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Recent development on the trade war front did not lead to a more serious risk-off episode. Apart from the Chinese stock market, which was hit quite hard yesterday, risk assets recovered at least part of the lost ground. USD/JPY bottomed near 109.5 and is now back above 110. 200 DMA is the immediate resistance on the way to 110.5 and 111.
al_dcdemo's Blog
Aussie starts the week sideways
Aussie started the week with a 20 pip drop but it recovered to be around opening levels as I type. Commodities (particularly metals) are down, Chinese stocks too, but there was some encouraging data (MI Inflation Gauge, Company Operating Profits, Private Sector Credit) from Australia overnight.
0.7125 - 0.7150 support zone, that includes Previous Week Low, 50 DMA and broken Weekly Trendline (drawn off of September 2014, May 2015 and October 2015 highs), is crucial. 0.7200 - 0.7225, which hosts 1…
0.7125 - 0.7150 support zone, that includes Previous Week Low, 50 DMA and broken Weekly Trendline (drawn off of September 2014, May 2015 and October 2015 highs), is crucial. 0.7200 - 0.7225, which hosts 1…
GBP/JPY flying
Since ECB lowered refinancing rate to near zero and deposit rate to negative, Euro has been increasingly used as a funding currency. That's a big part of the reason why GBP/JPY has became a better risk barometer than EUR/JPY in the past year or so.
After closing weekend gap, "Geppy" fell some 650 pips on Grexit fears, which at that point seemed almost inevitable, and the sell-off in Chinese stocks. On Thursday, the pair stabilized in line with improved sentiment with regard to Greece and Chinese…
After closing weekend gap, "Geppy" fell some 650 pips on Grexit fears, which at that point seemed almost inevitable, and the sell-off in Chinese stocks. On Thursday, the pair stabilized in line with improved sentiment with regard to Greece and Chinese…
Yen bounces overnight
After nearly 200 pip fall yesterday, the pair found support in 120.40 - 120.70 band in US afternoon. It then rallied in Asian session, in line with slightly better sentiment with regard to Greece and stabilization in Chinese stocks.
It is now back above 100 DMA which has been reinforced by Weekly Support 2, Monthly Support 1 and 121.00 big figure level. First stronger resistance is seen at previous support between 121.90 and 122.05 (March high, Previous Week Low, Weekly Support 1, Daily Resistan…
It is now back above 100 DMA which has been reinforced by Weekly Support 2, Monthly Support 1 and 121.00 big figure level. First stronger resistance is seen at previous support between 121.90 and 122.05 (March high, Previous Week Low, Weekly Support 1, Daily Resistan…