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Wednesday, September 21st
USD/JPY
Current price: 102.29 (0.6%)
Session range: Open 101.70 High 102.81 Low 101.01
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 101.22, R. 102.30
Main drivers: Fed Interest Rate Decision, Speech of Fed Chair J.Yellen.
Overview: Today the pair witnessed a huge swing after BOJ has announced its decision to keep benchmark rate unchanged during its policy review meeting refreshing its 4-week lows in region of 101.01 level. However, the pair has bounced back to its 5-day highs posted at 102.78 as BOJ has showed readiness of monetary policy further easing until inflation exceeds the level of 2%. Later in NY session the Fed monetary policy decision that could determine further near-term direction for the pair will take center stage.
EUR/USD
Current price: 1.1148 (0.0%)
Session range: Open 1.1150 High 1.1158 Low 1.1123
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.1107 R. 1.1235
Main drivers: Fed Interest Rate Decision, Speech of Fed Chair J.Yellen.
Overview: After modestly flat Asia the major has dropped to its weekly lows mainly driven by dollars significant strength across the market as BOJ meeting review has boosted the demand for the US currency. However, seems that dollar bulls have took a breath, allowing the pair to regain its positions as we are moving toward the main event of this week Federal Reserve monetary policy decision that will determine near-term trajectory for the pair. Expectedly that Fed will not make a move this time, but hawkish comments of Chair J.Yellen during her press conference could leave doors open for potential moves by the Fed in the next months.
NZD/USD
Current price: 0.7302 (-0.2%)
Session range: Open 0.7315 High 0.7323 Low 0.7278
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 0.7251 R. 0.7389
Main drivers: US Crude Oil Inventories, Fed Interest Rate Decision, Speech of Fed Chair J.Yellen, RBNZ Interest Rate Decision.
Overview: Currently the kiwi recovers smile against its American counterpart performing a solid comeback from the region of 0.7278. Now kiwi is trading on a firm note as higher oil prices are lending support to the resource-linked NZ currency. Moreover, the American dollar is giving away part of its gained positions after massive rally in its cross with the yen as US bulls are losing its momentum. Looking ahead now focus shifts to the Fed and RBNZ interest rate decisions that will take center stage later in NY session.
GBP/USD
Current price: 1.2974 (-0.1%)
Session range: Open 1.2988 High 1.3005 Low 1.2945
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2881 R. 1.3117
Main drivers: Fed Interest Rate Decision, Speech of Fed Chair J.Yellen.
Overview: The pound/dollar pair is trimming losses retreating from 5-week lows marked in the region of mid-1.2900 level. The pair has dropped sharply after the dollar picked up a solid strength following BOJ’s dovish announcement. However, seems that dollar’s bulls are out of steam allowing the pair to retreat from session lows. Next on tap remains Fed policy decision that will bring a massive wave of volatility across the market amid data light calendar from UK.
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