Forex trading plan for September 9
By Elizaveta Belugina
EUR/USD spiked to 1.1229 on the disappointing Chinese imports data, but then fell to 1.1160. The euro wasn’t impressed by the upward revision of the euro area’s Q2 GDP growth from 0.3% to 0.4%. We stick to the view that the pair should be sold on the upside. The focus is on the support area of 1.1120 and 1.1090 ahead of 1.1015. Resistance is at 1.1265 (200-day MA).
GBP/USD rose to 1.5400 where it found some resistance. Pay attention to the UK manufacturing production and trade balance due at 08:30 GMT. Traders will be looking forwards to the Bank of England’s meeting on Thursday, the expectation will likely be negative. Further resistance is at 1.5425 (August 7 low) and 1.5500 (100-day MA). Support is at 1.5330, 1.5290 and 1.5250.
USD/JPY went up and tested levels above 120.00 as the market’s risk sentiment improved encouraged by gains in European stocks. The key resistance is located in the 120.70 area: the short-term bearish trend will prevail until USD/JPY breaks higher. Support is at 119.60 and 119.00.
AUD/USD corrected up to 0.6980. During the Asian session on Wednesday Australia will release Westpac consumer sentiment index and home loans indicator. In addition, pay attention to the speeches of the Reserve Bank of Australia’s Lowe and Debelle. Resistance is at 0.7100 and 0.7180. Support is at 0.6950 and 0.6900.
USD/CAD slid from 1.3300 to 1.3200. The results of the Bank of Canada’s meeting will be announced at 14:00 GMT. The recent data from Canada were rather well. Still, the Bank of Canada may express concerns about the low oil prices. Buying on the dips to 0.7170/30 seems like a good idea, though there’s a bunch of resistance levels in the 1.3300/30 area.