Open/Wrap

Quick overview of Asian trade

  • Main interest surrounded a push to trigger trailing stops below 121.50 in EUR/JPY:
  • Market tried twice but technical support at 121.60 held firm, leading to short-covering by intraday players:
  • New Zealand trade data was slightly better than expected causing a mild NZD rally, but was soon forgotten:
  • Australian business confidence also inspired a brief short-covering rally in AUD/USD but hedge fund sell orders above 1.0450 capped:
  1. Good evening Sean,

    What are your thoughts on cable ? My thought would be “sell rally” mode at 1.5820/50. Could you update the weekly bank research ? Thanks so much.

  2. Morning Papillon. Not sure anymore at all on GBP/JPY, it’s 50:50 at moment and I don’t like those odds. Maybe cover near present levels and look to re-sell at better levels? If cable goes to 15850 and USD/JPY to 91.25 then cross will be nearing 14500!

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