Dec. 24: American session
EUR/USD failed to consolidate above the 37th figure , testing the resistance of only 1.3720. This was the reason for the urgency of getting rid of longs, starting from the opening day. The appearance of strong data on orders for durable goods and new home sales (464 thousand in November , instead of the expected 445 thousand) , strengthened U.S. dollar even more than before. At the time of writing the review trades are carried at session lows in the level of 1.3660. It should be noted that today the auction will end a little earlier at the 13-00 NY. GBP/USD pair is trading slightly up today . Positive sentiments are caused by the growing number of mortgage applications approved in November to 45.0 thousand. Experts expected a growth to 44.5 thousand only. This caused a jump of prices to a maximum during the last two days - 1.6380, but then the market was corrected to 1.6360. The likelihood of further growth remains still.
USD/CHF has rebounded from 0.8943 support after the release of positive data from the U.S., and has overcome the yesterday’s resistance level 0.8965. Now the auctions are held at a session high 0.8970, but the rapid growth should not be expected. Currency pair USD/JPY consolidates below 104.35 resistance today, which soared to a course after the Cabinet approved a draft budget for next year , prepared by Prime Minister Abe.
Commodity currencies show a small negative trend against the U.S. dollar today. Thus, the AUD/USD pair dropped to the level of 0.8907, but has found strong support here , which is currently once again trying to take advantage of buyers : trades are carried at the upper boundary of today's range - 0.8930. NZD/USD pair found support at 0.8170, but also rebounding from her back to the top of the range - 0.8190. In both cases the result is uncertain, but with a bias towards lowering rates.
USD/CAD pair is trading very sluggish after yesterday's collapse. No buyers in the market, all attempts to adjust the currency pair fail, the situation itself says only that short-term players are fixing the income. Trades are conducted at $ 1.0620. There is a high probability of continuation of the downtrend.
Tatiana Norkina, FBS analyst