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Friday, September 2nd
GBP/USD
Current price: 1.3274 (0.1%)
Session range: Open 1.3268 High 1.3294 Low 1.3265
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3047 R. 1.3427
Main drivers: UK Construction PMI, US Nonfarm Payrolls, US Unemployment Rate.
Overview: The pair looks extremely strong today, as bulls remain winged on the back of upbeat data form UK and disappointing PMI figure from US side. Currently the pair is navigating to the level of 1.3300 gaining more than 2 cents since weekly lows witnessed near 1.3165 spot. However, in the nearest future we won’t see any sharp rally as upcoming NFP is tying up traders hands limiting pair’s actions.
EUR/USD
Current price: 1.1188 (-0.1%)
Session range: Open 1.1197 High 1.1209 Low 1.1186
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.1098 R. 1.1254
Main drivers: US Nonfarm Payrolls, US Unemployment Rate.
Overview: Currently the pair is trading in the flat line consolidating gains in upper side of the weekly range after unexpectedly disappointing data from US side that has triggered 70 pips rally in north direction. The euro/dollar cross is hovering near the level of 1.1200 unable to extend its upside movement on the back of dollar’s broadly based weakness as traders are acting cautiously ahead of crucial NFP that most likely will provide fresh tips of further rate-hike thereby setting up midterm movement direction for the pair.
USD/JPY
Current price: 103.60 (0.4%)
Session range: Open 103.23 High 103.72 Low 103.13
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 102.48 R. 104.36
Main drivers: US Nonfarm Payrolls, US Unemployment Rate.
Overview: Finally, the pair has stopped its upside rally after US had released poor data of ISM Manufacturing PMI. After facing a strong resistance near the level of 104, the pair has retreated to 103.00 level. However, yesterday’s dovish comments of BoJ board member M. Sakurai are suppressing Japanese currency this morning, forcing the pair to keep its north direction. However, broadly based risk aversion sentiments on the back of expectations of key risk event of this week are supporting the yen, as traders are staying vigilant lately.
USD/CAD
Current price: 1.3106 (0.0%)
Session range: Open 1.3102 High 1.3115 Low 1.3081
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.3045 R. 1.3175
Main drivers: US Nonfarm Payrolls, US Unemployment Rate, Canadian Trade Balance.
Overview: Seems that the pair has stabilized today retreating from its weekly highs seen yesterday in the region of 1.3150. Moreover, the US dollar’s bulls are still weak after yesterday’s poor US data. Additionally, today oil price recovery is supporting loonie on the back of latest headlines of oil output freeze coming from Russia and Saudi Arabia. However, talks of eventual Fed rate-hike fueled by expectations of NFP already started to support US currency sending the pair above 1.3100 level.
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