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Friday, October 21st
EUR/USD
Current price: 1.0882 (-0.4%)
Session range: Open 1.0929 High 1.0931 Low 1.0879
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.0837 R. 1.1085
Main drivers: EU Leaders Summit, FOMC Member D.Tarullo Speech
Overview: The common currency remains well offered against its American counterpart refreshing its 7-month lows below the level of 1.0900 mainly driven by yesterday’s ECB Governor M.Draghi dovish comments. Yesterday on ECB Press Conference Draghi stated that bank did not discuss monetary policy easing program. Moreover, the ECB President has noted that the question about ending of the monetary policy easing program also has not been discussed so bank will keep it stay-and-see mode to determine further direction despite numerous talks regarding this question. In the day ahead, markets will continue to digest the latest developments around ECB while Europe remains deadly quite.
USD/JPY
Current price: 103.77 (-0.2%)
Session range: Open 103.95 High 104.22 Low 103.74
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 103.02 R. 104.56
Main drivers: FOMC Member D.Tarullo Speech
Overview: Despite shrinking risk appetite today the dollar/yen pair keeps it buying interest as dollar remains strong lately. The demand for the US dollar was mainly driven by a strong fall of the EUR/USD pair after dovish statement of the ECB President during press conference. However, the upside also remains capped as markets are digesting the latest comments from BOJ Chief H.Kuroda that inflation level is moving toward its goal level of 2% thereby lending support to the Japanese currency.
GBP/USD
Current price: 1.2226 (-0.2%)
Session range: Open 1.2254 High 1.2262 Low 1.2223
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 1.2164 R. 1.2340
Main drivers: FOMC Member D.Tarullo Speech
Overview: Currently the major extends its retreat from weekly highs amid broadly based dollar’s strength seen lately. Yesterday US dollar has picked up its bid tone after comments of the ECB President M.Draghi considered by market as dovish. Moreover, the pair is losing points as risk aversion sentiment is gathering pace thereby stimulating major’s bears. Only secondary releases are scheduled in data calendar for Friday, so the pair will remain floating influenced only by global markets sentiment.
AUD/USD
Current price: 0.7630 (0.0%)
Session range: Open 0.7626 High 0.7653 Low 0.7617
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 0.7547 R. 0.7773
Main drivers: FOMC Member D.Tarullo Speech
Overview: Seems that US bulls are losing control over the pair as Aussie bounces-off its overnight lows located near the level of 0.7600. Following sharp reversal the Australian dollar performs minor recovery this morning after disappointing jobs report seen on Thursday. However, pair’s recovery remains limited as persisting broadly based USD strength is still weighing the pair. Nothing much is scheduled in economic data calendar from both sides, so the pair will stay under influence of global market’s sentiment during the day.
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