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Monday, October 3rd
GBP/USD
Current price: 1.2858 (-0.9%)
Session range: Open 1.2919 High 1.2947 Low 1.2845
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2847 R. 1.3064
Main drivers: UK Manufacturing PMI, US ISM Manufacturing PMI
Overview: Currently the pair remains just a few pips away from post-Brexit lows leaded generally by Brexit Article 50 impact that approaches the end of UK’s membership in EU. The UK’s PM T.May has stated that control over the migration is more important than “hard Brexit” times that are coming ahead. Today Brexit uncertainty will cause strong influence on the GBP while UK and US PMI’s also will be watched for a short-term impact.
EUR/USD
Current price: 1.1235 (-0.1%)
Session range: Open 1.1230 High 1.1245 Low 1.1226
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1117 R. 1.1311
Main drivers: US ISM Manufacturing PMI
Overview: Currently the pair is trading in a tight range of 15 pips at the start of this week as German and bloc of Asian markets will remain closed due to holydays. Meanwhile, the pair has consolidated its major gains performed after American economy had released mixed macroeconomic data leaving US bulls unimpressed. Moreover, the pair was supported lately by the latest developments surrounding Deutsche bank as payment amount of a fine hasn’t reached estimated volume, thereby lending support to the common currency. However, lack of investors today will be compensated by upcoming data flow that expectedly will shake the market. The pack of PMI’s will be released during this Monday including EU Manufacturing PMI with bunch of local Eurozone PMI’s and ISM Manufacturing PMI across the pond.
AUD/USD
Current price: 0.7655 (-0.1%)
Session range: Open 0.7658 High 0.7667 Low 0.7640
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7557 R. 0.7721
Main drivers: US ISM Manufacturing PMI
Overview: Today Aussie remains slightly negative against its American counterpart however, keeping its gains after massive rebound seen last Friday supported by prevailing risk appetite across the market. Today expectedly the pair will remain in its narrow range as traders prefer to keep stay-and-watch mood ahead of tomorrow’s Australian Interest Rate Decision. Furthermore, most of major Asian markets will remain closed during this day, taking away part of volatility. However, today’s US data coupled with broader risk sentiment will assist traders to catch some pips during this Monday.
USD/JPY
Current price: 101.43 (0,2%)
Session range: Open 101.23 High 101.67 Low 101.20
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 100.25 R. 102.31
Main drivers: US ISM Manufacturing PMI
Overview: The USD/JPY pair is retreating from its session highs posted at 101.65 despite prevalent investors’ interest to risky assets that is limiting major’s trading range. Moreover, disappointing data released this morning are continuing to fuel offered tone around Japanese currency. Today US ISM manufacturing PMI will be closely eyed for a fresh impetus in NY session, but until than risk sentiment will remain as key driver for the pair.
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