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Wednesday, May 25th
EUR/USD is recovering from multi-week lows marked yesterday. Yesterday the pair fell to 1.1133 level, kept under strong bearish pressure on the back of strengthened dollars positions, growth of stock indexes and fall of EUR/GBP. Now the pair is consolidating a slight recovery near 1.1150 level, limited by the interest of market participants to risky assets. Today traders will closely watch for German Ifo Business Climate Index, as expected that the data will remain intact, but the fall is not excluded, considering yesterdays pessimistic German ZEW survey. Also, further directions will be set up by EU Finance Ministers Meeting with US crude oil inventories and FOMC Members R. Kaplan speech coming ahead. The pair is currently trading at 1.1151 with the approximate support and resistance levels located at 1.1062 and 1.1212.
GBP/USD remains above 1.46 level, with some price corrections down from 1.4636. Yesterday the pair broke through key resistance levels of 1.45 and 1.46 on the back of statements in which M. Carney assured that the Central Bank will achieve the monetary policy target, with any outcome from EU referendum. Also pound bulls were supported by positive data from Britain and with the latest Brexit polls showing increasing number in “Remain” camp. However, amid a data-empty UK traders will follow Brexit sentiments with US Services PMI and crude oil inventories for fresh incentives. The pair is currently trading at 1.4610 with current support and resistance levels located at 1.4518 and 1.4751 spots
NZD/USD have tested 8-week low at 0.6705 spot on Tuesday after US released new home sales data that showed higher results than it was expected. The pair managed to recover quickly as The New-Zealand trade balance showed unexpectedly high growth versus previous month. However, pair was in continuous bearish trend for last three weeks. Today pair will gain further direction as US will release services PMI and crude oil inventories. Now the pair trades at 0.6740 with todays support and resistance levels located at 0.6674 and 0.6798.
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