Forex Market

Asian Currencies Technicals

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.

USD/JPY Analysis

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.

Mid-Day FX Market Analysis

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.

Technical Alert

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.

USD/JPY Analysis

Euro-yen fixing supply provided the early downside pressure on yen pairs, with Japanese banks the stand out sellers,

Daily Market Technicals

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,

GBP/USD Analysis

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.

EUR/USD Analysis

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.

AUD/USD Analysis

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.

Asian Currencies Technicals

AUD/USD: An Inside Day. An inside day for the AUD/USD yesterday with the pair little changed from yesterday’s NY close.

USD/JPY Analysis

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.

Mid-Day FX Market Analysis

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.