Technical Overview of EUR/USD, GBP/USD and AUD/USD Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.1015.

ECB President Speech reflects the official position of the European Central Bank, therefore every speech is carefully examined by the market participants and analysts. If the ECB President’s speech suggests any conclusions on the monetary policy or a clear assessment of the economic and financial situation of the eurozone, the speech influences the EU currency.

If the speech suggests the tightening of the monetary policy, it is seen as positive for the euro.

ISM Manufacturing PMI reflects business conditions in the US manufacturing sector in the specified month. The indicator is based on a survey of representatives from more than 400 companies. Unlike Markit, ISM considers not only private companies but is based on the common NAICS (North American Industrial Classification System) list. The questionnaire considers employment, production level, inventories, new orders and supplier deliveries.

Readings above 50 can have a positive effect on US dollar quotes.

According to the Analysis, pair is expected to find support at 1.1017 and a fall through could take it to the next support level of 1.1014. The pair is expected to find its first resistance at 1.1025 and a rise through could take it to the next resistance level of 1.1028.

GBP USD

GBP traded lower against USD and closed at 1.2933.

ADP Nonfarm Employment Change shows the monthly change in 19 manufacturing sectors in the United States. The indicator does not take agriculture into account. The calculation includes data collected from about 400 000 private enterprises.

The indicator characterizes the labor market and industrial sector activity. Employment growth can have a positive effect on dollar quotes.

According to the Analysis, pair is expected to find support at 1.2910 and a fall through could take it to the next support level of 1.2907. The pair is expected to find its first resistance at 1.2918, and a rise through could take it to the next resistance level of 1.2921.

AUD USD

AUD traded higher against USD and closed at 0.6764.

Australia Gross Domestic Product (GDP) q/q provides a monetary gauge of all goods and services produced in Australia (less the value of goods and services used in production) in the reported quarter compared to the previous one.

The GDP calculation formula includes consumer and government spending, amount of all investments and total net export of the country.

GDP growth can have a positive effect on AUD quotes.

  • AUD/USD tad higher in early Asia on China data upside surprise
  • Japan, India, New Zealand stimulus spending plan boosts risk
  • U.S.-China phase one trade deal doubts to cap upside
  • Data heavy week, AU biz inventories Mon, C/A Tue, Q3 GDP Wed, Rtl sales Thur

According to the Analysis, pair is expected to find support at 0.6762 and a fall through could take it to the next support level of 0.6760. The pair is expected to find its first resistance at 0.6770, and a rise through could take it to the next resistance level of 0.6772.

For More information about the release time of news and its impact visit Economic Calendar Page!

Author: Mark Burg

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