Morning all,
With traders already in party mode, we should be in for a quiet day ahead.
AUD held the 89c level overnight even with softer metal prices and gold slipping back towards 1085. There was a very good Asian buyer on the bid at 89c late yesterday, word is, it was on the back of AUDJPY buying. I cant see the AUD moving outside the defined 8900 – 9000 range today.
EUR did see a blip lower to 1.4270 only to bounce 90 pips or so. Look for resistance at 1.4360-70 to cap in Asia, with immediate buyers here this morning at 1.4320 looking to range trade.
GBP was a beauty, two outside day chart formations in a row taking out longs and shorts in a 48 hour period. I havent taken a position in GBP for a long time and today probably isnt the best time to, but if you are a keen seller then this is the area to short with a tight stop above 1.6100.
