Below you will find technical analysis of the top forex pairs, commodities, stocks and indices to watch in today’s trading.
EUR/USD
The EUR/USD moved down for a second day in a row and left the 1.3500 area. The Conference Board Consumer Confidence Index came out slightly under expectation. Lynn Franco, Director of Economic Indicators, said that Consumer Confidence decreased in September as concerns about the short-term outlook for both jobs and earnings resurfaced, while expectations for future business conditions were little changed. However, after that the U.S. Dollar depreciated a bit ,but in the end of the American session it erased all the losses. Today investors should watch the U.S. Core Durable Goods Orders at 12.30 PM (GMT) and the U.S. New Home Sales at 2.00PM (GMT). The change in the orders for durable goods has been decreasing for the past 4 months. The last result came out -0.8% and this time the expectation is for an 1.1% increase. That’s why we expect that the data comes out worse-than-expected. The trend is slightly bearish with support 1.3450 and the resistance 1.3550.
Trend: Slightly Down
GBP/USD
The GBP/USD dropped on a disappointing German Ifo Business Climate, which came out 107.7 instead of the expected 108.4. Despite the fact that this result has a main impact on the Euro, the British Pound as a part of EU reacted as well. Later on the pair reversed and moved up on the slightly disappointing CB Consumer Confidence but in the end of the American session it left the 1.6000. Today the Confederation of British Industry Realized Sales will be released at 10AM (GMT). Except from this, we should keep an eye on the U.S. data at 12.30PM (GMT) and 2.00PM (GMT). The trend is slightly bearish with support at 1.5950 and resistance at 1.6065.
Trend: Slightly Down
USD/JPY
The USD/JPY was ranging during yesterday’s trading hours between the 98.50 and 99.15 levels. The JPMorgan revised its outlook for the price and now the numbers are follows: 4Q13: 100 (previously 105), 1Q14:102 (previously 106), 2Q14:102 (previously 106) and 3Q14:103 (new forecast). Today there is no important economic event happening on the Japanese market. In that case we should be watching just the U.S. data described above. The price still has some negative momentum and might go further down. The support is lying at 98.45 (second 98.15) and resistance at 99.15.
Trend: Slightly Down
GOLD
The price of Gold dropped to its support on Tuesday and hit $1,307/ounce. As the CB Consumer Confidence came out the price turned up and finished the day around $1,324/ounce. Despite the lower price the physical demand for Gold remains soft. The traders on the physical market are waiting for a price below $1,300/ounce. Next week from October 1st the China market will be closed for the rest of the week which will also affect the price. The price now is more bearish and the support is found at 1,307 and resistance at 1,332.
Trend: Slightly Down
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