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Monday, August 29th
EUR/USD
Current price: 1.1185 (-0.1%)
Session range: Open 1.1178 High 1.1209 Low 1.1172
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.1077 R. 1.1397
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: The Euro is trying to fight back part of its positions against its American counterpart this morning testing the level of 1.1200 after major slide down to 1.1179 spot. However, the markets are still digesting Friday’s hawkish J.Yellen’s speech thereby fueling dollar bulls and leaving the pair under pressure. Moreover, today UK markets are closed due to Bank Holiday taking away part of volatility across the market.
GBP/USD
Current price: 1.3092 (-0.3%)
Session range: Open 1.3111 High 1.3140 Low 1.3086
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3019 R. 1.3333
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: Currently the dollar is consolidating its gains against pound after Friday’s massive downside rally. Eventually, the pair is running in a quite mode wobbling between 1.3110 and 1.3140 levels. Today the GBP/USD cross will continue to trade under dollar’s pressure as UK markets are closed due to Summer Bank Holiday leaving the pair at risk sentiment mercy.
USD/JPY
Current price: 102.22 (0.4%)
Session range: Open 102.07 High 102.40 Low 101.81
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 99.37 R. 103.15
Main drivers: US Core PCE Price Index, US Personal Spending, Japanese Household Spending
Overview: The pair has met strong support near its psychological level of 100.00 and now is moving in a north direction expanding its 11-day highs above the level of 102.00. Reacting on a hawkish speech of Fed Chair J.Yellen that has fueled expectations of this year rate-hike dollar bulls have accelerated upside momentum of the pair strengthening dollar’s positions across the board.
USD/CAD
Current price: 1.3005 (0.0%)
Session range: Open 1.2993 High 1.3026 Low 1.2987
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2767 R. 1.3127
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: Today loonie is trading in a red zone against its American neighbor staying near its psychological level of 1.3000. The pair managed to break through the level of 1.3000 after hawkish speech of J.Yellen during Jackson Hole Symposium seen last Friday. Furthermore, Canadian dollar has received additional bearish pressure from lower oil prices witnessed this morning.
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