Forex Market Update Asia Session: Bracing for RBA and US Elections

Session brief Neutral bias Nov 3, 2026, 00:36 UTC

Daniel TanAsia-Pacific Market Analyst · ForexR analyst

Major instruments are trading in tight technical ranges during the Asia session as the market awaits the RBA rate decision and the US midterm elections. Mixed daily and four-hour trends highlight a cautious market tone.

Asia Session Performance

During the Asia session, major instruments are trading in tight ranges as the market looks ahead to scheduled risk events. Bitcoin (BTC/USD) and Gold (XAU/USD) lead the day's gains, both up 0.28% on the day. Conversely, Ethereum (ETH/USD) lags the board, down 0.78% from the previous close. Among the major currency pairs, AUD/USD is trading higher by 0.09% on the day, while USD/JPY is lower by 0.06%.

Key Technical Setups

AUD/USD

The Australian Dollar sits at 0.70016, positioned between S1 at 0.69812 and the daily pivot at 0.70073. Technical signals present a neutral bias, as the daily trend points down while the four-hour trend remains mixed. A move below S1 at 0.69812 would open the way for further declines. Conversely, a push above the daily pivot at 0.70073 would invalidate this bearish view, clearing the path toward R1 at 0.70217. The day high currently stands at 0.70025, and the day low is 0.69891.

USD/JPY

USD/JPY trades at 157.811, holding between the daily pivot at 157.763 and R1 at 158.125. The technical picture is currently neutral, with a mixed daily trend contrasting against an upward four-hour trend. A sustained break above R1 at 158.125 would open the path for further upside targets. However, a move back below the daily pivot at 157.763 would negate this scenario, drawing attention toward S1 at 157.548. Over the last five days, the pair has moved higher by 0.21%.

Gold (XAU/USD)

Gold changes hands at 3957.42, situated between the daily pivot at 3931.32 and R1 at 3985.38. Evidence is mixed, with the daily trend pointing downward and the four-hour trend showing mixed signals. If price rises above R1 at 3985.38, further upside becomes possible. Alternatively, a decline below the daily pivot at 3931.32 would invalidate that path, shifting focus back toward S1 at 3892.4. Gold has a day high of 3958.64 and a day low of 3942.8, while its 14-day ATR stands at 79.22 dollars.

Newsflow and Yield Context

In the news, themes of the upcoming US midterm elections are drawing attention in the currency and precious metals markets, as reported by FX Street and Forexcom. Coverage also focuses on the broader technical trajectory for gold and the potential for a deeper price correction, according to headlines from FX Street and FXEmpire. For context, US Treasury yields at the November 2 daily close showed the 2-year yield at 4.59%, up 3 basis points, and the 10-year yield at 4.91%, down 3 basis points.

Calendar and Session Ahead

Looking ahead, the economic calendar for today brings a sequence of high-impact events from Australia. The RBA Monetary Policy Statement, Rate Statement, and Interest Rate Decision are all scheduled for 03:30 UTC. The market estimate for the Interest Rate Decision is 4.85%, an increase from the previous 4.6%. The RBA Press Conference follows at 04:30 UTC. Later today, the US Midterm Elections begin at 05:00 UTC.

With major instruments navigating mixed technical trends, price action remains largely constrained between immediate pivot points. Until London opens at 07:00 UTC, these key resistance and support levels outline the immediate technical boundaries.