Market Update - 03 November 2023

GBP/USD pair attracts some buyers above 1.2200 on Friday. The pair holds above the 50- and 100-hour EMAs the the bullish RSI condition. The first resistance level is located at 1.2217; 1.2170 acts as an initial support level. (FXStreet)

EUR/USD oscillates in a narrow trading band on Friday as investors keenly await the US NFP report. The formation of a bearish flag pattern warrants caution before positioning for any further upside. Weakness below the 1.0600 mark could attract some dip-buying near the ascending channel support. (FXStreet)

USD/JPY remains confined in a narrow range through the Asian session on Friday. Traders opt to wait on the sidelines ahead of the crucial US monthly jobs report. The divergent Fed-BoJ policy outlook continues to act as a tailwind for the major. (FXStreet)

USD/CAD stages a modest recovery from over a one-week low touched the previous day. Some repositioning trade ahead of the US/Canadian jobs data lends support to the major. The fundamental backdrop warrants caution before confirming that the pair has topped out. (FXStreet)

GBP/USD struggles to capitalize on the previous day’s positive move to over a one-week high. Traders opt to move to the sidelines and look to the US monthly jobs report for a fresh impetus. The BoE’s bleak economic outlook favours bears and supports prospects for additional losses. (FXStreet)

USD/CHF finds support at 0.9010, with buyers lifting pair to 0.9057 in late North American session. 'Golden cross' formation of 50-day moving average crossing above 200-day moving average opens door for bullish resumption. Sellers must push prices below 0.9000 mark and reclaim latest cycle low at 0.8887 to maintain control. (FXStreet)

USD/MXN remains under selling pressure on the weaker of the USD. The pair holds below the 50- and 100-day EMAs on the four-hour amid the oversold RSI condition. The immediate resistance level is seen at 17.75; 17.46 acts as an initial support level. (FXStreet)

NZD/USD scales higher for the third successive day amid the prevalent USD selling bias. Bets that the Fed will not hike rates again and a positive risk tone undermine the USD. Spot prices remain on track to snap a three-week losing streak ahead of the NFP report. (FXStreet)

AUD/USD edges higher to 0.6435 on the softer USD, risk appetite. Reserve Bank of Australia (RBA) is likely to raise the rate by 25 basis points (bps) next week. Market participants will closely focus on US employment data, including Nonfarm Payrolls. (FXStreet)

AUD/JPY resumes uptrend, trading near Thursday's highs, with a 2.29% rally since Monday. Buyers aim to challenge the YTD high 97.67, with first resistance levels at 97.00 and June 20 high at 97.41. If sellers push prices toward Tenkan-Sen at 95.58, AUD/JPY could turn neutral, exposing the bottom of Ichimoku Cloud at 94.33. (FXStreet)

The AUD/NZD is falling back after peaking on Wednesday. Antipodean cross pair is cycling familiar territory as bulls refuse to go down. AUD losing upside momentum could signal another turn towards the downside. (FXStreet)

WTI prices gain momentum amid the risk-on mood, the softer US Dollar. The anticipation that FOMC has reached a peak in its interest rate hiking cycle and the rising geopolitical tensions boost WTI prices. Oil traders await the US employment data, including Nonfarm Payrolls (NFP), due later on Friday. (FXStreet)

Gold price trades with a positive bias for the second straight day, albeit lacks follow-through. A positive risk tone caps gains for the metal amid the uncertainty over the Fed’s rate-hike path. Traders now look to the crucial US Nonfarm Payrolls (NFP) data for some meaningful impetus. (FXStreet)

Silver remains under some selling for the second straight day and drops closer to the weekly trough. The technical setup favours bearish traders and supports prospects for additional near-term losses. A sustained strength beyond the $23.60-$23.70 supply zone is needed to negate the negative bias. (FXStreet)

Source: FXStreet, DailyFX

Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.