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Wednesday, October 5th
EUR/USD
Current price: 1.1217 (0.1%)
Session range: Open 1.1204 High 1.1230 Low 1.1199
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1092 R. 1.1294
Main drivers: US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI
Overview: Currently the pair is extending its yesterday’s rebound performed after Bloomberg agency had stated that ECB could cut off its further monetary policy easing program. Yesterday on the back of Bloomberg’s announcement the pair has reversed its two-week lows spiking the level of 1.1200. Adding to that, US bulls are out of steam today in wake of American dollar’s price correction actions. Yesterday, USD index hit a new three-month high triggered by risen probability of this year Fed rate hike.
GBP/USD
Current price: 1.2714 (-0.1%)
Session range: Open 1.2727 High 1.2747 Low 1.2685
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.2626 R. 1.2910
Main drivers: UK Services PMI, US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI
Overview: The pound is extremely weak today suppressed by ongoing “hard Brexit” fears. Currently the pair is dipping to the red zone refreshing its three-decade lows at the level of 1.2685. Yesterday, the pair has ignored UK Construction PMI and continued its downside surge pressured by comments of Britain’s PM T.May coupled with strong fall of pound in cross with euro. Today, UK will release single and the most important release of this Wednesday - Services PMI which expectedly will show slight expansion in the service sector but glancing back on yesterday’s situation Brexit fears could mute positive results of UK’s data.
USD/JPY
Current price: 102.85 (0.0%)
Session range: Open 102.90 High 103.02 Low 102.67
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 101.07 R. 103.87
Main drivers: US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI
Overview: Continuing risk hunger is still pushing the yen lower against US dollar. Currently the pair has stuck near its monthly highs finding strong resistance at 103.00 level. Moreover, unceasing BOJ talks of further monetary policy easing are also granting extra leg to the USD/JPY further upside. The major will continue to track global market sentiment awaiting for US dataflow for fresh impetus.
AUD/USD
Current price: 0.7615 (0.0%)
Session range: Open 0.7618 High 0.7647 Low 0.7596
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7557 R. 0.7721
Main drivers: US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI, Crude Oil Inventories.
Overview: The pair has performed a solid comeback finding resistance at mid-0.7600 level generally driven by positive Australian Retail Sales that were released today in early Asia. However, the pair trimmed off part of its gains and now is eyeing back on its overnight lows near the level of 0.7600 as US bulls are staying in charge as American dollar is showing strong recovery across the board. On the other hand, continuing demand for higher-yield assets is supporting Aussie capping downside traction.
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