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Wednesday, September 28th
EUR/USD
Current price: 1.1219 (0.0%)
Session range: Open 1.1215 High 1.1224 Low 1.1181
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 1.1153 R. 1.1289
Main drivers: US Durable Goods Orders, Fed Chair J.Yellen Testimony, Speech of the ECB President M.Draghi
Overview: Today the euro is losing grip for the second session in a row as the US dollar has regained its bid tone forcing the pair to refresh its daily lows below the level of 1.1200. The demand for the greenback is majorly based on the outcome of the first US presidential debates seen last Monday. Later today the ECB President’s M.Draghi speech in Berlin will take center stage while US Durable Goods Orders, Fed Chair J.Yellen’s testimony and set of Fed members speeches will be closely watched for setting up pair’s short term direction.
USD/JPY
Current price: 100.66 (0.2%)
Session range: Open 100.42 High 100.82 Low 100.25
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 99.58 R. 101.40
Main drivers: US Durable Goods Orders, Fed Chair J.Yellen Testimony
Overview: The dollar/yen pair once again failed to break through the level of 100 in Asia bouncing off the level of 100.26. Seems that the dollar has regained its bid tone lately as traders are still digesting yesterday’s hawkish Fed S.Fisher comments that are lifting the pair to its comfort zone located in the region of 100.60. Moreover, the yen appears to be weaker this morning as risk-on sentiments has eased grip across the market suppressing Japanese currency. Focus now shifts to the release of US Durable Goods Orders while J.Yellen’s testimony will take center stage later this Wednesday.
USD/CAD
Current price: 1.3212 (0.1%)
Session range: Open 1.3195 High 1.3228 Low 1.3194
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.3096 R. 1.3330
Main drivers: US Durable Goods Orders, OPEC Meeting, US Crude Oil Inventories, Fed Chair J.Yellen Testimony
Overview: At the moment the pair is losing ground moving away from its overnight highs marked at 1.3228 spot. Seems that American bulls took a breather this morning after major recovery seen around US dollar. Moreover, crude oil prices have stalled its downside momentum and now are looking to consolidate in wake of hawkish API report that is limiting pair’s movement range. However, USD remains well bid capping loonie’s recovery beyond the level of 1.3200. Very intensive session is expected this Wednesday as US Durable Goods Orders, J.Yellen’s testimony, EIA crude oil inventory and OPEC Meeting are due today
NZD/USD
Current price: 0.7253 (-0.7%)
Session range: Open 0.7300 High 0.7305 Low 0.7251
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 0.7226 R. 0.7366
Main drivers: US Durable Goods Orders, OPEC Meeting, US Crude Oil Inventories, Fed Chair J.Yellen Testimony
Overview: The pair is erasing all its gains posted since the start of this week as American dollar has caught fresh bids after stronger-than-expected CB Consumer Confidence data released last Tuesday. Adding to that yesterday’s hawkish comments of FOMC member S.Fisher are additionally landing support to the greenback across the market. Moreover, the Kiwi continues to suffer from expectations of possible interest rate-cut by RBNZ on its meeting scheduled for November thereby suppressing pair’s growth.
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