Asian equity is up in reaction to the strong US session, and we also saw commodities rebound with crude oil and LME Copper up and Gold almost unch. We still like short commodities currencies and we look at Jackson hole as the big short term catalyst. Today data: US GDP and PCE.
{EU} EURUSD Neutral => Now that the market has calmed down for a session we’ve returned to more fundamental trading and euro sellers have come back into play. Key level for the session: resistance comes in at 1.1468 and 1.1400 while support holds at 1.1310 and 1.1225.
{JN} USDJPY Neutral => Offers towards 120.20/40 cap the pair for the time being – short term though, a break of 120.40/50 may see acceleration, assuming of course that equities play ball. Support 119.60/70 ahead of 118.90 and ultimately 118.25.
{GB} GBPUSD Higher => Dovish comments from ECB members take the EUR lower which in tandem drags Cable down through short term stop. This weekend the risks are on a dovish tone from Carney. Support at the 100dma 1.5468 (closing basis) with resistance at 1.5580. EURGBP 0.72595 – 0.7361 (200dma).
{NZ} NZDUSD Lower => Key levels for the session: resistance at 0.6520/52 with support at 0.6410 (y/day’s low) and 0.6335.
{AU} AUDUSD Lower => In Aussie the key level on the topside is 0.7250 and 0.7155 with 0.7070 (y/day’s low) as support.
{CA} USDCAD Long => We favour long USDCAD with resistance at 1.3353 (y/day’s high) while on the downside, 1.3144(Tue’s low) works as support.
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