We saw a small decline of US Dollar during the trading day today and yesterday due to a profit taking for the in coming holidays long weekend but mainly against the Euro and the Cable. Now trading greenback at 1.3110 against the Euro, at 1.5390 against the sterling and at 83.00 against the Japanese yen. Investors is hoping to receive a new boost for a Dollar in order to take deeper profits from US Durable Goods Orders data expecting to be announced at 13:30 GMT, University of Michigan Confidence index at 14:55 GMT and US New Home Sales at 15:00 GMT. However, all the market expectations are showing declines in US economic situation, while new housing sales expected to decline by 17K. Lower numbers then expectations will bring the main pairs to trade in a low range till the next week. Saying that, US dollar might decline more against EUR, GBP and JPY but the main reason will be closing of Dollar positions for end of the year holidays.
Technical Levels
EUR/USD
A pair back to trade at his lower levels after small bullish correction. MACD still very negative and RSI pointing down at neutral levels. Strong support still at 1.3090 – buy on a failure and be very caution with shorts.
USD/JPY
Daily and Hourly studies showing strong bearish movement. MACD pointing sharp down in his negative studies and RSI on his downtrend site at oversold levels.
GBP/USD
The main trend is down, supporting by negative MACD and bearish RSI that can not go out from their negative momentum. Strong support at 1.5390.
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