Forex Market
Technical Analysis
EUR/scandies moving higher to re-check resistance… EUR/USD Correcting towards 1.2770… EUR/CHF Testing SNB’s resolve again… EUR/JPY Could re-check 102… EUR/SEK Bid in rangy environment..
GBP/USD Analysis
Closed in NY at $1.5872, the rate was unable to make a clean break of $1.5900 and ground lower throughout the afternoon session. Euro-sterling consolidated above stg0.8000 after the rate recovered off early session lows of stg0.7970.
EUR/USD Analysis
Greek headlines once again drove markets and euro-dollar closed in NY at $1.2705, the rate having recovered off pullback lows of $1.2670. Euro-dollar opened flat in Asia and headed higher on euro-yen demand ahead of the Tokyo fix, the rate extended gains to $1.2715 as risk appetite improved across the board.
Daily Market Technicals
EUR/USD: Consolidates Below 38.2%, Bulls Need Break Higher. The pair continues to retest the 38.2% retracement as resistance, slow stochastics is approaching oversold levels and daily studies are beginning to look neutral.
NZD/USD Analysis
The new Zealand dollar was trading slightly higher late Wednesday after paring most of its overnight gains following the release of weaker-than-expected domestic retail sales data.
AUD/USD Analysis
The Australian dollar was among the main movers through an otherwise lackluster Asian morning, gaining early on a positive consumer sentiment report from Westpac and the Melbourne Institute.
Asian Currencies Technicals
AUD/USD: Focus Remains Topside For Now. AUD/USD has taken out initial resistance at $1.0440 with a close above needed to maintain focus on the rising daily channel top around $1.0545 and then Sept monthly highs above.
Mid-Day FX Market Analysis
EUR: Opened early Europe at $1.2688, volumes remained light around the Asian open as specs headed for dollar safety. Early sales from Macro/Japanese names pressed under $1.2700, cross supply added further weight and the pair flushed stops to $1.2675 on headlines from European officials.
Daily Market Technicals
EUR/USD: Fades From 38.2% Level, Daily Boll Bands Wider. The pair continues to trend lower and approaches the 100-DMA, initial support at $1.2641.
GBP/USD Analysis
Opened in Asia at $1.5875 and ground lower in tandem with euro-dollar to $1.5860 following comments from European officials that underlined there was no early deal to disburse the latest Greek aid payment.
USD/JPY Analysis
The pair is likely to trade in a tight range today in Asia, with investors focusing on developments on the debt crisis as EU finance ministers hold a meeting today.
Asian Currencies Technicals
AUD/USD: Bounces From Key Support Region. The $1.0330-50 region remains key support with the AUD/USD bouncing back towards the Nov 7 and 8 highs to start the week.