Levels to watch in Asian trade, Monday December 16th
- Cable: Looks like 1.6240/50 is looming as the big level to watch here and a break below could see many longs bailing out;
- USD/JPY has had a quiet start to the week and will need to break outside of a 102.95/103.40 range in order to find its next short-term directional bias;
- The AUD has made a modest recovery on some of the crosses but AUD/USD remains heavy and sell orders are already reported between .8980/.9020;
- EUR/USD has stalled its recent up-trend after it ran into heavy Sovereign selling interest but all now depends on Wednesday’s FOMC. Intra-day support/resistance now at 1.3700/60.
Good luck today.