Currency Updates:
The Australian Dollar (AUD): AUD/USD crushed down to a low of 0.8936 after Chinese PMI came out lower than expected at 48.3. Breaking the pivot of 0.8990 but once again held on the support of 0.8920 and pushed back up above 0.90. Another range trade play shown on this pair as we had a mix data of good and bad news through out the past two weeks. However, bear traders started gaining confidence back as pivot been broken twice now and 0.9080-85 resistance been holding well.
AUD/USD: Daily and weekly RSI continues its biased down trend. A close below 0.8910 would confirm a stronger downtrend on it. Pivot now at 0.8955, support at 0.8920-25.
EUR/USD: Daily Doji formed which showed uncertainties in EUR/USD, supported by the daily RSI. A break of 1.3674 would suggest longs starting to exit and would start targeting daily cloud base of 1.3585-95.
GBP/USD: Cable continued to tumble, hitting a low of 1.6625 close to the 200-HMA support before pushing back to 1.6655. Pivot at 1.6680 and support at 1.6540.
AUD/JPY: AUD/JPY dropped after Chinese PMI from a high of 92.30 to a low of 91.03 and reverse back from strong AUD/USD pull back. 4 Hour pivot at 92.45 with support down to 90.85.
USD/JPY: Once again, this pair continued its trading range. With poor data and FOMC calming the market, traders unsure of direction. A break on either 102.80 or 101.50 is needed for a clearer signal.
Looking Ahead – Economic Data (GMT)
• 21:00 NZ Govt optg balance Dec -20.80%-prev
• 21:00 NZ Govt. monthly debt Dec 27.60%-prev
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