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The US dollar index rebounded from the support at 95 yesterday and up to now, it has been trading near 95.30. No important economic data will be released today. However, the direction of the index will be determined by news on the NAFTA deal and trade talks with China. The supports are at 95 and 94.25. The resistance is at 95.50.
The Australian dollar has been moving down because of several reasons. First of all, the USD has been strengthening. Secondly, the environment in the Australian government is critical. The prime minister announced a possibility of the resignation. The Australian parliament is shut down for 2 weeks. 3 minister applied for the resignation. Thirdly, the China-Australia relationship has worsened. Australia banned China’s Huawei company from participating in mobile network build.
As a result, AUD/USD has been moving down. The first support lies at 0.7275. If the USD is stronger, the pair will break below this level. The next support is at 0.7235. If the USD suffers to go further up, the pair will trade within 0.7275-0.7350.
Up to now, GBP/USD has been moving down. The pair rebounded from the resistance at 1.2910 (the pivot level and the trend line). The support is at 1.2828. If the USD drops. The pair will come back to the resistance.
As a result, the ZAR fell against the USD. However, the strengthening of the US dollar was an important reason for the USD/ZAR pair’s rise as well. The pair has rebounded from the support at 14.13. The resistance is at 14.4660 (50-hour MA), the USD needs additional support to break above this level and move to the next one at 14.6020.
That’s all for today! Follow market news with FBS!
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The Canadian dollar has chances to keep trading at good levels. According to the recent statement of the Bank of Canada, the country’s economic data are in line with the forecasts.
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On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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