Currency Updates:
AUD/USD
• Europe buys dip down to 0.7730/35 pair lifts near 0.7780 into NY open
• Early NY sees dip near 0.7755 but dip bought on worse than f/c claims
• Firm commodities & soft USD sees stead rise, 0.7800 tested several times
• Level finally breaks in afternoon on some dovish Fed comments
• 0.7835 next resistance, break opens door to March high
• US March CPI & consumer sentiment data the next data risks
EUR/USD
• Fail at 1.0620/25 sup in Europe morning sess squeeze, NY opens ~1.0715
• NY adds to gains on worse than f/c claims data, 1.0770 tested
• Dip to 1.0685 on solid Philly Fed but dip bought as USD & US yields soft
• Pair recovers above 200-HMA, US yields & USD see drops in afternoon
• Dovish Fed comments seen, EUR/USD spikes >1.08, 21DMA pierced
• Little pullback seen as spreads tighten, RSIs biased up
USD/JPY
• Horrible US Housing data threatens a USD/JPY sub-Cloud close (118.94)
• 118.94 is also 50% of the Jan-Mar rise to 122.04, adding weight
• Even Philly Fed’s tiny HL beat marred by weakest New Ords since May 2013
• Fed speakers on message, but Tsy yields & USD drifted lower anyway
• Mar 6 low at 118.33, 61.8% at 118.22 & Feb 16 low at 118.11 next props
• EUR/JPY in O/S rebound toward Tenkan & 50% of 131.30-126.08 at 128.69
Looking Ahead – Economic Data (GMT)
• 05:00 JP Consumer Confid. Index Mar 40.7-prev
Looking Ahead – Events, Other Releases (GMT)
• No Significant Events
