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USDCAD, 15-minute timeframe chart
USDCAD tested the support level of 1.40270
👉Level explanation
USDCAD has been under selling pressure within the last couple of hours. The pair moved down to the support level of 1.40270.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 1.40533.
Set your stop loss at 1.40266 below the previous low ($1.90 loss for 0.01 lot) and take profit at 1.40800 ($1.90 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
👉Fundamental factors
The U.S. Nonfarm Payroll report will be released in a few minutes and could affect this trade.
Some traders may close their positions on Friday, which can add more pressure to the market.
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GBPUSD, 15-minute timeframe chart
GBPUSD tested the support level of 1.27550
👉Level explanation
GBPUSD has been under selling pressure within the last couple of hours. The pair moved down to the support level of 1.27550.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 1.27590.
Set your stop loss at 1.27340 below the previous low ($2.50 loss for 0.01 lot) and take profit at 1.27840 ($2.50 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
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📊 Gold's growth pauses ahead of the NFP report
Gold (XAU) declined by 0.67% on Thursday as traders repositioned ahead of the U.S. nonfarm payroll (NFP) report.
👉 Possible effects for traders
Yesterday's U.S. Weekly Jobless Claims figures were higher than expected, suggesting that the labour market continued to cool, albeit slowly. The U.S. Dollar Index (DXY) weakened immediately after the data release, but gold struggled to find support. ‘We're in a period of stagnation, some range bound activity at the moment, searching for that next piece of data or that next stimuli that could push gold out of this range’, said David Meger, director of metals trading at High Ridge Futures. Fundamentally, gold remains in a major uptrend as geopolitical uncertainty spurs safe-haven demand, while global central banks remain focused on cutting interest rates. The market currently prices in more than a 70% chance of a 25-basis-point (bps) rate reduction by the Federal Reserve (Fed) in December. Gold, which offers no yield, usually performs well in a low-interest-rate environment.
XAUUSD was falling noticeably during the Asian and early European trading sessions but managed to recover by the early European trading session. Today, investors will monitor the U.S. NFP report due at 1:30 p.m. UTC. Given its potential to influence interest rate expectations and investors' sentiment, we expect sharp price movements in XAUUSD. The forecast is for the number of jobs created to increase by 200,000 in November and hourly earnings to grow by 3.9% annually. ‘A robust NFP number is more or less priced in, and if we see weakness in the report, it could add some support to gold prices’, said Ole Hansen, head of commodity strategy at Saxo Bank. If the NFP report reveals stronger-than-expected figures, XAUUSD may pull back noticeably.
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AUDUSD, 15-minute timeframe chart
AUDUSD retested the resistance level of 0.64300
👉Level explanation
AUDUSD has been under selling pressure within the last couple of hours. The pair moved up to the resistance level of 0.64300.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 0.64280.
Set your stop loss at 0.64430 above the previous high ($1.50 loss for 0.01 lot) and take profit at 0.64130 ($1.50 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
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BTCUSD, 30-minute timeframe chart
BTCUSD retested the resistance level of 98,300.00
👉Level explanation
BTCUSD has been under selling pressure within the last couple of hours. The pair moved up to the resistance level of 98,300.00.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 97,971.29.
Set your stop loss at 100,360.12 above the previous high ($23.89 loss for 0.01 lot) and take profit at 95,582.46 ($23.89 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
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📊 Euro holds ground despite French political uncertainty
The euro (EUR) moved within a narrow range of 1.04720–1.05440 against the U.S. dollar (USD) yesterday but finished the day essentially unchanged.
👉 Possible effects for traders
As the market expected, the French government collapsed following a no-confidence vote by opposition lawmakers against Prime Minister Michel Barnier. Barnier is now expected to tender his and his government to President Emmanuel Macron. ‘At this point, it really becomes a question of how much worse the situation gets from here’, said Eugene Epstein, head of trading and structured products at Moneycorp. Reuters reported that French President Emmanuel Macron aims to install a new prime minister quickly. Still, Barnier's removal deepens the political crisis in the eurozone's second-largest economy and could further weigh down on the euro.
Investors also digested comments from European Central Bank (ECB) President Christine Lagarde in a parliamentary hearing on Wednesday. She said the ECB would continue to lower rates but didn't commit to any pace of easing. Meanwhile, the latest data pained a somewhat mixed picture of the U.S. economy. On the one hand, the labour market appears to be in relatively good shape, with the ADP Nonfarm Payroll report aligning with expectations. On the other hand, the ISM Services Index was much weaker than expected. Nonetheless, the U.S. economy's outlook remains favourable. The Federal Reserve's (Fed) Beige Book report on Wednesday showed that businesses were optimistic that demand would rise in the months ahead.
EURUSD was rising during the Asian and early European trading sessions. Today, volatility may subside, given that traders may prefer to refrain from entering large positions ahead of tomorrow's nonfarm payroll report. Still, today's U.S. Weekly Jobless Claims report, due at 1:30 p.m. UTC, may trigger notable fluctuations in all USD pairs. Higher-than-expected figures may lift the euro slightly, but the 1.06000 level will likely remain intact. Lower-than-expected results may push EURUSD below 1.05000 again.
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GBPJPY, 30-minute timeframe chart
GBPJPY retested the resistance level of 190.800
👉Level explanation
GBPJPY has been under selling pressure within the last couple of hours. The pair moved up to the resistance level of 190.800.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 190.710.
Set your stop loss at 191.399 above the previous high ($6.89 loss for 0.01 lot) and take profit at 190.021 ($6.89 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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XAUUSD, 15-minute timeframe chart
XAUUSD retested the support level of 2,646.00
👉Level explanation
XAUUSD has been under selling pressure within the last couple of hours. The pair moved down to the support level of 2,646.00.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 2,647.00.
Set your stop loss at 2,638.00 below the previous low ($9.00 loss for 0.01 lot) and take profit at 2,656.00 ($9.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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These events may affect the market on 5 December.
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XAUUSD, 15-minute timeframe chart
XAUUSD retested the support level of 2,638.00
👉Level explanation
XAUUSD has been under selling pressure within the last couple of hours. The pair moved down to the support level of 2,638.00.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 2,641.00.
Set your stop loss at 2,631.50 below the previous low ($9.50 loss for 0.01 lot) and take profit at 2,650.50 ($9.50 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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Stay updated with our crypto insights and trade in the Octa app.
Regulatory shake-up boosts Bitcoin before retracement
Bitcoin hit an all-time high of $100k after news of Paul Atkins replacing Gary Gensler as SEC Chair. Atkins supports innovative financial markets and reduces regulatory burdens on digital assets. His appointment by Donald Trump signals a shift towards crypto-friendly policies.
BTCUSD faced a sharp correction, dropping below $94k. Bloomberg reports increased interest in put options, reflecting growing risk aversion among investors.
Technical analysis
BTCUSD showed bearish signs on 5 December. The price surpassed the $100k mark on high volumes, but couldn't hold this level and went back into the $90k – 100k range on a high volume. Analytics expect the price to retrace towards the 100k resistance level and then decline towards the 90k support level, eventually establishing a long sideways movement.
#crypto #cryptotrading #cryptonews #cryptoupdate #forextrading
🔥 BTCUSD broke above $100,000 but later retreated
Bitcoin (BTC) reached a new high yesterday, surpassing the $100,000 mark, driven by the appointment of a crypto-friendly chair for the U.S. Securities and Exchange Commission (SEC) by President-elect Donald Trump.
👉 Possible effects for traders
Trump has selected Paul Atkins to succeed Gary Gensler, who implemented stringent regulations on digital assets. The President has promised to appoint regulators who are more accommodating to the digital asset industry and support the idea of making a strategic reserve in Bitcoin. Paul Atkins, a proven leader in implementing sensible regulations, believes in the potential of robust and innovative capital markets catering to investors' needs and providing capital to fuel the economy, said Trump on his Truth Social platform. Dan Gallagher, legal chief of Robinhood Inc., has welcomed Atkins' appointment, describing him as the ideal candidate. Atkins is a strong supporter of digital assets, making his appointment a positive development for digital currencies.
Later on Thursday, the price of Bitcoin dropped significantly, falling from its all-time high below $94,000 and then rebounding slightly towards around $97,000. This was in line with the overall performance of U.S. stock markets, as the Dow Jones lost more than 0.5%, and both S&P and NASDAQ lowered. MicroStrategy—the largest institutional investor in Bitcoin—lost approximately 5%. Many market participants believe that the true test for the recent rally in Bitcoin will occur when risk aversion increases and investors will shift towards safer assets, leading to a correction in stock prices. A Bloomberg report indicated that there has been an increase in demand for Bitcoin options, suggesting investors are seeking to secure some profits in case of a crypto market downturn. The report states that puts with strike prices of $95,000 and $100,000 currently have the highest number of open positions. Additionally, there has also been an increase in interest in puts with lower strike prices, such as $75,000 and $70,000.
BTCUSD recovered during Asian and early European trading hours from yesterday's decline. Today, market participants will wait for the U.S. nonfarm payrolls report at 1:30 p.m. UTC. Higher employment numbers will put some pressure on BTCUSD, while weak labour data will favour the uptrend in the pair.
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📊 Euro gains momentum, but economic concerns and NFP risk remain
On Thursday, the euro (EUR) gained 0.72% against the U.S. dollar (USD) after the worse-than-expected U.S. Weekly Jobless Claims report pushed the greenback lower.
👉 Possible effects for traders
Michel Barnier, Prime Minister of France, officially resigned a day after opposition lawmakers voted to oust his government. In his address to the nation, French President Emmanuel Macron said he would name a successor to Barnier in the coming days and stressed that the 2025 budget will be his top priority. A genuine desire by Macron to swiftly appoint a new prime minister and find a quick way out of the political impasse reassured the investors. ‘The market is looking at the financial implications of the French government's collapse. The takeaway seems to be that it's not as impactful to the spending plans as initially thought, and that's keeping the euro alive. However, we got two large economies within the eurozone with struggling governments: France and Germany and analysts are concerned about the euro, and they have already lowered their projections as a result’, said Amo Sahota, executive director at FX consulting firm Klarity FX.
Overall, the outlook for the eurozone economy remains rather gloomy, even as yesterday's German factory orders were substantially higher than expected. A recent Bloomberg survey showed that economists expect the European Central Bank (ECB) to cut interest rates more rapidly than previously expected to support the struggling economy.
EURUSD was falling during the Asian and early European trading sessions. Today's key event is the release of the highly anticipated U.S. nonfarm payroll (NFP) report at 1:30 p.m. UTC. The market expects to see 200,000 new jobs added. If the figures are lower than expected, EURUSD may rally strongly, possibly above the important 1.06440 level. Otherwise, the pair may drop towards 1.05320.
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Check the news and trade ahead of the market in the Octa app.
The U.S. Labor Service will issue the Nonfarm Payroll report on Friday at 1:30 p.m. UTC. The market expects the number of jobs created to increase by 200K in November and hourly earnings to grow by 3.9% annually.
If the NFP report reveals stronger-than-expected results, XAUUSD may pull back noticeably. Should the NFP report weaken, XAUUSD may receive a minor boost.
XAUUSD is trading sideways, so we recommend looking for buying and selling opportunities.
Monitor the XAUUSD levels of 2,630, 2,620, and 2,595 for potential support and 2,660, 2,671, and 2,700 for potential resistance. A break below 2,630 would open the way towards the 2,611 level, where a buy order may be considered. Conversely, a break above 2,660 would allow bulls to target the 2,700 level, where sell orders may be placed.
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These events may affect the market on 6 December.
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📊 XAUUSD grows on weak U.S. labour market data
Gold (XAU) gained 0.24% yesterday after a report showed private sector hiring fell more than expected last month.
👉 Possible effects for traders
The ADP Employment Change report released on Wednesday revealed that the private sector added 146,000 jobs in November, down from 233,000 in the previous month. This data weakened the U.S. dollar (USD), with the U.S. Dollar Index (DXY) decreasing towards 106.190. Furthermore, expectations of lower U.S. interest rates support gold, as the Federal Reserve (Fed) is expected to cut rates by 25 basis points later this month and continue reducing rates in 2025. Yesterday, Fed Chair Jerome Powell stated that officials will proceed with caution as they continue to lower rates while highlighting the strength of the U.S. economy. ‘Our baseline scenario for 2025 is for gold to initially face pressure from a strengthening U.S. dollar but to be supported by increased physical buying and steady demand from the official sector. After that, we anticipate a renewed boost from investors as the FOMC brings rates down towards 4%’, said Marcus Garvey, head of commodities strategy at Macquarie.
In the meantime, the metal market continued to benefit from its safe haven status amidst global geopolitical tensions. Gold gains from political instability in South Korea and France, the ongoing conflict between Russia and Ukraine, and the potential escalating tensions between Israel and Lebanon if the ceasefire with Hezbollah is breached.
XAUUSD was growing during the Asian and early European trading hours. Today, the U.S. Jobless Claims report data will be released at 1:30 p.m. UTC. A higher-than-expected reading will be positive for gold, while strong labour data may trigger a correction in the precious metal.
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📊 CAD strengthens on expectations of a Fed rate cut
USDCAD movements slowed as investors continued to bet on an interest rate cut by the Federal Reserve (Fed) this month.
👉 Possible effects for traders
Jerome Powell, Fed Chairman, stated yesterday that the U.S. economy is in a better state than was thought in September when the central bank reduced interest rates. This allows policymakers to be more cautious about future adjustments to the base rate. Still, Powell's comments haven't significantly changed market expectations that the Fed will likely reduce rates at the 18 December meeting, notes Sal Guatieri, a senior economist at BMO Capital Markets.
Meanwhile, Canadian service sector activity grew for the second consecutive month in November, with firms increasing their workforce, according to S&P Global Purchasing Managers' Index (PMI) data. The headline business activity index rose towards 51.2 from 50.4 in October. At the same time, the price of oil, an important Canadian export, decreased by 2% towards $68.54 per barrel as traders awaited a decision from OPEC+. However, investors expect the Bank of Canada to maintain its accommodative monetary policy at the upcoming meeting, with a high chance of another significant reduction of 50 basis points.
The pair was moving sideways during Asian and early European trading hours. Today, the U.S. Jobless Claims report at 1:30 p.m. UTC and Canadian Ivey PMI at 3:00 p.m. UTC will affect USDCAD. Tomorrow, the Canadian Unemployment Rate will come out at 1:30 p.m. UTC. Higher-than-expected data may push the pair towards new highs, while lower data may trigger a downward correction.
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EURUSD, 15-minute timeframe chart
EURUSD retested the support level of 1.05280
👉Level explanation
EURUSD has been under buying pressure within the last couple of hours. The pair moved down to the support level of 1.05280.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 1.05350.
Set your stop loss at 1.05150 below the previous low ($2.00 loss for 0.01 lot) and take profit at 1.05550 ($2.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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USDJPY, 1-hour timeframe chart
USDJPY retested the support level of 150.200
👉Level explanation
USDJPY has been under selling pressure within the last couple of hours. The pair moved down to the support level of 150.200.
👉Possible scenario
The best way to use this opportunity is to place a Buy order at 150.378.
Set your stop loss at 149.717 below the previous low ($6.61 loss for 0.01 lot) and take profit at 151.039 ($6.61 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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USDCAD, 30-minute timeframe chart
USDCAD tested the resistance level of 1.40810
👉Level explanation
USDCAD has been under buying pressure within the last couple of hours. The pair moved up to the resistance level of 1.40810.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 1.40660.
Set your stop loss at 1.40918 above the previous high ($1.84 loss for 0.01 lot) and take profit at 1.40401 ($1.84 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.
The upcoming news will not influence your orders within the mentioned period.
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BTCUSD, 30-minute timeframe chart
BTCUSD tested the resistance level of 96,800.00
👉Level explanation
BTCUSD has been under buying pressure within the last couple of hours. The pair moved up to the resistance level of 96,800.00.
👉Possible scenario
The best way to use this opportunity is to place a Sell order at 96,600.00.
Set your stop loss at 97,600.00 above the previous high ($10.00 loss for 0.01 lot) and take profit at 95,400.00 ($12.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.2.
The upcoming news will not influence your orders within the mentioned period.
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