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Thursday, July 16th
AUD/USD falls amid yesterday strong U.S. PPI data and investors looking ahead to the timing of a likely rate hike. The pair is down to 0.7370. The support and resistance levels are located at 0.7262 and 0.7435, respectively.
USD/CAD was much higher breaking through the 1.2833resistance level (the highs of March) trading close to the much stronger historical resistance level of 1.3063 (highs of March 2009). The loonie eased as the U.S. PPI sent the pair higher, right before the BoC reported the lowering of interest rate to 0.50%. Ahead in the day the investors will be watching the Foreign Securities Purchases data from Canada. The pair is quoted at 1.2940 with immediate resistance level at 1.2944.
NZD/USD is lower today as country’s CPI missed the expectations. The pair broke through the strong support level of 0.6560 (the lows of May 2010) currently trading at 0.6526. This indicates that bearish trend is steadily continuing with target of 0.6443.
EUR/USD slipped lower to 1.0903. As the potential of Greece exiting from euro zone is diminishing, the focus is now on today’s data from Europe including the CPI and interest rate decision. Higher volatility is expected in the middle of the day as Fed Chair J. Yellen is to speak right after the Philadelphia Fed Manufacturing Index publication.
GBP/USD didn’t change much in course of yesterday’s trade, but the daily graph suggests the bullish power is somewhat exhausted in the medium term presenting potential for the further fall. BoE Governor M. Carney is to speak this evening. The cable is trading at 1.5627.
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