Trading plan for Sep. 24
By E.Belugina and K.Iukhtenko
EUR/USD corrected up to $1.2900. Tomorrow watch German Ifo business climate data at 08:00 GMT. So far data from Germany have been discouraging, and we have little reason to expect a bullish release this time. If the reading is significantly lower, euro will fall to $1.2810. The next resistance is at $1.2930 and if this level is broken in case of the positive news, euro will probably rise to $1.3000 – a place to enter short positions.
GBP/USD rose to the upper border of the Tuesday’s $1.6300/6400 range in the early US trade. Daily close above this mark would provoke further growth with a target of $1.6520/30. This is the 55-week moving average that capped the post-referendum rally. Support is seen in the $1.6300/6275 area.
USD/JPY bounced from the 108.20 support. This is the lower boundary of the September ascending channel. We review the current dips as a good buying opportunity with a target of 110 yen and a stop at 107.60.
AUD/USD spiked up on Tuesday: initially Aussie rose to $0.8930 on good data from China, but then reversed down on concerns about Australian economy and geopolitical tensions. The pair recoiled down from resistance line and may test $0.8835 on the downside. Resistance is at $0.8930 and $0.8985. The pair may be moved by the RBA Financial Stability Review (01:30 GMT).