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Monday, October 31st
GBP/USD
Current price: 1.2174 (-0.1%)
Session range: Open 1.2178 High 1.2216 Low 1.2171
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2072, R. 1.2268
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: The pound is still weak at the start of this week unable to break through resistance placed at 1.2200 level and now is sending the pair back to its daily lows near 1.2180 level. Moreover, the latest announcement of BoE Chief M.Carney about his future as governor of the Bank of England has negatively influenced the pound, but the last word of M.Carney’s decision will be spoken on Thursday. Additionally, the sterling will remain pressured today as potential “hard-Brexit” scenario coupled with broadly based dollar’s strength fueled by risen expectations of Fed rate-hike by the end of this year are still majorly boosting pair’s bears.
EUR/USD
Current price: 1.0954 (-0.3%)
Session range: Open 1.0990 High 1.0992 Low 1.0950
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.0857 R. 1.1055
Main drivers: EU CPI, US Core PCE Price Index, US Personal Spending
Overview: The pair has picked up another wave of bearish pressure this morning and now is trading around mid-1.09 level erasing part of Friday’s north directed rally. Last Friday the USD has caught massive selling wave after FBI had reopened investigation of H.Clinton’s email case fueled by the fact that less than a week remain still US election. Additionally, weaker-than-expected German Retail Sales seen this morning have also weighed the pair. Later in the session EU flash inflation report will take center stage, while US will release only secondary tier data during NA session.
USD/JPY
Current price: 104.98 (0.3%)
Session range: Open 104.45 High 105.01 Low 104.41
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 103.79 R. 105.97
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: The pair has recovered its bearish opening gap and now is wobbling near its resistance level of 105.00. However, the pair bounced-off its three-month highs seen last Friday on the back of renewed investigation of FBI on H.Clinton’s emails. Moreover, probe of FBI on H.Clinton's emails has significantly boosted risk-off sentiments thereby supporting safe-haven Japanese currency. However, disappointing Japanese data seen this morning additionally has helped the pair to recover its losses and will limit pair’s downside traction during this day. Next on tape remains data bloc from US economy, however most part of attention will attract BoJ Interest Rate Decision scheduled on early Asian session on Tuesday.
USD/CAD
Current price: 1.3386 (-0.1%)
Session range: Open 1.3427 High 1.3428 Low 1.3374
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.3312 R. 1.3472
Main drivers: US Core PCE Price Index, US Personal Spending
Overview: Seems that the pair is extending its bullish momentum seen last week and refreshing its daily highs above the level of 1.3400. Today lower oil prices and broadly higher USD as still growing rates of this year Fed rate-hike will continue to drive the pair during this day. Nothing much is scheduled for the pair this Monday as only US Personal Spending and Core PCE Price Index with Canadian RMPI will be able to bring short-term impetus to the pair.
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