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Alexander Kuptsikevich

New US data did not add positive to markets before FOMC

Published data on construction activity in the US in August slightly exceeded expectations. The number of building permits reached an annualized rate of 1.3M (an increase of 5.7% mom) above expected 1.22M. Housing starts fell by 0.8% during last month to 1.18M from 1.19M, slightly higher than the expected 1.175. Such statistics somewhat reduced fears of negative impact on the industry the beginning of the hurricane season, but did not deprive fears that the construction industry would pull down ...

The FxPro Analyst Team

Forex: USDJPY and DAX Test Major Resistance Levels

USDJPY has been bullish and trading above the near term uptrend line support since 27th September, helped by strengthening of the dollar. Yesterday we saw the release of the US Markit Manufacturing PMI for October, rose to 53.2, surpassed expectations of 51.5, hit a 12-month high. The outperforming figure pushed USDJPY up and tested the resistance level at 104.50. Yet the level was not broken, as 104.50 – 105.00 is the short term major resistance zone. In addition, the 4 hourly Stochastic ...

The FxPro Analyst Team

Forex: EURUSD Depends On Fed Comments Today

This morning we saw the release of the German and Eurozone Markit Manufacturing, Services and Composite PMI figures for October, all better-than-expected and the previous figures. The outperforming readings pulled EURUSD away from the support line at 1.0850. EURUSD has been oscillating in a downtrend channel since the beginning of October, due to the strengthening of the dollar. The ECB president Draghi stated last Thursday that If necessary, the large-scale asset purchase programme will last ...

The FxPro Analyst Team

Forex: US Indices and AUDUSD Test Trend Line Resistances

The Fed Vice Chair Fischer made a speech yesterday, stating that low rates can lead to longer and deeper recessions, making the economy more vulnerable. The hawkish statement weighed on US stock markets. The S & P 500 index (#USSPX500) broke the mid-term major uptrend line support on 11th October, as market expectations on a December rate hike increased, indicating the bullish momentum has waned. The current major resistance level is at 2140, where the newly formed uptrend line resistance ...

The FxPro Analyst Team

Forex: Technical Analysis : USDJPY, EURUSD, and Gold Test Major Resistances

Yesterday the Fed announced rates remain unchanged, ranging at 0.25% - 0.5%. Despite the sound growth in the labour market, the economic indicators have given mixed signals. The Fed has cut the medium-term economic growth projection for 2016, from 2% to 1.8%, also has lowered the Q4 inflation projection, from 1.4% to 1.3%. The announcement resulted in the slump of the dollar. The dollar index future (December) has plunged 1.27% after testing the significant resistance level at 96.00 yesterday. ...