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Wednesday, August 26th
NZD/USD gains amid narrower Trade Balance deficit than expected at 649M. The exports were higher at 4.20B versus forecasts of 3.85B. The pair is trading at 0.6500 as the U.S. dollar index rose modest 0.03% against the basket of major currency pairs. The support can be found at 0.6354 and resistance is located at 0.6552.
AUD/USD is weaker at 0.7126 despite upbeat data on Construction Work Done in the second quarter of the year. The expectations were on the negative side, but the actual figure was positive and far from contraction at 1.6%. The Shanghai Composite opened up slightly before dipping nearly 2% in the early trade, which affected the aussie as well. The pair might find support at 0.7038 and resistance at 0.7226.
EUR/USD is moving down amid broadly stronger greenback. The US data was mostly positive as CB Consumer Confidence figure came out in green light at 101.5 against 93.4 expected. New Home Sales were slightly lower than forecasted at 507K. The pair is trading at 1.1493 with mostly bearish expectations for the day. The support and resistance levels are at 1.1343 and 1.1570, respectively.
GBP/USD is trading close to the support level located at 1.5690 with current quote 1.5697. The pair suffered considerable losses overnight and today is likely to be a volatile session with UK data coming out later today – BBA Mortgage Approvals and CBI Distributive Trades Survey figures. Technically, expectations are mostly bullish with the target set at 1.5793. If cable falls below the 1.5690 level, correction will be expected shortly.
Ahead in the day, data from US is expected including Core Durable Goods Orders, Crude Oil inventories and speech of FOMC member.
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