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Friday, October 28th
EUR/USD
Current price: 1.0910 (0.1%)
Session range: Open 1.0896 High 1.0926 Low 1.0893
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.0846 R. 1.0966
Main drivers: US prelim. GDP
Overview: The euro recovers smile against its American peer this morning and finally breaks above the level of 1.0900. One of the reasons of pair’s positive mood remains small dollar’s correction after yesterday growth. Today center stage for the major currency pair will take flash US GDP report that also will bring fresh insight on Fed meeting results scheduled for December. But Fed’s decision could move both ways as US election results, domestic macro data and world events could still influence US economy.
GBP/USD
Current price: 1.2176 (0.1%)
Session range: Open 1.2164 High 1.2190 Low 1.2152
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2072 R. 1.2312
Main drivers: US prelim. GDP
Overview: The pound once again is losing points against its American counterpart remaining capped under 1.2200 level. Yesterday on the back of the positive UK GDP results the pair refreshed its weekly highs in 1.2250 region. However, the major has slipped to mid-1.21 level as auspicious US Pending Home Sales have increased chances of Fed’s potential hawkish move. Expectedly today the main driver for the pair will remain USD-dynamics as the pound is still vulnerable to any “Brexit” headlines coupled with empty UK’s docket.
USD/JPY
Current price: 105.24 (0.0%)
Session range: Open 105.27 High 105.43 Low 105.05
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 103.91 R. 106.03
Main drivers: US prelim. GDP
Overview: Speaking of yen, the USD/JPY pair it is still keeping bullish trend flirting with three-month highs at 105.35 level. Pair’s growth is majorly based on increasing odds of Fed rate-hike by the end of this year which is significantly boosting US currency. Moreover, the US bulls remain underpinned as market is still digesting yesterday’s strong data from US housing market despite upbeat Japanese CPI figures. Today the pair will remain driven by Fed hike prospects as only US GDP is scheduled for the pair that could influence Fed’s decision.
AUS/USD
Current price: 0.7585 (0.0%)
Session range: Open 0.7588 High 0.7610 Low 0.7563
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 0.7536 R. 0.7678
Main drivers: US prelim. GDP
Overview: The Aussie catches new selling wave extending its bearish trend into Europe fueled by weak Australian data seen this morning. Additionally, the downside momentum also is driven by broadly strengthened US dollar’s positions after yesterday positive results from US housing market. Looking ahead, today market participants will focus their attention on another crucial data report from US economy – preliminary quarter GDP for fresh cues regarding next Fed’s rate step.
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