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Overnight data was not something relieving for the Australian Dollar, taking AUDUSD lower to breach the 0.95 level. Japanese data shocked to the upside but did not succeed to move the markets as USDJPY librated in a tight 16-pip range throughout the session. Today’s session assures instability as the docket is full to the edge with market-moving data.
Key Overnight Developments
• Australian Dollar Buckles As Data Deteriorates Further
• Dollar Retreats Late into Asian Trading Ahead of European Data Overload
The Euro jumped higher late into the Asian session spending the night in a 20-pip range. The US session saw the pair break past 1.57 again and price movement now seems suspended to retest the figure as resistance going into a hectic European trading day. According to technical analysts, the dollar rally as redress, with instant support at 1.5612 followed by a more extensive floor at 1.5534. In a comparable fashion, the sterling sees short term support at 1.9648. Resistance remains at 2.0175.
13:48
Posted on Jul-10-2008
