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Thursday, September 3rd
AUD/USD continued its decline falling as low as 0.6992 this morning. Australian retail sales data showed contraction in retail sales in July, while trade balance deficit narrowed more than expected. Meanwhile, the US dollar index was up 0.09% at 95.98, which indicates that dollar pushed higher tonight despite release of disappointing data. The pair is currently trading at 0.7003, with immediate support at 0.6982 and resistance at 0.7061.
The cable was lower amid Construction PMI data coming out in red colour. GBP/USD is changing hands at 1.5280 ahead of Services PMI numbers. It is expected that activity in the services sector will grow more than last month, when the index was at 57.4. The support is likely to be found at 1.5174, while resistance is located at 1.5391.
EUR/USD was trading flat inside corridor between 1.1330 and 1.1156 ahead of the Non-Farm Payrolls data. Later in the day, the euro zone interest rate decision is announced, which is expected to stay unchanged. Also, investors are looking for Markit Composite PMI, Services PMI and Retail Sales data from Europe. ISM Non-Manufacturing PMI is published in the evening. The support and resistance levels are located at 1.1115 and 1.1330, respectively.
USD/CAD Wednesday Trade was rather volatile amid ADP Non-Farm Employment change numbers coming out in red colour in the US, while crude oil inventories were higher than desired. Ahead in the day, Trade Balance data is expected from Canada. Technically, USD/CAD is staying within the boundaries of the bullish trend and the resistance is being constantly tested. This means that we might soon see the pair reaching its current aim at 1.3350. On the downside, support is located at 1.3221.
NZD/USD was slightly higher today as the focus point is turning from Chinese economy concerns over to the situation in the US. Yesterday, ANZ Commodity Index showed 5.2% decline in New Zealand and Current account data is expected as soon as next Monday. Currently, the pair is changing hands at 0.6348 with mostly bearish outlook and next target set at 0.6132.
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