TODAY’S FOREX BUZWORD MAJOR CURRENCY PAIR 2.6.17

A DAILY SOCIAL TRADING EVENT

Buz Investors MAJOR CURRENCY PAIR 2.6.17  This morning, the greenback is trading mixed against most of the major currencies, ahead of the US labor market conditions index, due to release in a few hours.  The EUR is trading lower against the USD, a

Buz Investors MAJOR CURRENCY PAIR 2.6.17  This morning, the greenback is trading mixed against most of the major currencies, ahead of the US labor market conditions index, due to release in a few hours.

The EUR is trading lower against the USD, after data showed that investor confidence in the Eurozone slightly dropped in February, as the economic policies of the US President weighed on investor sentiment. Separately, Germany’s factory orders surged to its highest level in more than 2 years in December.

The AUD lost ground against the USD, after data revealed that Australia’s retail sales surprisingly dropped in December for the first time since December 2015. Elsewhere in China, Australia’s largest trading partner, Caixin services PMI revealed that growth in the nation’s service sector slightly cooled in January.

On Friday, the greenback traded lower in the New York session, against the key currencies, after sluggish wage growth in the US reinforced expectations that the Federal Reserve will refrain from raising interest rates aggressively. Additionally, the nation’s unemployment rate unexpectedly edged up to 4.8% in January. On the contrary, the nation’s non-farm payrolls report showed a greater than expected rise in job growth in January, adding the most number of employees since September 2016.

Additionally, the ISM non-manufacturing PMI showed that activity in the US services sector unexpectedly eased in January. On the other hand, the nation’s factory orders rebounded in the same month, while the final Markit services PMI was revised higher in January.




 MAJOR CURRENCY PAIR 2.6.17

EURUSD Euro Dips Despite Sharp German Manufacturing Report

EURUSD

This morning at 10:40 GMT, the EUR is trading at 1.0735 against the USD, 0.4% lower from the New York close. On the data front, the Eurozone’s Sentix investor confidence index dropped less than expected in February. This morning, the pair traded at a high of 1.0791 and a low of 1.0730. The Euro traded 0.39% higher against the US Dollar in the New York session on Friday, with the pair closing the session at 1.0778. The pair is expected to its find support at 1.0698 and its first resistance at 1.0784.

READ  GBPUSD Flashes Oversold Signal

 

GBPUSD Pound Dips as Dollar Firms

GBPUSD

At 10:40 GMT, the pair is trading at 1.2486, with the Pound trading 0.06% higher against US Dollar from the New York close. Moving ahead, UK’s Halifax house prices and BRC retail sales data, both scheduled to release tomorrow, would be on investors’ radar. The pair witnessed a high of 1.2498 and a low of 1.2445 during the session. On Friday, the Pound traded 0.1% lower against the US Dollar in the New York session and ended at 1.2478. Immediate downside, the first support level is seen at 1.2446, while on the upside, the first resistance level is situated at 1.2526.

 

USDJPY Yen Yawns After Mixed US Employment Data

USDJPY

This morning, at 10:40 GMT, the US Dollar is trading at 112.56 against the Yen, 0.12% lower from the New York close. Looking ahead, market participants will keep a close watch on Japan’s flash leading and coincident indices, slated to release tomorrow. During the session, the pair traded at a high of 112.77 and a low of 112.19. On Friday, the US Dollar traded 0.31% lower against the Yen in the New York session and ended at 112.70. The pair is expected to its find support at 112.02 and its first resistance at 113.28.

 

USDCHF hits session peak as USD extends recovery

USDCHF

The US Dollar is trading at 0.9956 against the Swiss Franc at 10:40 GMT this morning, 0.32% higher from the New York close. Going ahead, investors would keep a close watch on Switzerland’s SECO consumer confidence index, set to release tomorrow. The pair traded at a high of 0.9960 and a low of 0.9907 this morning. On Friday, the USD traded 0.39% lower against the CHF in the New York session and ended at 0.9924. The pair is expected to its find support at 0.9910 and its first resistance at 0.9993.

READ  Australian AIG performance of services index advanced in December

 

USDCAD US Dollar Pushes Above 1.30, Canadian Trade Balance Next

USDCAD

The pair is trading at 1.3014 at 10:40 GMT this morning, with the USD trading 0.15% lower against CAD from the New York close. Amid a lack of economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic events. The pair traded at a high of 1.3035 and a low of 1.3004 this morning. The US Dollar declined against the Canadian Dollar in the New York session on Friday, closing 0.11% lower at 1.3034. The pair is expected to its find support at 1.2977 and its first resistance at 1.3064.

 

AUDUSD Downside opening up towards 0.7600?

AUDUSD

The pair is trading at 0.7656 at 10:40 GMT this morning, with the Australian Dollar trading 0.35% lower against US Dollar from the New York close, after overnight data showed that Australia’s seasonally adjusted retail sales unexpectedly fell on a monthly basis in December. This morning, the pair traded at a high of 0.7685 and a low of 0.7646. The Australian Dollar traded 0.55% higher against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7683. The pair is expected to its find support at 0.7618 and its first resistance at 0.7695.

 

Gold prices add to last week’s big advance

Gold

Gold is trading at $1224.10 per ounce at 10:40 GMT this morning, 0.2% higher from the New York close. This morning, the precious metal traded at a high of $1227.00 per ounce and a low of $1221.40 per ounce. On Friday, gold traded 0.67% higher in the New York session and closed at $1221.60 per ounce, as the greenback weakened after tepid US wage growth dimmed expectations for a faster rate hike this year by the US Fed. Immediate downside, the first support level is seen at $1212.60 per ounce, while on the upside, the first resistance level is at $1231.30 per ounce.

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Silver’s Divergence From Gold Points To More Gains Ahead

Silver

The precious metal is trading at $17.57 per ounce at 10:40 GMT this morning, 0.29% higher from the New York close. During the session, silver traded at a high of $17.65 per ounce and a low of $17.46 per ounce. In the New York session on Friday, silver rose 1.07% and closed at $17.52 per ounce, following gains in gold prices. Immediate downside, the first support level is seen at $17.34 per ounce, while on the upside, the first resistance level is at $17.72 per ounce.

 

Oil prices dip as traders weigh US drilling rebound against Iran tension, OPEC cuts

Oil

The commodity is trading at $53.88 per barrel at 10:40 GMT this morning, 0.06% higher from the New York close. Crude oil witnessed a high of $54.13 per barrel and a low of $53.74 per barrel during the session. In the New York session on Friday, crude oil rose 0.2% to close at $53.85 per barrel, amid concerns that US sanctions on Iran could hamper the nation’s crude supplies. However, gains were kept in check after Baker Hughes disclosed that US oil rig count rose by 17 to 583 last week, adding the most number of rigs since October 2015. Immediate downside, the first support level is seen at $53.45 per barrel, while on the upside, the first resistance level is at $54.27 per barrel.

 

Economic Snapshot

 

 

Chinese Caixin/Markit services PMI index fell in January

In January, the Caixin/Markit services PMI index dropped to 53.10 in China. In the prior month, the Caixin/Markit services PMI index had registered a level of 53.40.

 

Australian retail sales unexpectedly eased in December

In Australia, the seasonally adjusted retail sales recorded an unexpected drop of 0.10% in December on a monthly basis, less than market expectations for a rise of 0.30%. Retail sales had registered a revised rise of 0.10% in the prior month.




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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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