Not a lot of interest in the FX market this morning according to dealers at the coalface of the interbank market but there are some very tight trailing stops now above 1.2895 in the EUR/USD (mainly from leveraged types) which will probably be targeted in the next few hours.
Archive for the ‘Flows and Orders’ Category
German GDP was worse than expected and the EUR has dipped across the board. I don’t think this market is really focussed on EZ economic data so it will soon be forgotten. I’m sticking with the buy-dip bias in EUR crosses.
The NZD/USD support looks very strong near .8160 (series of 3 daily lows near this level). AUD/USD trendline support near .9870 should also provide initial support. Strong bids reported in AUD/USD near .9850. Overall the buy-USD momentum is still strong but if these levels hold they could be good for a quick 100 pip spike?
Dealers report some weak trailing stops going off in the EUR/USD above 1.3000 and 1.3015. The EUR remains well supported on the crosses (EUR/CHF, EUR/GBP, EUR/AUD etc) so if you want to buy the USD, you will find easier targets than EUR/USD.
Some solid offers near 102.00 have just been taken out and USD/JPY is trading at multi-year highs near 102.10. I’m not sure where the next 100 pips are coming from but if it gets to 103.50, I’ll be selling alongside the giant Panda!
The much-anticipated article from Fed-watcher Hilsenrath has had little impact and the major pairings are trading close to their NY closing levels from Friday. USD/CHF and USD/JPY finished last week full of bullish momentum and I expect this to continue. The main target in USD/JPY is the upper-end of China’s big double-no-touch at 104.00 whilst [...]
Looks like Europe wants to buy the USD as well. NZD/USD broke below .8350 and triggered stops but the market has retraced and is trying to regain what looks like a pivotal level. USD/JPY and USD/CHF are trying to hold above 101.00 and .9500 respectively and EUR/USD bears are itching to test 1.3000.
USD/JPY is edging towards 101.00 in early Tokyo trade and it doesn’t look like the market is tired of buying this pair just yet. We can expect to see further barriers in place but I have no exact info at this moment in time. I’ve taken a very small EUR/JPY long this morning as I [...]
(Watch important resistance at .9500 in USD/CHF as this will impact EUR/USD). Short-term technical support at 1.3000/10. Sovereign bids still expected below 1.2980. Large stops reported below 1.2950.
One big player put a bid for multiple billions in the interbank EBS trading system at 100.20 overnight, thereby triggering stops and barriers through the big psychological barrier.