USDCAD On the daily chart, USDCAD has rallied since Yellen’s hawkish speech last Friday, and broke the significant resistance level at 1.3000. Yet USDCAD is currently trading around the next major resistance level at 1.3100, where the significant uptrend line resistance situates, suggesting heavy selling pressure at this price zone. In addition, the daily and 4 hourly KD indicators are both at a high level, be aware of a pullback. Keep an eye on the US ADP Employment Change for August, to be released at 12:15 GMT today, regarded as the predictor for the government’s Non-Farm Payroll figures. With positive reading, the dollar will likely strengthen, while with lower-than-expected reading, the dollar will likely weaken. Also keep an eye on the Canadian Q2 GDP (QoQ) and GDP for June (MoM), to be released at 12:30 GMT today. With lower-than-expected readings, USDCAD will likely to rally and test the upside resistance level at 1.3100. The next resistance level is at 1.3140, followed by 1.3190. While positive figures, USDCAD will likely pullback and test the downside support line at 1.3050. The next support level is at 1.3000, followed by 1.2950. USDJPY On the daily chart, USDJPY has rallied since Yellen’s hawkish speech last Friday, broke the significant resistance levels at 101.00, 102.00 and 103.00 respectively with strong bullish momentum. Yet the current price is not far from the major downtrend line resistance at 103.63. In addition, the daily and 4 hourly KD indicators are both above 80, suggesting a pullback. The resistance level is at 103.63, followed by 104.00. The support level is at 103.00, followed by 102.70, 102.40 and 102.00. Keep an eye on the US ADP Employment Change for August, to be released at 12:15 GMT today, regarded as the predictor for the government’s Non-Farm Payroll figures. With positive reading, USDJPY will likely test the upside downtrend line resistance. While with lower-than-expected reading, USDJPY will likely test the support line at 103.00. GBPUSD The UK Nationwide Housing Price (YoY and MoM) figures for August released this morning, were better than the previous figures and expectations. Yet it pulled back after tested the resistance level at 1.3160. It is trading in a range between the resistance level at 1.3160 and the major support level at 1.3050. The resistance level is at 1.3160, followed by 1.3200 and 1.3230. The support level is at 1.3050, followed by 1.3000 The DAX Index The German Unemployment Change and Unemployment Rate for August was released this morning. The former fell by 7k, beating expectations of -5k. The latter was 6.1%, in line with the previous figure and expectations. After the figures were released, the DAX index bounced off from the support line at 10630. The DAX index has been oscillating in an uptrend channel since 11th July. Yet the price is currently trading in the resistance zone between 10680 and 10630. In addition, the 4 hourly KD indicator is pulling back. The resistance is at 10680, followed by 10700 and 10745. The support line is at … Source: FX Pro Market Snapshot
USDCAD On the daily chart, USDCAD has rallied since Yellen’s hawkish speech last Friday, and broke the significant resistance level at 1.3000. Yet USDCAD is currently trading around the next major resistance level at 1.3100, where the significant uptrend line resistance situates, suggesting heavy selling pressure at this price zone. In addition, the daily and 4 hourly KD indicators are both at a high level, be aware of a pullback. Keep an eye on the US ADP Employment Change for August, to be released at 12:15 GMT today, regarded as the predictor for the government’s Non-Farm Payroll figures. With positive reading, the dollar will likely strengthen, while with lower-than-expected reading, the dollar will likely weaken. Also keep an eye on the Canadian Q2 GDP (QoQ) and GDP for June (MoM), to be released at 12:30 GMT today. With lower-than-expected readings, USDCAD will likely to rally and test the upside resistance level at 1.3100. The next resistance level is at 1.3140, followed by 1.3190. While positive figures, USDCAD will likely pullback and test the downside support line at 1.3050. The next support level is at 1.3000, followed by 1.2950. USDJPY On the daily chart, USDJPY has rallied since Yellen’s hawkish speech last Friday, broke the significant resistance levels at 101.00, 102.00 and 103.00 respectively with strong bullish momentum. Yet the current price is not far from the major downtrend line resistance at 103.63. In addition, the daily and 4 hourly KD indicators are both above 80, suggesting a pullback. The resistance level is at 103.63, followed by 104.00. The support level is at 103.00, followed by 102.70, 102.40 and 102.00. Keep an eye on the US ADP Employment Change for August, to be released at 12:15 GMT today, regarded as the predictor for the government’s Non-Farm Payroll figures. With positive reading, USDJPY will likely test the upside downtrend line resistance. While with lower-than-expected reading, USDJPY will likely test the support line at 103.00. GBPUSD The UK Nationwide Housing Price (YoY and MoM) figures for August released this morning, were better than the previous figures and expectations. Yet it pulled back after tested the resistance level at 1.3160. It is trading in a range between the resistance level at 1.3160 and the major support level at 1.3050. The resistance level is at 1.3160, followed by 1.3200 and 1.3230. The support level is at 1.3050, followed by 1.3000 The DAX Index The German Unemployment Change and Unemployment Rate for August was released this morning. The former fell by 7k, beating expectations of -5k. The latter was 6.1%, in line with the previous figure and expectations. After the figures were released, the DAX index bounced off from the support line at 10630. The DAX index has been oscillating in an uptrend channel since 11th July. Yet the price is currently trading in the resistance zone between 10680 and 10630. In addition, the 4 hourly KD indicator is pulling back. The resistance is at 10680, followed by 10700 and 10745. The support line is at …
Source: FX Pro Market Snapshot
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