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Tuesday, July 19th
GBP/USD
Current price: 1.3221 (-0.3%)
Session range: Open 1.3255 High 1.3277 Low 1.3171
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.3121 R.1.3379
Main drivers: UK CPI, US Building Permits
Overview: The pair has erased part of its yesterdays gains descending back to level 1.3200. At the moment market participants are staying cautious limiting the pairs actions ahead of Britain’s CPI that most likely will show upbeat results against previous May’s figure.
EUR/USD
Current price: 1.1057 (-0.2%)
Session range: Open 1.1075 High 1.1081 Low 1.1048
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 1.1018 R.1.1112
Main drivers: German ZEW Economic Sentiment, EU ZEW Economic Sentiment, US Building Permits.
Overview: EUR/USD is trading in 20 pips narrow range this morning near 1.1075 level. The pair remained directionless on the back of absence of fundamentals during the Asia. However, now traders are staying alert towards German and Eurozone ZEW economic sentiment that will set up further pairs direction. Meantime, the most expected event of this week for the main currency pair remains ECB Interest Rate Decision scheduled for this Thursday that will determine mid-term pairs direction.
AUD/USD
Current price: 0.7503 (-1.2%)
Session range: Open 0.7591 High 0.7593 Low 0.7490.
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Moderate
Support and resistance levels: S. 0.7438 R. 0.7622
Main drivers: US Building Permits
Overview: The pair is losing its positions but still is trading above the level of 0.75. Currently the pair is testing 7-day lows falling sharply as RBA provided more dovish overview about employment and housing sector on its Meeting Minutes in Asia. Moreover, softer oil prices added some weigh to oil linked AUD today.
USD/CAD
Current price: 1.3014 (0.5%)
Session range: Open 1.2944 High 1.3027 Low 1.2939
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2868 R. 1.3058
Main drivers: US Building Permits
Overview: The pair has consolidated part of its recovered positions after yesterdays rally as we can see oil price stabilization over the last couple of hours. Meanwhile, further upside momentum was muted as dollar has stopped its upside momentum against its major peers on the back of data-empty calendar during Asia.
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