China's leading province by economic output, Guangdong managed to maintain a surge rate of 6…
Daily News: the day full of events
- The US dollar index keeps trading within the $94-95 channel. CB consumer confidence data will be released today. If the actual data is greater than the forecast, the US dollar index will go up. The resistance is at $94.50. Otherwise, it will fall to $94. The market is waiting for the meeting of the central bank that will be hold on Wednesday at 21:00 MT time. The market needs clues on the two additional rate hikes. If the Fed is less optimistic, the USD will depreciate.
- EUR/USD has been moving to the resistance at 1.1730 because of the weak USD and positive European economic data. No more economic data will be out today. Therefore, if the USD falls further, the pair will break above the resistance. Otherwise, the pair will go down to 1.1675.
- It was a stressful morning for the yen traders. The market anticipated clues on the tapering of the QE. However, the bank stayed loyal to its monetary policy path. At least, the bank promised to be more flexible in relation to yields.
As a result, USD/JPY tested the support at 110.80 but surged after. The pair has touched highs of July 20 near 111.60. The weak USD will let the pair trade within 110.80-111.60. The rise of the USD will pull the pair above 111.60. The next resistance is far, at 112.65.
- The Canadian dollar has been one of the biggest movers today. According to newspapers’ headlines, Canada was rejected to participate in the talks on the NAFTA deal between the US and Mexico this Thursday.
In early trading, USD/CAD reached the resistance at 1.3090 (the pivot point). However, the weakness of the USD pulled the pair back. The pair is trying to recover. The strengthening of the USD will pull the pair back to the pivot point. However, the resistance is too strong. 50-day MA lies at that level. Canadian GDP data will be out at 15:30 MT time. If the actual data is greater than the forecast, the pair will go down. The support is at 1.2990.
- The trading of NZD/USD is unstable. Bulls are trying to break above 0.6830, but the trendline is the strong resistance. Moreover, ANZ business confidence data was weaker than the previous one. If the US dollar index falls, the pair will be able to break the resistance. Otherwise, there are risks of the fall. The support is at 0.6775.
That’s all for today! Follow market news with FBS!
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