Category in Flows and Orders

Levels to watch through the European open

EUR/USD: Support solidifying near 1.3000, not much in way of selling interest until 1.3100. USD/JPY: Looking bullish after break above 98.75, next resistance at 99.25. EUR/JPY: Former trend-line resistance at 128.50 should now form support, technical target at 129.90. AUD/USD: Intraday support at .9220 with resistance lines pretty clear .9345/50. Cable: Pre-GDP highs at 1.5330

EUR/JPY: Trendline resistance breaks; 50% Fibo next at 129.40

The strong down-trend line on the 4-hourly chart has broken (see chart) and next resistance is at a 50% Fibo near 129.40. This market might be caught a bit short, similar to EUR/CHF and EUR/GBP overnight, so buying intraday dips back to the prior trendline looks like a decent

AUD/USD: Bouncing off .9220, look for stops above .9265

This is pure guesswork on my part, but most traders think the same way and if I had been selling AUD/USD intraday then I’d probably have my trailing stops above .9265 (see chart). We moved 60 pips lower off opening levels at .9280 and if we moved 60 pips above there, that would see us

USD/JPY: Hedge fund’s selling in recent trade near 98.50

FXWW303, our interbank insider, is reporting that hedge funds have been selling USD/JPY in recent trade. He has been trading AUD/USD from the short side today, in anticipation of month-end selling. He has a very short-term view of the market and whilst it is certainly not everyone’s favourite trading method, it is good to get

AUD/USD: Large end-of-financial-year flows anticipated today

The AUD should be in for a busy day with large end-of-month and end-of-financial-year flows anticipated during the Asian session and particularly at today’s London Fix. I’m a bit surprised to read that these flows are expected to be heavily AUD positive, after the big falls in local markets, but that’s what the banks are

Modest gains in NZD, AUD but quiet otherwise in Asia

I think the basing in the NZD is an important development which could have implications for other pairs. NZD/CHF has bottomed out at an important Fibo retracement, AUD/NZD looks toppy now at 1.2000 and the NZD/USD made decent gains after poor-ish trade data, usual signs of a bottom. The cable also looks reasonably strong after

NZD, AUD edging higher, dragging other majors alongside

Still looks like a .9260/.9360 proposition for AUD/USD and I’m sticking with my bottom-picking strategy. NZD/USD has edged back toward .7800 and FXWW888 is reporting a return of the directional buyers (they must’ve been reading my stuff 🙂 ) Cable has also edged up off overnight lows, which were at the 61.8% retracement

AUD/USD: Bit more on where the big orders are sitting; heavy stops reported from PB source

Our friend Milan over at OrderFlowTrading is reporting US investment house offers at .9330 (remember that .9325 is prior lows and now technical resistance). FXWW888 reports quite heavy stops from hedge fund community starting at .9310 (done already) through .9340. FXWW303 says that Asian interbank order books were relatively light on stop-loss front. But interestingly,