Forex Market
Asian Currencies Technicals
AUD/USD: Daily tech studies overbought. The AUD/USD continues to set fresh 4 month highs on a daily basis as it tests the rising daily channel top and rising 21 day upper Bollinger band ($1.0634).
Technical Analysis
€ & other corrections running out of steam… EUR/USD Encouraging doji candle… USD/CAD A possible bullish setup… EUR/JPY Eyeing the mid body point… EUR/SEK Sellers close to the 8.38 res… USD/SEK An area worth watching… EUR/NOK Watching the mid body point… USD/PLN In the primary target zone.
FX Market Technical Research
EUR/USD: Tests Fibonacci Level. The euro tested Fibonacci level at $1.2445 before pulling back within the Bollinger band. The daily studies are firm, but further Fibonacci resistance stands at $1.2478 and $1.2539, while the 5 & 21-DMAs turn support at $1.2319 and $1.2253.
USD/JPY Analysis
Closed in NY Monday at Y78.25 having recovered off Y78.14 lows. Asian trade opened light on strong yen sentiment and aided by some exporter supply slipped to Y78.16 ahead of the Tokyo fix.
GBP/USD Analysis
Closed in NY at $1.5603 after rate had corrected back from recovery highs of $1.5643. The correction continued into Asia with rate slipping to an early low of $1.5578.
EUR/USD Analysis
Closed in NY at $1.2402 following a fairly subdued session with trade in the US contained within a relatively tight range of $1.2374-1.24298.
Asian Currencies Technicals
AUD/USD: Fresh 4 month highs. Tests of the sharply rising 21 day upper Bollinger band nd daily channel top continue with initial focus on Mar 19 highs.
EURUSD – needs more upside soon, or else.
Markets are still in limbo despite last week’s drama – EURUSD needs to take out the next resistance level to keep the focus to the upside. Aussie looks very stretched ahead of RBA – but could it stretch higher still before consolidating?
GBP Analysis
Opened early Europe at $1.5621, stg0.7935, GBP closed in NY at $1.5640 after recovering from an initial post NFP react low of $1.5518 to a high of $1.5658 before settling between $1.5630/50 into the close.
JPY Analysis
Opened in early Europe at Y78.43 and Y97.13 , the Global rally continued, Asian equities opened on a bid tone and extended gains, USD/JPY lifted on the back of this to Y78.65.
EUR Analysis
Opened early Europe at $1.2395, EUR/USD closed in NY Friday at $1.2387 having rebounded from an initial NFP react low of $1.2219 to a high of $1.2392, settling between $1.2368/88 into the close.
CFTC: Positive dollar sentiment weakens further
The weekly data from the US CFTC covering the week ending July 31 showed another big reduction in the aggregate net long dollar position held by hedge funds and other large speculators in IMM currency futures.