In the old world it was another lacklustre session but the pommies slipped a tad with their current account release and the cable dropped 60 pips on the news. A little later the US dollar began to strengthen with the dole numbers and home sales despite the posturing in Washington over the budget. US stocks after 5 red days (most consecutive red ones this year) had a minor green one.
Commodity land, oil jumped a tad, copper up 1% dragging all the industrial metals with it. Gold and precious metals were down 1%, whilst soft commodities ended all well in the green. Bond yields bounced a tad along with the greenback.
Should be another quiet session today/tonight, leaving the brokers and merchant bankers to have a long lunch.
I’m back out on the water tomorrow in the Grant Norton Short Haul, breeze looks good in a cloudless sky with 29deg temp. Should be a good day. Enjoy your weekends all.
DATA HIGHLIGHTS TODAY – Not much out but some central bankers are spending time in front of cameras and boom microphones.
AUDUSD – A HHHL 60 pip high test, oh Aussie, you are on fire! No interest in trading this yet. Resistance: 9390/9527/9576 Support: 9300/9215/9138
EURUSD – Another lack of interest bar, being a seller inside bar. Still leaning towards the downside though. Resistance: 13545/13644/13700 Support: 13400/13236/13100
GBPUSD – Slightly more interesting being a higher high, but still a seller bar. Now starting to look for a shorting opportunity next week back to support. Resistance: 16180/16300/16390 Support: 15890/15755/15610/15420
NZDUSD – Recovered from the disappointment quickly and is now likely to head towards last week’s high before turning south again. An opportunity exists right now on the 4hr charts…. Resistance: 8392/8432/8480 Support: 8160/8100/8050
USDCAD – A high test and considering the US is getting weaker against all peers the Loonie looks likely to turn here. 1.03 has held though so I am tightening stops up. Resistance: 10420/10555/10673 Support: 10195/10100/10000
USDJPY – So many trendlines can be used on the Yen as it squeezes in b/w 98 and 100 now. Still no interest though. Resistance: 100.00/100.70/101.20/102.56 Support: 9690/9580/9497
GOLD – Treading water but a slightly HHHL. Resistance: 1350/1,425/1,489/1525 Support: 1307/1,266/1225
David Long/ Proprietary Trading Manager