A quiet rise through the Asian session saw the market moving from the opening 1.1260 areas to test the 1.1280 level, topside offers are light through the areas until closer to yesterday’s highs with stronger offers likely to appear through 1.1340-60 areas with weak stops possibly beyond the level, however, the topside for the moment has held broadly through the year and offers from the 1.1400 are likely to be tough until the Fed announcement is over with. Downside bids limited through the 1.1200 areas light stops possibly on the way through to the level and then limited bids from there with congestive bids likely to be spread through to the 1.1120 areas and for the moment through that level the market looks reasonably strong.
Rising as the Euro did testing from the opening 1.3300 areas to the 1.3330 areas and running slowly out of steam through the session, Topside offers light through the 1.3350 areas with light stops possibly appearing for a run to the 1.3400 levels, a move through will likely see stronger offers appearing from short term range plays and then stops in size likely through the 1.3450 areas if broken with a strong move, and quickly testing to the 1.3500 areas. Downside bids light through the 1.3300 areas with better bids then kicking in on a move through the 1.3280 areas and into the 1.3250 levels, with the downside not particularly strong until through the 1.3100 areas the market is dominated by limited sentimental bids with the all-important trade numbers.
A slow drift through the session opening around the 102.50 levels the end of the week flows saw the market adjusting through Asia and drifting back to the 102.00 levels for the move into London, Topside offers light through to the 102.80 areas however, a move through the level is not likely to release the USDJPY too much and cross JPY may dominate the market with both German and UK trade numbers today however, if the market were to push through the 103.00 levels congestive offers are likely to continue through to the 104.00 levels and possibly strong through the 103.50 area onwards. Downside bids light through the 102.00 level as we’ve seen with a possible range of weak stops through the 101.80 areas before stronger bids start to appear on a move through the 101.50 levels and likely to continue to the 101.00 levels.
A very quiet session for the Oz with the market contained in a 20 pip range with early buying testing through to the 0.7655 areas before pushing lower as AUDJPY selling limited in fashion moved in too session before the weekend, testing the 0.7635 levels the market returned to the 0.7650 levels for the move to the London session. Downside bids congestive through to the 76 cents areas with weak stops likely on a push through the 0.7580 areas and the market for further tests to the 75 cent level and stronger bids. Topside bids light through the 77 cents area, the stronger offers then start to appear through the 0.7740 areas with stops likely if the market can push cleanly through the 0.7760 level however, the 78 cent level is likely to be reasonably resistant to a move for the time being and nothing I can see for the day is likely to upset the range for the moment.
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