Forex trading plan for September 9
USD: US unemployment claims were a bit better – lower – than expected (259K vs. 264K). FOMC Member Rosengren will speak at 11:45 GMT on Friday.
EUR: The European Central Bank left the key interest rates unchanged and said that expects them to stay at current or lower levels for an extended period of time. The regulator didn’t extend QE program beyond March 2017, but promised to do so if necessary. The ECB President Mario Draghi said that the central bank realizes that there are constrains to its current QE program and that the matter is being studied, but gave no details about that. The euro area’s economic growth and inflation forecasts were revised to the downside, but very slightly. The single currency rose as analysts expected more dovishness from Draghi. EUR/USD rose above 1.1300. Next target on the upside lies at 1.1360. Support is at 1.1230, 1.1200 and 1.1150.
GBP: There were no important releases in the UK on Thursday. GBP/USD made another step down approaching support at 1.3300. Decline below this level will open the way down to 1.3235/00. Resistance is at 1.3375.
JPY: Japan’s final GDP growth for Q2 was revised a bit to the upside, though the nat5ion’s current account surplus narrowed. Bank of Japan Deputy Governor Hiroshi Nakaso said the central bank would not rule out deepening negative interest rates or any other easing steps needed to achieve its price target, but gave few fresh clues on whether the BOJ will expand monetary stimulus this month. USD/JPY was little changed in 101.70 area. Increase above 101.90 will let to a correction to 102.35. Decline below 101.50 will open the way down to 101.00 and potentially 100.70.
AUD: Aussie surged as Australia’s trade deficit narrowed and China's imports unexpectedly rose in August. AUD/USD was testing levels above 0.7700. The ability of Australia dollar to continue gains depends on whether the pair manages to close above this mark. Next resistance is at 0.7770, while support is at 0.7650.