Over the weekend the China (FXI, quote) Banking Regulatory Commission released a report indicating that China’s non-performing loans for commercial banks in China increased by 1.16% for the month of September.
Each week and calendar month, quantitative analysis is used to determine certain probable price movements which can be forecasted.
Like the GBP/USD, the Aussie dollar is another currency pair which is now starting to break out from a recent phase of price congestion, but for the AUD/USD, this period of sideways price action has been in place for considerably longer than Cable, with the pair having been range-bound between 0.9150 to the downside and 0.9370 to the upside for some time.
Bank of England (BOE) left key interest rates at 0.5% along with no additional changes in its asset purchasing program of at £375 billion or $636 billion USD.
EURUSD is facing 1.3879 resistance, a break above this level will signal resumption of the uptrend from 1.3672, then next target would be at 1.3950 area.
AUDUSD is facing 0.9316 resistance, a break above this level will indicate that the downtrend from 0.9461 had completed at 0.9227 already,
The AUD/USD pair fell during the session on Monday, but remains above the 0.90 handle.
EURUSD broke above 1.3773 resistance, indicating that the uptrend from 1.3477 has resumed.
After touching 0.8906 support, AUDUSD rebounded to 0.8971, indicating that the pair remains in consolidation of the uptrend from 0.8660.
The GBP/USD pair fell during the session on Thursday, only to turn back around and form a hammer for the second day in a row.
