· A narrow quiet range through the Asian session with the market centring around the 1.1150 levels with very little in the market as the market continues to wait on the Fed decision, topside offers into the 1.1180 levels were sufficient in a bank holiday session to hold the market however, a push through the 1.1200-20 areas are likely to continue to see offers with the Eurozone economy still limited and deflation still a threat as the ECB continue to buy diminishing European bonds, likely to keep the pressure on the Euro, with the becoming stronger as the market moves through the 1.1260 levels and onwards. Downside bids into the 1.1140 areas with likely weak stops appearing through the level and the market then seeing stronger bids just below the 1.1100 sentimental bids and through to the 1.1070 with congestive bids continuing through to the 1.1000 and stronger bids.
Cable saw steady buying through the session as the market pushed off the low 1.3300 areas pushing quietly to the 1.3320 areas having opened just above those lows, offers to the topside are likely to increase into the 1.3400 levels with with weak stops on a push through the level and possibly stronger offers moving into the 1.3440-50 levels with 1.3600 likely to be the key areas for a break higher. Downside bids light through to the 1.3200 levels however, the downside is very congested now after 2 months of trading in the 1.29-1.32 levels and only a strong move through the 1.3200 levels and possibly every 50 pips likely to have bids as the improving numbers suggest its business as usual.
After yesterday’s USDJPY selling on the back of various commentaries the market saw a steady rise from the opening 103.40 levels to push slowly through to the 103.80 areas in limited action, dropping back quickly through to the opening levels again as the market nervously awaited the RBA announcement only to recover once the no change decision was made. Moving into the London session around the 103.65 levels the Topside through the 104.00 area is likely to be weak however, from the 104.10 areas the market is likely to see the same type of offers we’ve seen over the past few days, and a strong push through the 104.30 levels will likely see some weak stops appearing in the market and push through towards the 104.50 likely weakly defended however, the move on from there is possibly going to see stronger offers appearing. Downside bids light through the 103.00 levels with weak stops likely with a strong move through the area opening a deeper move to the 102 level and possibly stronger bids however, for the moment the USDJPY seems to be creeping higher and the current buying on the talk of further easing is a lot less than has been seen on the passed rumours.
Opening around the 0.7585 levels the market moved steadily higher through the session with expectations for the RBA announcement remaining unchanged were not disappointed and the movement in the market once we’d pushed to the 0.7635 high levels was muted for the most part and the market moved back to the 0.7620 levels only before moving quietly into the London session. Downside bids light through to the 0.7580 areas where the bids a little stronger before the market is likely to see limited weak stops, better bids through the 0.7560-40 areas see the stronger bids start to appear around the 75 cent levels with possible strong stops on a move through the 0.7480 levels. Topside offers through the 0.7640 levels and increasing through the 0.7660 areas, limited offers until 0.7680 level with stronger offers from then on through the 0.7700-20 areas.
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