Intraday Technical Analysis 28 September

The U.S. dollar posted strong gains on Thursday. Solid economic data lifted the currency. Durable goods orders increased 4.5% on the month in August beating expectations of 2.0%. Durable goods orders reversed the 1.2% decline July as well.

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The final revised GDP numbers for the second quarter was also released Data showed that GDP advanced 4.2% in the three months ending June marking an unchanged print from the second estimates.

In the eurozone, the common currency dipped on news reports that the Italian coalition government agreed to a 2019 budget deficit of 2.4% of its GDP. This was a bigger target than the 1.6% that was advocated by the EU officials.

Looking ahead, the current account for the UK will be coming out during the European trading session. Forecasts point to the current report posting a 19.4 billion decline. The final second quarter revised GDP will also be published. Economists forecast no changes confirming a 0.4% growth during the period.

In the Eurozone, the inflation estimates data will be released. There are expectations that consumer prices increased slightly to 2.1% and core CPI rising 1.1% on the year ending September.

Canada will be coming out with the monthly GDP figures today with forecasts of a 0.1% increase.

Data from the U.S. will see the core PCE price index report. The Fed’s preferred gauge of inflation is tipped to rise 0.1% on the month, marking a slower pace of increase from 0.2% previously. Personal spending and income are expected to grow by 0.3% and 0.4% respectively.

EURUSD intraday analysis

eurusd

EURUSD (1.1647): The EURUSD currency pair posted strong declines on Thursday. Price action eased back after failing to lift above the resistance level of 1.1745. The declines coincided with 1.1651 region which is currently serving as support. A rebound off this level is required to keep the bias to the upside. The EURUSD currency pair could maintain a sideways range within 1.1745 and 1.1651 level. A breakout from this level is needed to establish the next leg in the trend.

GBPUSD intraday analysis

gbpusd

GBPUSD (1.3082): The GBPUSD fell sharply following the doji close on Wednesday. The declines are expected to push the cable down to 1.3028 level of support. We expect the support level to hold following which the cable could be seen extending the gains back to 1.3250 resistance. If the currency pair falls below 1.3028, then we expect further declines to push the cable lower to 1.2808.

XAUUSD intraday analysis

xauusd

XAUUSD (1184.70): Gold prices fell sharply on the day easing to 1183.30 level of support. Price action is currently consolidating near the current standards and we could anticipate a potential move to the upside. The resistance level at 1197.50 remains the target to the upside. Gold prices could maintain a sideways range within the said levels. The bias is however likely to shift to the upside in the near term, subject to the resistance level of 1197.50 giving way.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.”
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