Both the BOE and ECB kept things steady as she goes and unlike Uncle Ben also rained down on any positive parade by suggesting rates will not rise in 2015 and growth will be subdued. On the other side of the Atlantic the US in contrast posted another night of good economic figures. Unemployment claims fell, ADP employment rose and non-manufacturing PMI jumped over 58! So the greenback took off and everything suffered.
The BOJ also left rates unchanged but did announced that everything is upbeat now, so the Yen weakened slightly.
A bit more data out today and as it is Friday will be a quiet session in front of Non-Farm Payrolls.
DATA HIGHLIGHTS TODAY – UK Manufacturing production. CAD Unemployment & Ivey PMI. US Unemployment (Non-Farm Payrolls)
AUDUSD – An inside seller bar and closed under support. A natural retraction and with elections tomorrow, a change and Monday will see a rally and higher into the 93c’s. Resistance: 9300/9390/9615 Support: 9030/8925/8845
EURUSD – Bearish engulfing bar as Draghi disappointed the markets. Still sitting on the sidelines as no entry to go either way in this range bound currency. Resistance: 13400/13700/14260 Support: 13040/13000/12800
GBPUSD – Yes a seller bar, even bearish but still a HH/HL. Resistance: 15607/15755/15910/16000 Support: 15420/15339/15260
NZDUSD – Like the Aussie, just an inside seller bar and no clear idea of direction. Resistance: 7970/8050/8100 Support: 7860/7700/7625/7500
USDCAD – Complete lack of conviction in this bar, an inside bar but opened and closed at pretty much same price right on the halfway mark. Neither sellers nor buyers dominated the day. Resistance: 10575/10615/10677 Support: 10458/10420/10342
USDJPY – Has poked through resistance finally but not running away with it. Will look for a pull-back to get in on the run. Resistance: 100.70/101.20/102.56 Support: 9690/9580/9497
GOLD – More selling and now getting to an area that I might be interested in buying into at. Will be watching keenly for buyers in the market. Resistance: 1,425/1,489/1525 Support: 1350/1300/1,266
David Long / Proprietary Trading Manager