Which Forex pairs will mostly like raise or surge due to technical setups and important news that occoured in last 7 day

Answered at Oct 24, 2024

Forex Market Report: Currency Pairs Poised for Movement

Introduction

In the dynamic world of forex trading, certain currency pairs are currently showing potential for significant movement. This report delves into the technical setups and recent news events that could influence these pairs, focusing on the EUR/USD, USD/JPY, and AUD/USD. Understanding these factors can help traders make informed decisions in the coming days.

EUR/USD: Riding the Uptrend

The EUR/USD pair is currently in an uptrend, showing a slight increase over the past 24 hours. This movement is largely driven by recent economic data releases from both the Eurozone and the United States. Positive economic indicators from the Eurozone, such as improved GDP growth figures and favorable shifts in monetary policy expectations, have bolstered the euro against the dollar (source).

  • Technical Setup: The EUR/USD is approaching a significant resistance level. Traders should watch for a potential breakout, which could signal further upward momentum.
  • Recent News: The European Central Bank's recent decision to maintain interest rates has supported the euro, while mixed economic data from the U.S. has added to the pair's volatility.

USD/JPY: Safe-Haven Dynamics

The USD/JPY pair is influenced by the interplay between the U.S. dollar and the Japanese yen, a traditional safe-haven currency. Recent fluctuations in this pair have been driven by changes in global risk sentiment (source).

  • Technical Setup: The pair is currently testing a key support level. A break below this level could see the yen appreciate further against the dollar.
  • Recent News: Geopolitical tensions and economic uncertainties have increased demand for safe-haven assets like the yen, potentially leading to a stronger JPY in the short term.

AUD/USD: Predictable Patterns

The AUD/USD pair is known for its predictability, often moving in well-defined uptrends and downtrends. Recent economic data from Australia, including strong employment figures and stable commodity prices, have supported the Australian dollar (source).

  • Technical Setup: The AUD/USD is currently in an uptrend, with potential resistance at higher levels. Traders should look for clear signals of trend continuation or reversal.
  • Recent News: The Reserve Bank of Australia's decision to hold interest rates steady has provided stability to the AUD, while global commodity price trends continue to influence the pair's movement.

Conclusion

In summary, the EUR/USD, USD/JPY, and AUD/USD pairs are currently exhibiting technical setups and responding to recent news events that could lead to significant price movements. Traders should closely monitor these pairs, considering both technical indicators and fundamental news to capitalize on potential opportunities in the forex market. By staying informed and agile, traders can navigate the complexities of these currency pairs and make strategic trading decisions.