August 25, the FOREX market continues to trade quite, as most financial markets have stabilized, awaiting Federal Reserve Chairman Janet Yellen speech on Friday. Hopefully the press-conference will shed light on the likehood and timing of US interest rates hike. The oil market also can not determine the direction of movement after the controversial data on US oil inventories and speculation regarding the position of Iran. The focus of data now is on durable goods orders, and tomorrow's US GDP.
The pair continues to consolidate within the channel 99.90-100.79. Yesterday USD / JPY has once again pulled back off the bottom level of the channel. We expect consolidation trade until the Friday results. However, the probability of further downside movement after consolidation on technical factors become higher.
Yesterday, on the daily chart of AUD / USD, there was a doji reversal pattern, and then, during the Asian session, bulls resumed growth to test 0.7650. Support is in the area of 0.7595. Resistance area is at 0.7650-0.7660.
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