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Thursday, October 27th
GBP/USD
Current price: 1.2208 (-0.3%)
Session range: Open 1.2246 High 1.2250 Low 1.2200
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2123 R. 1.2309
Main drivers: UK GBP, US Core Durable Goods Orders, US Pending Home Sales
Overview: The GBP plays defensively this week but nevertheless has recovered from its multi-week lows marked near 1.2080 level. Currently the pound is running in a quiet mode keeping its narrow range of 20 pips as upcoming UK preliminary GDP report expected in early Europe brings cautious sentiment across the market. After UK data traders will shift their focus to the US data bloc scheduled for NA session that also will be able to provide the pair with short term impetus.
EUR/USD
Current price: 1.0907 (0.0%)
Session range: Open 1.0908 High 1.0917 Low 1.0892
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.0837 R. 1.0981
Main drivers: US Core Durable Goods Orders, US Pending Home Sales
Overview: It seems like buying interest around the greenback has run out of steam however leaving the pair capped near the level of 1.0900. The pair manages to keep its consolidative pattern in anticipation of crucial reports from US side following dollar’s dynamics as it remains the almost exclusive driver during this week. Now traders are awaiting US Durable Goods Orders, US Pending Home Sales and reports from US labor market for a fresh insight on the US interest rates decision.
NZD/USD
Current price: 0.7160 (0.1%)
Session range: Open 0.7153 High 0.7163 Low 0.7144
Latest trend: Bearish
Expected trend: Bullish
Daily volatility: Low
Support and resistance levels: S. 0.7124 R. 0.7198
Main drivers: US Core Durable Goods Orders, US Pending Home Sales
Overview: Seems that Kiwi bulls somehow have fought back control over pair pushing it to its daily highs posted in the region of 0.7160. However, expanding NZ trade deficit released this morning and persisting risk-off moods are capping pair’s upside traction holding it in its comfort zone around the mid-0.71 level. For today NZ’s docket is empty so traders will focus their attention on US Durable Goods Orders and Pending Home Sales that will be released later in NA session.
USD/JPY
Current price: 104.65 (0.2%)
Session range: Open 104.47 High 104.74 Low 104.29
Latest trend: Bullish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 103.76 R. 104.96
Main drivers: US Core Durable Goods Orders, US Pending Home Sales
Overview: The dollar/yen pair keeps its minor growth intensity for the fourth session in a row now eyeing on the multi-month highs marked at 104.80 region on Tuesday. Moreover, the yen keeps losing position against its American counterpart despite low risk appetite and the latest hawkish comments of BoJ Governor H.Koruda. Today during interview H.Koruda noted that he doesn't see immediate need of expanding short-term monetary policy easing program thereby supporting Japanese currency. Strength around greenback is explained by growing expectations of Fed hawkish move regarding its interest rate by the end of the year. Today most likely the pair will continue to keep its upward trajectory, until of US data bloc release, which will be published in the NA session.
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