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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- The stakes for the Italian election were lowered last night as one leading contender has gone through a policy change, stating that it was not the right time to leave the Euro. There is still a couple of months to go and I am sure that this story will resurface soon.
Market Insight Commentary – Indices
Market Recap
We were able to make some solid gains in our preferred pairs yesterday, but the day was eerily similar to Monday in that the pairs seemed to gain a lot of momentum in both the Asian and London session, only to trade sideways in the New York session. It does make me a little nervous as to why the North American session has been quiet and perhaps they are waiting to see what comes out of US politics before trading in volume. It is tempting to start looking for the bounce in these pairs, but I would prefer any recovery as an opportunity for a secondary entry into a long dollar trade.
The EURUSD traded with some momentum yesterday, but on three occasions it seemed as though the buyers were willing to dip their toes in at 1.1915. The range becomes 1.1915 -1.1940 and I think that as long as the sellers keep price below 1.1940, they will hold the bias. I will use any bounce as an opportunity to sell and if we are able to see support at 1.1915 and 1.1900 broken, I will look for 1.1800 as the next target price.
Despite the oil price ratcheting higher and all the odds stacked against it, the dollar performed well against the CAD yesterday. It used the 61.8% fib as a support level to lean on and traded as high as 1.2478 before finding resistance. This was a double top last week and so resistance might be strong for now, I do suspect that once the US traders get on board, we could see a break of that resistance. I will use any weakness as an opportunity to go long in this pair.
Important Economic Data Due Today
11:30 GBP Manufacturing Production
Consensus: 0.3%
Effect: Actual higher than expected is good for the GBP
11:30 USD Crude Oil Inventories
Consensus: -3.9M
Effect: No consistent effect on the USD
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