FX News - October 30: Market Awaits US FOMC Meeting

FX Strategy Articles > FX Trading Tips

A number of important reports came out of Europe and the US today, but hardly made a dent on the performance of the EUR/USD pair. The Eurozone's Consumer Confidence came out as expected, as it contracted by - 14.5 in October. Its Economic Sentiment Indicator for the same period, meanwhile, came out better than expected at 97.8, instead of 97.3. In the US, on the other hand, the country's MBA Mortgage Applications until October 25 rose by 6.4%, which reversed the previous contraction by 0.6. 

After these reports, the US will have other reports to release, including its CPI data for September, and the much-awaited FOMC meeting, which will happen at 6:00PM GMT. 

The US Dollar index also moved very little ahead of the FOMC meeting, hovering at the 79.60 zone. 

The EUR/USD pair has remained flat over the past few hours, as it hovered around the 1.3755-13765 range. It is currently trading at 1.3761, with initial resistance seen at 1.3780, followed by 1.3814. Meanwhile, initial support is at 1.3701, followed by 1.3666.

As for the AUD/USD, the pair made a recovery afted dropping below the 0.9500 area in yesterday's trading after the RBA's comments on the aussie. It even dropped to a low of 0.9460 early in today's trading session, before climbing back up to the 0.9515 level a few hours later. It has slid down again just ahead of today's FOMC meeting and is currently trading at 0.9496.
Initial resistance for the AUD/USD pair is at 0.9530, followed by 0.9553. Meanwhile, initial support is at 0.9423, followed by 0.9400.

The USD/JPY pair has also remained relatively flat in today's trading in anticipation of the upcoming FOMC meeting later today. It has hovered between the 98.20 and 98.30 zones for much of today's session. It is currently trading at 98.20, with initial resistance seen at 98.65 followed by 98.90. Meanwhile, initial support is at 97.82, followed by 97.57.

By FX Strategy Team, Published on 30th of October 2013
eTorro - Trading Starts Here

Start Trading Forex with up to $10,000

  • 100s Videos and FX Strategy articles
  • Advice from our FX traders
  • Practive free with using real time