Stock turn upwards again
CURRENCY TRADING SUMMARY – 15th May (00:30GMT)
·U.S. Dollar Trading (USD) returned to weakening as the heavy gains the day before inspired fresh selling. US data was weak but stock managed to also finish marginally higher. Weekly jobless claims at 637k vs. 610k Forecast. Crude Oil was stronger up $1.60 finishing the day $58.51 a barrel. In US share markets, the Nasdaq was up 25 points or 1.5% and the Dow Jones was up 46 points or 0.56%. Looking ahead, April CPI at 0.1% vs. 0.2% previously.
·The Euro (EUR) bounced well off lows in Europe to finish in a bullish mood. Support close to 1.3500 discouraged attempts lower and strong stocks sent the pair higher again. A lot of comments from ECB members overnight failed to move the market. Overall the EUR/USD traded with a low of 1.3524 and a high of 1.3667 before closing at 1.3642. Looking ahead, Q1 GDP forecast at -2% vs. -1.6% previously.
·The Japanese Yen (JPY) bounced off the critical 95.00 level in early Asia and spent the rest of the day tracking equity markets higher. The bounce in crosses also helped the pair higher. March Machine Orders fell -1.3% vs. -4.5% forecast. Overall the USDJPY traded with a low of 95.10 and a high of 96.21 before closing the day around 95.90 in the New York session.
·The Sterling (GBP) moved around a lot before finding solid support below 1.5100 and rallying to mid 1.52’s. EUR/GBP remained in the tight range developing just below 0.9000. GBP/JPY buying lifted the pair into the US session. Overall the GBP/USD traded with a low of 1.5057 and a high of 1.5249 before closing the day at 1.5230 in the New York session.
·The Australian Dollar (AUD) was pushed around falling below 0.7500 briefly before rocketing back above 0.7600 as US investor mood improved. The double failure at 0.7700 has taken some of the shine off the recent rally although further stabs higher can not be ruled out. Overall the AUD/USD traded with a low of 0.7465 and a high of 0.7620 before closing the US session at 0.7600.
·Gold (XAU) profit taking helped the $920 level to be tested before a rally to $930 later in the day. Overall trading with a low of USD$920 and high of USD$929 before ending the New York session at USD$925 an ounce.
|
Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
|
EUR/USD |
1.3247 |
1.3343 |
1.3630 |
1.3739 |
1.3799 |
|
USD/JPY |
93.54 |
94.15 |
95.90 |
96.69 |
97.84 |
|
GBP/USD |
1.4836 |
1.4944 |
1.5230 |
1.5373 |
1.5477 |
|
AUD/USD |
0.7337 |
0.7459 |
0.7600 |
0.7738 |
0.8097 |
|
XAU/USD |
895.00 |
906.00 |
925.00 |
933.00 |
945.00 |
·Euro – 1.3600
Initial support at 1.3343 (May 8 low) followed by 1.3247 (May 6 low). Initial resistance is now located at 1.3739 (March 19 high) followed by 1.3799 (Jan 8 high)
·Yen – 95.90
Initial support is located at 94.15 (May 20 low) followed by 93.54 (Mar 19 low). Initial resistance is now at 96.69 (May 12 high) followed by 97.84 (May 11 high).
·Pound – 1.5230
Initial support at 1.4944 (May 7 low) followed by 1.4836 (May 4 low). Initial resistance is now at 1.5373 (Jan 8 high) followed by 1.5477 (38.2% retrace 1.3503-1.8669).
·Australian Dollar – 0.7600
Initial support at 0.7459 (May 7 low) followed by the 0.7337 (May 6 low). Initial resistance is now at 0.7738 (Oct 6 high) followed by 0.8097 (Sept 30 high).
·Gold – 925
Initial support at 906 (May 8 low) followed by 895 (May 6 low). Initial resistance is now at 933 (Apr 1 high) followed by 945 (Mar 26 high).
