Forex Market
AUDUSD nearing key pivot ahead of FOMC
AUDUSD has bulled higher into a key resistance zone ahead of tomrrow’s FOMC meeting – it’s time for the USD to pivot back to strength very soon or we’re back in technical limbo again.
GBP Analysis
Opened early Europe at $1.5690, stg0.8038, GBP closed in NY at $1.5670, off session lows of $1.5637, and continued to recover into Asian trade with rate trailing EUR/USD stronger correction to a session high of $1.5692.
EUR Analysis
Opened early Europe at $1.2613, EUR/USD closed in NY at $1.2578, off late session extended lows of $1.2557, the rate then continued its recovery through Asian trade to an overnight high of $1.$1.2617.
JPY Analysis
Opened in early Europe at Y78.99 and Y99.58, opened in Asia at Y79.05 and slipped on exporter supply to Y78.95 where the rate settled in a tight range, looking for direction.
Technical Analysis
Key-day reversals were yesterday printed in many major markets, indicating that the post Greek election fast faded. EURUSD & Co. ought to build up renewed downside (USD bullish) momentum, perhaps with the aussie being a tad more resilient as it looks like AUDUSD must test 1.0170\1.0250 before turning south again.
GBP/USD Analysis
Closed in NY at $1.5670, off session lows of $1.5637, and continued to recover into Asian trade with rate trailing EUR/USD stronger correction to a session high of $1.5692.
EUR/USD Analysis
Closed in NY at $1.2577, off late session extended lows of $1.2557, with rate continuing its recovery through Asian trade to an overnight high of $1.$1.2617.
NZD Analysis
The currency is holding steady versus the USD as the market awaits the release Wednesday of current account data and Thursday of GDP data for fresh trading leads.
AUD Analysis
The currency is holding steady versus the U.S. currency ahead of the release of minutes for the June 5 meeting by the Reserve Bank of Australia when it slashed the cash rate target by 25 basis points to the lowest level since 2009, citing worries about the spread of the debt crisis in Europe and […]
JPY Analysis
Opened at Y79.04/99.90 after Y78.94/29 and Y99.73/100.85 overnight ranges, EUR/JPY had been the main driving pair as USD/JPY orbited Y79.00 and euro losses elsewhere were reflected in a EUR/JPY slide to below Y100.00 to flush stops.
EUR Analysis
Opened at $1.2637 after $1.2525/1.2748 overnight range, Euro had been roiled overnight by Greek election results and proved unable to hold gains, the pair seeing selling by macro accounts, models and real-money types as it slid back under $1.2720 and $1.2700, finding stops.
EURUSD déjà vu all over again
This Monday has largely been a repeat of last Monday – but will the rest of the week look anything like last week? FOMC is the next potential stumbling block for the recent risk rally.