Cozfx Daily Market Analysis

COZfx: Japan’s economy on a moderate growth path, inflation accelerated recently: BoJ Kuroda

COZforex: For the past trading session, the USD declined 0.36% against the JPY and closed at 106.82.

In the Asian session, the pair is trading at 106.89, with the USD trading 0.07% higher against the JPY from yesterday’s close.

Earlier today, the Bank of Japan Governor, Haruhiko Kuroda, reiterated his optimistic view on meeting the central bank’s 2.0% inflation target, but stuck to his pledge of maintaining the central bank’s massive stimulus programme.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 106.65 and a fall through could take it to the next support level of 106.40; Meanwhile, the pair is expected to find its first resistance at 107.14, and a rise through could take it to the next resistance level of 107.38.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

(COZ forex UK)

COZfx: German investor morale deteriorated to a more than 5-year low in April

COZforex: For the past trading session, the EUR declined 0.08% against the USD and closed at 1.2372 as the latest data offered further evidence of a decline in investor optimism across the Euro-zone.

Data indicated that the Euro-zone’s ZEW economic sentiment index eased to a level of 1.9 in April. In the previous month, the index had recorded a level of 13.4.

Separately, Germany’s ZEW economic sentiment index declined to a level of -8.2 in April, marking its weakest reading since November 2012, as concerns over international trade disputes as well as tensions in Syria weighed on investor morale. In the previous month, the index had recorded a reading of 5.1, while market participants had expected for a fall to a level of -1.0. Moreover, the nation’s ZEW current situation index dropped to a level of 87.9 in April, more than market consensus for a fall to a level of 88.0. The index had registered a level of 90.7 in the previous month.

The greenback advanced against its major peers, as a slew of upbeat economic releases in the US underlined strength in the world’s largest economy.

Data revealed that housing starts in the US unexpectedly climbed 1.9% on monthly basis, to an annual rate of 1319.0K in March, confounding market expectations for a fall to a level of 1267.0K and aided by a rebound in the construction of multi-family homes. Housing starts had registered a revised reading of 1295.0K in the prior month.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.2339 and a fall through could take it to the next support level of 1.2299; Meanwhile, the pair is expected to find its first resistance at 1.2417, and a rise through could take it to the next resistance level of 1.2455.

Going ahead, investors would focus on Euro-zone’s final inflation figures for March and construction output data for February, both due to release in a few hours. Later in the day, the release of the US Federal Reserve’s Beige Book report, will garner significant amount of investor attention.

(COZ forex UK)

COZfx: Aussie trading on a stronger footing in the morning session

COZforex: For the past trading session, the AUD declined 0.86% against the USD and closed at 0.7605.

LME Copper prices declined 0.23% or $16.0/MT to $6923.0/MT; Meanwhile, Aluminium prices declined 0.45% or $11.0/MT to $2452.0/MT.

In the Asian session, the pair is trading at 0.7612, with the AUD trading 0.09% higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s consumer price index advanced less-than-anticipated by 0.4% on a quarterly basis in the first three months of 2018, compared to a rise of 0.6% in the prior quarter. Markets were anticipating the CPI to climb 0.5%.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7567 and a fall through could take it to the next support level of 0.7522; Meanwhile, the pair is expected to find its first resistance at 0.7670, and a rise through could take it to the next resistance level of 0.7728.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

(COZ forex UK)

COZfx: RBA keeps key interest rate steady at 1.50%

COZforex: For the past trading session, the AUD declined 0.58% against the USD and closed at 0.7529.

LME Copper prices declined 0.21% or $14.0/MT to $6783.0/MT; Meanwhile, Aluminium prices declined 1.11% or $25.0/MT to $2224.0/MT.

In the Asian session, the pair is trading at 0.7541, with the AUD trading 0.16% higher against the USD from yesterday’s close.

Earlier today, the Reserve Bank of Australia, at its May monetary policy meeting, opted to keep the benchmark interest rate steady at 1.50%, meeting market expectations.

Separately, overnight data indicated that Australia’s AiG performance of manufacturing index dropped to a level of 58.3 in April, compared to a reading of 63.1 in the previous month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7519 and a fall through could take it to the next support level of 0.7498; Meanwhile, the pair is expected to find its first resistance at 0.7568, and a rise through could take it to the next resistance level of 0.7596.

Going ahead, traders would closely monitor a speech by the RBA Governor, Philip Lowe, due in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

(COZ forex UK)

COZfx: Canada’s international merchandise trade deficit unexpectedly widened in March

COZforex: For the past trading session, the USD declined 0.20% against the CAD and closed at 1.2852.

On the macro front, Canada’s international merchandise trade deficit surprisingly widened to C$4.14 billion in March, compared to a revised deficit of C$2.93 billion in the previous month, while markets were expecting the nation’s international merchandise trade deficit to narrow to C$2.25 billion.

In the Asian session, the pair is trading at 1.2846, with the USD trading 0.05% lower against the CAD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2806 and a fall through could take it to the next support level of 1.2765; Meanwhile, the pair is expected to find its first resistance at 1.2898, and a rise through could take it to the next resistance level of 1.2949.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

(COZ forex UK)

COZfx: Swiss Franc trading flat this morning

COZforex: For the past trading session, the USD rose 0.16% against the CHF and closed at 1.0004.

Macroeconomic data indicated that Switzerland’s total sight deposits inched up to a level of CHF576.2 billion in the week ended 11 May, from CHF575.9 billion in the previous week.

In the Asian session, the pair is trading at 1.0004, with the USD trading flat against the CHF from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9970 and a fall through could take it to the next support level of 0.9936; Meanwhile, the pair is expected to find its first resistance at 1.0026, and a rise through could take it to the next resistance level of 1.0048.

Ahead in the day, Switzerland’s producer and import prices data for April, will be on investors’ radar.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

(COZ forex UK)

COZfx: Japan’s adjusted merchandise trade surplus surprisingly widened in April

COZforex: For the past trading session, the USD declined 0.08% against the JPY and closed at 110.72 on Friday.

In the Asian session, the pair is trading at 111.09, with the USD trading 0.33% higher against the JPY from Friday’s close.

Data released overnight showed that Japan’s adjusted merchandise trade surplus unexpectedly widened to ¥550.0 billion in April, defying market consensus for it to narrow to ¥114.9 billion. In the preceding month, the nation had recorded an adjusted merchandise trade surplus of ¥170.0 billion.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 110.76 and a fall through could take it to the next support level of 110.43; Meanwhile, the pair is expected to find its first resistance at 111.27, and a rise through could take it to the next resistance level of 111.45.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Germany’s economy expanded as initially estimated in 1Q 2018

COZforex: For the past trading session, the EUR rose 0.12% against the USD and closed at 1.1721, after data indicated that Germany’s seasonally adjusted final gross domestic product rose 0.3% on a quarterly basis in the first quarter of 2018, confirming the preliminary figures. In the prior quarter, GDP had risen 0.6%.

On the contrary, the nation’s Gfk consumer confidence index unexpectedly declined to a level of 10.7 in June, confounding market expectations for it to remain steady at 10.8.

The US Dollar declined against its key peers, after the US President, Donald Trump cancelled a North Korean nuclear summit, thus reigniting fears over trade war.

Macroeconomic data showed that first time claims for the US unemployment benefits unexpectedly climbed to a 7-week high level of 234.0K in the week ended 19 May, compared to a revised reading of 223.0K in the previous week. Markets were anticipating initial jobless claims to ease to 220.0K. Moreover, the nation’s existing home sales eased 2.5% on a monthly basis, to a level of 5.46 million in April, declining for the first time in three months. Existing home sales had registered a level of 5.60 million in the previous month, while markets were expecting for a fall to a level of 5.50 million.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.1683 and a fall through could take it to the next support level of 1.1657; Meanwhile, the pair is expected to find its first resistance at 1.1742, and a rise through could take it to the next resistance level of 1.1775.

Looking forward, traders would focus on Germany’s Ifo business climate and expectations indices for May, slated to release in a few hours. Additionally, the US flash durable goods orders for April and the final Michigan consumer sentiment index for May, both due to release later in the day would garner significant amount of market attention. Moreover, a speech by the Federal Reserve Chair, Jerome Powell, will be eyed by market participants.

(COZ forex UK)

COZfx: Oil extends its losses in the Asian session, ahead of Baker Hughes weekly rig count data

COZforex: For the past trading session, Crude Oil declined 1.53% against the USD and closed at USD67.10 per barrel, after the Energy Information Administration (EIA) reported that US crude production jumped to a record high of 10.47 million bpd in March.

Nevertheless, the EIA report also indicated that US crude oil stockpiles decreased 3.6 million barrels to 434.5 million barrels in the week ended 25 May.

In the Asian session, the pair is trading at 66.94, with oil trading 0.24% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 66.26 and a fall through could take it to the next support level of 65.58; Meanwhile, the pair is expected to find its first resistance at 67.92, and a rise through could take it to the next resistance level of 68.90.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Australia’s trade surplus narrowed more than estimated in May

COZforex: For the past trading session, the AUD rose 0.59% against the USD and closed at 0.7664.

LME Copper prices declined/rose 2.52% or $176.0/MT to $7147.0/MT; Meanwhile, Aluminium prices rose 0.13% or $3.0/MT to $2317.5/MT.

In the Asian session, the pair is trading at 0.7650, with the AUD trading 0.18% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s AIG performance of construction index declined to a level of 54.0 in May, compared to a reading of 55.40 in the previous month.

Moreover, the nation’s seasonally adjusted trade surplus narrowed to AUD977.0 million in May, from a revised trade surplus of AUD1731.0 million in the prior month. Market participants had envisaged trade surplus to fall to AUD1000.0 million.

The pair is expected to find support at 0.7634, and a fall through could take it to the next support level of 0.7617. The pair is expected to find its first resistance at 0.7672, and a rise through could take it to the next resistance level of 0.7693.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: UK’s ILO unemployment remained steady in the three months to April, wage growth slows in the same period

COZforex: For the past trading session, the GBP declined 0.06% against the USD and closed at 1.3371.

On the macro front, Britain’s ILO unemployment rate remained unchanged at a rate of 4.2% in the February-April 2018 period, meeting market expectations and recording its lowest level since 1975. However, the nation’s average earnings including bonus grew 2.5% in the February-April 2018 period, less than market expectations for a rise of 2.6%. Average earnings including bonus had risen 2.6% in the January-March 2018 period.

In the Asian session, the pair is trading at 1.3363, with the GBP trading 0.06% lower against the USD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: GBP/USD is expected to find support at 1.3328 and a fall through could take it to the next support level of 1.3294; Meanwhile, the pair is expected to find its first resistance at 1.3411, and a rise through could take it to the next resistance level of 1.3460.

Going ahead, investors would eye UK’s inflation figures for May, as well as the nation’s house price index for April, set to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: BOJ Governor Haruhiko Kuroda recommends wage hike to meet inflation target

COZforex: For the past trading session, the USD rose 0.31% against the JPY and closed at 110.38.

In the Asian session, the pair is trading at 110.59, with the USD trading 0.19% higher against the JPY from yesterday’s close.

Separately, Bank of Japan’s Governor, Haruhiko Kuroda, proposed a Japanese government call for employers to raise wages by 3% a year, as it would help in achieving the bank’s inflation target.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 110.15 and a fall through could take it to the next support level of 109.70; Meanwhile, the pair is expected to find its first resistance at 110.84, and a rise through could take it to the next resistance level of 111.08.

Moving forward, traders would closely monitor Japan’s national consumer price index for May and Nikkei flash PMI manufacturing for June, set to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Loonie trading on a weaker footing in the Asian session

COZforex: For the past trading session, the USD rose 0.08% against the CAD and closed at 1.3302.

In the Asian session, the pair is trading at 1.3323, with the USD trading 0.16% higher against the CAD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.3293 and a fall through could take it to the next support level of 1.3263; Meanwhile, the pair is expected to find its first resistance at 1.3341, and a rise through could take it to the next resistance level of 1.3359.

Going forward investors would eye Bank of Canada Governor, Stephen Poloz speech for further direction.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Swiss retail sales unexpectedly falls in May

COZforex: For the past trading session, the USD rose 0.17% against the CHF and closed at 0.9935.

The Swiss Franc declined against the dollar, after Switzerland’s real retail sales unexpectedly fell 0.1% on an annual basis in May, defying market anticipation to register a rise of 1.4%. In the previous month, the retail sales had recorded a revised rise of 2.9%. Further, the nation’s SVME manufacturing PMI slid to a level of 61.6 in June, less than market expectations for a drop to a level of 61.0. In the previous month, the PMI had recorded a reading of 62.4.

Additionally, Switzerland’s total sight deposits eased to a level of CHF576.4 billion in the week ended 01 June, from CHF576.7 billion in the previous week.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CHF is expected to find support at 0.9916 and a fall through could take it to the next support level of 0.9886; Meanwhile, the pair is expected to find its first resistance at 0.9971, and a rise through could take it to the next resistance level of 0.9996.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic factors for further direction.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

(COZ forex UK)

COZfx: Euro extends its gains in the Asian session

COZforex: For the past trading session, the EUR rose 0.46% against the USD and closed at 1.1745 on Friday, after Germany’s industrial output rose at a faster than expected pace in May.

On the data front, Germany’s seasonally adjusted industrial production rebounded 2.6% on a monthly basis in May, higher than market expectations for a rise of 0.3%. In the previous month, industrial production had recorded a revised drop of 1.3%.

The US Dollar weakened against basket of currencies on Friday, following the rise in unemployment rate and slower wage growth.

Data showed that US unemployment rate unexpectedly rose to 4.0% in June, compared to a rate of 3.8% in the previous month. Market participants had anticipated unemployment rate to record a steady reading. Further, the nation’s average hourly earnings of all employees rose by 0.2% on a monthly basis in June, undershooting market expectations for an advance of 0.3%. Average hourly earnings of all employees had advanced 0.3% in the preceding month. On the contrary, non-farm payrolls climbed by 213.0K in June, more than market expectations for an advance of 195.0K. Non-farm payrolls had registered a revised increase of 244.0K in the prior month. Additionally, trade deficit narrowed to a 19-month low level of $43.1 billion in May, amid growing fears of retaliatory tariffs and more than market expectations for a deficit of $43.6 billion. In the previous month, trade deficit had recorded a revised reading of $46.1 billion.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1705 and a fall through could take it to the next support level of 1.1651; Meanwhile, the pair is expected to find its first resistance at 1.1790, and a rise through could take it to the next resistance level of 1.1821.

Moving ahead, investors would keep an eye on the Euro-zone’s Sentix investor confidence index for July and Germany’s trade balance data for May, slated to release in a few hours. Later in the day, the US consumer credit for May, will keep investors on their toes.

(COZ forex UK)

COZfx: Aussie extends its gains in the Asian session

COZforex: For the past trading session, the AUD rose 0.52% against the USD and closed at 0.7403.

In commodities, LME Copper prices declined 0.2% or $9.0/MT to $6173.0/MT; Meanwhile, Aluminum prices declined 0.8% or $16.0/MT to $2104.5/MT.

In the Asian session, the pair is trading at 0.7418, with the AUD trading 0.20% higher against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, China’s trade surplus widened to $41.61 billion in June, amid rise in exports. Markets participants had expected a surplus of $27.72 billion. The nation posted a revised surplus of $24.23 billion in the previous month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7384 and a fall through could take it to the next support level of 0.7350; Meanwhile, the pair is expected to find its first resistance at 0.7437, and a rise through could take it to the next resistance level of 0.7456.

Moving forward, traders would await Australia’s Westpac leading index and unemployment rate due to be released next week.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Japan reported a trade surplus in June

COZforex: For the past trading session, the USD declined 0.09% against the JPY and closed at 112.85.

In the Asian session (GMT0300), the pair is trading at 112.77, with the USD trading 0.07% lower against the JPY from yesterday’s close.

The Japanese yen climbed against the dollar, after Japan posted a trade surplus of ¥721.4 billion in June, following a trade deficit of ¥578.3 billion in the prior month.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/JPY is expected to find support at 112.57 and a fall through could take it to the next support level of 112.36; Meanwhile, the pair is expected to find its first resistance at 113.06, and a rise through could take it to the next resistance level of 113.34.

Going forward, investors would closely monitor Japan’s final machine tool orders for June, due to be released in a while and the national consumer price index for June, set to release overnight.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

(COZ forex UK)

COZfx: Sterling trading on stronger footing in the morning session

COZforex: For the past trading session, the GBP declined 0.47% against the USD and closed at 1.2823.

In the Asian session (at GMT0300), the pair is trading at 1.2830, with the GBP trading 0.05% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2795 and a fall through could take it to the next support level of 1.2761; Meanwhile, the pair is expected to find its first resistance at 1.2888, and a rise through could take it to the next resistance level of 1.2947.

Going forward, investors will keep an eye on UK’s gross domestic product for Q2, along with trade balance data, industrial production, manufacturing production and construction output, all for June, set to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Canada’s manufacturing sales climbed more than forecast in June

COZforex: For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD and closed at 1.3158.

Data indicated that Canada’s manufacturing shipments climbed 1.1% on a monthly basis in June, supported by a sharp increase in oil and coal shipments and more than market expectations for an advance of 1.0%. Manufacturing shipments had risen by a revised 1.5% in the prior month.

In the Asian session (GMT0300), the pair is trading at 1.3149, with the USD trading 0.07% lower against the CAD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD is expected to find support at 1.3117 and a fall through could take it to the next support level of 1.3085; Meanwhile, the pair is expected to find its first resistance at 1.3178, and a rise through could take it to the next resistance level of 1.3207.

Trading trend in the Loonie today is expected to be determined by Canada’s consumer price index for July, scheduled to release later in the day.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

(COZ Forex UK)

COZfx: Swiss Franc trading a tad higher in the morning session

COZforex: For the past trading session, the USD rose 0.36% against the CHF and closed at 0.9862.

Data showed that Switzerland’s industrial production unexpectedly climbed 8.3% on an annual basis in the second quarter of 2018, following a rise of 9.0% in the prior quarter.

In the Asian session (GMT0300), the pair is trading at 0.9859, with the USD trading slightly lower against the CHF from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9832 and a fall through could take it to the next support level of 0.9805; Meanwhile, the pair is expected to find its first resistance at 0.9876, and a rise through could take it to the next resistance level of 0.9893.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further directions.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Euro-zone’s economic confidence weakened for the eighth-consecutive month in August in August

COZforex: For the past trading session, the EUR declined 0.38% against the USD and closed at 1.1663.

On the macro front, the Euro-zone’s final consumer confidence index slid to a level of -1.9 in August, confirming the preliminary print and following a revised level of -0.5 in the prior month. Market participants had anticipated the index to decline to a level of -1.9.

In the economic news, Germany’s seasonally adjusted unemployment rate remained unchanged at a rate of 5.2% in August, marking its lowest rate since German reunification in 1990 and at par with market expectations. Meanwhile, the preliminary consumer price index rose 2.0% on a yearly basis in August, in line with market expectations.

In the US, data showed that US personal income advanced 0.3% on a monthly basis in July, undershooting market expectations for an advance of 0.4%. In the prior month, personal income had recorded a rise of 0.4%.

Data showed that personal spending rose 0.4% on a monthly basis in July, in line with market expectations. In the previous month, personal spending had registered a similar rise.

On the other hand, the US seasonally adjusted initial jobless claims increased to a level of 213.0K in the week ended 25 August 2018, compared to a level of 210.0K in the prior week. Market participants had envisaged initial jobless claims to climb to a level of 212.0K.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1629 and a fall through could take it to the next support level of 1.1598; Meanwhile, the pair is expected to find its first resistance at 1.1705, and a rise through could take it to the next resistance level of 1.1750.

Going forward, investors will keep an eye on the Euro-zone’s unemployment rate for July and the consumer price index for August, set to release in a few hours. Later in the day, the US Chicago PMI and the Michigan consumer sentiment index, both for August, will keep traders on their toes.

(COZ forex UK)

COZfx: Australia’s trade surplus narrowed in July

COZforex: For the past trading session, the AUD rose 0.17% against the USD and closed at 0.7193.

In commodities, LME Copper prices rose 0.5% or $27.0/MT to $5850.0/MT; Meanwhile, Aluminium prices rose 0.3% or $6.0/MT to $2046.0/MT.

In the Asian session, the pair is trading at 0.7203, with the AUD trading 0.14% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to a level of A$1551.0 million in July, driven by rise in imports and following a revised surplus of A$1937.0 million in the prior month. Market participants had anticipated the nation to record a trade surplus of A$1450.0 million.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7160 and a fall through could take it to the next support level of 0.7117; Meanwhile, the pair is expected to find its first resistance at 0.7231, and a rise through could take it to the next resistance level of 0.7259.

Trading trend in the Aussie is expected to be determined by Australia’s AiG performance of construction index for August and home loans for July, set to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Oil extends its gains in the Asian session

COZforex: For the past trading session, Crude Oil rose 0.19% against the USD and closed at USD68.93 per barrel on Friday, ahead of US sanctions on Iran oil.

Meanwhile, fresh figures from Baker Hughes reported that the number of active oil rigs advanced by 7 to 867, after declining for two straight weeks in the week ended 14 September.

In the Asian session (at GMT0300), the pair is trading at 68.96, with oil trading slightly higher against the USD from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The oil is expected to find support at 67.96 and a fall through could take it to the next support level of 66.97; Meanwhile, the pair is expected to find its first resistance at 69.93, and a rise through could take it to the next resistance level of 70.91.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Japan’s manufacturing index climbed to 3-month high level in August

COZforex: For the past trading session, the USD rose 0.18% against the JPY and closed at 112.48.

On the macro front, Japan’s national consumer price index increased 1.3% on an annual basis in August, compared to a rise of 0.9% in the prior month. Market participants had anticipated the CPI to rise to 1.1%. Moreover, the nation’s flash manufacturing PMI climbed to a 3-month high level of 52.9 in September. In the prior month, the PMI had recorded a reading of 52.5.

In the Asian session (at GMT0300), the pair is trading at 112.68, with the USD trading 0.18% higher against the JPY from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 112.24 and a fall through could take it to the next support level of 111.81; Meanwhile, the pair is expected to find its first resistance at 112.91, and a rise through could take it to the next resistance level of 113.15.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

(COZ forex UK)

COZfx: Britain’s Gfk consumer confidence index eased in September

COZforex: For the past trading session, the GBP declined 0.73% against the USD and closed at 1.3075.

In the Asian session (at GMT0300), the pair is trading at 1.3079, with the GBP trading slightly higher against the USD from yesterday’s close.

Data indicated that the Gfk consumer confidence declined to a level of -9.0 in September, compared to market expectations for a fall to a level of -8.0. In the previous month, the consumer confidence had recorded a level of -7.0. On the contrary, the Lloyds business barometer jumped to a level of 29.0% in September, following a reading of 23.0% in the prior month.

In technical analysis, COZFX strategist Nigel Boynton said: GBP/USD is expected to find support at 1.3047 and a fall through could take it to the next support level of 1.3014; Meanwhile, the pair is expected to find its first resistance at 1.3138, and a rise through could take it to the next resistance level of 1.3196.

Trading trend in the Sterling today is expected to be determined by UK’s gross domestic product for 2Q, due to be released in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)