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Thursday, October 6th
EUR/USD
Current price: 1,1185 (-0,2%)
Session range: Open 1.1205 High 1.1214 Low 1.1184
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.1165 R. 1.1253
Main drivers: US Initial Jobless Claims
Overview: Today American dollar trades on a firm note against its rivals majorly supported by risen probability of Fed hawkish interest rate move. Once again the major has broken through the level of 1.1200 as the market is still digesting yesterdays, stronger-than-expected economic data provided by US economy. Only secondary data releases are scheduled in today’s data calendar. Meanwhile, the US NFP report will take center-stage tomorrow.
GBP/USD
Current price: 1.2724 (-0.2%)
Session range: Open 1.2748 High 1.2761 Low 1.2696
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.2650 R. 1.2820
Main drivers: US Initial Jobless Claims
Overview: And once again the pound gets under fresh selling pressure on the back of ongoing “hard Brexit” fears triggered by PM of UK T.May last Sunday. The pound has stalled its recovery seen in Asia and now is eyeing to retest its key resistance level of 1.2700. Moreover, the cable stays impervious to recent streak of bullish UK economic releases as pound bears remain extremely strong lately. Today amid lack of relevant macro releases from Britain traders will await for latest data from US labor market due later in NA session.
USD/JPY
Current price: 103.64 (0.1%)
Session range: Open 103.50 High 103.75 Low 103.34
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 102.28 R. 104.28
Main drivers: US Initial Jobless Claims
Overview: The pair has regained its bullish momentum trimming yen’s overnight recovery and climbing back above mid-103 level. The pair continues its north directed marathon for the eighth session in a row gaining for 250 pips since the beginning of this week. Moreover, the US dollar remains well bid today as market participants are still digesting yesterday’s strong macro releases from US economy which are rising probability of Fed rate-hike move in this year. Today in absence of any significant data releases risk sentiment will remain as the key driver for the pair.
AUD/USD
Current price: 0.7597 (-0.3%)
Session range: Open 0.7621 High 0.7624 Low 0.7577
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7567 R. 0.7671
Main drivers: US Initial Jobless Claims
Overview: Today the AUD/USD major extends its bearish trend refreshing its two-week lows below the level of 0.7600 despite better-than-expected Australian Trade Balance released during Asia. Yesterday the pair managed to recover part of its losses majorly supported by drop in Crude Oil Inventories. However, strong releases from US economy have risen chances of this year Fed rate-hike thereby muting all Aussie’s attempts to recover. Today in view of light data calendar all traders will set up their focus on main event of this week – NFP that are scheduled for tomorrow.
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