GBPJPY tested short term support at 232.40

Trading 232.56 now.

Stocks Open

DJIA up 30, S and P up 0.70, Nasdaq up 7.45

Picking a bottom in USDCAD

Trying to pick a bottom in USDCAD has been not a good idea as the pair has been on a downward track as oil prices hit new highs. 9 of the last 10 days have been down days,. Friday’s close was 1.0006, so with the pair trading around that level, the verdict is still out if we add an up day or another down day.

If the market fails and the market tests the lows (0.9943) once again, the chances are the hourly RSIs will diverge. This might signal a relatively safe short term buy opportunity as the patient oversold technical traders will find the bargain price they have been looking for.

More speculative traders could also take the view that we will have a higher close today and take a flyer. Be warned, however, that it has not worked for quite some time so be cautious and have a tight stop if the 1.0000 does not hold.

GBPUSD breaks below the intraday lows at 2.0237.

GBPJPY back below 233.00 after failing to break 233.18 level. Trading down at 232.79.

Market is still characterized as wandering around. No real trend established in NY trade.

EU Juncker says excessive volatility of exchange rates is not welcomed

Notes the EU is following exchange rates carefully. EURUSD at 1.4100

DJ Futures +34 S and P +4.20 and Nasdaq Futures +5.98

DJ Futures +34
S and P +4.20 and
Nasdaq Futures +5.98

currently before opening

Quiet Opening for the week

It has been a quiet opening for the week in NY. The EURUSD got back above 1.4100 in London trade and remains bid trading at 1.4113. The high overnight was 1.4130. EURJPY tested the 100 day MA at 162.71, reaching a high of 162.65, before backing off with the Yen.

The USDJPY trading above and below 115.00 in early NY trade. Will get pushed higher or lower as the crosses react to the stock market gains/losses. 115.30 remains a level to eye. GBPJPY approaches resistance at 233.18, trading above and below it overnight.

GBPUSD has intraday support at 2.0237 where a number of intraday bottoms have found bidders.

No data today..Other data for the week

There is no US data today.

Data for the week:

25 Sep Consumer Confidence 10:00 AM NYT
25 Sep Existing Home Sales 10:00 AM NYT
26 Sep Durable Goods 8:30 AM NYT
27 Sep GDP Final 8:30 AM NYT
27 Sep Initial Claims 8:30 AM
28 Sep Personal Income and Personal Consumption 8:30 AM NYT
28 Sep CORE PCE 8:30 AM NYT
28 Sep Construction Spending 10:00 AM NYT
28 Sep Michigan Consumer Confidence (Final) 10:00 AM NYT
28 Sep Chicago PMI 10:00 AM NYT