Currency Analyst since 2010

Forex trading plan for September 27

US dollar index is trading in 95.30 area after testing 94.95 levels after the Federal Reserve’s meeting last week. There are no interesting releases scheduled in the economic calendar on Tuesday, except US CB consumer confidence (negative forecast) and a speech of the Fed’s Vice Chairman Fisher.

The market’s sentiment will be driven by the first US presidential debate between Hillary Clinton and Donald Trump (01:00 GMT on Tuesday). Trump is regarded as more unpredictable and if he is to win the debate, the greenback will likely strengthen as a safe haven. Another important topic for the market will be the International Energy Forum, which has started in Algeria, as OPEC and non-OPEC nations are to discuss potential production freeze.

EUR/USD is trading in the positive territory. On the upside there’s scope for a bullish move towards 1.1280. Support is at 1,1230/00. German IFO business climate for September came-in at 109.5, which was better-than 106.3 expected and 106.2 recorded in August. The ECB president Mario Draghi will speak later on Monday.

GBP/USD is under pressure just above 1.2900. British pound is suffering because of renewed concerns about Brexit and represents the weakest major currency versus the US dollar. Support lies at 1.2876 ahead of 1.2790, while resistance is at 1.3000.

USD/JPY declined to 100.50 after meeting resistance at 101.20 on Friday. The market players keep overthinking results of the Bank of Japan’s meeting. The key level to watch is 100.00. A break below this point will make the pair fall to 99.00.

AUD/USD corrected down from last week’s highs. Support is at 0.7580 (50-day MA) and 0.7490. Resistance is at 0.7650 and 0.7700. 

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