EUR/USD pushes higher to 1.0930, US data on sight
The common currency keeps the buoyant tone on Wednesday, now lifting EUR/USD beyond the 1.0900 handle, or session tops.The pair has quickly reverted Tuesday?s drop to multi-month lows in the 1.0850/45 band, advancing nearly a cent to the current 1.0930 area as the renewed selling pressure continues to weigh on the buck. In the meantime, EUR?s remain supported by recent upbeat results from PMIs in Euroland (Monday) and the German IFO (Tuesday), which seem to have limited the pair?s downside somewhat. Of note regarding the upcoming release of flash CPI figures in the euro bloc, ECB?s Hansson said an improvement in Core prices still remains elusive.Across the pond, US Services PMI, New Home Sales, Goods Trade Balance and the weekly report on crude oil inventories by the DoE will keep the attention on the buck.The pair is now up 0.31% at 1.0923 facing the next resistance at 1.0944 (2014-2016 resistance line) followed by 1.1015 (7-month resistance line) and then 1.1041 (post-ECB spike Oct.20). On the other hand, a breakdown of 1.0820 (low Mar.10) would target 1.0709 (2016 low Jan.5) en route to 1.0538 (low Dec.3 2015).

GBP/USD recovery gains traction, re-takes 1.2200
The GBP/USD pair finally broke its downside consolidation phase and caught renewed bids in the European session, swinging back towards 1.22 handle.The cable?s overnight retreat stalled near the mid-point of 1.21 handle, as the bulls find support from renewed selling in the greenback against its major counterparts. Moreover, the European traders hit their desks and react positively to a slightly hawkish comments delivered by BOE Governor during his testimony before the House of Lords economic affairs committee yesterday.However, the recovery attempt looks fragile amid risk-averse market conditions, as the European equities tumble alongside oil prices. The GBP/USD pair trades modestly flat at 1.2189, while the USD index drops -0.08% to 98.60 levels.Markets now look forward to the UK BBA mortgage approvals data due later this session, while the US economic releases will be also closely eyed for further momentum on the major.The pair finds immediate resistances placed at 1.2215 (5-DMA), 1.2263 (Oct 21 high)1.2300 (Oct 20 high) and 1.2300 (Oct 20 high). While supports are lined up at 1.2150 (psychological levels) and 1.2134 (Oct 17 low) and below that at 1.2097 (daily S1).

USD/CAD consolidating recent gains to multi-month highs
The USD/CAD pair was seen consolidating yesterday's strong gains above 1.3300 handle, closer to seven month highs touched on Monday.Currently trading in neutral territory around mid-1.3300s, a steep fall in crude oil prices, with WTI crude oil now trading well below $50.00 psychological mark, is weighing on the commodity-linked currency - Loonie, and extended support to the major on Wednesday. Moreover, increasing prospects of an eventual Fed rate-hike action and broad based US Dollar strength has been key theme in the FX market of-late, which might now limit any sharp slide for the pair. Looking ahead, today's US economic releases - flash services PMI and new home sales data will be looked upon for short-term trading opportunities, while broader sentiment surrounding crude oil prices would also contribute towards the pair's movement on Wednesday. However, this week's US macro data that include - monthly durable goods orders and Q3 GDP print, would help investors determine the next leg of directional move for the pair.From current levels, 1.3370 level (yesterday's high) is likely to act as immediate resistance above which the pair is likely to make a fresh attempt towards reclaiming 1.3400 handle. On the downside, weakness below session low support near 1.3330-25 area seems to get extended towards 1.3300 round figure mark. Any further slide below 1.3300 handle is likely to get bought into and hence, should be limited around 1.3280-75 region (Tuesday's low).

NZD/USD jumps to weekly high, inching closer to 100-DMA
After an initial dip below 0.7150, the NZD/USD pair regained its lost ground and has now jumped to a fresh weekly high level.Currently trading around 0.7180 region, the pair caught fresh bids at lower level amid broad based US Dollar retracement and is now fast approaching 100-day SMA support break-point, turned resistance. The greenback, as measured by the overall US Dollar Index, struggled to gain further bullish traction and extended its corrective slide from multi-month highs as traders seemed inclined to trim bullish USD bets ahead of this week's key US macro releases, which include - monthly durable goods orders on Thursday and advance GDP print for third quarter on Friday. However, the prevalent risk-off mood, as depicted by weaker sentiment surrounding European equity markets, might restrict further up-move. Moreover, given market expectations of an eventual Fed rate-hike action by the end of this year and further monetary easing by RBNZ at its meeting in November, the current bounce back from Tuesday?s six-day low near 0.7110 level might be looked upon as an opportunity to initiate fresh short positions. Meanwhile, today's release of new home sales and flash services PMI from the US might provide some impetus during NA session on Wednesday.Immediate upside resistance is pegged at 100-day SMA near 0.7190 region above which the pair is likely to extend the recovery momentum beyond 0.7220 intermediate resistance towards 50-day SMA resistance near 0.7250 region. On the flip side, sustained weakness below 0.7150 immediate support now seems to drag the pair below weekly lows support near 0.7110 level and 0.7100 handle, towards its next major support near 0.7050 region.

USD/JPY once again finds support at 104.00 handle
The USD/JPY pair ran through fresh offers after Bloomberg report showed that Donald Trump has a slim lead in Florida over Democrat's Hillary Clinton.Bloomberg Politics poll showed that Republican presidential nominee Donald Trump has 2-point edge (45%) over Democrat Hillary Clinton?s 43% in the state of Florida. Immediately after the report, the pair turned lower to hit a fresh session low, just shy of 104.00 handle, before quickly retracing back to currently trade around 104.15 region. The prevalent bearish sentiment surrounding European equity market is also contributing towards the Japanese Yen's safe-haven demand and exerting some selling pressure around the major.Further downslide, however, seemed limited as market players remain convinced that the Fed would eventually raise interest rates before the end of this year and might continue extending support to the greenback's ongoing up-trend.Next in focus would be the release of flash services PMI and new home sales data from the US ahead of Q3 GDP print on Friday, which remains this week's key event risk for the pair's near-term recovery trend.A team at Dukascopy Bank SA, notes, "Due its poor performance on Tuesday, the USD/JPY pair managed to preserve its consolidation trend. Since the upper border of the trend was reached, the Buck is expected to weaken against the Japanese Yen today. The closest area to limit the losses is located around 103.75, formed by the weekly pivot point and the monthly R1. A drop lower is unlikely, as there are no significant market movers present today and technical indicators keep giving bullish signals. However, a return under the 104.00 mark is quite possible, unless bulls decide to push the Greenback higher".

Gold consolidating Tuesday?s recovery back above 200-DMA
Gold traded in a narrow range on Wednesday, consolidating yesterday's strong up-move back above the very important 200-day SMA.Currently trading around $1274 region, a broad based greenback retracement helped the yellow metal to touch a three-week high near $1277 level. In absence of any major economic releases, the greenback has struggled to extend its recent bullish traction, with the overall US Dollar Index extending its corrective slide from eight-month highs and is benefitting dollar-denominated commodities - like gold. Meanwhile, downbeat sentiment surrounding European equity markets is also supporting the precious metal's safe-haven appeal. However, increasing market bets for an eventual Fed rate-hike action by the end of this year might restrict any strong recovery for the non-yielding commodity, gold. This week's key macro releases - durable goods orders and quarterly GDP print, from the US would drive investors expectations over the timing of next Fed rate-hike action and provide fresh impetus for the metal's next leg of directional move.Immediate downside support is now pegged at 200-day SMA near $1270 region, which if broken is likely to drag the commodity initially towards $1264 intermediate support and eventually towards weekly lows support near $1260 level. Meanwhile on the upside, a follow through buying interest above 3-week highs resistance near $1277 seems to pave way for an immediate up-move towards $1290-92 resistance en-route $1298-$1300 psychological mark.


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