Aud under pressure. Kiwi steady.
With the US on holiday, today will be one to forget and it will really not be worth being involved. There is little data out (German Factory Orders) so a good day to catch up on the admin. A full weekend report will be available on Monday.
Following on from the mixed EU PMI’s, the market was able to celebrate the positive US Jobs/NFP (6.1%/288K) by taking the dollar immediately higher, putting pressure on the Euro which finally settled at 1.3610, having tested the 1.3600 support, but with little bounce and looking capable of heading lower next week.
As expected, the ECB left rates unchanged, with Mario Draghi affirming the bank’s low interest rate policy, citing persistent downside risks to the EU economy. The announcement casued some minor short term volatility but little directional movement.
The DXY (80.20) has turned sharply higher once again, and although the daily MACD’s have yet to cross, they do look positive and if 80.26 can be taken out, may well head back to the 80.60 resistance.
US$/Jpy took out the stops above 102.00 and finished just below its 102.26 highs, with positive momentum building but with the short term charts looking overbought and limiting the chance of any upside movement today.
The Aud took another hit, down to 0.9328 before a bounce to close at 0.9345. Hourly momentum now suggests a mild recovery may be possible, but further out the dailies suggest a test of 0.9300 may lie ahead.
Gold and Silver both took a minor hit, down to 1309/20.77 respectively, but bounced to close at 1319/21.14. A stronger dollar will limit the upside for these and they need to overcome the resistance at 1330/21.30 fairly quickly if they are going to make any progress, otherwise the upside will look increasingly doubtful.
The Dow and the SPI once again made new highs.
Economic data highlights will include:
EUR/USD: 4 Hour
USD/JPY: 4 Hour
AUD/USD: 4 Hour
With the US on holiday, today will be one to forget and it will really not be worth being involved. There is little data out (German Factory Orders) so a good day to catch up on the admin. A full weekend report will be available on Monday.
Following on from the mixed EU PMI’s, the market was able to celebrate the positive US Jobs/NFP (6.1%/288K) by taking the dollar immediately higher, putting pressure on the Euro which finally settled at 1.3610, having tested the 1.3600 support, but with little bounce and looking capable of heading lower next week.
As expected, the ECB left rates unchanged, with Mario Draghi affirming the bank’s low interest rate policy, citing persistent downside risks to the EU economy. The announcement casued some minor short term volatility but little directional movement.
The DXY (80.20) has turned sharply higher once again, and although the daily MACD’s have yet to cross, they do look positive and if 80.26 can be taken out, may well head back to the 80.60 resistance.
US$/Jpy took out the stops above 102.00 and finished just below its 102.26 highs, with positive momentum building but with the short term charts looking overbought and limiting the chance of any upside movement today.
The Aud took another hit, down to 0.9328 before a bounce to close at 0.9345. Hourly momentum now suggests a mild recovery may be possible, but further out the dailies suggest a test of 0.9300 may lie ahead.
Gold and Silver both took a minor hit, down to 1309/20.77 respectively, but bounced to close at 1319/21.14. A stronger dollar will limit the upside for these and they need to overcome the resistance at 1330/21.30 fairly quickly if they are going to make any progress, otherwise the upside will look increasingly doubtful.
The Dow and the SPI once again made new highs.
Economic data highlights will include:
- German Factory Orders, US Independence Day
EUR/USD: 1.3610
Meta Trader – AxiTraderEUR/USD: 4 Hour
Dollar Index (DXY)
USD/JPY: 102.20
Meta Trader – AxiTraderUSD/JPY: 4 Hour
AUD/USD: 0.9345
Meta Trader – AxiTraderAUD/USD: 4 Hour
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