The Euro (EUR) a rally into Europe failed to hold onto gains and the market finished at 1.4400 in a very mild trading day ahead of Bernanke’s speech on Friday. August German IFO slipped to 108.7 vs. 112.9 previously. June EU industrial Orders fell -0.7% vs. +3.6% in May. Looking ahead, September Gfk forecast at 5.2 vs. 5.4 previously.
The Japanese Yen (JPY) USD strength and good US data sent the USD/JPY to the top of its recent range at Y77 but this level has held so far. The outlook is still very mixed although the down trend has been stopped by the 2 week support found at Y76.50.
The Sterling (GBP) there was little interest to push higher in Europe with resistance above 1.6500 proving solid before the market pushed lower under 1.6400. USD strength countered the improving risk appetite with GBP/JPY now the preferred option for risk takers.
The Australian Dollar (AUD) the Aussie was very subdued with the risk currency remaining well supported even with a sharp fall in gold. 1.0500 is proving a key pivot in the recent days with little interest to push either side. AUD/JPY is doing well as USD/JPY moved higher.
Oil & Gold (XAU) Gold crashed for a second day down over $100oz with long positions were squeezed out. Crude Oil remained subdued but supported on strong US data above $85 a barrel.
| Currency | Sup 2 | Sup 1 | Spot | Res 1 | Res 2 |
|---|---|---|---|---|---|
| EUR/USD | 1.4150 | 1.4347 | 1.4410 | 1.4500 | 1.4536 |
| USD/JPY | 75.00 | 75.95 | 77.00 | 77.31 | 78.86 |
| GBP/USD | 1.6256 | 1.6323 | 1.6375 | 1.6592 | 1.6661 |
| AUD/USD | 1.0246 | 1.0315 | 1.0460 | 1.0559 | 1.0786 |
| XAU/USD | 1681.00 | 1700 | 1751 | 1800 | 1850 |
| OIL/USD | 82.50 | 85.00 | 85.15 | 87.00 | 88.00 |
Euro 1.4410
Initial support at 1.4347 (Aug 22 low) followed by 1.4150 (Aug 12 low). Initial resistance is now located at 1.4500 (Aug 23 high) followed by 1.4536 (Jul 27 high)Yen 77.00
Initial support is located at 75.95 (Aug 19 low) followed by 75.00 (Psych level). Initial resistance is now at 77.31 (Aug 10 high) followed by 78.47 (Aug 8 high).Pound 1.6375
Initial support at 1.6323 (Aug 16 low) followed by 1.6256 (Aug 15 low). Initial resistance is now at 1.6592 (Aug 17 high) followed by 1.6661 (May 3 high).Australian Dollar 1.0460
Initial support at 1.0315 (Aug 19 low) followed by the 1.0246 (Aug 12 low). Initial resistance is now at 1.0559 (Aug 18 high) followed by 1.0786 (Aug 3 High).Gold 1751
Initial support at 1700 (Psych Level) followed by 1680 (Psych Level). Initial resistance is now at 1800 (Psych Level) followed by 1913 (Aug 23 high).Oil 85.15
Initial support at 85.00 (Intraday Support) followed by 82.50 (Intraday Support). Initial resistance is now at 87.00 (Intraday resistance) followed by 88.00 (Intraday Resistance).Easy Forex
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