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Thursday, September 22nd
EUR/USD
Current price: 1.1232 (0.4%)
Session range: Open 1.1188 High 1.1250 Low 1.1183
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1095 R. 1.1243
Main drivers: Speech of the ECB President M.Draghi, US Existing Home Sales
Overview: Finally, the major breaks through its key resistance level of 1.1200 as European session opens doors. Yesterday market participants remained unsatisfied by dovish FOMC Statement that left situation around this year Fed rate hike even more unclear as it was before. Moreover, yesterday as it was expected the Fed left its interest rate unchanged adding some bearish momentum to the dollar.
NZD/USD
Current price: 0.7336 (-0.2%)
Session range: Open 0.7349 High 0.7372 Low 0.7316
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 0.7247 R. 0.7419
Main drivers: US Existing Home Sales
Overview: Currently the kiwi is trading on a firm note against its American peer in early Europe. Yesterday, RBNZ kept its rate unchanged but did trigger new wave of speculations of possible official cash rate cut in months ahead weakening NZ dollar. However, the pair has reversed its downside momentum on the back of broadly based US dollar’s sell-off triggered by a cautious Fed approach that has forced the pair to retest its weekly highs. Most likely, the pair will keep its bullish trend during this day as markets are still digesting yesterday’s Fed decision.
USD/JPY
Current price: 100.65 (0.3%)
Session range: Open 100.32 High 100.92 Low 100.09
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 98.62 R. 103.62
Main drivers: US Existing Home Sales
Overview: Seems that dollar’s bears has weakened its control over the pair allowing the major to bounce-off post-FOMC Interest Rate Decision lows near posted in the region of 100.00. Currently US currency is recovering its heavy losses after significant drop in wake of yesterday’s FOMC dovish statement. Today market will continue to digest both BOJ and FOMC policy outcomes but the impact will be limited, as Japanese market will stay closed due to a public holiday.
USD/CAD
Current price: 1.3032 (-0.5%)
Session range: Open 1.3101 High 1.3105 Low 1.3026
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: High
Support and resistance levels: S. 1.3008 R. 1.3280
Main drivers: US Existing Home Sales
Overview: The pair extends its bearish momentum for the fourth session in a row. Yesterday the pair came under the strong selling pressure on the back of dovish FOMC statement showing uncertainty around this year rate hike. Moreover, significantly higher oil prices after unexpectedly strong drop in Crude Oil Inventories also provided the pair with additional bearish momentum supporting commodity-linked loonie. Today the pair will stay under the influence of the latest events, as traders will continue to digest yesterday’s FOMC decision. However, nothing much is scheduled in data calendar for the pair except US Existing Home Sales that will be released later in the NA session.
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