FX News – November 27: EUR/USD Finishes Strong

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The EUR/USD finished yesterday's session strong, as it was able to peak at around the 1.3570-1.3575 area. However, the pair opened slightly lower in today's session around 1.3560.

Yesterday's late rally was partially caused by news and data that came from the US, which included building permits (up from 0.974M to 1.034M in October) and consumer confidence (down from 72.4 to 70.4 in September). Some volatility may also be expected today as a number of reports are coming from both the US and Europe. These include the US Durable Goods Orders for October, US Initial Jobless Claims, and Germany's Consumer Confidence Survey (expected to rise slightly from 7.0 to 7.1).

The EUR/USD pair is currently trading at 1.3563, with initial resistance seen at 1.3604, followed by 1.3639. Meanwhile, initial support is at 1.3540, followed by 1.3507.

The AUD/USD continued to bleed early in today's trading as it opened lower at around 0.9115. Yesterday, the pair managed to peak near the 0.9200 area, but was unable to sustain it, as it eventually fell below the 0.9090 area around the start of the US session.

The pair reached a peak at 0.9128 so far today after Australia released a better-than-expected Construction Work Done figures for Q3. From the previous 0.1%, it was up by 2.7%, which is significantly higher than the expected rise by only 0.5%. This, however, wasn't enough to keep the AUD/USD pair afloat as it sunk again and is currently trading at 0.9106. Initial resistance for the pair is at 0.9169, followed by 0.9191. Meanwhile, initial support is at 0.9049, followed by 0.9027.

After spending the past two days on a downtrend, the USD/JPY pair managed to start off strong today. It opened 101.24, but has since shot up to a high of 101.45. It is currently trading at 101.38, with initial resistance seen at 101.50, followed by 101.76. Meanwhile, initial support is at 100.93, followed by 100.68.

By FX Strategy Team, Published on 27th of November 2013
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