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Friday, August 14th

EUR/USD is trading flat ahead of emergency bailout session in Greek Parliament. Currently the pair is at 1.1141 after reaching the highs of 1.1213 on Wednesday. Today, euro zone GDP and CPI data is published which will be followed by Michigan Consumer Sentiment and PPI from the United States. German GDP was insignificantly lower than expected coming out at 0.4% against expectations of 0.5% growth. The important levels to watch are 1.1060 for support and 1.1226 for resistance.

NZD/USD was down amid Retail Sales data coming out in red colour with more disappointing numbers than it was expected. The New Zealand dollar fell to 0.6538 after opening Asian session at 0.6568. The support will be found at 0.6498, while resistance is located near 0.6607.

USD/CAD is rebounding after positive US data added to expectations for a September rate hike. The U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits rose by 5000 to 274,000, which was higher than expected. Although, retails sales increased by 0.6% last month beating the forecast of 0.5%, while core retails sales rose by 0.4% in July matching the expectations. Canadian New House Price Index came out in green colour at 0.3%. Later in the day, Canadian manufacturing Sales data is expected. The support level is located at 1.2948, while resistance is at 1.3157.

GBP/USD is trading flat since the market opening at 1.5608 in Asia. The U.S. dollar index rose 0.04% overnight reaching the 96.40. Without any important news expected from the United Kingdom, the pair’s fluctuations will be mostly driven by the American data due later in the day.

USD/CHF struggled to rise above 0.98 level after suffering significant losses on Wednesday. Yesterday, the pair rose modestly by 0.0007 points even though Swiss PPI showed even more considerable contraction in numbers than expected. Next week, Swiss Trade Balance data is published. Currently trading at 0.9755, the pair has immediate resistance at 0.9815 and support at 0.9697.

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Monday, August 17th

USD/JPY was weaker in Asia despite GDP data showing the economy growth contracted less than expected. This was due to the strengthening seen in dollar after upbeat data on producer prices and industrial output on Friday. The U.S. dollar index rose 0.11% to 96.71. The pair is currently erasing the morning losses changing hands at 124.43. Support can be found at 123.92, while resistance is located at 125.05.

EUR/USD is rising after a little easing seen from the moment of market opening in view of stronger dollar. Ahead in the day, euro zone Trade Balance data is expected, so investors are closely watching the 1.1100 level for support and 1.1206 for resistance. As of writing, the pair is at 1.1097.

USD/CAD is rising today after opening above the key support level of 1.3063. Later in the day, investors are viewing the volume of Foreign Securities Purchases by Canadians. The pair is trading at 1.3110 with mostly bullish expectations for the day.

AUD/USD was showing a consolidated trade last week without much of volatility of this instrument. Today, there also were no considerable changes in price, although AUD managed to rise from 0.7373 to 0.7381. The RSI indicator suggests that the pair is close to the area where it would be considered oversold, but expectations remain bearish amid strengthening dollar. Support and resistance can be found at 0.7330 and 0.7430, respectively.

GBP/USD opened trades with a small gap indicating that bulls are in the active mode today. With no major data due for release, we need to watch the 1.5690 level for resistance. Since the beginning of July, this level was tested a few times proving to be a reliable resistance level. Although, the expectations are mostly positive for GBP, so having passed the resistance, the bulls are likely to gain momentum.

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Tuesday, August 18th

EUR/USD tested the 1.1050 level falling for the fourth consecutive session as currency traders are waiting to see the release of the FOMC July meeting. Yesterday, the Empire State Manufacturing Index fell to its lowest level in six years while European Trade Balance was at 26.4B in July comparing to 18.8B in June. The pair is trading at 1.1059 with support and resistance at 1.1007 and 1.1158, respectively.

AUD/USD is lower today trading at 0.7356. RBA minutes offered no new surprises with mostly positive outlook for AUD stating, however, that Fed rate hike will cause the US dollar to appreciate against aussie. Today, the pair will follow the moves of the greenback after the release of news from the U.S. The support and resistance levels are located at 0.7298 and 0.7400, respectively.

GBP/USD tested the 1.5687 level bouncing back in view of close resistance at 1.5690. The pair was trading flat close to 1.5574 ahead of today’s data from Great Britain. After the publication of British PPI and CPI, the cable erased yesterday’s losses climbing up to 1.5640 level.

NZD/USD is broadly up for the second consecutive day climbing to 0.6579 level today as Russia partially lifts the ban imposed on NZ dairy products which had been operating for two years. Although, the expectations for the pair are mostly bearish with resistance located immediately above at 0.6585 and support at 0.6521.

USD/JPY is slightly down today but no major fluctuations are observed ahead of today’s news release from the United States. Ahead in the day, the market is viewing the Building Permits and Housing Starts data. Markets believe that any break below 124 level should be considered as a good buying opportunity which could once again take the pair higher to retest 125 level. The current quote is 124.30.

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Wednesday, August 19th

Japanese yen fell slightly after the country’s Adjusted Balance figure came out in red colour at -0.37T against -0.16T expected. Meanwhile, exports rose more than expected in July, while imports contracted less than predicted by economists. USD/JPY is changing hands at 124.29, which means the ongoing consolidation is still active with support and resistance levels located immediately at 124.06 and 124.60, respectively. The pair is likely to reach the 125 level if, having fallen to 124, it tests the 124.60 area.

EUR/USD is rising after 4 days of consecutive falling ahead of FOMC minutes later in the day. Investors were closing their long positions on this instrument considering unclear indications on the timing of rate hike in the US. A few hours prior to FOMC report, data on American Core CPI and Crude Oil inventories will be published. Meanwhile, European Current account numbers are due to be published this morning, so there will be a higher volatility day for the single currency today. The pair will likely find support at 1.0808 and resistance at 1.1213.

NZD/USD is down today after testing the 0.66 level during the previous session as Russia lifted the ban on NZ dairy products raising hope for a more steady growth in the farming sector of New Zealand Currently, NZD is changing hands at 0.6596 against its American counterpart. Bearing in mind stronger demand for the greenback (the US Dollar Index grew 0.08% to 97.00 overnight), Kiwi was holding quite strong. The currency was partially supported by upbeat PPI Input data, which suggested much slower contraction than the previous quarter.

GBP/USD continues rising after spiking above the resistance level of current consolidation at 1.5690. Yesterday’s upbeat inflation indicators suggested Great Britain is one more step away from the risk of entering the deflation zone. Without any significant data coming out from the UK, the pair is likely to follow the moves of the US dollar and EUR. The expectations continue to be bullish, as British economy continues to show steady growth and technical levels suggest that breaking through the current consolidation ceiling would open up the space for a more intensive bullish trend. GBP/USD is trading at 1.5676.

USD/CAD is back below the key support level located at 1.3063. Trading close to highs of March 2009, the pair might continue the flat trade until the market has more fundamental data on the growth of Canadian economy. In view of long awaited rate hikes in the US, the expectations are mostly bullish. However, the RSI indicator clearly suggests the pair might have been well overbought. Any bigger moves will need to be considered as “traps” until the forming of a trend is confirmed. The current quote is 1.3041.

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Thursday, August 20th

USD/CHF suffered considerable losses amid FOMC minutes not giving any clear indications on the rate hike timing. This morning, the frank was also supported by the positive Trade Balance figure from Switzerland. The pair fell below 0.97 level to its lowest since August 1 and having found support near 0.9637, rebounded to 0.9660.

EUR/USD surged on Wednesday as dollar came under renewed pressure amid lower than expected Core CPI reading and the report on crude oil inventories also indicated some lack in demand. European Current Account, on the other side, was better than expected coming out with 25.4B reading versus the forecast of 19.2B. The FOMC minutes showed, according to most officials, the conditions for policy firming had not yet been achieved, but it was noted that the conditions were approaching that point. Currently, EUR/USD is trading at 1.1127 heading up to 1.1187, where the pair is likely to find resistance. The support level is located at 1.1042.

NZD/USD might be finally moving up after a major three-month free fall. Despite downturn in New Zealand employment and falling commodity prices, the Kiwis managed to reach much higher than expected Global Dairy Trade price index, as well as better than expected quarterly PPI. In the beginning of August, we saw a 2.8% rise in hourly earnings. In the last month, the 0.6500 level proved to be a reliable support, so with the current quote of 0.6621, the pair might test the 0.6652 level.

GBP/USD has been testing the strong resistance level at 1.5690 for the last four sessions and it is highly expected that today’s block of news from Britain will finally take the pair higher starting a bullish trend after prolonged consolidation between 1.5690 and 1.5466. Today, the market is watching Retail Sales data as well as CBI Industrial Trends orders figures from the UK.

Ahead in the day, Canadian wholesale sales numbers will be known, which will be followed by existing home sales and Philadelphia Fed manufacturing index from the US.

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Friday, August 21st

EUR/USD surged more than 1% amid Fed rate hike uncertainty as currency traders analyze the outcome of FOMC minutes that were published on Friday. The pair traded between 1.1107 and 1.1244 on Thursday, before settling at 1.1239, which indicated a 1.08% rise. The PMI data from Europe showed stable growth and currently EUR is trading at 1.1242 against the US dollar, with support and resistance levels at 1.1119 and 1.1342, respectively. Euro zone consumer confidence is expected by economists later in the day.

USD/CAD has grown to 1.3101 as market is putting the greenback under pressure. Ahead in the day, Canadian CPI and Retail Sales data is due right before the publication of the US Manufacturing PMI so higher degree of volatility is expected for this instrument.

AUD/USD fell lower as Chinese Caixin Manufacturing PMI showed slower growth than expected. The pair changed hands at 0.7285 before coming back above 0.73. Even lower reading of the US dollar index could not provide the needed support for the aussie. The support and resistance levels are located at 0.7230 and 0.7374, respectively.

GBP/USD was higher at 1.5722 earlier today, breaking through the 1.5690 level. The British Public Sector Net Borrowing and Public Sector Net Cash Requirement readings were out in red light. Current support and resistance levels are at 1.56708 and 1.5750.

NZD/USD was slightly lower today, but the pair managed to stay above the 0.66 level currently trading at 0.6620. Earlier in the morning New Zealand published the external migration data, which was lower than the previous month, and permanent/long-term migration, which was higher than in June. The outlook for today is neutral and will be mostly driven by the fluctuations of the US dollar.

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Monday, August 24th

Yen is sharply up as USD/JPY opened with a gap in Asia this morning. Stronger demand for safe-haven currencies was observed amid Shanghai Composite plunging on Monday and prospects of further monetary easing in China remaining possible. The pair is trading at 121.11, breaking out of the corridor between 124.60 and 124.06. This week, the market is viewing Japanese Corporate Services Price Index, Household spendings, Retail Sales, CPI and Unemployment rate data.

NZD/USD manages to stay very close to 0.66 level as U.S. dollar index remained flat at 94.51. At the end of last week, there was no growth observed in the US dollar as FOMC minutes did not provide clear indication on the time of Fed rate hikes. With commodity currencies, all the attention is now turned to Chinese turmoil with expectations of further developments. The pair is changing hands at 0.6598 with support and resistance levels at 0.6550 and 0.6630, respectively.

EUR/USD is celebrating considerable gains currently trading at 1.1459. The pair is now likely to test the February highs of 1.1533, which serves as current resistance level. The moves in Euro were mostly driven by stronger demand caused by another crash in the Chinese stocks. The support can be found at 1.1308.

GBP/USD returned to the consolidation corridor in between 1.5466 and 1.5690. The previous week, cable was testing the resistance level of current consolidation on daily basis, as happened today also. So what we see now is a more narrow consolidation forming near the top of a broader price fluctuation range, which is another indicator of coming close to forming a longer bullish trend. This week, investors are viewing the US and British GDP figures.

USD/CAD has reached the anticipated target of 1.3241 and opening long positions seems a more reasonable option now. This week will bring considerable volatility to the market, with possible testing of 1.34 level before Friday. American data will serve as the main price action catalyst, so data will need to be watched closely.

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Tuesday, August 25th

EUR/USD surged more than 2% amid Chinese equity sell-off. The pair reached its eight month highs at 1.1713 subsequently consolidating close to 1.1566. The U.S. dollar index fell to its lowest since January reaching the 92.54 level. Today, German GDP came out in line with expectations at 0.4%. Ahead in the day, investors are viewing CB Consumer Confidence and New Home Sales data from the US. The support and resistance can be found at 1.1437 and 1.1840, respectively.

USD/CAD remains broadly higher as commodity currencies suffer the most losses over concerns about potential Chinese recession. The pair is currently trading at 1.3276 with a new target set at 1.3350. The support can be found at 1.3180. On Thursday, Canadian Corporate Profits data will be published – right before the IPPI and RMPI data on Friday.

Yen reached 116.19 level yesterday, after which the Japanese currency was weakening amid comments from Atlanta Federal Reserve Bank President Dennis Lockhart said he expects the Fed to start raising rates before the end of this year.

NZD/USD broke through the key support level at 0.65 opening new horizons for further falling to 0.6350. In the morning, New Zealand Inflation Expectations came out in line with the figures of last month at 1.9%. Today’s little recovery was mostly stipulated by the rise in the oil prices. The expectations remain bearish.

GBP/USD is still heading up as yesterday’s move added to the confidence of bulls. The pair, quoted at 1.5668, is trading close to 1.58 level, which act as the resistance level. Later this morning, British Index of services will be published.

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Wednesday, August 26th

NZD/USD gains amid narrower Trade Balance deficit than expected at 649M. The exports were higher at 4.20B versus forecasts of 3.85B. The pair is trading at 0.6500 as the U.S. dollar index rose modest 0.03% against the basket of major currency pairs. The support can be found at 0.6354 and resistance is located at 0.6552.

AUD/USD is weaker at 0.7126 despite upbeat data on Construction Work Done in the second quarter of the year. The expectations were on the negative side, but the actual figure was positive and far from contraction at 1.6%. The Shanghai Composite opened up slightly before dipping nearly 2% in the early trade, which affected the aussie as well. The pair might find support at 0.7038 and resistance at 0.7226.

EUR/USD is moving down amid broadly stronger greenback. The US data was mostly positive as CB Consumer Confidence figure came out in green light at 101.5 against 93.4 expected. New Home Sales were slightly lower than forecasted at 507K. The pair is trading at 1.1493 with mostly bearish expectations for the day. The support and resistance levels are at 1.1343 and 1.1570, respectively.

GBP/USD is trading close to the support level located at 1.5690 with current quote 1.5697. The pair suffered considerable losses overnight and today is likely to be a volatile session with UK data coming out later today – BBA Mortgage Approvals and CBI Distributive Trades Survey figures. Technically, expectations are mostly bullish with the target set at 1.5793. If cable falls below the 1.5690 level, correction will be expected shortly.

Ahead in the day, data from US is expected including Core Durable Goods Orders, Crude Oil inventories and speech of FOMC member.

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Thursday, August 27th

USD/JPY is up today after yesterday’s release of US news supported the greenback. Crude Oil Inventories figures came out in green colour shortly after publication of Core Durable Goods numbers, which were higher than expected at 0.6% versus 0.4% expected. Bank of Japan governor said that Japan will contribute to raising the growth potential of the economy through QE. The yen reacted immediately with the price rallying to 120.360, subsequently consolidating at 120.180. The support and resistance levels are located at 119.18 and 121.36, respectively.

NZD/USD continues tracking the Shanghai Composite with a clear correlation between shares opening higher and NZD edging up earlier this morning. The pair reached 0.6471 level before consolidating at 0.6446. The pair was also supported by a brief contraction of the US dollar index, which was down 0.10% at 95.21.

AUD/USD re-approaches its six year lows after Australian data showed Building Capital Expenditures were down more than expected while Private New Capital Expenditures also came out in red colour. Ahead in the day, the pair will follow the moves of the greenback, as Pending Home Sales data is published one and half hours after the US GDP reading. Expectations are mostly bearish.

EUR/USD is down to 1.1325 level (more than -1%) after a senior ECB policymaker warned that the risks to its short-term inflation target increased and hinted at fresh easing to combat deflation. It was said that lower commodity prices and signs of economic weakness mean there is an increased risk of euro zone missing its inflation targets. EUR/USD will find support at 1.1112 and resistance at 1.1467.

GBP/USD suffered considerable losses on Wednesday falling to 1.5453 amid stronger dollar. Today, data showed that Nationwide HPI (MoM) was slightly lower than expected at 0.3% and YoY numbers were actually higher than predicted, beating expectations by 0.1%. The Support and resistance levels are located at 1.5321 and 1.5631, respectively.

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Friday, August 28th

Yen was weaker in Asia as mixed data from Japan came in this morning. National CPI reading was flat versus negative figure expectations, while household spending rose modestly 0.6%. Retail sales data was positive with 1.6% growth figure. Overnight, the greenback was stronger with the US dollar index rising 0.02% to 95.77. The pair is likely to find support at 120.11 and resistance at 122.64.

USD/CAD is trading at 1.3192, as greenback was pairing losses against its Canadian counterpart. The gains were stipulated by stronger than expected GDP reading in the US for the previous quarter. Initial jobless claims numbers were even below the forecasts. However, Pending Home Sales missed the expectations by 0.5%. Canadian Corporate Profits data was out with 12.9% figure after 0.6% contraction in course of the previous month. Strong support is located at 1.3125 and resistance will be found at 1.3213.

EUR/USD was moving up after falling as low as 1.1203 on Thursday. Yesterday, the Euro zone M3 money supply data was out in green colour and Private Sector Loans also grew 0.9%. Ahead in the day, data is expected from the US including Goods Trade Balance, Personal Spending, and Michigan Consumer Expectations. Support and resistance levels are located at 1.1116 and 1.1362.

GBP/USD is up to 1.5423 level showing consolidated trade at the beginning of the session. In a matter of hours, British GDP is published, which is likely to add volatility to the afternoon session. The Business Investment data is published at the same time. Yesterday, the pair suffered considerable losses coming down from 1.58 level, the week’s highs.

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Monday, August 31st

Yen is stronger today despite weaker than expected Industrial Production data from Japan. USD/JPY opened trades at 121.57 subsequently falling to 120.88 in Asia. The U.S. dollar index, which fell 0.32%, signaled that dollar is erasing the gains of the end of last week. On Friday, the market will be focused on the Non-Farm payrolls data, which is likely to provide additional indications of the rate hike timing. USD/JPY will find support at 120.56 and resistance at 122.58.

AUD/USD was flat since the beginning of the session when data showed that Company Gross Operating Profits contracted less than expected in the second quarter. Private Sector Credit has also increased in Australia. Despite weaker dollar, the aussie was not able to show any considerable growth, which implies investors still have bearish outlook for the pair. The Chinese Manufacturing PMI is out tomorrow, which will add volatility to the morning trade on Tuesday. The pair is likely to find support at 0.7111 and resistance at 0.7270.

EUR/USD is rising from lows of last week – 1.1171. The pair managed to get above 1.12 currently changing hands at 1.1241. Later in the day, the euro zone CPI is published. Intraday short positions should be opened at 1.1252 with target at 1.1017. 1.1317 is the strong resistance level.

GBP/USD will be mostly following the moves of US dollar, as it is Bank Holiday in the UK. Ahead in the day, the market is expecting the Chicago PMI and tomorrow British Manufacturing PMI data is published. The cable is trading at 1.5431, back within the consolidation corridor in between 1.5425 and 1.5690. The expectations for the week are mainly bullish.

USD/CAD is rising today currently changing hands at 1.3235. Today, Q2 Current Account data is out from Canada, ahead of tomorrow GDP figures. The moving averages are pointing up suggesting bulls are yet to start gaining momentum. The new target for the pair is 1.3360 with support level at 1.3120.

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Tuesday, September 1st

GBP/USD fell to 1.5339 in course of yesterday’s trade constantly finding resistance at 1.5431. The pair is now trading flat ahead of UK PMI data, which is due later in the day. Tomorrow, Services PMI is published, so higher volatility is expected for the end of this week with Non-Farm Payrolls data on Friday. The new support level is located at 1.5217 and resistance is at 1.5431.

AUD/USD is falling after the early rise in Asia amid RBA holding the rate unchanged at 2%. AIG Manufacturing Index was higher than last month at 51.7. Building approvals rose 4.2% versus the forecast of 2.5%. However, Australian current account deficit widened more than expected, which indicates that lower oil prices and Chinese turmoil have had their effects on the Australian exports despite weaker AUD. The support and resistance levels are at 0.7021 and 0.7175, respectively. The current quote is 0.7114.

NZD/USD is erasing the losses of Tuesday, when the pair fell to its lowest at 0.6319. The Terms of Trade Index came out in green colour in the second quarter, while Chinese Manufacturing PMI was in line with expectations without any unpleasant surprises for the commodity currencies. The new aim for NZD is now 0.6224 as bearish trend seems to be far from over.

EUR/USD was gaining ground today rising back near 1.13 level currently trading at 1.1292. Yesterday, euro zone CPI was very positive at 0.2%, while Chicago PMI index was lower than expected at 54.4. Ahead in the day, European Manufacturing PMI and unemployment rate is published before ISM Manufacturing PMI numbers are known in the evening.

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Wednesday, September 2nd

EUR/USD surged to 1.1332 in course of Tuesday trade as Chinese manufacturing PMI index came out below 50 indicating definite contraction in Chinese economy. Meanwhile, euro zone Manufacturing PMI was out slightly below than expected at 52.3 versus forecasts of 52.4. The American data was mixed with manufacturing PMI data coming out in green colour, while the same index from ISM was lower than expected. The pair may find support at 1.1205 and resistance at 1.1443.

AUD/USD is recovering from the losses it suffered in the morning when weaker than expected GDP reading sent the pair below 0.70 to 0.6982. The U.S. dollar index was up 0.31% at 95.69. Tomorrow, retail sales and trade balance data is expected from Australia. The support and resistance levels are located at 0.6910 and 0.7122, respectively.

GBP/USD continues falling amid slower expansion of UK manufacturing sector. Ahead in the day, British Construction PMI data is due before the announcement of ADP Nonfarm Employment Change in the US. Currently, the pair is trading at 1.5301 with support and resistance levels at 1.5171 and 1.5434, respectively.

USD/CAD continues its consolidated trade above 1.32 with the current quote of 1.3240. Yesterday’s data showed positive Canadian GDP figures, but the bears remain skeptical ahead of Non-Farm Payrolls data. It is expected that the pair will reach as high as 1.3450 in the next two weeks, while support can be found at 1.3124.

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Thursday, September 3rd

AUD/USD continued its decline falling as low as 0.6992 this morning. Australian retail sales data showed contraction in retail sales in July, while trade balance deficit narrowed more than expected. Meanwhile, the US dollar index was up 0.09% at 95.98, which indicates that dollar pushed higher tonight despite release of disappointing data. The pair is currently trading at 0.7003, with immediate support at 0.6982 and resistance at 0.7061.

The cable was lower amid Construction PMI data coming out in red colour. GBP/USD is changing hands at 1.5280 ahead of Services PMI numbers. It is expected that activity in the services sector will grow more than last month, when the index was at 57.4. The support is likely to be found at 1.5174, while resistance is located at 1.5391.

EUR/USD was trading flat inside corridor between 1.1330 and 1.1156 ahead of the Non-Farm Payrolls data. Later in the day, the euro zone interest rate decision is announced, which is expected to stay unchanged. Also, investors are looking for Markit Composite PMI, Services PMI and Retail Sales data from Europe. ISM Non-Manufacturing PMI is published in the evening. The support and resistance levels are located at 1.1115 and 1.1330, respectively.

USD/CAD Wednesday Trade was rather volatile amid ADP Non-Farm Employment change numbers coming out in red colour in the US, while crude oil inventories were higher than desired. Ahead in the day, Trade Balance data is expected from Canada. Technically, USD/CAD is staying within the boundaries of the bullish trend and the resistance is being constantly tested. This means that we might soon see the pair reaching its current aim at 1.3350. On the downside, support is located at 1.3221.

NZD/USD was slightly higher today as the focus point is turning from Chinese economy concerns over to the situation in the US. Yesterday, ANZ Commodity Index showed 5.2% decline in New Zealand and Current account data is expected as soon as next Monday. Currently, the pair is changing hands at 0.6348 with mostly bearish outlook and next target set at 0.6132.

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Friday, September 4th

AUD/USD was one of the biggest losers this morning as traders switched to less risky assets ahead of high-volatility session on Friday. The pair opened trades at 0.7015 and subsequently fell to 0.6976. With higher degree of market volatility in the recent time, it is expected that risk aversion will become a more common practice in the near future. The closest support level is located at 0.6933, and resistance can be found at 0.7076.

Yen strengthened despite lower than expected average cash earnings in Japan. The data came out in red colour at 0.6% versus 2.3% forecast. The fall of USD/JPY was stipulated by traders seeking less risky assets for their investments. Meanwhile, overtime pay rose 0.60% in Japan after 0.40% contraction in course of last month. The pair is currently trading at 119.43 with support and resistance levels located at 118.72 and 120.69, respectively.

GBP/USD fell even further to 1.5240 this morning. Yesterday’s data showed modest growth of Services PMI in Britain, which came out below the expected figure. Next week will be highly volatile after MPC session when members will vote for/against the interest rate hike decision. The pair is likely to find support at 1.5115 and resistance at 1.5363.

EUR/USD is changing hands at 1.1129 after highly volatile trade this morning. Ahead in the day, we will see some harsh moves on euro zone GDP numbers publication and Non-Farm Payrolls data. The single currency came under pressure after ECB indicated on Thursday that it could expand it quantitative easing program amid increased downside risks to its inflation outlook. The support and resistance levels are located at 1.0971 and 1.1239, respectively.

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Monday, September 7th

AUD/USD is slowly recovering after decline of last week, when the pair fell below 0.70 to 0.6908 level – the six year lows. Data showed that job advertisements in Australia rose 1.0% last month after 0.5% slip in July. The Non-Farm Payrolls data showed that economy added 173,000 jobs last month, slowing after an upwardly revised 245,000 July figure. AUD/USD is trading at 0.6930 with closest support and resistance levels located at 0.6817 and 0.7001, respectively.

NZD/USD is changing hands at 0.6273. Tomorrow, Manufacturing Sales Volume data is expected from NZ with Chinese trade balance data coming out shortly after. It is expected that NZD will continue falling this week, as the bottom hasn’t been reached yet. The target for the pair is at 0.6095. Resistance can be met at 0.6321.

GBP/USD slipped lower to 1.5188. The pair’s almost uninterrupted decline from the 1.5830 area in late August seems to be over now, so growth is expected this week for this instrument. Ahead in the week, the significant data will be out with UK’s Industrial Production, Manufacturing Production, Trade Balance figures and MPC meeting.

EUR/USD is lower at 1.1137. The pair rebounded on NFP publication, but subsequently fell even lower. Ahead in the week, euro zone GDP is published. On the US side the market expects data on Initial Jobless Claims and PPI.

USD/CAD is continuing its consolidated trade close to 1.3250. In the week ahead, Canadian data is published including Interest Rate decision, Housing Starts, Building Permits, Capacity Utilization rate and new housing price index. According to the expert forecasts, we might see a little bit of upside this week with target at 1.3346.

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Tuesday, September 8th

USD/JPY is higher today despite better than expected current account figures with 1.32T proficit. The Japanese GDP numbers were out in the green colour, also. Data indicated the economy contracted just 0.3% over the last quarter versus 0.4% decline forecast. Currently, USD/JPY is trading at 119.63 with support and resistance levels at 118.44 and 120.44, respectively.

AUD/USD was higher rising from 0.6911 lows of the previous days. The aussie was supported by NAB Business Confidence positive reading as well as by Chinese Trade Balance data showing considerably bigger increase than expected by experts. The U.S. dollar index showed a little change declining just 0.32% to 95.84. The pair might find support and resistance at 0.6863 and 0.6974, respectively.

EUR/USD returned to the consolidation corridor in between 1.1333 and 1.1156 with the current quote of 1.1292. Ahead in the day, euro zone GDP is expected with 1.2% growth rate seen YoY.

GBP/USD is erasing losses after uninterrupted fall of the previous two weeks. The pair added more than 200 points since market opening on Monday with the main point of attention now at Wednesday block of news. Tomorrow, investors are viewing the British Manufacturing Production, Industrial Production and Trade Balance data coming out at the same time, so high degree of volatility is expected.

USD/CAD continues its consolidation within a narrow bullish corridor, which is forming at the top of the bigger bullish trend. This gives us technical indications of forthcoming rapid growth with the target set at 1.3320. Tomorrow, Canadian data is expected with details on Housing starts, Building Permits and Interest Rate Decision.

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[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Wednesday, September 9th

NZD/USD rose on Wednesday as speculation surrounding possible stimulus measures in China boosted risk appetite and as markets eyed the Reserve Bank of New Zealand’s rate statement due the next day. NZD/USD hit 0.6402 during late Asian trade, the pair’s highest since September 4; the pair subsequently consolidated at 0.6381, climbing 0.58%. The support and resistance levels are located at 0.6280 and 0.6387.

AUD/USD was higher on Wednesday, despite the release of disappointing economic reports from Australia, as hopes for fresh stimulus measures in China lifted market sentiment. The Westpac Banking Corporation reported on Wednesday that its consumer sentiment index for Australia fell to minus 5.6 in September from a reading of 7.8 the previous month. The pair was likely to find support at 0.6916, Tuesday’s low and resistance at 0.7156, the high of September 1.

EUR/USD rose after the opening bell in Europe, reverting the spike down to the 1.1150 area amidst an increasing risk-on environment seen during the Asian trading hours. Results above expectations from GDP during the second quarter released yesterday failed to ignite a solid recovery in the pair, which remains confined to the USD-dynamics as almost the exclusive catalyst and the Fed timing of a rate hike.

CHF has surprisingly strengthened today against the U.S. dollar, even though equity markets across Asia and Europe extended the risk-on rally witnessed in the previous session. The spot turned lower from the highs around 0.9821 and breached the double top neckline at 0.9774 levels. The pair now trades around 0.9760; just below its hourly 50-MA located at 0.9766 levels. The strength in the CHF contradicts the weakness seen in other traditional safe haven assets - JPY, Treasuries.

Your European ECN-broker,
Forex.ee.

[EEAnalytics]

Daily economic digest from Forex.ee
Stay informed of the key economic events

Thursday, September 10th

NZD/USD fell sharply after RBNZ cut its interest rate to 2.75%. The pair quickly erased gains of the previous two days currently trading at 0.6262. Meanwhile, the NZ Electronic Card retails sales rose 0.5% after 0.4% growth rate in the previous month. Overnight, the US dollar pushed higher against the basket of major currencies, as China’s finance ministry said it would implement fresh easing measures to support the economy growth. The pair will find support at 0.6242 and resistance at 0.6310.

AUD/USD also suffered considerable losses after a brief rise on Wednesday. This morning, Australian employment data was positive. However, the Chinese data was mixed with CPI coming out in green light at 2% and PPI in red light with 5.9% contraction. The stronger dollar was also pushing the aussie lower, which lead to pair’s fall down to 0.7009. The support and resistance levels can be found at 0.6950 and 0.7087, respectively.

USD/CAD is showing consolidation signs around 1.3240 this week ahead of Canadian data due later in the day. New Housing Price Index will be published this evening together with Capacity Utilization Rate figure. On the US side, we will see the Crude Oil Inventories and Initial Jobless Claims data. The expectations remain bullish for this instrument with target set at 1.3300.

Today is an important day for GBP/USD and the session promises to be very volatile as BoE MPC meeting is held this afternoon. The British Halifax House Price Index showed some healthy growth numbers, so the point of attention has now turned to the outcome of the MPC meeting, which will show the ratio of votes on the interest rate hike. The pair is currently changing hands at 1.5350 with support and resistance levels located at 1.5270 and 1.5505, respectively.

Your European ECN-broker,
Forex.ee.