MID-WEEK FOREX MARKET UPDATE 10/3/18

Welcome to the MID-WEEK FOREX MARKET UPDATE 10/3/18. We have an even slower start to the week this week, as the CAD leads the charge being up .67%, while the AUD is the worst performer being down -.45%. The EUR, NZD, and GBP are close behind the worst performer, all being down slightly under .50%. The JPY and USD are relatively flat, as we have a sluggish week so far in terms of volatility.

forex trader market update: 1 week relative performance

MID-WEEK FOREX MARKET UPDATE 10/3/18: USD

Taking it over to technical analysis on the charts, you can see the USD is now back up testing strong resistance at the 95.50 psychological. This is a key inflection point, and we need to wait for price action to show us which way the price is heading before we can have any strong bias. The US, Mexico, and Canada have agreed on a new trade deal set to replace NAFTA, known as the USMCA. It is a thousand-page report, so the real details are yet to surface- but so far the markets seem to like the deal. We also have tension with new Supreme Court Justice Nominee Brett Kavanaugh, as an FBI investigation is underway to determine if he is fit to be voted into the US Supreme Court. However, the most important news to watch out for this week for the USD is the NFP jobs report this Friday. It is the first week of the month, which means its time for the jobs data to come out for the prior month in the US economy. This is always a strong catalyst to move the USD and is something we certainly want to be watching for.

That’s the MID-WEEK FOREX MARKET UPDATE 10/3/18 for USD.

MID-WEEK FOREX MARKET UPDATE 10/3/18: USD

MID-WEEK FOREX MARKET UPDATE 10/3/18: Australia

The Reserve Bank of Australia met on Tuesday and they kept rates unchanged at 1.5%, keeping it steady at this rate for over 2 years now. They are not likely to raise rates anytime soon, with a cut being on table more so than a hike. The AUD weakened after the rate decision and continues to be the worst performer of the weak. That’s the MID-WEEK FOREX MARKET UPDATE 10/3/18 for New Zealand.

MID-WEEK FOREX MARKET UPDATE 10/3/18: Australia

That’s the MID-WEEK FOREX MARKET UPDATE 10/3/18: EURO

EURUSD is now bouncing off the strong weekly support level of 1.1550- a level price has respected numerous times in the past. If the daily candle ends up closing as we see it, this will be a bullish engulfing off of this strong zone, giving us an indication of a potential bounce from this zone. That’s the MID-WEEK FOREX MARKET UPDATE 10/3/18 for the EURO.

MID-WEEK FOREX MARKET UPDATE 10/3/18: EURO

That’s the MID-WEEK FOREX MARKET UPDATE 10/3/18: Summary

The rest of the week is pretty loaded with Fundamental news as we approach “Jobs Friday” for the USD and CAD. This will have an impact across the board in the currency markets and it is typically an event you want to avoid trading around as the volatility can be extreme. Aside form this major news, we have Retail Sales data out of Australia on Thursday night that could be a good market mover for the AUD and its highly correlated neighbor, NZD.

This has been a slow start to the week but expects the second half to be much more exciting. There are a lot of opportunities in the markets so catch some pips and happy trading!

Take our Full Online Forex Training Course today and start trading with knowledge. Now you know, Forex Trading success starts with learning the knowledge needed to become a successful trader.

SIGN UP NOW FOR CORE FX ONLINE FOREX TRAINING AND TRADE WITH CONFIDENCE