The general weakening of the greenback continued as the negative US data was released. Asian and European trading sessions:
Euro: During the morning trading the euro continued to be around its 5-months maximum against the greenback. But concerns over the European banking sector continued to pressure the euro as well. The EUR/USD rate dropped to $1,3400. The decrease of the stock market also pressured the euro.
The rating agency Standard & Poor mentioned that the further reduction of the European countries’ ratings would probably continue.
British Pound: The GBP/USD pair dropped below the level of $1,5800. Its maximum was set at the $1.5892 level after the release of the strong fundamentals. In particular, the CBI Reported sales for September increased unexpectedly to 49 from the 35 last month and compared to the forecasted level of 25.
Oil: The oil prices grew to the $75.95 mark per barrel, due to the US dollar weakening and concerns over the next storm forecasts, which was approaching the Gulf of Mexico.
Gold: The yellow metal rate strengthened against the background of the general US dollar weakening. The new historical gold maximum was established at the $1307 mark per ounce. American trading session:
US Dollar: Negative US fundamentals were released on Tuesday, and the outlook for the world largest economy remained unclear. The US consumer confidence for September dropped to 48.5 against the previous month’s level of 53.2 and its forecast of 52.1. In addition, the Richmond Fed manufacturing index demonstrated decrease against the forecasted growth. As a result, the greenback dropped against the euro, the sterling and the yen. Concerns over the possibility of the double-dip recession reinforced.
Japanese Yen: The released Tankan survey for the third quarter was mixed. According to the published data, the Japanese manufacturers were concerned about the strength of the national currency. At the same time the current business conditions demonstrated improved results.
Technical analysis for 29/09 EURUSD
The pair has reached resistance at 1.35984.If the pair closes below this level, the pair will drop to 1.34882. If the pair breaks 1.35984 the pair will rise to 1.37486. The pair may met resistance at the Moving Average (500) at 1.36498.
Resistance: 1.35984, 1.37486, 1.38554
Support: 1.34882, 1.33143, 1.31674
GBPUSD
The pair is under pressure of trendline 1.58962. The pair may roll back to support line at 1.56722.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.52523
USDCHF
The pair is aiming to test 0.97130.
Resistance: 0.97915, 0.99066, 1.00209
Support: 0.97130, 0.96480, 0.95510
USDJPY
The pair is aiming to 83.330.
Resistance: 84.260, 85.161, 86.246
Support: 83.330, 82.219, 79.957
AUDUSD
If pair closes above 0.96392 the pair will rise to 0.97715.
Resistance: 0.97715, 0.98436, 0.99438
Support: 0.96392, 0.94898, 0.93788
