GBPUSD has retraced since 22nd September after testing the significant resistance level at 1.3100 The trend remains bearish, yet it has reached the mid-term uptrend line support, which provides a stronger support. In addition, the daily Stochastic Oscillator is below 30, the price may hold at this level. In the near term, the trading pattern is likely to oscillate around the uptrend support line. The resistance level is at 1.2950, followed by 1.3000 and 1.3050. The support line is at 1.2915, followed by 1.2900 and 1.2870. Keep an eye on the US New Home Sales figures for August, will be released at 14:00 GMT today, as it will influence the trend of GBPUSD. The Bank of Japan Governor Kuroda has made a speech this morning, stating that the BoJ is ready to use every possible tool under the new monetary framework, such as deepening interest rates, to grapple with deflation and reach the 2% inflation target. Yet the market seems to lose confidence on the BoJ, doubts on whether it has reached its limit resulting in the yen strengthening. USDJPY retraced after testing the major resistance level at 101.00. It is currently testing the support level at 100.50. The significant support line is at 100.00. In the near term, the trading pattern is likely to oscillate in the range between two significant levels: 101.00 and 100.00. The resistance level is at 100.50, followed by 101.00 and 101.50. The support line is at 100.00, followed by 99.50 and 99.00. We will get the US New Home Sales figures for August, be released at 14:00 GMT today, it will influence the trend of USDJPY. With better-than-expected readings, USDJPY will likely rally and test the resistance level at 101.00 again. With lower-than-expected figures, USDJPY will likely break the support line at 100.50. The BoJ will announce the Monetary Policy Meeting Minutes, tonight at 23:50 GMT, it may influence the trend of USDJPY. This morning released the German IFO Business Climate, Current Assessment, and Expectations for September. All three figures were better than expectations, helped EURUSD rally. The trend is moving upwards; the major resistance of 1.1240 was broken. The 4 hourly Stochastic Oscillator is above 70, be aware of a subsequent pull back. The resistance level is at 1.1255, followed by 1.1270 and 1.1300. The newly formed support line is at 1.1240, followed by 1.1215 and 1.1200. Keep an eye on the US New Home Sales figures for August today, With lower-than-expected readings, EURUSD will likely break the next resistance at 1.1255. With higher-than-expected figures, EURUSD will likely fall and test the support lines. Furthermore, keep an eye the ECB Governor Draghi will make a speech today at 15:05 GMT, unexpected wording may influence the trend of EURUSD. Source: FX Pro Market Snapshot
GBPUSD has retraced since 22nd September after testing the significant resistance level at 1.3100 The trend remains bearish, yet it has reached the mid-term uptrend line support, which provides a stronger support. In addition, the daily Stochastic Oscillator is below 30, the price may hold at this level. In the near term, the trading pattern is likely to oscillate around the uptrend support line. The resistance level is at 1.2950, followed by 1.3000 and 1.3050. The support line is at 1.2915, followed by 1.2900 and 1.2870. Keep an eye on the US New Home Sales figures for August, will be released at 14:00 GMT today, as it will influence the trend of GBPUSD. The Bank of Japan Governor Kuroda has made a speech this morning, stating that the BoJ is ready to use every possible tool under the new monetary framework, such as deepening interest rates, to grapple with deflation and reach the 2% inflation target. Yet the market seems to lose confidence on the BoJ, doubts on whether it has reached its limit resulting in the yen strengthening. USDJPY retraced after testing the major resistance level at 101.00. It is currently testing the support level at 100.50. The significant support line is at 100.00. In the near term, the trading pattern is likely to oscillate in the range between two significant levels: 101.00 and 100.00. The resistance level is at 100.50, followed by 101.00 and 101.50. The support line is at 100.00, followed by 99.50 and 99.00. We will get the US New Home Sales figures for August, be released at 14:00 GMT today, it will influence the trend of USDJPY. With better-than-expected readings, USDJPY will likely rally and test the resistance level at 101.00 again. With lower-than-expected figures, USDJPY will likely break the support line at 100.50. The BoJ will announce the Monetary Policy Meeting Minutes, tonight at 23:50 GMT, it may influence the trend of USDJPY. This morning released the German IFO Business Climate, Current Assessment, and Expectations for September. All three figures were better than expectations, helped EURUSD rally. The trend is moving upwards; the major resistance of 1.1240 was broken. The 4 hourly Stochastic Oscillator is above 70, be aware of a subsequent pull back. The resistance level is at 1.1255, followed by 1.1270 and 1.1300. The newly formed support line is at 1.1240, followed by 1.1215 and 1.1200. Keep an eye on the US New Home Sales figures for August today, With lower-than-expected readings, EURUSD will likely break the next resistance at 1.1255. With higher-than-expected figures, EURUSD will likely fall and test the support lines. Furthermore, keep an eye the ECB Governor Draghi will make a speech today at 15:05 GMT, unexpected wording may influence the trend of EURUSD.
Source: FX Pro Market Snapshot
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