The Greenback rallies against the majors.Forex traders eye key technical levels in Euro and Yen. Oil trades up.
CURRENCY TRADING SUMMARY –16 OCTOBER 06 (01:30GMT)
- U.S. Dollar Trading (USD) was slightly stronger against the majors in the Friday night foreign exchange trading session as retail sales came in less than expected but the
Michigan US University ofMichigan Sentiment - The Euro (EUR) traded within a low of 1.2484 and a high of 1.2574, before closing at 1.2514 in the
New York
- The Japanese Yen (JPY) traded within a low of 119.08 and a high of 119.88 versus the dollar, before closing at 119.60 in the
New York
- The Sterling (GBP) traded within a low of 1.8533 and a high of 1.8645, before closing at 1.8568 in the
New York - The Australian Dollar (AUD) traded within a low of 0.7489 and a high of 0.7531, before closing at 0.7511 in the
New York - Gold (XAU) rose by US$12.40 to US$592.70 an ounce in the face of higher oil prices.
TECHNICAL COMMENTARY
| Currency | Sup 2 | Sup 1 | Spot | Res 1 | Res 2 |
| EUR/USD | 1.2456 | 1.2483 | 1.2500 | 1.2615 | 1.2710 |
| USD/JPY | 117.32 | 118.82 | 119.70 | 119.90 | 1.20 |
| GBP/USD | 1.8385 | 1.8493 | 1.8540 | 1.8664 | 1.8715 |
| AUD/USD | 0.7405 | 0.7414 | 0.7505 | 0.7532 | 0.7557 |
| XAU/USD | 569.35 | 577.40 | 591.00 | 598.25 | 607.01 |
- Euro 1.2500
Initial support at 1.2483 (Oct 13 low) followed by 1.2456 (Jul 19 reaction low and key support). Initial resistance is now located at 1.2615 (Oct 9 high) followed by 1.271 (Oct 6 high).
- Yen 119.70
Initial support is located at 118.82 (Oct 9 low) followed by 117.32 (Sep 2 low). Initial resistance is now at 119.9 (Oct 13 high) followed by 120.0 (Psychological round number resistance).
- Pound – 1.8540
Initial support at 1.8493 (61.8% retracement of the 1.8090 to 1.9146 advance) followed by 1.8385 (Jul 25 low). Initial resistance is now at 1.8664 (38.2% retracement of the 1.8904 to 1.8516 decline) followed by 1.8715 (Oct 10 high).
- Australian Dollar – 0.7505
Initial support at 0.7414 (Oct 4 low) followed by 0.7405 (Jul 17 low). Initial resistance is now at 0.7532 (38.2% retracement of the 0.7722 to 0.7414 decline) followed by 0.7557 (Sep 26 high).
- Gold – 591
Initial support at 577.4 (Oct 13 low) followed by 569.35 (Oct 10 low). Initial resistance is now at 598.25 (Oct 3 high) followed by 607.01 (Sep 28 high).
