Rosen's Daily Commentary

[rosentray]

USD/CAD continues to trade sideways ever since it hit bottom at 1.24 in early May. The pair is now 1.3245 with a high of 1.3250 and it appears that market participants are bullish on the anticipated news later today - CAD CPI and Retail Sales.

 

[rosentray]

USD/CAD is trading at resistance at current market price of 1.3335. The pair made a high earlier today of 1.3358 and immediately retreated below 1.3340. No news are scheduled for today, however, tomorrow US Consumer Confidence might be another boost in the pair's price.

 

[rosentray]

EUR/USD seems to have found a steady foundation at its last low of 1.0859. The pair is now slightly higher at 1.0891 and appears to be trading with low volumes. First support zone is expected at 1.0810, first resistance is expected at 1.0970.

 

[rosentray]

EUR/USD seems to be trading in consolidation for a second day after yesterday's low volume trading around 1.0880. The pair is now 1.0883 and as it seems, again low volume is shaping the trading day so far. First support is seen at 1.0820.

 

[rosentray]

USD/JPY is now at the high end of the range it's been in for the last three weeks. The pair is now 104.40 and it seems that bulls are trying to break out and get a close above 104.70. Should this happen, market sentiment will be predominantly bullish. On the other hand, first support is seen at 103.50, major bear target 102.

 

[rosentray]

EUR/USD has been trading in consolidation for the past few days gravitating towards 1.0880. Lite volumes indicate that the trend is exhausted, which means that either the pair is taking a breather before nose diving or that bulls are preparing at attack. Current market price 1.0887.

 

[rosentray]

AUD/CAD is rallying after the AUD Consumer Price Index came out earlier today higher than expected at 1.3% vs forecast of 1.1%. The pair went from 1.0196 to a high of 1.0286 and is now trading at 1.0256. First resistance now is seen at 1.0350.

 

[rosentray]

EUR/USD is gravitating towards 1.0900-1.0910. The pair is trading in light volumes as market participants are anticipating today US data, Durable Goods Orders, scheduled for 8:30 Eastern.

 

[rosentray]

USD/CAD is trading towards the 1.34 level which appears to be the upper trend line acting as resistance. USD bulls will need positive US data if they want to continue the uptrend, otherwise, a negative US data would give bears the needed boost to turn the trend in the opposite direction.

 

[rosentray]

The consolidation in EUR/USD continues to be present in the currency's early European trading today. The pair is now 1.0904 after yesterday's bullish attempt to climb higher failed due to not enough strength in yesterday's US data.

Durable Goods Orders turned out to be non-event and market participants witnessed only a slight reaction to the upside at 1.0942. After the initial boost, the pair lost momentum and fell to pre-event levels. Today is the fifth consecutive day of lite volume trading for the pair, as it has been holding to levels around 1.09 since the beginning of the week.

However, we have one more chance to see volatility today with the latest high impact US GDP data. Expectations are that the US GDP for Q3 will be 2.4%, prior to 1.4%.

If the data is positive, then we can expect a sharp drop in the pair that could lead us to levels around 1.0820. On the other hand, a disappointing report would help bulls to gain control and push prices higher.