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The Aussie Dollar fell against all of the major currencies last night

Article By: ,  Financial Analyst
October 27, 2010 4:31 PM

 

AUD/USD
Range: 0.9719 – 0.9865
Support: 0.9660
Resistance: 0.9830
The Aussie Dollar fell against all of the major currencies last night after third quarter Consumer price Figures fell short of expectations, weighing heavily on the outlook for future interest rate hikes. The report showed the annual inflation rate fell to 2.8% (the lowest this year). AUDUSD plummeted more than 130 pips and has reached a fresh week low of 0.9719. However the slump seems to have found support at 0.9700.

GBP/USD

Range: 1.5821 – 1.5861
Support: 1.5770
Resistance: 1.5900
The advanced reading of third quarter GDP for the UK certainly proved market moving for the pound. Set against the backdrop of record spending cuts and growing conviction for an expanded stimulus effort from the BoE, traders were transfixed by this figure. The favourable reading of 0.8 (double the consensus) has been the second best reading within the Eurozone for this period. Also coming to the Pounds aid was S&P’s decision to raise the nation’s credit outlook from “negative” to “stable”. This being said speculation and volatility are just round the corner, with the BoE’s decision approaching!

EUR/USD

Range: 1.3801 – 1.3878
Support: 1.3700
Resistance: 1.3905
With both the US Dollar and Pound climbing in what was a relatively quiet session; it was no surprise that the Euro was weakening. Currently trading near the daily lows, the major psychological barrier at 1.3800 will certainly be tested today. Today could be a very pivotal day for the Euro, with another down day possibly confirming a reversal in the pair.

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