Forex Market
FX Market Technical Research
EUR/USD: Daily Tech Studies Correcting Lower. The pair continues to edge closer to the 200-DMA as daily tech studies continue to work off their overbought condition.
GBP/USD Analysis
Closed in NY at $1.6222, off highs of $1.6233 seen after rate had recovered off session lows of $1.6181. Rate touched a low of $1.6220 in early Asian trade before picking up demand, with risk given an early boost as market took direction from positive S&P futures.
EUR/USD Analysis
Closed in NY at $1.2932, just off recovery highs of $1.2937 after rate had seen lows in this session of $1.2891. Rate drifted down to $1.2929 in early Asia before demand emerged to edge rate up to pressure reported stops through $1.2940/50.
USD/JPY Analysis
Opened Asia just off NY lows at Y77.81, with early talk suggesting the Y77.80 level was holding semi official demand. However, general dollar sales eventually provided the weight to break under Y77.80, the move extending recent lows to Y77.74.
Asian Currencies Technicals
AUD/USD: 200-DMA Test Remains Favoured. The pair continues to remain heavy with immediate focus on retests of the 200-DMA as daily RSI, Slow Stochastic and Momentum indicators begin to unwind from overbought levels.
FX Daily Strategist: US
– Political risks result in a modest risk-off tone at the beginning of the week A modest risk-off tone dominates at the beginning of the week with broad-based losses seen in share markets, and with high-beta currencies in the red.
FX Market Analysis
EUR: Opened early Europe at $1.2947, Euro-dollar closed in NY Friday at $1.2980, opening Asia unchanged before edging up to mark session highs at $1.2990 in opening trade.
FX Daily Strategist: Europe
– The focus this week will be on Spain The USD once again recovers its end-of-week losses as investors continue to avoid extending their risk-taking. Political risk, including China-Japan tensions and whether Spain will seek external assistance, are likely to be causing investors to pare back risk positions.
FX Daily Majors
Today’s highlights: – EURUSD: Failure at 1.3048 last Friday maintains the downward trend for now, with risk remaining lower to 1.2858/29 support zone.
Technical Analysis
USD and JPY recovering further with more signs of strength in the pipe. EURUSD Friday’s rejected attempt higher indicates that we soon will see an attack at the low end of the 233d ma band, a level that EURJPY managed to end below on Friday (hence remaining a preferred selling canditate)
FX Market Technical Research
EUR/USD: Remains Heavy, Stops Below Initial Support. The Sept 19 highs remain key resistance with immediate focus remaining on retests of the 200-DMA until a close above is seen.
GBP/USD Analysis
Closed in NY Friday at $1.6230, trading off earlier posted highs of $1.6310 (fresh 2012 high) as rate tracked euro-dollar’s deeper corrective pullback.