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Tuesday, October 27th
NZD/USD is trading lower at 0.6776 after publication of N.Z. trade balance deficit figures, which came out in red colour. However, the losses were limited due to weaker than expected new home sales data from US on Monday. The disappointing report added to speculation that the Federal Reserve will hold off on raising interest rates until well into 2016. The support and resistance levels are located at 0.6732 and 0.6867.
GBP/USD was higher on Monday, but the pair is moving down today after release of disappointing data from UK. CBI Industrial Trends Orders showed negative reading of minus 18. Ahead in the day, the British GDP is published. Current support is seen at 1.5252 and resistance is expected to be met at 1.5485.
EUR/USD was up yesterday amid dollar dippig against other major currencies as investors positioned ahead of the start of the Federal Reserve’s two-day policy meeting beginning later in the session. The dollar remained on the back foot after a disappointing report on U.S. home sales prompted investors to trim back expectations for a rate hike before the years end. It is likely that single currency will see some support at 1.0974, while resistance is anticipated at 1.1153.
USD/CAD is up on its current level at 1.3186 ahead of the Fed meeting and Core Durable Goods Orders publication in the US. Later in the week, Canada is publishing its IPPI and RMPI figures and the GDP data. Having passed the 1.3010 level, the continuation of the bullish trend is more likely to continue so the sentiment remains on the upside. The pair will meet support at 1.3109 and resistance at 1.3260.
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