EUR/USD: on the threshold of the data on business activity in the Eurozone
EUR/USD is testing the 0.9840 level.
The single currency of the EU is under the influence of the "bearish" dynamics against the other assets of the world currency basket. The single currency is waiting for the macroeconomic data which will be announced for tomorrow. Thus, economists expect a decline of September PMI (business activity index) in most leading EU countries. The composite indexes of Germany may show a decrease from 46.9 points to 46.0 points in August, France may also register a decrease from 50.4 points to 49.8 points. Business activity in the EU composite index may be 48.2 points, which is lower than the previous reading of 48.9 points.
- Resistance levels: 0.9900 and 1.0120.
- Support levels: 0.9800, 0.9650.
AUD/USD: the "bears" have consolidated their advantage in the pair
In APAC trading, the AUD/USD instrument is showing a downward dynamic, risking to break the strong support level at 0.6600.
The asset continues to lose ground for three sessions in a row, reaching another low of May 2020. A negative stimulus for the Australian dollar was the outcome of the U.S. Federal Reserve meeting, which provides for an interest rate increase by 75.00 percentage points. The agency also shared its plans for the medium term, which include a target of 4.40% by the end of 2022 and an adjustment to 4.60% by the end of 2023. In addition, the regulator announced a disappointing forecast for economic growth in the future, in which the national economy will show a minimal growth rate of 0.2% this year, and next year it may strengthen only by 1.2%.
- Resistance levels: 0.6650, 0.6700, 0.6750 and 0.6800.
- Support levels: 0.6581, 0.6550, 0.6500, 0.6450.
The bank metal prices are holding a slight decline, moving away from the local low of September 13 reached earlier, approaching the 19.40 mark in anticipation of another signal.
After the end of the two-day meeting of the U.S. Federal Reserve officials, market participants continue to take a wait-and-see attitude, wanting to assess the results of the meetings of the Swiss and British national regulators announced earlier, where interest rates may be adjusted from -0.25% to 0.5% and from 1.75% to 2.25% respectively. Meanwhile, the U.K. central bank is likely to release an updated forecast of the rate of economic growth going forward, with economists suggesting an increased risk of a recession or the first signs of one.
- Resistance levels: 19.50, 19.74, 20.00, 20.48.
- Support levels: 19.00, 18.68, 18.41, 18.00.
The benchmark Brent trades as part of a correction at 90.00 due to more news about disruptions in the supply of raw materials to global markets.
At the same time, the U.S. strategic stock continues to replenish for four weeks in a row, which puts negative pressure on the markets. According to the API (American Petroleum Institute), this week correction fluctuations reached 1.035 mln barrels against 6.035 mln barrels a week ago. Additionally, the EIA (U.S. Department of Energy) confirms a reserve increase of 1.142 million barrels, when last week's increase was 2.442 million barrels.
- Resistance levels: 91.15, 96.40.
- Support levels: 86.85, 77.66.
If you are interested in AUDUSD analytics, we recommend you to visit the analytics page, where you can find the latest analytics on Forex from top traders from all over the world. These analytics will be useful both for beginners and professional traders. The Forex signals service makes it much easier for beginners to make their first steps in trading on the financial markets. The latest AUD/USD forecasts and signals contain support and resistance levels, as well as stop-loss levels.