AUD/USD: Choppy Sideways Trading. The pair continues to trade sideways in a choppy fashion but needs to close back above the double daily top at the $1.0598 level to kick start bullish topside momentum.
The pair is likely to trade in a tight range today in Asia, with investors waiting for fresh trading leads as the depreciation in the yen since November spur concerns about the outbreak of a currency war.
EUR – Closed in NY at $1.3306 after rate had recovered off session lows of $1.3264 (lows seen on reaction to EU Juncker comments on the strength of the euro) to $1.3319 before it eased into the close.
The euro is still on the back foot and the yen is healing the hurts, at least some of it… EURUSD looks staged to recheck a short-term Fibo retracement grid below, starting at 1.3250.
Euro-yen fixing supply provided the early downside pressure on yen pairs, with Japanese banks the stand out sellers,
EUR/USD: Bearish Engulfing Candle As Studies Weaken. The pair leaves a bearish engulfing candle and slips from its Jan 14 high of $1.3404 to hold above the 23.6% of $1.2877-1.3404,
Closed in NY at $1.6069 after rate had again found support in the $1.6035/30 area with rate able to recover at one point during the NY session to $1.6102.
Closed in NY at $1.3306 after rate had recovered off session lows of $1.3264 (lows seen on reaction to EU Juncker comments on the strength of the euro) to $1.3319 then eased into the close.
The AUD started Wednesday’s Asian session higher against its U.S. rival, but those gains wilted and turned into small losses as traders backed away from some of the higher-yielding currencies due to waning risk appetite.
AUD/USD: An Inside Day. An inside day for the AUD/USD yesterday with the pair little changed from yesterday’s NY close.
The pair is likely to trade in a tight range today in Asia, with investors closely watching for remarks from policymakers for fresh trading leads.
EUR – Closed in NY Monday at $1.3382, off rate’s late recovery high of $1.3395 after it had seen a sell off to $1.3336 earlier in the session as markets adjusted positions ahead of Monday evening’s Fed Bernanke speech.