FX News – October 9: AUD/USD, USD/JPY, GBP/USD Updates

FX Strategy Articles > FX Trading Tips

The AUD/USD pair has been fairly erratic since yesterday after the release of the Westpac Consumer Confidence report for October. In the report, Australia’s consumer confidence fell sharply from the previous 4.7% to -2.1%, while the consumer confidence index also fell from the previous 110.6 to 108.3.

Another upcoming report is expected to affect the pair tomorrow as Australia will release its employment data, wherein employment change is expected to be at 15,000 for September, while the unemployment rate for the same month is seen to remain at 5.8%.

Already the pair fell twice under 0.9420, and has twice recovered above the 0.9440 zone. It is currently trading at 0.94331.

Initial resistance for the pair is at 0.9455, followed by 0.9479. Meanwhile, initial support is at 0.9379, followed by 0.9356.

As for the USD/JPY pair, the strong yen helped boost the pair further and make a comeback near the 97.50 zone. It almost made it a few hours ago, but only managed to reach around 97.45 before dropping around the 97.30 zone. The drop was due to the weak machine tool orders in Japan for September, which came out lower at -6.3% compared to the previous 25.9%.

The USD/JPY pair is currently trading at 97.33, with initial resistance seen at 97.41, followed by 97.65. Meanwhile, initial support is at 96.72, followed by 96.47.

The GBP/USD pair was weak overall today ahead of a number of reports and data coming out of the UK, including its industrial production, manufacturing production, and total trade balance. From an initial high of 1.6121 at the start of the Asian session, the pair had been on steady decline and has already fallen below the 1.6040 zone.

The pair is currently trading at 1.6036, with initial resistance seen at 1.6105, followed by 1.6145. Meanwhile, initial support is at 1.5998, followed by 1.5958.

By FX Strategy Team, Published on 9th of October 2013
eTorro - Trading Starts Here

Start Trading Forex with up to $10,000

  • 100s Videos and FX Strategy articles
  • Advice from our FX traders
  • Practive free with using real time