Forex Market
Technical Alert
Eventful session yesterday with the euro up and all the way back down…creating a gravestone doji, a bearish setup for the day.
Daily Market Technicals
EUR/USD: Fails At $1.3284, Potential Gravestone Doji Noted. Heavy selling pressure forced Euro-dollar lower after the pair tested the Former Nov 21 support line as resistance.
GBP/USD Analysis
Closed in NY Wednesday at its corrective pullback lows of $1.6248 seen after rate had been rejected from $1.6307, having failed to post fresh 2012 highs above $1.6310.
EUR/USD Analysis
Closed in NY Wednesday at $1.3228 as rate extended its corrective pullback from intraday highs at $1.3308. A stalling in Fiscal Cliff talks, with Pres. Obama warning that he will veto the Republican ‘Plan B’, acted to dent the recent risk on tone.
USD/JPY Analysis
The Japanese yen staged a recovery after the Bank of Japan’s policy meeting Thursday, where the BOJ announced it would expand its asset purchase plan and review its long-term price stability goal.
Asian Currencies Technicals
AUD/USD: Bounces Off 21-DMA On First Test. The pair has managed to take out the rising daily trend line off Nov monthly lows and the initial support but has bounced off the 21-DMA on the first attempt.
Mid-Day FX Market Analysis
EUR – Opened early Europe at $1.3250, Euro-dollar closed in NY Tuesday at $1.3227 after easing off session highs at $1.3238.
Technical Alert
EURUSD overlooked a potentially bearish “Doji” yesterday and demand at elevated levels is still visible. Refs above at 1.3284 & 1.3342 are now in sight.
Daily Market Technicals
GBP/USD: Bulls Break Apr 2011 Res Line, Now Eye 2012 High. The pair has closed above the former Apr 2011 resistance line, now intial support at $1.6234 and bears will want to retest this.
GBP/USD Analysis
Closed in NY at $1.6249 after getting driven to highs at $1.6270 following the break above $1.6230, which in turn provided the momentum to take out barrier interest at $1.6250.
EUR/USD Analysis
Closed in NY at $1.3227 after easing off session highs at $1.3238. Rate marked overnight lows at $1.3223 in early Asia before French name buys of euro-yen provided some lift.
Asian Currencies Technicals
AUD/USD: Holding Above Initial Support. The pair continues to hold above the initial support with the rising daily trend line off Nov monthly lows adding significance to this region again today.