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The historical meeting between U.S. president Donald Trump and N.K. leader Kim Jong-un went fairly well, with Kim confirming "unwavering commitment" to denuclearise. That will take time of course but should nevertheless provide some tailwind for risk trades. USD/JPY looks bullish just above 200 DMA, ahead of the U.S. CPI report coming up in the afternoon.
al_dcdemo's Blog
Kiwi bounces from 0.64 support
China released its GDP, industrial production and retail sales data overnight. All three data points slightly missed their respective estimates, which was not entirely unexpected. The numbers were not as bad as feared though and, after a brief sell-off, risk trades rebounded.
Having fallen 450 pips since the beginning of the year, Kiwi is poised to close in the green for the second consecutive day and post only the third green day this year. 0.64 looks like a short-term bottom now that the pair …
Having fallen 450 pips since the beginning of the year, Kiwi is poised to close in the green for the second consecutive day and post only the third green day this year. 0.64 looks like a short-term bottom now that the pair …
Yen trading tight
The Yen is currently trading in the lower half of one of the smallest weekly ranges of this year. There were some geopolitical tensions yesterday but it wasn't enough to make any significant dent in risk trades, which soon rebounded.
122 is key to hold but below it we have possibly even more important 121.50 level where 50, 100 and 200 DMA may converge in the days ahead. On the upside the first stronger resistance is expected at 123.75 - 124.00 and then around 125.
122 is key to hold but below it we have possibly even more important 121.50 level where 50, 100 and 200 DMA may converge in the days ahead. On the upside the first stronger resistance is expected at 123.75 - 124.00 and then around 125.
Yen pulls back
Risk trades bounced a bit overnight. USD/JPY managed to pull 80 pips from the intraday low and 100 pips from the Friday's (post-NFP) low. With US on holiday today, we may have to wait until tomorrow to get the whole picture.
Resistance is seen at 119.60 - 119.65 (High Of Day, post-NFP high, Thursday's low) and then at 119.90 - 120.00 (Trendline drawn off of August 19th/28th and September 3th highs, Daily Resistance 1, 00's). There's some support near 119.20 - 119.25 (Intraday pivot, Daily Pivot …
Resistance is seen at 119.60 - 119.65 (High Of Day, post-NFP high, Thursday's low) and then at 119.90 - 120.00 (Trendline drawn off of August 19th/28th and September 3th highs, Daily Resistance 1, 00's). There's some support near 119.20 - 119.25 (Intraday pivot, Daily Pivot …