Wed, Nov 4 2009, 09:40 GMT
by John Clarke
It was a relatively quiet session overnight, as Tokyo returned from their holiday. The USD settled just below one month highs against a basket of currencies. Expect the markets to be treading water until the release of the FED statement later on this evening. The 5 minute chart below shows the trading range of cable this week.
AUDUSD range 0.8951-0.9048.
Trading at 0.9025/30 area before the release of the retail sales numbers falling to the lows on first reaction. 0.8950 support also 0.8920/0.8900 now. 0.9050/70 area still plenty of resistance but could see a test of the lows with a move to 0.8850 if equities weaken.
USDJPY range 90.04-90.43.
Still range bound resistance at 90.70/91.20 support at 89.50/89.00. It would appear that traders are waiting for Fed comments and NFP this week for more direction.
EURUSD range 1.4703-1.4737.
Again quiet after the move in London/NY. Resistance 1.4740/70 with support at 1.4650/20. As with AUDUSD resistance levels topside seem to be holding and could break lower testing down to 1.4600 which is a key level.
On the economic front, watch out for the Oil Inventories at 1500 and the Interest Rate decision later on this evening – scheduled for 1915
| TIME | MARKET DATA |
| 1915 | FOMC Interest rate decision |
Published on Wed, Nov 4 2009, 09:47 GMT
ODL Securities Limited
| The Northern & Shell Building 10 Lower Thames Street London EC3R 6AD
http://www.odls.com/ | info@odlsecurities.com
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