Forex Market
Technical Analysis
In the search of ending corrections… EUR/USD seeking a 2nd reaction target… USD/JPY caution with longs!… GBP/JPY head & shoulders top… EUR/SEK completed correction?… USD/SEK fell hard… EUR/NOK next move unclear… NOK/SEK correctional setback… AUD/USD sandwiched… EUR/CZK at least one more low likely… EUR/HUF best bullish wave count disrupted… EUR/PLN major setback!
EUR/USD Analysis
Closed in NY at $1.3270 after rate had been pushed to a high of $1.32914 on Greek PSI optimism (results due at 0600GMT Friday). Trade through Asia was contained for the most part within a range of $1.3258/70, the rate settling into this area after touching an early high of $1.3278, with rate seen under […]
Risk buoyed again by softer China CPI, hope for a strong PSI deal
China reported February’s inflation data this morning and CPI showed a sharp drop to 3.2% y/y from 4.5% the previous month, beating positive consensus estimates of 3.4%. Food prices fell 0.3% m/m after the Lunar New Year celebrations were completed.
AUD/USD Analysis
Opened in Asia at $1.0643 having traded a $1.0591-$1.0670 range in NY recovering from the lows seen on comments from ECB’s Draghi, and later rallying back on high optimism over the Greek PSI take up and talk of support now up to a possible 95%.
USD/JPY Analysis
Opened in Asia at Y81.55 after trading a Y81.32-73 range in NY but has remained on firm footing this morning as equities rallied and broad based selling of yen underpins the crosses.
NOK Views
Neutral NOK positions despite recent rally Norwegian investors have not acquired any major NOK positions during the past six months despite the recent strong performance of the NOK, suggesting the rally has been driven by foreign investors.
JPY Analysis
USD/JPY opened Asia at Y81.09, having recovered off Wednesday lows in the area of Y80.65/60, with the recovery getting a boost to Y81.40 as market reacted to the release of worse than expected Japan current account data.
GBP Analysis
Cable closed in NY at $1.5737, after rate had bounced off traded lows at $1.5696 to a NY recovery high of $1.5754. Rate initially dipped to $1.5725 in early Asian trade, the move influenced by the Aussie negative react to disappointing jobs data, with recovery able to edge up to retest that NY recovery high.
EUR Analysis
Euro-dollar closed in NY at $1.3147 after rate had recovered off lows of $1.3096 to retest earlier highs at $1.3164. Rate initially dipped to $1.31353 as it took direction from the negative react in the Aussie to release of poor jobs data.
GBP/USD Analysis
Closed in NY at $1.5737, after rate had bounced off traded lows at $1.5696 to a NY recovery high of $1.5754. Rate initially dipped to $1.5725 in early Asian trade, the move influenced by the Aussie negative react to disappointing jobs data, with recovery able to edge up to retest that NY recovery high.
Technical Analysis
Yesterday, a one day correction? SEK weaker. EUR/USD 1.3205 and then down again… GBP/JPY looking for a sell off… NZD/USD searching a new sell… EUR/SEK key resistance up for grabs… EUR/NOK another low not unlikely… NOK/SEK trying to pass the key res…
EUR/USD Analysis
Closed in NY at $1.3147 after rate had recovered off lows of $1.3096 to retest earlier highs at $1.3164. Rate initially dipped back to $1.31353 as it took direction from the negative react in the Aussie to release of poor jobs data.