This is the formation which the EUR/USD bears are eyeing and a daily close below the 200-dma would be the sealer.
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AUD/JPY is nearly 30 pips lower this morning despite the generally improved risk sentiment. It stalled at 93.85, which is the 38.2% retracement of the fall from 95.20 to 93.00, and that is perhaps what has encouraged the selling?
The Kospi is +0.35% and the Nikkei is +1% in very early trade.
These might become a target for the Asian market especially with the HSBC China PMI due out around lunchtime. Dealers are always keen to get stops off their books prior to risk events.
That’s a YoY rise of 15.4%. Little wonder that the NZD is in demand. I’d look for intraday stops in NZD/USD back above .8600 as that was the breakdown level on Tuesday.
USD/JPY: 101.60/65 was the overnight spike high and there are stops building above this level. But be warned, the big Sovereign players who were buying below 101 yesterday will sell into liquidity and they will be well informed re where … Continue reading