Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

29 September 2016, 12:41
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

 

Thursday, September 29th

 

USD/CAD

 

Current price:                                                   1.3086 (0.1%)

Session range:                                                 Open 1.3079 High 1.3104 Low 1.3048    

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 1.2946 R. 1.3334

Main drivers:                                                    US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech

Overview:                                                         Seems that CAD bulls took a breather after massive downside rally witnessed yesterday. Currently Canadian dollar is trading almost unchanged vs. its American neighbor consolidating its two-cent down surge since yesterday’s highs. Yesterday OPEC members agreed to limit oil production levels that should be executed at its next meeting scheduled for November. This announcement brought massive wave of buying interest to resource-linked Loonie. Looking ahead, the pair will stay in mercy of oil price dynamics until the NA session where US will release its GDP report followed by several Fed speaks.

 

AUD/USD

 

Current price:                                                   0.7675 (-0.2%)

Session range:                                                 Open 0.7692 High 0.7710 Low 0.7660

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 0.7629 R. 0.7723

Main drivers:                                                    US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech

Overview:                                                         The Aussie is retreating from its three-week highs printed at 0.7710 as traders are performing profit-taking actions after yesterday’s strong rally. Yesterday OPEC made an agreement about first output cut in eight years thereby lifting all resource-linked currencies such as Australian dollar. However, the pair has lost its upside momentum giving away part of post-OPEC gains after three consecutive north directed sessions as traders are taking some profits off table sending the pair back under 0.7700 resistance level.

 

USD/JPY

 

Current price:                                                   101.51 (0.8%)

Session range:                                                 Open 0.7692 High 0.7710 Low 0.7660

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 100.02 R. 101.14

Main drivers:                                                    US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech

Overview:                                                         The yen suffers heavy losses as massive wave of risk-on sentiments has approached the market. Yesterday OPEC members on its meeting made a deal of oil output levels cut causing to appear strong risk appetite across the market thereby sending the pair to refresh its weekly highs near the 101.50 region. However, seems that risk associated bulls has took a breath in early Europe giving a chance to the yen to recover some pips. Furthermore, the pair will continue to trace global markets sentiments as interest to risky assets is still on.

 

EUR/USD

 

Current price:                                                   1.1221 (0.0%)

Session range:                                                 Open 1.1217 High 1.1236 Low 1.1212

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.1156 R. 1.1266

Main drivers:                                                    US GDP, US Pending Home Sales, Fed Chair J.Yellen’s Speech

Overview:                                                         Currently the pair is consolidating its overnight gains despite prevailing risk-on sentiments across the market triggered by OPEC’s output cut agreement. And again the pair has found strong support near the 1.1185 region and performed solid recovery after as ECB President M.Draghi provided some support to Euro by his slightly hawkish remarks during his speech given to the Bundestag. Moreover, today the pair will stay firmer as broadly based dollar’s weakness also is supporting the pair.

  

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