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Eurozone CPI data as well as US data and stock/bond market move will dominate the intraday action


EURUSD retraces back after hitting earlier top of 1.2323. And ECB’s Constancio says monetary policy may continue to be “very accommodating” that drives correction in overbought market. More likely a short-term EUR consolidation with recent gains and next week’s ECB meeting will have more importance for next directional move. Today US Industrial Production, Capacity Utilization and NAHB Housing Market Index, Fed’s Beige Book will have some intraday impact with a support at 1.2185-00 and resistance at 1.2270-80. And a tight stop strategy is preferred  in today’s trading range.

USDJPY earlier dip downs to 110.18 before rebounding higher following the same pattern from yesterday. Overall 110 pivot level remains supportive as the market talks with Japanese buy orders to defend that level in short-term period. Today US data and stock/bond market will have some intraday impact, supports at 110.30 and resistance at 111.10. It is still preferred in range trading with tight stop strategy.

GBPUSD consolidation around year high following EUR move and broad USD direction despite the short term overbought. GBP cross remains heavy as the markets remain cautious for the upcoming Brexit negotiation. Today BOE member Saunders’ speech as well as US data and stock/bond market move will dominate the intraday action in support at 1.3735 and 1.3700 with resistance of 1.38 and 1.3840. Range trading still prefers tight stop strategy.

USDCHF lower slightly with some EURCHF retrace effect. And EUR consolidation will be leading more side way move on the pair. US data and stock/bond market move will have some intraday impact supporting at 0.9600 and resistance at 0.9680 with preferring tight stop strategy in range trading.

EURJPY around similar level from yesterday’s broad USD move. And both EUR and USDJPY move will have an offset effect on each other despite Nikkei retracing slightly. Steady risk sentiment remains supporting the cross in short term. And later US data and stock/bond market move will have some intraday impact with a support at 135.35 and resistance at 136.50. Prefers on keeping buying dips with tight stop strategy.

EURGBP stays in similar level from yesterday, despite of some choppy spike up and down move and will mostly depend on EURUSD legs action overnight. BOE Saunders’ speech, Eurozone CPI data as well as US data and stock/bond market move will dominate the intraday action having a support at 0.8850 and resistance at 0.8940. As preferring to keep on buying dips with tight stop strategy.

GOLD slightly down on technical retrace and broad USD rebound effect. Short-term real money demands staying below 1330 and will keep supporting the GOLD. Topside profit taking offers above 1340 also slowing the upside gains but overall bullish trend remains intact at current environment. US data and stock/bond market move will have some intraday impact in support at 1330 and resistance at 1345 which prefers keeping on buying dips with tight stop strategy.

SILVER lower slightly with the same direction of GOLD. Broad USD rebound might driven more technical correction on silver but overall bullish trend remains intact. US data and stock/bond market move will have some intraday impact also with support at 17 and resistance at 17.45. And still prefer buying on dips with tight stop strategy.


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