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Tuesday, August 23rd
EUR/USD
Current price: 1.1339 (0.2%)
Session range: Open 1.1320 High 1.1356 Low 1.1312
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.1247 R. 1.1367
Main drivers: US New Home Sales
Overview: Today the pair continues its bullish momentum witnessed since the beginning of this week bouncing off yesterday’s low marked at 1.1271 spot as ahead of upcoming Fed Chair J.Yellen’s speech that brings cautious sentiment across the market. Moreover, today the pair has received additional upside momentum from positive preliminary German Manufacturing PMI sending euro to the mid-level of 1.13.
GBP/USD
Current price: 1.3190 (0.4%)
Session range: Open 1.3136 High 1.3211 Low 1.3128
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2985 R. 1.3231
Main drivers: UK CBI Industrial Trends Orders, US New Home Sales
Overview: Yesterday the market ignored fresh headlines from UK about upcoming invoke of Article 50 already in April that will end up Britain’s membership in EU. Moreover, the pair is expanding its upside momentum getting closer to its last week highs as market remains very cautious regarding US dollar ahead of Chair of the Fed’s Board J.Yellen’s speech scheduled later this week which expectedly will provide fresh cues of further Fed rate-hike.
USD/CAD
Current price: 1.2912 (-0.3%)
Session range: Open 1.2946 High 1.2951 Low 1.2884
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2833 R. 1.3021
Main drivers: US New Home Sales
Overview: Currently the USD/CAD is retreating from its five-day tops witnessed near the level of 1.2965 as the US dollar is extending its corrective move against its Canadian neighbor. However, softer oil prices are limiting pair’s downside move today sending lower commodity linked Canadian dollar.
NZD/USD
Current price: 0.7326 (0.8%)
Session range: Open 0.7268 High 0.7341 Low 0.7266
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7173 R. 0.7341
Main drivers: US New Home Sales
Overview: Kiwi is still keeping its bullish trend on the back of the broad based US dollar’s weakness currently trading near the level of its two-week high at this Tuesday. Moreover, the pair was additionally boosted after RBNZ Governor G.Wheeler’s hawkish comments that rejected market’s expectations of further economy easing by the central bank of New Zealand.
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