MARKET SUMMARY –28JUNE06 (05:00GMT)
- The Dollar traded within a relatively narrow range in the overnight session against the majors as the market seems poised for any decision by the Federal Reserve ahead of its 2 day meeting. Any volatility was dampened by US home sales falling to 6.67 million in May which was marginally higher than expectations which predicted a drop to 6.64 million.
US US
- The Euro traded in a range of 1.2564 to 1.2617, before closing at 1.2577 in the
New York
- The Japanese yen traded in a range of 115.88 to 116.88 versus the dollar, before closing at 116.29 in the
New York
- The Sterling traded in a range of 1.8188 to 1.8262, before closing at 1.8213 in the
New York
- The Aussie traded in a range of 0.7314 to 0.7346, before closing at 0.7324 in the
New York - Gold fell by US$3.30 to US$584.40 an ounce as the market seems frustrated in gold not being able to reach US$600 an ounce.
TECHNICAL COMMENTARY
| Currency | Sup 2 | Sup 1 | Spot | Res 1 | Res 2 |
| EUR/USD | 1.2403 | 1.2478 | 1.2580 | 1.2620 | 1.2681 |
| USD/JPY | 114.37 | 115.76 | 116.25 | 116.72 | 116.95 |
| GBP/USD | 1.7916 | 1.8126 | 1.8225 | 1.8315 | 1.8316 |
| AUD/USD | 0.7237 | 0.7270 | 0.7325 | 0.7424 | 0.7450 |
- Euro 1.2580
Initial support at 1.2478 (June 23 low) followed by 1.2403 (50% retracement of the 1.1951 to 1.2980 rally). Initial resistance is now located at 1.262 (June 27 high) followed by 1.2681(Jun 22 high).
- Yen 116.25
Initial support is located at 115.76 (June 23 low) followed by 114.37 (Jun 21 low). Initial resistance is now at 116.72 (Jun 26 high) followed by 116.95 (76.4% retracement of the 119.41 to 108.98 decline).
- Pound – 1.8225
Initial support at 1.8126 (June 23 low) followed by 1.7916 (61.8% retracement of the 1.7230 to 1.9027 rally). Initial resistance is now at 1.8315 (Jun 23 reaction high) followed by 1.8316 (Jun 13 low).
- Aussie – 0.7325
Initial support at 0.727 (April 17 low) followed by 0.7237 (Apr 13 low). Initial resistance is now at 0.7424 (June 22 high) followed by 0.745 (June 16 high).
