 could shift sentiment toward a potential short-term recovery.

Related News

- GOLD Price Analysis – Oct 08, 2024

- USD/CAD Price Analysis – Oct 08, 2024

- AUD/USD Price Analysis – Oct 03, 2024

Daily Price Outlook

- Oversold Conditions: RSI is at 28, suggesting the possibility of a short-term bounce.

- Bearish Momentum: AUD/USD remains below its 50-day EMA at 0.68150, indicating a strong downtrend.

- Key Levels to Watch: A break below 0.67149 support could open the door to further declines toward 0.66845.

The AUD/USD pair is currently trading at 0.67354, down 0.51% for the day, following a consistent bearish trend. This decline has pushed the pair below its key pivot point at 0.67678, indicating potential for further downside movement in the near term.

The 4-hour chart suggests that the pair is struggling to regain upward momentum as it hovers around immediate support at 0.67149. Should the price break below this support, the next targets would be at 0.66845 and 0.66569.

The Relative Strength Index (RSI) is hovering at 28, indicating that the pair is in oversold territory and may be due for a short-term corrective bounce. However, the bearish pressure remains strong as AUD/USD trades below its 50-day Exponential Moving Average (EMA) at 0.68150, suggesting that any upward moves could be limited by this resistance level.

On the upside, a move above the immediate resistance at 0.68078 could signal a potential reversal, with subsequent targets at 0.68417 and 0.68884. However, the overall technical sentiment favors further bearishness, particularly if prices continue to stay below the 0.67678 pivot point.

Given the current technical setup, traders should consider selling below 0.67671 with a take profit target at 0.67144 and a stop loss at 0.68050. However, any break above 0.68078 could shift sentiment toward a potential short-term recovery.

AUD/USD - Trade Ideas

Entry Price – Sell Below 0.67671

Take Profit – 0.67144

Stop Loss – 0.68050

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$527/ -$379

Profit & Loss Per Mini Lot = +$52/ -$37

Daily Price Outlook

- Moderate Bullish Momentum: RSI at 61 suggests mild bullish sentiment, with potential for further upside.

- Support Holds Firm: The 50-day EMA at 1.35891 acts as a critical support, maintaining the bullish trend.

- Crucial Resistance Levels: A breakout above 1.36390 is needed to confirm a bullish continuation toward 1.36612.

USD/CAD is trading at 1.36216, maintaining a neutral stance in a narrow range just above its pivot point at 1.36129. The pair is showing resilience as it struggles to break above the immediate resistance level at 1.36390. A sustained move above this level could signal a continuation of the recent bullish trend, with further resistance targets at 1.36612 and 1.36833.

The pair’s Relative Strength Index (RSI) is currently at 61, indicating mild bullish momentum. This suggests that there is still some room for upside movement before USD/CAD enters overbought territory. Supporting this view, the 50-day Exponential Moving Average (EMA) is positioned at 1.35891, providing a key support level that has been consistently holding up in recent sessions.

On the downside, the immediate support at 1.35905 is crucial for maintaining the short-term bullish bias. If prices fall below this support, the pair could see further declines towards 1.35686 and potentially down to 1.35461, where stronger buying interest may emerge.

Given the current technical setup, a break above 1.36390 could pave the way for further gains, targeting the 1.36612 level in the short term. Conversely, a fall below 1.35905 may trigger a bearish reversal. For now, maintaining a cautious long position above 1.36127 with a take-profit target at 1.36523 and a stop-loss at 1.35964 is advised.

USD/CAD - Trade Ideas

Entry Price – Buy Above 1.36127

Take Profit – 1.36523

Stop Loss – 1.35964

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$396/ -$163

Profit & Loss Per Mini Lot = +$39/ -$16

Daily Price Outlook

- GBP/USD remains under pressure, trading below key resistance at 1.3174 amid a bearish outlook.

- RSI at 39 signals continued downside risk; immediate support levels are 1.3071 and 1.3037.

- Break below 1.31350 may trigger further declines, targeting the 1.30700 level with limited upside potential.

The GBP/USD pair has shown marginal gains, trading at 1.31157, up 0.03% in the 4-hour timeframe. The pair remains in a consolidation phase as it struggles to sustain any significant momentum above the 1.3135 pivot point. Despite modest gains, the technical picture remains skewed towards the downside, with the British Pound under pressure amid a stronger U.S. dollar and concerns over the UK’s economic outlook.

On the technical front, the 50-day Exponential Moving Average (EMA) at 1.3205 acts as a critical resistance level, with the Relative Strength Index (RSI) reading at 39, signaling bearish sentiment. Immediate resistance for the pair is seen at 1.3174, followed by 1.3216 and 1.3251. If the pair manages to break above these levels, it may signal a reversal in trend. However, with the RSI below 50, a continuation of the downtrend is more likely.

On the downside, immediate support sits at 1.3071, followed by stronger support levels at 1.3037 and 1.3003. A break below the 1.3071 mark could accelerate bearish momentum and open the door for further declines towards the 1.3000 psychological level.

Conclusion: With the RSI signaling a bearish bias and the pair trading below the 50 EMA, a sell-off below 1.31350 is recommended. The take-profit target is set at 1.30700, while a stop loss at 1.31750 limits risk.

GBP/USD - Trade Ideas

Entry Price – Sell Below 1.31350

Take Profit – 1.30700

Stop Loss – 1.31750

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$650/ -$400

Profit & Loss Per Mini Lot = +$65/ -$40

Daily Price Outlook

- Bearish Momentum: EUR/USD is trading below its 50-day EMA, indicating bearish pressure.

- Oversold RSI: The RSI is at 29, suggesting potential for a short-term corrective rebound.

- Key Levels to Watch: Support at 1.0951; resistance at 1.0999, with pivot at 1.0983.

The EUR/USD pair is displaying subdued price action, lingering near the 1.0966 mark. The Euro's slight dip against the Dollar reflects an overall lack of momentum, with the pair trading below its 50-day Exponential Moving Average (EMA) at 1.1036.

Currently, the Relative Strength Index (RSI) stands at 29, suggesting that the pair is in oversold territory and might be ripe for a corrective bounce. However, any upside movement faces immediate resistance at 1.0999, followed by stronger barriers at 1.1016 and 1.1036.

The technical outlook remains bearish as long as EUR/USD stays below the pivot point of 1.0983. A break below the immediate support level at 1.0951 could pave the way for further declines toward 1.0938 and potentially 1.0923.

This bearish sentiment is reinforced by the continued strength of the U.S. dollar amid expectations that the Federal Reserve may delay any further rate cuts due to strong U.S. economic data.

In conclusion, the EUR/USD is likely to remain under pressure unless it can break and sustain above the 1.0983 pivot point. Traders should monitor upcoming U.S. inflation data closely, as it could significantly impact the pair’s direction.

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.09833

Take Profit – 1.09518

Stop Loss – 1.09996

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$315/ -$163

Profit & Loss Per Mini Lot = +$31/ -$16