Monday morning Forex prices, early indications

Good morning, and welcome to the start of the FX week.
Its only the New Zealand market open at this time, so market liquidity is super thin compared to most other times of the trading week.
Price guide:

  • EUR/USD 1.3095
  • USD/JPY 97.87
  • GBP/USD 1.5382
  • USD/CHF 0.9361
  • USD/CAD 1.0476
  • AUD/USD 0.9199
  • NZD/USD 0.7753

The usual caveats apply – it is relatively illiquid and prices can move sharply on not very much at all.

Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.

11 Comments

  1. I’m all over U/J this morning, Eamonn, long below 98. I see 98.28 as a big level N/T, and I expect it to fall today, and 100 pips north of that, while a stretch, is doable I think.

  2. Hi Pip – I was eyeing the resistance 00/20 sort of area but yes, its getting attacked in the early going. Early start for you Pip – nice work!

  3. Thanks Eamonn. Still early of course. :) But I like it so far.

  4. Evening!! Got a quick short in on u/j when it hit 98.170. Watching Gold today with great interest to see if it bounces after the carnage last week.

  5. What’s got you interested this morning pip? You think something’s going to happen soon?

  6. G’day David – gold going to be active again this week I think!

  7. Hi Eamonn. Yes, active may well be an understatement! A lot of people got burnt on the fall last Thursday. It is not often you see equities, commodities and bonds all fall in sync. One set will bounce first! Place your bets….!
    I have a gut feeling gold has further to fall and could well test much lower depths
    So much for 98.2 resistence!!!

  8. Thanks david – i just popped up a chart, hopefully for some comments. Bounce looks limited to maybe 1305/15 at this early stage of the week

  9. Anand, sorry I didn’t see this sooner, but this site *still* plays a kind of chronological roulette with the comments in the right-side column. Very aggravating, that (Adam … it *needs* to be fixed!).

    As for U/J, when you have BIS applauding Bernanke and jawboning other CBs, it simply has to be supportive of U/J — because the BoJ could care less right now about BIS or anyone else. The Tokyo election is also supportive, in that it points toward a predictable LDP win four weeks from yesterday. Still, a lot can happen and it’s never a straight line. But we’ve plumbed some pretty good depths, nearly 1,000 pips off the high, and the technicals I look at look good to me. The danger here is a N/T pullback because we had quite a run last week (then again, we had a pretty good pullback on Thursday that got reversed completely). But I often feel the market takes what seems to most eyes to be the more difficult direction, and in my mind it looks more difficult up than down. So I bought. My strategy is that simple sometimes. :)

  10. BTW, Anand, I’d be looking for 97.70 or so to support any pullback. Below that, a possibility of a much sharper move opens up. My stop is B/E right now, and below 97.60 I’d have to think about shorting rallies instead of buying dips.

  11. Thanks pip .. Japan seems to have detached from other major markets .. n225 is rallying and usdjpy seems to be strong while elsewhere there is weakness .

    Should be a other interesting week :)

Top

© Copyright 2014 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.