The pair has been in a downtrend for four consecutive days closed below 20&50dsma, favors bearish views. At yesterday’s session, the pair fell with big volume compared to 20days average.
The NMI registered 56.9 percent in September, 2.1 percentage points lower than the August reading of 59 percent. This represents continued growth in the non-manufacturing sector at a slower rate.
Former Federal Reserve Chairman Ben Bernanke: The Fed has been reduced to “only player in town,” US employment data last few months of mediocre, “Wall Street Journal,” the theme of the article was not written by myself or my true intentions.
Upcoming events: Trades eye US trade balance either side. US trade balance narrowed in July to 41.9$ billion, lowest level in five months.
Canadian trade deficit has improved in the last few months at -0.6B in July.
We recommended selling on Friday below 1.3210 again at yesterday’s session below 1.3100. The pair made a low at 1.3064 currently trading at 1.3077 during Asia’s session.
Intraday support finds at 1.3050, 1.3010 and 1.2980.
100dema finds at 1.2930 and 20dsma finds at 1.2900. In case of panic, we expect the pair likely to change the direction between 1.2930 and 1.2900. Traders use these levels to buy with sl 1.2660.
Today’s new intraday low might produce positive divergence, bounce possible.
Today’s key levels to watch at 1.3050 and 1.3000.
Buying available above 1.3100. If price sustains above this trades can open a buying position for 1.3120 and 1.3145 levels.