FX News – September 20: USD Makes Recovery

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The EUR/USD pair has remained flat at around the 1.3535 level in today's trading. This happened after the FOMC meeting on 18 Sept wherein no QE tapering announcement was made, which weakened the greenback and gave the euro and other currencies a big boost against it.

After reaching a high above 1.3560, the pair fell below 1.3520 during yesterday’s US trading session. It then managed to get back up to just below the 1.3540 zone and has stayed there since.

There are no major movements expected from the pair today due to the lack of any significant reports or data. Germany, however, will hold its federal elections on Sunday, which may have an impact on the euro next week.

The EUR/USD pair is currently trading at 1.3530, with initial resistance seen at 1.3584, followed by 1.3618. Meanwhile, initial support is at 1.3515, followed by 1.3481.

As for the GBP/USD, the pair slid almost as soon as it rallied after the FOMC meeting. It reached a high of 1.6148 in yesterday's trading but has since been dragged down by the UK's disappointing retail data. It fell below 1.6040 during yesterday's US session.

The GBP/USD pair managed to recover during the European session today, and has managed to break past the 1.6060 level. It is currently trading at 1.6055.

Initial resistance for the GBP/USD pair is seen at 1.6093, followed by 1.6133. Meanwhile, initial support is at 1.5961, followed by 1.5921.

As with the GBP/USD pair, the AUD/USD pair lost some of its gains during yesterday's rally. After breaching the 0.9520 level yesterday, the pair has so far hovered around the 0.9450 level throughout most of today's session.

The AUD/USD pair fell below the 0.9440 over the past hour and is currently trading at 0.9435. Initial resistance for the pair is seen at 0.9484, followed by 0.9507. Meanwhile, initial support is at 0.9384, followed by 0.9360.

By FX Strategy Team, Published on 20th of September 2013
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