GBP/USD retreated from its recent highs during yesterday’s trading, and this may have been a result of profit-taking ahead of today’s major US events.
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The US dollar regained ground against most of its major counterparts at the start of the week, as pending home sales printed a smaller than expected decline of 0.4%. Analysts expected a drop of 1.1%.
The range on AUD/USD is still holding for now, as the pair found resistance at the .9300 major psychological level earlier this week. The pair is now on its way to support around the .9050 minor psychological level.
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Dollar pairs were stuck in consolidation last Friday, as there were no major reports released from the United States. The University of Michigan consumer sentiment figure was revised a bit higher, but it did very little to support the US dollar.
NZD/USD has enjoyed a strong rally last week, as the RBNZ interest rate statement turned out relatively hawkish. Governor Wheeler specified that the central bank might keep rates low until next year only, prompting traders to speculate that a rate hike could be in the cards for 2014.
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The US dollar continued to cave under the higher-yielding currencies in yesterday’s trading, as mixed durable goods orders data led traders to believe that the U.S. recovery is unsustainable.
AUD/USD appears to be forming a smaller range on its 1-hour time frame. The pair is on its way to test resistance at the .9300 major psychological level while stochastic is giving the overbought signal.
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The US dollar regained its strength in yesterday’s trading as a combination of risk aversion and strong US new home sales boosted the safe-haven currency.
AUD/USD suffered a heavy selloff in yesterday’s trading, as the .9300 handle held as strong resistance and pushed the pair to the middle of its range.
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Dollar weakness was still evident in yesterday’s trading, as EUR/USD broke higher while the commodity currencies extended their wins against the Greenback.