FX Commentary – 02Nov

Posted: 03 Nov 2009, 12:05am (FOREX)


It’s a big week for FX traders, as a raft of economic numbers are due for release this week. Thursday sees Interest Rate decisions in the UK, the US and the Eurozone – these will be in focus following Australia’s recent rate hike. The EUR/USD chart shows what a rocky month October was for the major, so November may prove equally compelling.

AUD/USD: Range 0.8906 to 0.9050. AUD/JPY weighed on AUD/USD early after CIT news and as key technical level 81.00 was broken. Although article warning on Japan fiscal crisis helped reverse the move very quickly. AUD/USD supports at 0.9050/0.9030 were broken but found good support ahead of the figure. With RBA tomorrow traders may look to buy on dips.

EUR/USD: Range 1.4681 to 1.4773. Was sold with EUR/JPY early on although support at 1.4680/1.4650 holding. Resistance above at 1.4795/1.4820.

USD/JPY: Range 89.18 to 90.25. JPY bought across the board early and reversal as other JPY crosses. Shanghai bounce also helped the JPY/Crosses. Resistance 90.25/90.80/91.00 at the moment.

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