- EURCHF stops triggered early morning.
- NewZealand sees annual immigration rise to highest level in 5 years. However, short term visitors only up 0.3% in November from a year earlier.
- Japanese November trade balance +374 Bln Yen.
- Australian new vehicle sales up 5.5% in November.
- Chinese government will target 8% GDP growth in 2010. Sees exports dropping 17% in 2010.
- Asian bourses mixed, Shanghai composite trades lower for a 5th straight day.
- Gold trades 1116, slightly higher.
Other than the early morning push lower, taking out EURCHF stops, it was a very dull day. The big move came in the early Sydney session, where EURCHF gapped lower triggering stops beneath 1.4900. EUR was smashed lower to 1.4280 in the process but bids from Friday ahead of 1.4260 held firm, helping price action recover back up to closing NY levels.
EURJPY found support via the EUR as well, but technical hourly resistance at 129.90 was unable to be broken. USDJPY saw weak stops under 90.25 triggered only to see it rally back up to 90.65 in the following hour.
Traders took advantage of the early thin conditions, taking out stops above 8920 in the AUDUSD, before a move sharply lower to 8855. There are offers ahead of 8930 with more stops above 8940.
Ranges:
EURUSD 1.4280 – 1.4358
GBPUSD 1.6112 – 1.6164
USDJPY 90.15 – 90.65
EURJPY 129.42 – 129.80
AUDUSD 8855 – 8930
Goodluck,
Sam
