Daily Archives: September 1, 2014

Daily FX Wrap and Strategy

The NZD was the best performing major against the USDlast night, though to be honest, it did not take much.

AUD/USD did little Monday with the pair having failed to make an impact on the key $0.9374 resistance and

EUR/USD: remains heavy after opening this week near the low from September last year.

During August the pound weakened against the US dollar in terms of London closing rates from 1.6883 to 1.6579.

During August the US dollar strengthened against the euro in terms of London closing rates from 1.3383 to 1.3145.

EUR/USD: Momentum strongly pro-decline. Euro clearly oversold. Correction likely, closeness of 1.300 level increases the likelihood of this.

In AUD/USD, Commerzbank notes that it comes off the 55 day moving average at .9360 which is still expected to cap,

USD/JPY still bounces off the 61.8% Fibonacci retracement at 103.66 hovering around the 104.13 April high, notes Commerzbank.

Election of Tusk as next EC President makes PLN nervous Polish PMI remains below 50

EUR/USD continues to move lower and is nowclose to its key support at 1.3105 (06/09/2013low).

Today’s highlights: EURUSD breaks to a new cycle low leaving the trend directly bearish to 1.3104, then our 1.3020/15 target.

September is here. We are now approaching the biggest focal point for the year regarding how the USD/JPY uptrend will pick up pace.