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USD/JPY rebounds to 148.00; German stocks struggle as gold tests $2,630 support before Fed commentary.

By Research Team Tuesday, Oct 8, 2024
USD/JPY

    • 11.30amD1
    • High148.18
    • Low147.5
    • Close147.88

USD/JPY is trading at 146.86, 0.19% down since previous day close. The Japanese yen is recovering further from a two-month low versus the USD reached on Monday. Geopolitical tensions strengthen the safe-haven JPY and put downward pressure on the pair. The uncertainty surrounding the BoJ rate hike curbs JPY gains and likely limit the major’s additional losses. A little drop in the US dollar puts downward pressure on the pair. When viewed over a longer time frame, the pairs trade negatively. The nearest support is at 145.68

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 155.31
R2 154.01
R1 149.76
Turnaround 148.39
S1 145.68
S2 143.49
S3 141.6
By Research Team Tuesday, Oct 8, 2024
GER30

    • 11.35amD1
    • High19064
    • Low18907
    • Close18940

GER30 is trading at 18941, 0.58% down since previous day close. On Tuesday, European equities fell to two-week lows as a dearth of new specifics about China’s stimulus plans spurred a selloff in sectors related to the world’s second-largest economy, such as mining and luxury. BASF, Porsche AG, and Siemens all suffered losses. Miners suffered the greatest drop among European sectors, falling 4.4%. A gap down opening on the daily chart indicates a downward trend. The nearest helpline number is 18829.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19712
R2 19515
R1 19288
Turnaround 19081
S1 18829
S2 18675
S3 18397
By Research Team Tuesday, Oct 8, 2024
GOLD

    • 11.40amD1
    • High2648
    • Low2633
    • Close2642

XAU/USD is trading at 2644, 0.02% up since previous day close. The gold price continues to struggle to generate any serious traction, remaining stuck to a similar trading range established over the last week or two. Friday’s positive US jobs report provided fresh evidence of a relatively resilient labour market, prompting investors to reduce their predictions for an enormous interest rate cut by the Federal Reserve in November. A gap-down opening indicates a decline. The nearest support is 2623.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2732
R2 2705
R1 2674
Turnaround 2647
S1 2623
S2 2583
S3 2543
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