Daily updates on foreign exchange news

Novox 10.26 Reference of Fx market

GBPUSD Resistance Level:1.3100 Support Level:1.30200

GBPUSD traders will need to be aware of any developments with regards to the US stimulus bill, with both sides coming closer to passing a deal, but close enough so far. The US dollar has been under selling pressure of late as talks stall and the US dollar basket traded at a six-week low on Wednesday. Cable has traded as high as 1.3184 this week when the EU announced plans to get talks moving again, but the pair have drifted lower going into the weekend. A neutral stance on Sterling seems prudent ahead of any official EU/UK trade talk news.

EURUSD Resistance Level:1.18800 Support Level:1.1800

The European Central Bank’s Governing Council meets this coming week and its statement Thursday, followed by its President’s news conference, will likely be important in determining the Euro’s direction over the next month or so.
The ECB will leave all its monetary settings unchanged but President Christine Lagarde could well start preparing the markets for a further easing of monetary policy in December.
Meanwhile, there are few signs of a breakout from the broad 1.16 to 1.20 range for EUR/USD that has confined the pair since mid-July.

AUDUSD Resistance Level:0.71500 Support Level:0.7100

The planned easing of Covid-19 restrictions in Melbourne, Australia’s second largest city, may buoy regional risk sentiment.
The RBA’s dovish stance could cap the Australian Dollar’s upside.
AUD/USD rates continue to consolidate in Symmetrical Triangle above key support.