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Home » Forex Market Discussions » Paul Spirgel's blog

Fx Market Pre Asia Opening

Posted by Paul Spirgel on Wed, 04/23/2008 - 6:19pm in
The USD found some suport as the market sold EUR hard from 1.6000 to a NY close of 1.5890. USDJPY sold off early but closed the day near its highs at 103.40.
Commodities were weak most of the day but finished with modest strength Gold traded below 900 most of the day and closed at 904 and Crude Oil rallied from a low of 116.50 to end at 118.70.
The RBNZ left rates unchanged and the market sold NZD from 0.7990 to 0.7930 before rebounding to 0.7950.
EURUSD - The EUR remains offered in early Asia trading falling from 1.5890 to 1.5870            
Support 1.5835 and 1.5800   Resistance 1.5930 and 1.6005.
USDJPY - The JPY has been relatively stable in early Asia trading in the 103.38-48 range          Support - 102.80 and 102.25  Resistance 103.65 and 104.15.
GBPUSD - GBP showing continued weakness from NY close into early Asia taking the gbp crosses lower with it.
support 1.9750 and 1.9690  Resistance 1.9850 and 1.9910.
AUDUSD - Range bound still repelling the 0.9500 level
Support - 0.9430 and 0.9480  Resistance 0.9530 and 0.9575.
NZDUSD - RBNZ news showed ST offers in NZD but CAD interest rate cuts and the booming nature of the Asian economies should keep NZD intact short term ( rates are still 8.25%)
Support 0.7925 and 0.7865  Resistance 0.8020 and 0.8065.
As always be alert to movements in equity and commodity markets.
Good Luck
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