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Wednesday, August 31st
EUR/USD
Current price: 1.1140 (0.0%)
Session range: Open 1.1142 High 1.1163 Low 1.1129
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1094 R. 1.1216
Main drivers: EU CPI, US ADP Nonfarm Employment Change, US Pending Home Sales
Overview: Seems that USD bulls are slowly running out of steam allowing the pair to retreat from session lows. Today the pair won’t stay immovable as Euroland will post several local releases with German Unemployment Change and EMU’s CPI during Europe session. Moreover, today US will also add some oil into the fire by showing significant data from housing market thereby adding some directional impetus to the pair.
GBP/USD
Current price: 1.3150 (0.5%)
Session range: Open 1.3080 High 1.3158 Low 1.3065
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3024 R. 1.3146
Main drivers: US ADP Nonfarm Employment Change, US Pending Home Sales
Overview: Currently the pound is retreating from session highs posted above the level of 1.3100. However, seems that pound has regained positive mood today and is showing moderate gains after streak of losses against American counterpart. But absence of fundamentals from UK side will leave the pair in risk sentiment hands until US release data from housing market.
USD/JPY
Current price: 103.25 (0.3%)
Session range: Open 102.96 High 103.32 Low 102.85
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 101.22 R. 104.00
Main drivers: US ADP Nonfarm Employment Change, US Pending Home Sales
Overview: The pair continues its bullish trend for a fifth consecutive session refreshing this month highs above the level of 103.00. Major sell-off seen behind the yen is fueled by ongoing talks of further Japanese monetary policy easing with expectations of possible this year Fed rate-hike. Adding to this, today Japanese Industrial Production has missed trader’s expectations thereby boosting yen bears. And finally, prevailing risk-on sentiment also is suppressing yen’s safe-haven currency status.
USD/CAD
Current price: 1.3093 (0.0%)
Session range: Open 1.3098 High 1.3114 Low 1.3079
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2974 R. 1.3164
Main drivers: US ADP Nonfarm Employment Change, Canadian GDP, US Pending Home Sales, US Crude Oil Inventories
Overview: The pair is extending its rally after Friday’s sharp upsurge refreshing its highs above the level of 1.3100 last seen in August 10. Today the US dollar is still keeping a smile strengthened by yesterday’s positive data from US economic field. Moreover, today Canadian bears are also strong enough as yesterday’s Canadian RMPI has shown poor results coupled with this day oil price drop that additionally is weighing commodity linked CAD.
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