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USDJPY Major Support Level Broken
The US dollar is under heavy technical selling pressure against the Japanese yen currency after breaking below the important 109.76 support level. Overall, further downside in the USDJPY pair remains likely while price trades below the psychological 110.00 level. The 109.35 level is the next key support level to watch before the 109.00 support level comes into play.
The USDJPY pair is heavily bearish while trading below the 110.00 level, key technical support is found at the 109.35 and 109.00 levels.
If the USDJPY pair trades above 109.76 level, buyers may test towards the 110.00 and 110.80 resistance levels.
GBPUSD May Have Reached Bullish Target
The British pound has pulled-back sharply lower against the US dollar in early Wednesday trade, after briefly trading above the 1.2800 resistance level. The intraday sentiment surrounding the GBPUSD pair is bullish while price trades above the former weekly trading high, at 1.2738. The GBPUSD pair may have reached its short-term bullish target and now risks a continuation of the broader downtrend.
The GBPUSD pair is only intraday bullish while trading above the 1.2738 level, key resistance is found at the 1.2770 and 1.2811 levels.
If the GBPUSD pair trades below the 1.2738 level, sellers may test the 1.2700 and 1.2658 support levels.
Euro Trading Lower In The Asian Session
For the 24 hours to 23:00 GMT, the EUR remained steady against the USD and closed at 1.1466.
In the US, data indicated that the US Dallas Fed manufacturing business index sharply declined to a level of -5.1 in December, more than market expectations for a drop to a level of 15.0. In the prior month, the index had registered a reading of 17.6.
In the Asian session, at GMT0400, the pair is trading at 1.1445, with the EUR trading 0.18% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1422, and a fall through could take it to the next support level of 1.1399. The pair is expected to find its first resistance at 1.1468, and a rise through could take it to the next resistance level of 1.1491.
Looking ahead, traders would closely monitor the Markit manufacturing PMI for December, slated to release, in a while, across the euro-bloc. Later in the day, the US Markit manufacturing PMI for December, will pique significant amount of investors’ attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Sterling Trading On A Negative Footing This Morning
For the 24 hours to 23:00 GMT, the GBP rose 0.20% against the USD and closed at 1.2750.
In the Asian session, at GMT0400, the pair is trading at 1.2730, with the GBP trading 0.16% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2663, and a fall through could take it to the next support level of 1.2596. The pair is expected to find its first resistance at 1.2814, and a rise through could take it to the next resistance level of 1.2898.
Looking ahead, investor would closely monitor UK’s Markit manufacturing PMI for December, due in a few fours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Japanese Yen Extends Its Gains In The Morning Session
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the JPY and closed at 109.67.
In the Asian session, at GMT0400, the pair is trading at 109.38, with the USD trading 0.26% lower against the JPY from yesterday’s close.
The pair is expected to find support at 109.14, and a fall through could take it to the next support level of 108.9. The pair is expected to find its first resistance at 110.04, and a rise through could take it to the next resistance level of 110.7.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
Swiss Franc Trading On A Weaker Footing This Morning
For the 24 hours to 23:00 GMT, the USD declined 0.63% against the CHF and closed at 0.9818.
Data showed that total sight deposits fell to a level of CHF574.2 billion in the week ended 28 December 2018, compared to a level of CHF575.5 billion in the previous week.
In the Asian session, at GMT0400, the pair is trading at 0.9837, with the USD trading 0.19% higher against the CHF from yesterday’s close.
The pair is expected to find support at 0.9804, and a fall through could take it to the next support level of 0.977. The pair is expected to find its first resistance at 0.9876, and a rise through could take it to the next resistance level of 0.9914.
Amid no major economic releases in Switzerland today, investor sentiment will be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Loonie Trading Extends Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, the USD rose 0.48% against the CAD and closed at 1.3635.
In the Asian session, at GMT0400, the pair is trading at 1.3654, with the USD trading 0.14% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3578, and a fall through could take it to the next support level of 1.3501. The pair is expected to find its first resistance at 1.3698, and a rise through could take it to the next resistance level of 1.3741.
Trading trend in the pair today is expected to be determined by Canada’s manufacturing PMI for December and leading indicator for November, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Australia’s CBA Manufacturing PMI Advanced In December
For the 24 hours to 23:00 GMT, the AUD declined 0.04% against the USD and closed at 0.7046.
LME Copper prices declined 0.9% or $53.0/MT to $5965.0/MT. Aluminium prices declined 0.6% or $11.5/MT to $1869.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7004, with the AUD trading 0.6% lower against the USD from yesterday's close.
Overnight data showed that Australia's CBA manufacturing PMI rose to a level of 54.0 in December, following a reading of 53.7 in the preceding month. Elsewhere in China, Australia's largest trading partner, the Caixin/Markit manufacturing PMI index declined for the first time in 19 months to a level of 49.7 in December, amid weak exports orders. The index had recorded a level of 50.2 in the prior month.
The pair is expected to find support at 0.7001, and a fall through could take it to the next support level of 0.6998. The pair is expected to find its first resistance at 0.7039, and a rise through could take it to the next resistance level of 0.7074.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Trading A Tad Lower In The Morning Session
For the 24 hours to 23:00 GMT, Gold remained unchanged at USD1284.70 per ounce.
In the Asian session, at GMT0400, the pair is trading at 1284.65, with gold trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1280.73, and a fall through could take it to the next support level of 1276.82. The pair is expected to find its first resistance at 1287.53, and a rise through could take it to the next resistance level of 1290.42.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Silver: White Metal Trading Lower In The Asian Session
For the 24 hours to 23:00 GMT, Silver declined 0.13% against the USD and closed at USD15.54 per ounce.
In the Asian session, at GMT0400, the pair is trading at 15.44, with silver trading 0.64% lower against the USD from yesterday’s close.
The pair is expected to find support at 15.38, and a fall through could take it to the next support level of 15.32. The pair is expected to find its first resistance at 15.54, and a rise through could take it to the next resistance level of 15.63.
The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
