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Wednesday, August 24th
EUR/USD
Current price: 1.1295 (0.1%)
Session range: Open 1.1305 High 1.1313 Low 1.1287
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.1268 R. 1.1374
Main drivers: US Existing Home Sales
Overview: The pair continues its downside move for the second session in a row ignoring neutral German quarter GDP data that has reached estimations at 0.4%. The single currency is losing the pace against its American counterpart on the back of renewed bid tone around the greenback that is pushing the pair higher this Wednesday. Moreover, expectations of the upcoming Fed Chair J.Yellen’s speech that most probably will shed the light on further Fed rate-hike are also playing into the hands of dollar lately.
NZD/USD
Current price: 0.7294 (0.0%)
Session range: Open 0.7291 High 0.7328 Low 0.7269
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 0.7221 R. 0.7379
Main drivers: US Existing Home Sales, US Crude Oil Inventories
Overview: The pair is losing its positions gained yesterday retreating from highs last seen in May 2015. Kiwi bulls fueled by hawkish comments of RBNZ Governor G.Wheeler have run out of steam after the NZ trade balance data had shown negative figure sending the pair back below the level of 0.7300. Also, yesterday’s positive data of US New Home Sales additionally boosted the US dollar’s bulls against its NZ’s counterpart.
USD/JPY
Current price: 100.20 (0.0%)
Session range: Open 100.24 High 100.53 Low 100.09
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 99.73 R. 100.63
Main drivers: US Existing Home Sales
Overview: And once again, the pair stays unable to consolidate under its psychological support level of 100 retreating to its familiar 100.30 region during the Asia. Yesterday the dollar picked up its bid tone after positive data from US housing market and now is extending its broad based growth. Moreover, awaiting for upcoming Fed Chair J.Yellen’s speech brings risk aversion sentiment across the market lifting US currency higher against the yen.
USD/CAD
Current price: 1.2903 (-0.1%)
Session range: Open 1.2912 High 1.2954 Low 1.2901
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.2818 R. 1.2992
Main drivers: US Existing Home Sales, US Crude Oil Inventories
Overview: Today the pair is bouncing off its yesterday’s lows broadly leaded by softer oil price that is activating bears of resource linked Loonie. Moreover, renewed bid tone of American dollar against its major peers also adds some bullish pressure to the pair. Today weekly US Crude Oil Inventories scheduled on NY session will draw all trader’s attention.
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