Here’s a quick look at what to expect on the New York opening along with commentary on any significant technical moves which may have taken place overnight.
A follow-through rally in the EUR USD was met with selling pressure after reaching 1.3669. This high price met resistance a little ahead of the swing top from March 19 at 1.3737.
1.3587 is a 50% price. A break under this level could trigger some light selling pressure.
Overnight the GBP USD is trading lower but inside of Friday’s range.
USD JPY ran into resistance last week inside of a retracement zone at 98.53 to 99.22. The low end of this area failed to hold overnight. The market found buyers at the first downside target at 97.69 and is currently seeing a technical bounce up. The next downside target is .9720,
The trend is down in the USD CHF however this pair is looking stronger this morning on short-covering. 1.0973 is a potential downside target.
USD CAD is seeing buying in front of the November 5 bottom at 1.1459. The overnight low is 1.1474.
NZD USD is trading firm overnight although it has backed off the high at .6126. The last time we were up here is when the market posted a swing top at .6128 on November 4, 2008. There may be a pull-back to a pair of old tops at .5979 and .5932.
The AUD USD started out strong while setting sail for a major 50% price at .7928. Seller stepped in and are now in control. The current daily chart is setting up a closing price reversal top which could fuel a break to .7332 later this week.