Currency Updates:
The Australian Dollar (AUD): The AUD traded lower with the broader sell off in emerging and high beta currencies. U.S Durable data was relatively good, keeping the USD upside bias. The AUD only managed to touch 0.9300-05 area and dropped back down to a low of 0.9251. Relative quiet day for the AUD and NZD as its a public holiday, therefore, most of the movements for today on this pair would be from USD strength/weakness.
AUD/USD: Pivot still holding at 0.9315, the AUD had been making lower low for two days now. Next support level at 0.9210, a break through would lead bears to target 0.9150 area.
EUR/USD: The initial rally of EUR/USD stalled by spec offers in the 1.3850/60 zone. As U.S data came out well, the pair spiked down to 1.3780/90 support zone. Increased tensions in Russia/Ukraine then sank the USD, the EUR/USD bounced back to 200 hour MA. Little data due for today, action could off from JPY crosses and other possible headlines from Russia and Ukraine.
USD/JPY: Once again, 102.70 held the topside of the pair. Traders jumped moved back to the safe heavens (JPY, CHF and XAU) as Ukraine has issued an ultimatum to the Russians, due on Saturday to explain their presence and activity on the borders. Japan bulls should be mindful of the bearish crossover of the 40 and 200 DMA in the Nikkei. USD/JPY ends the NY session right near the 200 HMA at 102.30.
Looking Ahead – Economic Data (GMT)
• 23:30 JP CPI, Core Nationwide YY Mar f/c 1.40%, 1.30%-prev
• 23:30 JP CPI, Overall Nationwide Mar 1.50%-prev
• 23:30 JP CPI Core Tokyo YY Apr f/c 2.80%, 1.00%-prev
• 23:30 JP CPI, Overall Tokyo Apr 1.30%-prev
