22.10.2021: USD to rebound next week; outlook for USD, USD/JPY, AUD/USD
The current trading week is coming to an end. There have been plenty of important events and macroeconomic reports over the week. Friday's Asian session is unfolding quietly. However, almost all analysts' forecasts turned out to be correct. Let’s discuss what is going on in the forex market in the morning.
At the beginning of the Asian session, the US dollar index reached the level of 93.80, which was in line with our forecast. However, the quotes are declining now. Analysts believe that this is a corrective decrease to the level of 93.50. At the beginning of next week, the price may try to rebound. Yet, its trajectory will largely depend on fundamental factors. Traders are anticipating several important events next week, including the publication of the US GDP report for the third quarter, fresh earnings reports, and the results of the Bank of Japan meeting.
The dollar/yen pair continues to consolidate after a long rally. The price encountered a strong resistance level that limited its further growth. For this reason, the pair is declining. The current drop may turn into a deeper correction to the 113.12 level. Analysts assume that the yen could maintain its downward movement over the next few days.
Yesterday, the Australian dollar weakened slightly, losing almost 50 pips against the US dollar. Today, it is trying to recoup its losses. This is why the quotes are highly likely to reach the target level of 0.7600. This movement was previously predicted by analysts.
To sum up, the week is going to end without surprises. Do not miss our next video review and stay up to date with the latest market news.
FX Analytics - https://www.instaforex.com/forex_analytics
Forex Calendar - https://www.instaforex.com/forex_calendar
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv