USD/JPY (US Dollar/Japanese Yen) – Buy Signal and Technical Analysis (1-Hour Chart) – November 6, 2024
EUR/USD (Euro/US Dollar) – Sell EUR/USD is gradually declining in the Asian session, erasing recent short-term bullish movements. It recently hit a new low, the lowest since July 2, though new data from the U.S. election results is starting to weaken bearish momentum. The lead of Republican candidate Donald Trump suggests the Federal Reserve (Fed) may intensify tariff policies toward China and the EU, while slowing down the pace of interest rate cuts. The Fed is expected to reduce rates by 0.25% in Thursday’s meeting, with another cut anticipated in December. European Central Bank (ECB) President Christine Lagarde is also scheduled to speak at 16:00 (GMT+2), possibly signaling further easing measures.
GBP/USD (British Pound/US Dollar) – Strong Sell GBP/USD is experiencing high volatility and has been declining, impacted by preliminary U.S. election results. With Trump leading, the U.S. dollar gains significant support. The Fed is expected to lower rates by 0.25% tomorrow, and the Bank of England (BoE) is forecast to reduce its rate to 4.75%. The UK’s October S&P Global/CIPS Construction PMI is also expected to decline from 57.2 to 56.0.
AUD/USD (Australian Dollar/US Dollar) – Strong Buy AUD/USD is trading sharply lower at around 0.6544. Republican candidate Trump’s lead suggests the Fed may strengthen its policy stance. The Reserve Bank of Australia (RBA) has held rates steady at 4.35%, as anticipated, but remains cautious as the Fed is expected to lead with further cuts.
USD/JPY (US Dollar/Japanese Yen) – Buy USD/JPY is seeing robust upward momentum in the Asian session, reaching new highs not seen since July. Trump’s lead is providing strong support for the dollar. The Fed is expected to implement a 0.25% rate cut, with another reduction anticipated in December. Meanwhile, Japan’s Jibun Bank Manufacturing PMI improved from 49.3 to 49.7, beating expectations.
XAU/USD (Gold/US Dollar) – Strong Sell XAU/USD is stable around 2740.00. As the dollar strengthens, Trump’s potential election win suggests the Fed may slow down the pace of rate cuts, adding downward pressure on gold.
