4 Global Market Updates- 26 October, 2022

 

In this article, we have covered the highlights of global market news about the AUD/USD, EUR/USD, USD/JPY and USD/CAD.

AUD/USD: Near-term gain potential is still there

According to Quek Ser Leang and Peter Chia, senior FX strategists at UOB Group, further rebound in the AUD/USD looks to be in the cards for the time being given recent price action.

“We did not anticipate the sharp increase in AUD that drove it to a high of 0.6412 during the last 24 hours” (we were expecting sideway-trading). The strong gain in the AUD may touch 0.6420 first despite being overbought before the likelihood of a retracement rises. The significant resistance of 0.6460 is not likely to be tested by AUD. Support is located at 0.6365, although simply a break of 0.6340 would signal a reduction in the upward pressure now present.

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