Very quiet session as expected although the US pending home sales had a shocker, down -5.6% versus and expected +0.5%. Whilst the housing industry has been the driving force behind the recovery it seems to be faltering with the 3 figures being in the red. Another sign that Ben will still be in his helicopter for some time yet. Nothing much else to say so let’s get into the technicals.
DATA HIGHLIGHTS TODAY – US Retail sales & PPI & Consumer Confidence.
AUDUSD – LHLL and on its way back to the mid 94’s as called. Was also a high test bar after trying to rally on the Euro open to get smacked back down for impertinence. Resistance: 9790/9905/10000 Support: 9500/9390/9300
EURUSD – An inside seller bar and looks to be rolling over. Momentum is still high though so not joining in the fray just yet. Resistance: 13801/13832/14060 Support: 13452/1340/13339
GBPUSD – A LHLL and ring high, looks very tempting to short this today. Question is though, do I want to carry US$ exposure through FOMC in 2 days time? Resistance: 16300/16390/16620 Support: 15890/15755/15610
NZDUSD – Another LHLL test bar, not exactly testing anything though. Have closed trade for +100pips but I think there is still some downside to go yet on the kiwi. Resistance: 8535/8607/8676 Support: 8229/8131/8100
USDCAD – Inside buyer bar showing little interest in trading this. The 4hr chart hasn’t quiet retraced enough for a trade on this yet. Resistance: 10555/10673/10830 Support: 10420/10195/10100/10000
USDJPY – Worse than the Loonie, utterly failing to find a trend trade in the yen. Resistance: 100.00/100.70/101.20 Support: 9690/9580/9497
GOLD – Slowly inching higher and I am still looking for the right entry. Resistance: 1350/1,425/1,489/1525 Support: 1,266/1225/1180
David Long / Proprietary Trading Manager