Forex Market
Gold Analysis
Spot gold is heading higher again this morning in Asia after posting strong gains in NY yesterday as optimism builds that the Greek cabinet will accept the austerity agreement finally drafted yesterday.
USD/JPY Technical Analysis
(77,04) The USD/YEN failed to confirm the small negative day reversal extending instead the move up above 77 with already a test of the 100 days line at 77,16. The indicators of the daily chart are now positive supporting further strength.
EUR/USD Analysis
Closed in NY at $1.3261, just off recovery highs of $1.32708 seen after the euro made strong gains on reports that a Greek debt deal was nearing conclusion. Rate initially edged to $1.3266 into early Asian dealing on EUR/AUD demand, with demand for EUR/JPY also seen into the Tokyo fix.
AUD/USD Analysis
Opened in Asia at $1.0805 having consolidated the earlier sharp jump following the RBA’s announcement to leave rates on hold which caught the market wrong-footed, and led a sharp rally to highs of $1.0822 in Europe yesterday.
USD/JPY Analysis
Dollar opened in Asia at Y76.77 after NY highs of Y76.97 and as with yesterday continued to grind its way higher through exporter supply after an early low of Y76.75, taking out the NY high and some light stops through Y77.00, to Y77.10.
Asian Market Summary
EUR opened on a firm footing in Asia after progress was made yesterday in the Greek debt swap deal on confirmed reports that an austerity agreement was being drafted and would be presented to the cabinet today.
EUR/AUD Analysis
(1,2215) EUR/AUD confirmed further weakness and a new low at 1,2133 before bouncing higher. Still possible further weakness toward the 1,20 area while below 1,2270 on daily closing!!
Technical Analysis: USD-TRY at strong support
USD-TRY is at a strong support zone with a high risk of an upward reversal. Gold has broken down from its ending diagonal and the structure of the initial fall suggests more weakness to come. Stocks are at the upper limits of the bear market rally from October but EUR-USD may have another short-term rally […]
Currency Weekly: Antipodean tipping point
The return of ‘risk on’ has helped propel both AUD and NZD much higher over the past two months, and both are now at record levels on a real effective basis. The mistake is to view them simply in the context of commodity price dynamics and the risk mood.
GBP/USD Analysis
Opened early Europe at $1.5802 stg0.8293 having extended its recovery off session lows of $1.5730 to $1.5841. Rate drifted off to $1.5805 in early Asian trade before recovering back, getting a kick up to $1.5832 into the RBA unchanged rate decision, as risk got a boost.
EUR/USD Analysis
Opened early Europe at $1.3105, closed in NY at $1.3130, after recovery off earlier Monday session lows of $1.3027 was given a boost through European closing fixes to a high of $1.3142, closing any chart gaps left after rate was marked down into Asian trade Monday.
JPY Analysis
Opened in early Europe at Y76.71 and Y100.55, in Asia at Y76.55 after lows in NY of Y76.51. Some heavy sales were seen in yesterday’s session but the pair maintained a hold above Y76.50 and again this morning with semi-official names seen providing the support.