Weekly Market Outlook - One Royal

Weekly Market Outlook: Oct 28th – Nov 1st: US GDP – Jobs Data – NFP – BoJ Interest Rate Decision

.Hello Traders,

We have reached the final week of October with a lot of upcoming news and economic releases ahead. This week the US Jobs data are the main highlight, with GDP & Core PCE secondarily and the BoJ’s Interest rate decision before the US Nonfarm Payrolls. Furthermore, next week we have the US Elections as well as the FOMC Interest Rate decision, the market overall might see volatility and traders should be more aware in terms of their risk management ahead of those events.

The Calendar – GMT (Source investing.com)

calendar oct 28 - nov1

 

Market Technical Outlook

USDX 4HR – Still Within 27.09.2024 Cycle & Within Potential Resistance Area – US Jobs Data Likely The Decision Maker For The Next Move

.usdx 28.10.2024

 

EURUSD 4HR – Stalled At Possible Support Area – RSI Might Be Hinting To A Potential Recovery Bounce – US Jobs Data To Decide The Reaction

eurusd 28.10.2024

 

XAUUSD 4HR – 10.10.2024 Remains Intact – Another Breakout Might Reach 2.272 Inverse Fib Extension Area

xauusd 28.10.2024

 

Crude Oil Futures – Remained Under Pressure After BRICS Summit & High Inventory Supply – Testing Key Area – Reaction To Determine Whether More Sideways Range $65 – $75 Or Whether Soon A Break Below $65

crude oil futures 28.10.2024

 

ES500 Mini Futures – Cycles From 05.08.2024 & 06.09.2024 Remain Intact- Slight Weakness Can Be Seen – US Jobs Data To Be The Deciding Factor Whether a move towards $6000 or a move lower towards $5700 or below

es 500 mini futures 28.10.2024

 

It’s all about the US Jobs data this week starting with tomorrow’s JOLTS Job Openings & consumer confidence which are likely to affect both the US Dollar & the US Equities as they should be sensitive to any potential shifts in the jobs market overall. Lower numbers are likely to cause fear as well a fall in the USDX while any positive numbers are likely to allow the USDX to remain supported and US Equities to continue finding support for further upside.

US Crude Oil Inventories this week might determine whether a recovery bounce can happen or whether more downside in crude oil prices while Gold is likely to get volatile with any unexpected data from the US jobs market.

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