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There are relatively few macroeconomic events scheduled for Wednesday. No significant or secondary reports are expected in the Eurozone or the UK, leaving the spotlight on the U.S. inflation report. This report is set to determine the dollar's fate on the third trading day of the week. The Consumer Price Index (CPI) is expected to accelerate to 2.6% in October, which would be highly favorable for the U.S. currency. We believe the market has already priced in this figure. Thus, a stronger-than-expected inflation increase could trigger further dollar growth, while a lower figure might lead to an upward correction in both currency pairs.
Among Wednesday's fundamental events, several speeches from Federal Reserve Monetary Committee members stand out. However, given that the Fed's recent meeting was just last week, these speeches will unlikely offer groundbreaking information. That said, the more evidence of a December pause the market receives, the better the U.S. dollar's performance could be. These speeches will occur after the release of the inflation report, allowing officials to comment on the data, making their statements particularly important.
On the third trading day of the week, both currency pairs may continue their decline as the market remains firmly focused on buying dollars. However, the U.S. inflation report could provoke an upward retracement if the figure comes below 2.5%. Core inflation should not be overlooked; a higher figure would similarly increase the likelihood of further dollar strength.
Support and Resistance Levels: Levels that serve as targets for opening buys or sells. Take Profit levels can be placed around these areas.
Red Lines: Channels or trend lines that indicate the current trend and the preferred trading direction.
MACD Indicator (14,22,3): Histogram and signal line—an auxiliary indicator that can also be used as a source of signals.
Major speeches and reports (always found in the news calendar) can significantly impact currency pair movements. Therefore, it's advised to trade cautiously or exit the market during their release to avoid sharp price reversals against prior movements.
Beginners trading on the forex market should remember that not every trade will be profitable. A clear strategy and money management are the keys to success in long-term trading.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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