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Daily Technical Insights 3rd November 2023

　　

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

Picks of the Day Analysis
EUR/USD (4 Hours)

EUR/USD Faces Headwinds as Economic Data Paints Gloomy Picture

On Thursday, the US saw an increase in weekly Initial Jobless Claims, reaching the highest level in seven weeks, while the Unit Labor Cost dropped significantly. In the Eurozone, the Manufacturing PMI decreased, signaling a contraction in activity, with several key nations facing economic challenges. These factors could limit the Euro’s strength and pose challenges for the EUR/USD pair. Upcoming data releases, including the Eurozone Unemployment rate and US employment figures, will be closely watched, providing clarity for the direction of the currency pair.

Chart EURUSD by TradingView

According to technical analysis, the EUR/USD moves higher on Wednesday, approaching the upper band of the Bollinger Bands then goes back lower. Currently, the EUR/USD is trading just above the middle band, indicating the potential for a slightly lower movement to reach the middle band. The Relative Strength Index (RSI) is at 55, signaling that the EUR/USD is in neutral bias.

Resistance: 1.0645, 1.0705

Support: 1.0592, 1.0526

XAU/USD (4 Hours)

XAU/USD Faces Pressure from China’s Economic Woes as Traders Eye US Jobs Data for Direction

Gold (XAU/USD) is grappling with the potential impact of downbeat Chinese economic data, considering China’s status as the world’s leading gold producer and consumer. Concerns arise as the Caixin Manufacturing PMI for October fell below expectations, raising doubts about the nation’s economic recovery. On Friday, all eyes will be on the US Nonfarm Payrolls data, Unemployment rate, and Average Hourly Earnings for October, which will guide traders in their search for trading opportunities within the gold market.

Chart XAUUSD by TradingView

According to technical analysis, XAU/USD is moving in consolidation on Thursday and is able to reach the middle band of the Bollinger Bands. Presently, the price of gold is consolidating near the middle band, creating a possibility to push back lower. The Relative Strength Index (RSI) is currently at 47, indicating a neutral bias for the XAU/USD pair.

Resistance: $1,992, $2,007

Support: $1,977, $1,962

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

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