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ForexLive Asian market open: AUD market looks to CPI

By   || July 27, 2010 at 21:08 GMT
|| 23 comments || Add comment

The GBP was the stand-out performer overnight as confidence returns slowly to the pound and other UK financial markets such as Gilts. The close in cable above the previous breakdown level at 1.5550 is a significant event. EUR/GBP is once again approaching important support at .8310 and a break below would also be a significant momentum booster for the GBP.

The AUD market will be closely watching today’s CPI number as the RBA Governor said that they’d also be watching closely.

USD/JPY has also rallied strongly after significant activity in the options market.

Good luck today.

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Category: All, Asia
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23 Responses to “ForexLive Asian market open: AUD market looks to CPI”

  1. John on July 27th, 2010 21:15 GMT

    Hey Sean. What’s your take on EURUSD today?

  2. Sean Lee on July 27th, 2010 21:19 GMT

    Hi John. I think it will take a back seat during Asia. EUR/GBP selling will probably weigh on it but I think this in turn might be outweighed by EUR/JPY buying. I’m tipping a fairly tight 12970ish/13030ish range with mild bullish bias.

  3. John on July 27th, 2010 21:23 GMT

    Thanks, Sean.

  4. Tibor on July 27th, 2010 21:42 GMT

    Hi Sean. It seems eur is hardly tied to 1.3000 level. At what level do you think it will move to up or down trend? Thanks.

  5. Sean Lee on July 27th, 2010 21:50 GMT

    Hi Tibor. You’re right that 130 is the pivot for the moment. I think we could rise to 13150 or drop to 12850 without much changing. I think we will need to see daily closes outside of these two levels before we can say with some degree of certainty where it is headed next imho

  6. Tibor on July 27th, 2010 21:55 GMT

    Thank you!

  7. Ramiro on July 27th, 2010 22:15 GMT

    Hi sean, from Colombia.

    Now, I am short in usd/jpy. what is your opinion in the asian sesion for this peer?

  8. Sean Lee on July 27th, 2010 22:26 GMT

    Good morning Ramiro, nice to hear from you. My medium term view on USD/JPY remains the same; I think we see an 85/95 range for the rest of the year and I would try not to be short too close to the base or long near the top. There is something afoot in the USD/JPY options market with big Japanese players buying large amount of calls which indicates that they are afraid that the spot market may move higher quite quickly. In other words, I think being short is more dangerous than being long imho

  9. lilac on July 27th, 2010 22:41 GMT

    Bon soir PS1 ;)

    Bitofa head ‘n shoulders neckline jobbie on eur/gbp around 0.8310 – or if it doesn’t hold, p’raps the beginning of more serious dandruff stuff around the 0.8060s?

  10. Sean Lee on July 27th, 2010 22:55 GMT

    Guten Abend gnadige Frau. You’ve been off counting your winnings?? I’ve just bought very small at 8337 and I’ll stop n reverse below 8300. I said last week I was going to take a few weeks off trading and three days later I’m long USD/CHF, long EUR/GBP, and long EUR/AUD. So much for good intentions!!

  11. Ramiro on July 27th, 2010 22:59 GMT

    Thanks

  12. lilac on July 27th, 2010 23:04 GMT

    Ha schnorch ha :P
    Phew, well I’m glad you fell at the first hurdle with your Ferienzeit ;)
    Cos I’m really quite hoping that eur/gbp keeps wackeling its Schwanz..

  13. JR on July 27th, 2010 23:14 GMT

    hey lilac, great trade idea. if eur/gbp consolidates a bit more from 83-84 then i’ll be shorting with you from the 840/841 area. i can see eur/usd spurting up to its 382 fib level of 1.312, selling off a bit, then getting some benefit from the month-end gbp flows. then having a 38pct retracement of the 1.21-1.31 move, which could do the trick. cheers,

  14. David Horton on July 27th, 2010 23:14 GMT

    Lilac….such poetry …

  15. lilac on July 27th, 2010 23:22 GMT

    Cor it’s the cupboard monster.
    Evenin’ David ;)

    Hope so, JR – but I’m still in no hurry to short. Well not yet :)

  16. Sean Lee on July 27th, 2010 23:22 GMT

    The tail that wagged the dog Lilac.

  17. spooner on July 27th, 2010 23:27 GMT

    the armoire inspector please L ! my french is better then my german but I got your smutty drift

  18. lilac on July 27th, 2010 23:37 GMT

    Mais Monsieur Cuillère! Sean m’a bien compris :P

  19. lilac on July 27th, 2010 23:39 GMT

    So anyway – how’s yer cable?

  20. lilac on July 27th, 2010 23:58 GMT

    Was only wondering, cos I haven’t looked at it for the last week or so – is there any significance in the 100 WMA? Price is the closest it’s been since a long while.

  21. David Horton on July 28th, 2010 00:05 GMT

    L – sterling in general looks pretty good and has done for a while; I hadn’t noticed the weekly but there seems to be a lot of goods news bolstering it and in the last few weeks there have been comments re stg maybe not being so much of a risk option and the Pimco reversal and acceptance in gilts; if it breaks I expect we sail on….however knowing the state of the country at ground level I am rather surprised but this renewed vigour

  22. dcoios on July 28th, 2010 00:08 GMT

    Ionopot kivanok all ! i know one guy here who could identify this rare language since we are speaking in “tongues” today. Anyway the most important thing I see is Sean’s strategy of “stop and reverse” which I still try do discipline myself of doing it quickly when stops come in view.As I write I see Tokyo moving things a bit and waiting fo the fireworks show to start with the CPI.

  23. lilac on July 28th, 2010 00:17 GMT

    Not many closer to the ground than we are :S
    Strange things are afoot – summer months tend to be commonly quieter in our line – not this time though.
    Time to puff up the pillow – good luck ;)

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