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Thursday, November 5th
EUR/USD dropped sharply falling to its lowest level in more than three months, after Janet Yellen brought a December rate hike into play with hawkish comments before a Congressional committee on Wednesday. The currency pair traded in a broad range between 1.0844 and 1.0968, before settling at 1.0863. Ahead in the day, euro zone is publishing its Retail Sales data right before the speech of ECB President Mario Draghi. Current support and resistance levels are located at 1.0823 and 1.0967, respectively.
GBP/USD was rising on Wednesday amid strong Services PMI data, but the cable didn’t manage to withstand the hawkish comments from the Fed. Ahead in the day, Britain is publishing the MPC vote outcome, which will reflect the BoE approach to current monetary policy. Initial jobless claims data is expected on the US side. Current support and resistance levels are located at 1.5254 and 1.5494, respectively.
AUD/USD was almost unchanged on Thursday, as expectations for a December rate hike in the U.S. continued to support the greenback and as investors eyed upcoming U.S. data. Tomorrow, Australia is publishing its AIG Construction Index, while the attention of the market will be mostly focused on the NFP figures publication. Current support and resistance levels are located at 0.7064 and 0.7225.
USD/CAD is currently changing hands at 1.3145 after rising on Wednesday. The Canadian Trade data was out in green colour indicating a contraction of Trade Balance deficit. Although, the interest rate hike expectations in the US were taken as a bullish sign by investors. It is expected that the bullish trend will continue in mid-term. Current support and resistance levels are seen at 1.3078 and 1.3221.
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