Adam Lee

COZFX: Pound extends its losses in the morning session

COZforex: For the past trading session, the GBP declined 0.43% against the USD and closed at 1.2427, after Luxembourg Prime Minister, Xavier Bettel, stated that he would only delay the Brexit deadline if it serves a purpose.

In the Asian session (at GMT0300), the pair is trading at 1.2414, with the GBP trading 0.10% lower against the USD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2381 and a fall through could take it to the next support level of 1.2349; Meanwhile, the pair is expected to find its first resistance at 1.2464, and a rise through could take it to the next resistance level of 1.2515.

With no macroeconomic releases in the UK today, investor sentiment would be determined by global macroeconomic news.

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


(COZ forex UK)

COZFX: White metal trading on a weaker footing this morning

COZFX: For the past trading session, Silver declined 0.96% against the USD and closed at USD18.07 per ounce, tracking losses in gold prices.

In the Asian session (at GMT0300), the pair is trading at 17.89, with silver trading 0.97% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: Silver is expected to find support at 17.70 and a fall through could take it to the next support level of 17.51; Meanwhile, the pair is expected to find its first resistance at 18.23, and a rise through could take it to the next resistance level of 18.57.

The white metal is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

COZFX: Euro-zone producer price index advanced as estimated in July

COZFOREX: For the past trading session, the EUR rose 0.05% against the USD and closed at 1.0971.

On the data front, the Euro-zone producer price index rose 0.2% on a yearly basis in July, meeting market expectations. The PPI had recorded an increase of 0.7% in the previous month.

The US dollar declined against its peers, following a decline in the US manufacturing activity.

In the US, data indicated that the ISM manufacturing index unexpectedly fell to a level of 49.1 in September, contracting for the first time in 3 years and defying market anticipations for an unchanged reading. In the prior month, the index had recorded a reading of 51.2. Moreover, the US final Markit manufacturing PMI declined to a level of 50.3 in August, compared to a level of 50.4 in the previous month. Market participants and preliminary figures had indicated the PMI to fall to a level of 49.9. Further, the nation’s construction spending advanced 0.1% on a monthly basis in July, less than market consensus for a rise of 0.3%. In the previous month, construction spending had recorded a revised fall of 0.7%.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.0941 and a fall through could take it to the next support level of 1.0907; Meanwhile, the pair is expected to find its first resistance at 1.0995, and a rise through could take it to the next resistance level of 1.1015.

Looking ahead, traders would await Euro-zone’s Markit services PMI for August and retail sales for July, set to release in a few hours. Later in the day, the US trade balance data for July along with the MBA mortgage applications, will garner significant amount of investors’ attention. Also, the Federal Reserve’s Beige Book, will be on investors’ radar.


(COZ forex UK)

COZFX: Aussie reverses its gains in the Asian session

COZforex: For the 24 past trading session, the AUD rose 0.13% against the USD and closed at 0.6784.

In commodities, LME Copper prices marginally declined to $5696.5/MT; Meanwhile, Aluminium prices fell 0.3% or $5.5/MT to $1751.0/MT.

In the Asian session (at GMT0300), the pair is trading at 0.6769, with the AUD trading 0.22% lower against the USD from yesterday’s close.

Data showed that Australia’s CBA manufacturing PMI dropped to 51.3 in August, compared to a reading of 51.6 in the previous month. Additionally, the preliminary CBA services PMI declined to 49.2 in August, compared to a level of 52.3 in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.6756 and a fall through could take it to the next support level of 0.6744; Meanwhile, the pair is expected to find its first resistance at 0.6790, and a rise through could take it to the next resistance level of 0.6812.

In the absence of macroeconomic releases in Australia today, investor sentiment would be governed by global macroeconomic factors.

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


(COZ forex UK)

COZFX: Yellow metal reverses its gains in the morning session

COZFOREX: For the past trading session, Gold rose 0.23% against the USD and closed at USD1532.10 per ounce, amid rising fears over slowdown in global economic growth and uncertainty about US-China trade deal.

In the Asian session (at GMT0300), the pair is trading at 1529.20, with gold trading 0.19% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: Gold is expected to find support at 1518.80 and a fall through could take it to the next support level of 1508.40; Meanwhile, the gold is expected to find its first resistance at 1539.10, and a rise through could take it to the next resistance level of 1549.00.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


(COZ forex UK)