Nov.29: American session
Foreign exchange markets took a breather today. Almost everywhere there is either a correction or a consolidation. The EUR / USD once again buried itself into the 1.3610-1.3620 resistance, which is kept for three successive days already. Nevertheless, the bullish prospects are quite good, although there were no specific breakthroughs after the publication of positive data on consumer prices. Besides, Eurostat also reported an unemployment rate decline from 12.2 % to 12.1% last month. America is still having rest today - the auctions will last only until 13:00. Therefore, fundamental news from the United States should not be expected. GBP / USD currency pair was dropping to 1.6320 support, when buyers returned back to the market during the U.S. session. At the time of writing trades are taking place around today’s highs at 1.6370. Thus, the continuation of the uptrend is highly probable.
USD / CHF has updated yesterday's lows and has finally touched the 0.9030 support. Despite the seemingly strong bearish pressure, bulls still have a chance to buy. If 0.9030 isn’t kept, it will be likely to result in collapse to the level of 0.8930. Japanese yen continues to depreciate against the U.S. dollar. Players have seriously begun to sell out the currency. This trend has caused a spike in USD / JPY pair leading to the new highs at 102.60 this morning. However, a little later the auctions were returned to the 102.30 level. Anyway, now the bulls are becoming again more active on the market. Trades are in general executed at the level of 102.50, purchases intensifying.
AUD / USD currency pair is being corrected and traded today at the session highs around three-day resistance of 0.9130-0.9140. This level disruption could trigger long-awaited purchases at as high as 0.9200 figure. Echoing its partner, NZD / USD has also returned to its yesterday's 0.8165 highs. Consequently, a short-term outlook seems to be quite bullish.
Negative fundamentals published by Statistics Canada today prevented Canadian dollar from strengthening. GDP growth for the previous month remained the same at 0.3 %, against analysts' expectations of 0.1 %. However, quarterly and annual dynamics (0.7 % vs. 1.0 % and 2.7 % vs. 3.0 %, respectively), made a depressive impact on market participants. USD / CAD currency pair has recovered to daytime levels and prepared to assault the three-day highs around 1.0600 figure. We should also note that this level has not been touched yet since July this year.
Tatiana Norkina , an analyst at FBS