October 24, 2024 at 06:50AM
There are quite a number on the board for the day, as highlighted in bold.
The first ones are for EUR/USD at the 1.0780 level through to 1.0800. That might keep price action locked in for a while until we get to the euro area PMI data later. If there is downside surprises to the data, we could even see the expiries at 1.0750 get looped into play. That might provide some base for price action if the data stirs up appetite for a 50 bps rate cut by the ECB for December.
Then, there is one for USD/JPY at the 152.00 level and that could provide a bit of a floor to any retracement in price action we’re seeing on the day. That at least until the expiries roll off. But again, the bond market remains the more influential driver for the pair at this stage. So, keep that in mind.
There is also one for USD/CAD at the 1.3810 level, and that sits in between the key hourly moving averages at 1.3802-20 currently. As such, that might keep price action in check above the 1.3800 level after the BOC yesterday.
And lastly, there is one for AUD/USD at the 0.6640 level. I wouldn’t attach too much technical significance to it though but it may yet just act as a bit of a magnet for price action before rolling off. That is if risk sentiment continues to stay more muted and pensive in general. The 200-day moving average at 0.6628 remains the more attractive level to watch for the pair currently, with upside potential more limited closer to the 100-hour moving average at 0.6676.
For more information on how to use this data, you may refer to this post here.
This article was written by Justin Low at www.forexlive.com.
