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Friday, October 2nd
USD/JPY is trading flat just above 120 as household spending jumps and employment data is in red colour. This morning, the statistics bureau pf Japan reported the household spending figures, which were significantly higher than expected at 2.5% versus 0.5% anticipated by analysts. Unemployment rate was slightly higher at 3.4% in comparison with August figure of 3.3%. The support and resistance levels are at 119.11 and 121.11, respectively.
AUD/USD was slightly higher after disappointing manufacturing data from US on Thursday, when the ISM Manufacturing PMI was reported to be at 50.2 despite the expectations of 50.6 figure. Earlier today, Australian retail sales came out in line with expectations with 0.4% growth rate. Current quote is 0.7039 and closest support is located at 0.6979, while resistance is viewed at 0.7139.
EUR/USD was falling ahead of NFP data publication later in the day. The US Labor market data is going to be critical news as it is likely to indicate the likelihood of Fed raising the interest rates next month. This stipulated the greenback’s gains overnight. In euro zone, the manufacturing PMI was in line with expectations at 52.0. The support is seen at 1.1109 and resistance at 1.1296.
GBP/USD is likely to have a very volatile session today after its considerable losses in course of this week. The British GDP numbers were in red colour, but yesterday’s manufacturing PMI was more positive. Although, the cable slipped lower to 1.5150 and is currently covering the suffered losses. Investors are viewing British Construction PMI with support at 1.5044 and resistance at 1.5270.
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Monday, October 5th
GBP/USD is rising after the disappointing Non-Farm Payrolls data of Friday when the number of people in jobs rose considerably slower than expected in the US. Last week, the cable dropped to as low as 1.5107 and by now the pair rose to 1.5212. Ahead in the week, the market is expecting the manufacturing production figures and interest rate decision in the UK, one day before the trade balance data. Current support and resistance levels are located at 1.5082 and 1.5345, respectively.
EUR/USD continues trading in the range of previous eight weeks currently changing hands at 1.1107. Today, euro zone releases its Markit Composite PMI and Services PMI numbers, as well as retail sales figures. The support and resistance levels are located at 1.1076 and 1.1407, respectively.
AUD/USD seems to be forming a mid-term bullish trade continuing its rise to 0.7068. All attention is now turned to RBA Board meeting on Tuesday, with interest rate decision in the focus. The pair might find support at 0.6990 and resistance at 0.7127.
USD/JPY was slightly higher after the volatile session on Friday. In Japan average cash earnings for August rose 0.5%, a second straight rise, but below the gain of 0.7% expected. Later in the week, Japan publishes its current account data. The support and resistance levels are located at 117.83 and 120.77, respectively.
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Tuesday, October 6th
AUD/USD rose higher to 0.7118 as RBA held interest rates steady at 2% as expected. Earlier, Australia’s August trade deficit came in at 3.1B AUD, wider than the 2.55B expected. On the US side, we saw ISM Non-Manufacturing PMI coming out in red colour at 56.9 versus 57.5 expected. This disappointed investors while providing support to the basket of major currency pairs. The U.S. dollar was down 0.04% to 96.19. AUD/USD support and resistance levels are seen at 0.7028 and 0.7169, respectively.
USD/CAD is broadly down to 1.3083 after reaching its highest point of more than a decade at 1.3453. The loonie is now coming close to the strong support level of 1.3010, which proved to be a hard-to-pass resistance in the past. Breaking through this level, analysts might start talking of the trend reversal. The fundamental stipulators for such moves might be provided by the bureau of statistics of Canada, when it releases the Trade Balance figures and Ivey PMI number later in the day. On the upside, the resistance is seen at 1.3207.
GBP/USD continues its volatile trade, currently at 1.5153, as investors await the Manufacturing production data and interest rate decision from the UK. It is highly unlikely that interest rate is going to be changed in the nearest future, but what the market really wants to see is the ration of votes in favour of the monetary policy change. Today, the support and resistance levels are expected to be at 1.5012 and 1.5272.
EUR/USD is mildly up, located at 1.1191 before the EU Finance Ministers Meeting. In the evening, ECB President M. Draghi is out with a speech, which is likely to provide additional information on the inflation outlook. Without any significant news from the US today, the market will be closely eyeing the support and resistance levels located at 1.1066 and 1.1295, respectively.
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Wednesday, October 7th
USD/JPY was slightly weaker as Bank of Japan voted to keep its current monetary base target steady in an 8 to 1 vote on Wednesday. There has been speculation the BoJ may be considering further easing, though the board has contended that underlying inflation is rising and a slump in factory output is not serious enough to derail the path to a modest economic recovery and 2% inflation. The support and resistance levels are located at 119.33 and 121.01, respectively.
GBP/USD is higher ahead of Manufacturing Production data from UK. There will be more significant news from Britain this week, including interest rate decision and trade balance, which altogether, might cause the trades in this instrument to be no less volatile than the previous weeks. Moreover, without any important economic news expected from the US, the cable will be solely driven by fluctuations in GBP. Current support and resistance levels are located at 1.5107 and 1.5364, respectively.
EUR/USD is lower after yesterday’s rise currently trading at 1.1258. The pair gained in course of yesterday’s trade amid wider than expected US Trade Balance deficit and downbeat forecasts from IMF on global economy growth over the next year. Today is expected to be a relatively quiet trade for the euro, without any news on the economy calendar. The support and resistance levels are located at 1.1166 and 1.1387.
USD/CAD is broadly lower for the sixth consecutive session. The pair declined to its current level of 1.3018, which is very close to the key support level located at 1.3010. Having passed that price level, the analysts are likely to hold heated discussion over the trend reversal. Fundamental data from Canada indicated that both Trade Balance and Ivey PMI were lower than expected. Investors are now watching the number of issued building permits in Canada later in the day. Current support and resistance levels are located at 1.3010 and 1.3123, respectively.
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Thursday, October 8th
NZD/USD slipped lower but remains close to its six-week highs currently changing hands at 0.6595. The gains seen in the Kiwi are mostly stipulated by the decline in demand for the greenback as expectations for a rate hike this year are becoming increasingly fragile. Tomorrow, N.Z. publishes the data on Electronic Card Retail Sales and volume of home loans. Current support and resistance levels are located at 0.6541 and 0.6721.
USD/JPY was lower despite continued weak manufacturing data from Japan. The core machinery orders plunged 5.7% in August, missing the expectations of 3.2% decline. The Japanese current account figures were positive at 1.653T, beating the forecast of 1.221T. The yen saw significant gains as US dollar index was down 0.05%. On the US side, investors were becoming suspicious over the possibility of a rate hike this year, as global economic conditions and recent data from US labor market showed that Fed is likely to hold the policy steady until further growth indications are seen. The support and resistance levels are seen at 118.96 and 120.79, respectively.
GBP/USD showed significant gain on Wednesday, second session in a row, after falling as low as 1.5107 last week. The pair is currently changing hands at 1.5213 ahead of MPC meeting. The members will vote on the interest rate and while the possibility of a rate hike this year remains really low, the ratio of votes is what the market will pay its attention to. Yesterday, the manufacturing production data from UK was in green colour at 0.5% versus 0.3% expected. The support and resistance levels are seen at 1.5194 and 1.5468.
EUR/USD was higher in Asia, coming close to the top of its current range between 1.1060 and 1.1296. Later in the day, ECB Publishes Account of Monetary Policy Meeting, which will be closely watched by investors. On the US side, the market will be monitoring the FOMC Meeting Minutes. The support and resistance levels are located at 1.1132 and 1.1317.
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Friday, October 9th
EUR/USD was slightly higher after release of Fed minutes. The pair traded in between 1.1238 and 1.l326 before settling at its current level 1.1283. During the September monetary policy meeting, the FOMC voted nearly unanimously to leave the interest rate unchanged, making it the 55th consecutive month that the rates were left at record-lows. Among the concerns over Chinese slowdown and inflation remaining below targeted goal of 2%, Fed decided to postpone the normalization of monetary policy. The support and resistance levels are located at 1.1199 and 1.1405, respectively.
NZD/USD prices rallied as lower demand for the dollar was supporting the demand for riskier assets, while causing the rise in the oil prices as well. The Kiwi is changing hands at 0.6692, the pair’s highest since August 21.The recovery of NZD was not even diminished by the lower than expected volume of home loans. Ahead in the day, there is nothing significant on the economic calendar to consider for placing orders in this instrument, apart from US import prices, which may have little effect on NZD. The support and resistance levels are seen at 0.6594 and 0.6776.
GBP/USD is higher after Thursday data came out in line with expectations in Britain, while dollar was feeling even more pressure amid FOMC minutes. Later in the day, the cable’s moves might be affected by the UK Trade Balance data. The support and resistance levels are located at 1.5227 and 1.5494 for this instrument today.
USD/CAD has finally dropped below 1.3010 as yesterday’s data showed housing starts were in green colour in Canada. Today’s employment change figures might provide even greater support to the loonie. It is the right time to start considering the mid-term short positions in this instrument, as 1.3010 was the key support level and in case we see the continuation of the current move, the trend reversal is well possible. The next support level might be found at 1.2862, while resistance is located at 1.3011.
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Monday, October 12th
NZD/USD is higher again currently trading at 0.6730. The U.S. markets are closed today for a national holiday while the greenback remained under pressure after the latest Fed Policy meeting. Tomorrow, N.Z. publishes its Food Price Index, which is likely to affect this instrument’s price. Support and resistance levels are located at 0.6642 and 0.6777, respectively.
AUD/USD is moving up after reaching its current 0.7357 level. The pair remains close to its one-and-half month peak after weakness seen in the American dollar. Tomorrow, there is a speech expected from RBA officials, as well as NAB Business Confidence figures. The support is expected to be found at 0.7255, while resistance is seen at 0.7427. Chinese Trade Balance data will be closely watched on Tuesday.
GBP/USD is trading at 1.5364 ahead of important week in terms of economic news releases. Great Britain is publishing its CPI on Wednesday, which will give further indication of the current inflation growth rate. On Thursday, the market is expecting the employment data. Current support and resistance levels are located at 1.5187 and 1.5426, respectively.
EUR/USD is higher against the greenback, quoted at 1.1377. This week’s European data consists of Industrial Production figures and CPI, while on the US side, investors will be looking at Core Retail Sales, PPI, Core CPI, Philadelphia Fed Manufacturing Index and FOMC member speeches.
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Tuesday, October 13th
AUD/USD was lower in Asia as Chinese Trade Balance data was out mixed. The export figures came out in green light with 3.7% contraction, while imports declined more than expected by 20.4% totaling the balance to 60.34B. Meanwhile NAB Business Confidence index was beat the expectations with this month’s reading at 5. The pair is currently trading at 0.7320 after reaching one-and-half month peak at 0.7381 in course of Monday trade. Current support and resistance levels are located at 0.7297 and 0.7450, respectively.
EUR/USD continues climbing up as Fed rate hike remains in focus. The currency pair traded in a broad range between 1.1268 and 1.1397 before settling at its current 1.1373. Yesterday, Atlanta Fed president Dennis Lockhart indicated that FOMC will have more economic data at its disposal in December to make the decision versus this month’s meeting. There have been other comments coming from Fed, many of which also indicated the postpone in the rate hike is very likely. Later in the day, Germany publishes its ZEW Economic Sentiment. Support is seen at 1.1275, while resistance can be found at 1.1436.
GBP/USD is changing hands at 1.5375 before British CPI publication. Tomorrow will be another important day for the price action as Average Earnings and Claimant Count Change are expected. The cable returned to its previous consolidation in between 1.5451 and 1.5349 and mid-term expectations are mostly bullish, partially in view of weaker dollar. Current support level is located at 1.5254 with resistance seen at 1.5471.
NZD/USD was weaker this morning as Chinese Trade Balance data was mixed. The pair reached as high as 0.6739 before declining to 0.6695 today. N.Z. Food Price Index came out in line with expectations at -0.5%. The forecasts are mostly bullish with support and resistance at 0.6663 and 0.6800, respectively.
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Thursday, October 15th
EUR/USD surges to monthly high amid downbeat US retail sales data. The retail sales MoM figure showed just 0.1% growth, while core retail sales contracted 0.3%. The PPI also declined 0.5%. There is no significant data expected from euro zone today, but on the US side, investors are viewing Core CPI and Philadelphia Fed Manufacturing Index. The single currency is trading at 1.1490 with support and resistance located at 1.1368 and 1.1596, respectively.
GBP/USD is broadly higher amid mixed British data from labor market and weaker dollar. The cable is changing hands at 1.5492, having passed through a strong resistance 1.5414. Without significant data expected from the UK this week, the pair will be mostly following the moves of the USD. However, the pair is still within the falling channel on the daily charts. Current support is seen at 1.5286, while resistance is located at 1.5690.
NZD/USD climbed to its highest since June 29 currently trading at 0.6846. The weak economic data from the US fuelled expectations that Fed rate hike would be delayed for an even longer period than expected. Tomorrow, N.Z. publishes its CPI, which, in case of a good reading, might lead the pair to test the psychological 0.70 level. The support and resistance levels are seen at 0.6671 and 0.6938, respectively.
AUD/USD was recovering the losses suffered on Tuesday, when the pair fell amid lackluster Chinese Trade Balance report. However, higher than expected Westpac Consumer Sentiment reading supported the pair yesterday. The aussie is going up despite weaker than expected employment change, although unemployment rate was below than was predicted by analysts. The support is seen at 0.7213, while resistance is located at 0.7406.
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Friday, October 16th
AUD/USD is trading lower after RBA comments on weaker economic view of China and emerging economies. The pair reached to as high as 0.7363 in course of yesterday’s trade before falling to 0.7291 this morning. The support and resistance levels are located at 0.7261 and 0.7433.
EUR/USD fell sharply amid US Core CPI figures coming out in green colour. Despite being higher than expected, US inflation is still modest, which adds to the dovish tones in the possible rate hike discussions. Later in the day, euro zone CPI is being published. No significant data is expected out of US. The support and resistance levels are located at 1.1250 and 1.1497.
USD/CAD is changing hands at 1.2867 having passed the strong support level at 1.3010. Ahead in the day, the Canadian bureau of statistics is publishing the Foreign Securities Purchases and Manufacturing Sales, which is likely to have visible effect on the price. Next support level is seen at 1.2731, while resistance is now at 1.3010.
NZD/USD was slightly lower in Asia following the moves of AUD. The losses were limited as higher than expected N.Z. CPI figures provided support to the pair. New Zealand CPI came out at 0.3% (QoQ) versus expectations of 0.2%. The pair is likely to gain support at 0.6785, while resistance is located at 0.6967.
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Monday, October 19th
NZD/USD slipped lower on Monday as Chinese GDP growth rate slowed from the previous 7% to its current 6.9%. Industrial production figures in China were in red colour at 5.7% versus 6% expected by analysts. The Kiwi is changing hands at 0.6811 against its US counterpart. Current support and resistance levels are located at 0.6706 and 0.6884, respectively.
EUR/USD is aiming up trading at 1.1373 after the losses suffered in the end of last week. On Thursday, ECB stated that additional measures are needed to boost price growth in the euro zone. Data on Friday confirmed that the rate of inflation in the euro area turned negative in September for the first time since the ECB launched its trillion euro asset purchase program in March. Current support and resistance levels are located at 1.1253 and 1.1429.
GBP/USD is slightly higher at 1.5435. Tomorrow, the market’s attention will be on the speech of BoE Governor Carney, who is expected to provide some clues on bank’s vision of decline in inflation. On Wednesday, investors are viewing the British public sector net borrowing figures. Retail sales data is due on Thursday. The support is seen at 1.5327, while resistance is located close to 1.5540.
AUD/USD held steady this morning despite weak data from China while sentiment on the greenback remained vulnerable. The pair is located at 0.7291. This week, data is expected from US, which is likely to affect the AUD price. This includes US Building permits and existing home sales. The support and resistance levels are at 0.7174 and 0.7337.
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Tuesday, October 20th
USD/CAD edges higher in the early trade as demand for the greenback strengthens after mixed US data of Friday. The pair is back above 1.3010 level, which was viewed as the main resistance for this instrument since USD dropped to 1.2832 against its Canadian counterpart. Later in the day, Wholesale Sales data is expected from Canada, while on the US side the market is viewing the number of issued building permits and the speech of Fed Chair J. Yellen. The support and resistance levels are seen at 1.2870 and 1.3120, respectively.
GBP/USD is still moving up since market opening on Monday ahead of the speech from BoE Governor Mark Carney. While the focus of the speech is not directly on the monetary policy or the growth outlook, Q&A on the role of BoE may drift into a discussion of current monetary policy. Tomorrow, Britain will publish its Public Sector Borrowing figures. The support is seen at 1.5369, while resistance is expected to be met at 1.5594.
AUD/USD is higher currently changing hands at 0.7276 after upbeat RBA minutes. The Bank stated that low interest rates are having a desired effect on the economy. On China, the Bank highlighted that country’s service sector is performing well. Tomorrow, Australia publishes the CB and MI Leading Indices.
EUR/USD declined mildly to trade at 1.1330 as investors await a critical meeting by the ECB later this week for hints from M. Draghi of a potential expansion of a comprehensive €1.1 trillion bond buying program. Today, traders are keeping an eye on the euro zone Current Account figures. Outlined from an hourly perspective, the pair is being carried into new low ground without significant volatility. It is well possible for the single currency to break out higher once we see a higher degree of volatility.
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Thursday, October 22nd
EUR/USD was lower to trade at 1.1340 amid slightly stronger dollar. Although, the greenback did not show any significant growth ahead of US jobless claims data due this evening. Today, higher volatility degree is expected for EUR as comments from M. Draghi are likely to give indications of how effective the quantitative easing program was. From the US, Existing Home Sales figures are expected. The support and resistance levels are located at 1.1258 and 1.1415.
GBP/USD is changing hands at 1.5451 ahead of UK Retail sales data. Yesterday, Public Sector Net Borrowing figures came out in green colour at 8.63B verus 9.40B expected. The retail sales figures are expected to show the slowest growth in Q3 sicne Q4 2013. However, the outlook for private consumption remains positive because of increasing employment and positive wage growth. The pair is likely to find support at 1.5304, while resistance is seen at 1.5525.
USD/CAD is changing hands at 1.3122 after BoC left the interest rate at its previous level of 0.50%. Ahead of the day, Canada will publish the Core Retail sales figures. BoC stated that Canadian economy will grow just 2% in 2016 and 2.5% in 2017, down from previous forecasts of 2.3% and 2.6%. Today, pair’s moves might get highly affected by the US data. The support is seen at 1.3010, while resistance is located at 1.3245.
AUD/USD is moving down amid slightly stronger dollar. In Australia, the NAB quarterly business confidence survey fell to flat from plus-4 in the previous quarter, while conditions gained to plus-11 from plus-5. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.02% at 95.06. The support and resistance levels are seen at 0.7133 and 0.7280, respectively.
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Monday, October 26th
EUR/USD opened at 1.1005 in Asia and rose to 1.1032 to this moment. Last week, the single currency dropped to 2-month lows amid the speech of M. Draghi who reiterated a possibility of further widening of QE program. This week, the euro zone is publishing the private sector loans figures, M3 money supply, consumer confidence and CPI. Current support and resistance levels are located at 1.0881 and 1.1135.
GBP/USD is changing hands at 1.5319. The cable declined last Friday as US dollar rallied amid PBOC announcing an interest rate cut. Today, the focus of investors is on the British CBI Industrial Trends Orders and BBA Mortgage Approvals. The support and resistance levels are at 1.5176 and 1.5444, respectively.
AUD/USD is higher at 0.7246 amid Chinese rate cut. In the week ahead, investors will be focusing on Wednesday’s monetary policy announcement by the Federal Reserve for fresh indications on the timing of an initial rate hike. Friday’s monetary policy announcement by the Bank of Japan will also be closely watched. The support is seen at 0.7173 and resistance is expected to be met at 0.7347.
NZD/USD rose to 0.6773 this morning and the pair is expected to rise higher as dollar remains weak. Ahead in the day, US is publishing its New Home Sales figures. N.Z. Trade balance numbers are due tomorrow.
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Tuesday, October 27th
NZD/USD is trading lower at 0.6776 after publication of N.Z. trade balance deficit figures, which came out in red colour. However, the losses were limited due to weaker than expected new home sales data from US on Monday. The disappointing report added to speculation that the Federal Reserve will hold off on raising interest rates until well into 2016. The support and resistance levels are located at 0.6732 and 0.6867.
GBP/USD was higher on Monday, but the pair is moving down today after release of disappointing data from UK. CBI Industrial Trends Orders showed negative reading of minus 18. Ahead in the day, the British GDP is published. Current support is seen at 1.5252 and resistance is expected to be met at 1.5485.
EUR/USD was up yesterday amid dollar dippig against other major currencies as investors positioned ahead of the start of the Federal Reserve’s two-day policy meeting beginning later in the session. The dollar remained on the back foot after a disappointing report on U.S. home sales prompted investors to trim back expectations for a rate hike before the years end. It is likely that single currency will see some support at 1.0974, while resistance is anticipated at 1.1153.
USD/CAD is up on its current level at 1.3186 ahead of the Fed meeting and Core Durable Goods Orders publication in the US. Later in the week, Canada is publishing its IPPI and RMPI figures and the GDP data. Having passed the 1.3010 level, the continuation of the bullish trend is more likely to continue so the sentiment remains on the upside. The pair will meet support at 1.3109 and resistance at 1.3260.
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Tuesday, October 29th
EUR/USD fell sharply on Wednesday slumping to a fresh two-month low, after the Federal Open Market Committee held short-term interest rates at its current near-zero during its October monetary policy meeting. Economic data is expected from euro zone later in the day with Business Climate figures, Consumer Inflation Expectation and services sentiment. The support and resistance levels are located at 1.0756 and 1.1065, respectively.
GBP/USD is changing hands at 1.5260 after yesterday’s fall stipulated by the FOMC comments and stronger than expected data from US as Goods Trade Balance deficit contracted more than anticipated and Crude Oil Inventories also came out in green colour. Ahead in the day, the cable will be affected by the block of British news including mortgage approvals data, let lending to individuals and M4 money supply. Nationwide HPI was higher than last month by 0.1% while the index was not expected to change its reading. Current support and resistance levels are located at 1.5178 and 1.5356, respectively.
USD/CAD slid lower on Wednesday, pulling away from a one-month high as sentiment on the greenback was vulnerable ahead of the Federal Reserve’s monthly policy statement. Today, the loonie is going up as investors await the Canadian IPPI and RMPI data. The pair is changing hands at 1.3208 with support seen at 1.3123 and resistance at 1.3286.
NZD/USD is changing hands at 0.6664 and expectations are mostly bearish for today. Today, the pair will be following the moves of the US dollar, which is likely to be affected by the US GDP figures and Pending Home Sales data. Tomorrow, New Zealand publishes its Building Consents numbers and ANZ Business Confidence index. The support might be found at 0.6546 while resistance is located at 0.6732.
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Friday, October 30th
USD/JPY was stronger on Friday as the Bank of Japan held monetary policy steady as expected. The BoJ decided by an 8 to 1 vote to leave the bank’s policy target unchanged, as largely expected, indicating policymakers are confident that the economy will rebound in the coming months and that the underlying trend of prices continues to rise. USD/JPY traded at 120.82, down 0.26%, after the BoJ and household data and consumer prices and unemployment. Current support and resistance levels are seen at 120.25 and 122.08, respectively.
EUR/USD rose considerably on Thursday erasing some of its losses from a massive sell-off one session earlier, as currency traders continued to digest hawkish views from the Federal Reserve on the increasing likelihood of a December interest rate hike. The currency pair traded in a broad range between 1.0897 and 1.1095, before settling at 1.0978. Ahead in the day, euro zone is publishing its CPI figures as well as unemployment rate. The support and resistance levels are located at 1.0885 and 1.1079.
USD/CAD was almost unchanged on Thursday after the release of disappointing U.S. economic growth data, while expectations for a U.S. rate hike before the end of the year lent support to the greenback. USD/CAD hit 1.3238 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3199. Ahead in the day, Canada is releasing its GDP and Budget Balance data. The support is seen at 1.3078, while resistance is likely to be met at 1.3230.
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Monday, November 2nd
EUR/USD was flat in Asia trading at 1.1029. Last week, euro zone reported that inflation fell 0.1% in August. It was the first time in six months that the region saw declining inflation. Data also showed that the single currency bloc’s unemployment rate slipped to 10.8% last month from 10.9% in August, whose figure was revised from a previously estimated 11.0%. Later in the day, euro zone is publishing its Manufacturing PMI. On the US side, investors are viewing ISM Manufacturing PMI. Current support level is located at 1.0931 and 1.1148, respectively.
AUD/USD was rising amid Caixin Manufacturing Index coming out in green colour at 48.3 against 47.5 expected. In Australia, AIG Manufacturing Index was showed little growth by 0.1 from its previous 52.1. Tomorrow, RBA will announce its interest rate decision. The support level is seen at 0.7068, while resistance is likely to be met at 0.7219.
USD/JPY was slightly lower this morning amid downbeat Chinese data published this weekend. However, the pair managed to return close to the opening point as Caixin manufacturing index showed more growth than expected by analysts. The economic calendar is not loaded with Japanese economic data this week, so the focus will be on Kuroda’s speech and NFP data publication. Current support and resistance levels are located at 119.24 and 121.67, respectively.
GBP/USD was broadly up last week, amid dollar being under pressure and publication of upbeat British economic data. Today, UK Manufacturing PMI numbers are due, which are going to have effect on the currency pair moves. In the perspective of this week, the expectations are bullish amid NFP anticipation. Current support and resistance levels are 1.5291 and 1.5608, respectively.
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Tuesday, November 3rd
AUD/USD rises to one-week highs after the Reserve Bank of Australia left interest rates on hold and signaled the possibility of further rate cuts in the future. Speaking after the decision, RBA Governor Glenn Stevens that "the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand.” The American dollar remained under pressure after the Institute for Supply Management said its index of purchasing managers fell to a more than two-year low of 50.1 last month from a reading of 50.2 in September. Current support and resistance levels are located at 0.7094 and 0.7205.
NZD/USD fell this morning but the losses were limited as demand for the greenback remained under pressure after the previous session’s weak U.S. data. ANZ Commodity Price Index came out with 6.9% reading after its previous 5.5%. Later in the day, US publish its Factory orders numbers. The support and resistance levels are at 0.6666 and 0.6796, respectively.
EUR/USD posted modest losses on Monday remaining above 1.10 amid a wave of mixed manufacturing data around the globe. In Europe, overall export levels surged in October to a four-month high while total order growth across the euro zone rose to its highest level since April, 2014. The Spanish Unemployment change figures camou out in red colour at 82.3K versus 70.3K expected by analysts. Later in the day, the market is expecting a speech from ECB President Mario Draghi. The support is seen at 1.0927, while resistance is located at 1.1091.
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Thursday, November 5th
EUR/USD dropped sharply falling to its lowest level in more than three months, after Janet Yellen brought a December rate hike into play with hawkish comments before a Congressional committee on Wednesday. The currency pair traded in a broad range between 1.0844 and 1.0968, before settling at 1.0863. Ahead in the day, euro zone is publishing its Retail Sales data right before the speech of ECB President Mario Draghi. Current support and resistance levels are located at 1.0823 and 1.0967, respectively.
GBP/USD was rising on Wednesday amid strong Services PMI data, but the cable didn’t manage to withstand the hawkish comments from the Fed. Ahead in the day, Britain is publishing the MPC vote outcome, which will reflect the BoE approach to current monetary policy. Initial jobless claims data is expected on the US side. Current support and resistance levels are located at 1.5254 and 1.5494, respectively.
AUD/USD was almost unchanged on Thursday, as expectations for a December rate hike in the U.S. continued to support the greenback and as investors eyed upcoming U.S. data. Tomorrow, Australia is publishing its AIG Construction Index, while the attention of the market will be mostly focused on the NFP figures publication. Current support and resistance levels are located at 0.7064 and 0.7225.
USD/CAD is currently changing hands at 1.3145 after rising on Wednesday. The Canadian Trade data was out in green colour indicating a contraction of Trade Balance deficit. Although, the interest rate hike expectations in the US were taken as a bullish sign by investors. It is expected that the bullish trend will continue in mid-term. Current support and resistance levels are seen at 1.3078 and 1.3221.
Your European ECN-broker,
Forex.ee.