The European Central Bank Kept Interest Rates Unchanged

[FxTT]

EUR/USD:

The pair was pretty bullish yesterday and managed to close above daily moving average(100). The latest news about Greece was positive and The ECB signaled that it won’t cut interest rates further. The euro is being bought because Greece is overcoming a hurdle but of course we need to see the announcement and more details before making any decisions. Today, there is a good chance that markets will turn their focus to the U.S. economy. I expect today’s range will be between 1.3320 and 1.3240 ahead of the release of U.S. employment data. If the pair can stay above 1.3240 there is a strong possibility that we will test 1.3320 resistance. Above that level, I will look for 1.3390 and 1.3480. However, if the bears take over the control and bring the pair below 1.3240, we will head to 1.3160 again.

 

GBP/USD:

The cable climbed yesterday after it passed the first barrier at 1.5765. It is quite possible that the pair will continue its bullish tendencies (if it can stay above 1.5790) and try to test the next resistance at 1.5880. But if the pair falls below that line, we will head back to 1.5765/35 zone.

 

AUD/USD:

The latest report released by the Bureau of Statistics showed Australia’s trade balance unexpectedly turned to a deficit. AUD/USD needs to pass 1.0690 level in order to continue rising but it may be hard. I think we will spend some more days between 1.0690 and 1.0550.

 

USD/CAD:

USD/CAD fell back to 0.9900 line after it failed to stay above the parity. If the pair can’t move above 0.9930 during London session, I think it is highly possible that the pair will test 0.9850 support today. If the bulls can push the pair above 0.9930 level again, we will test 1.00 level next week.

 

Source: Fx Technical Trade