EURUSD stays in familiar range overnight with a little incentive to go either side in ahead of ECB meeting this coming Thursday but cross EUR still dominate the intraday action. Today the German and Eurozone Zew data as well as stock/bond market move will have some intraday impact as well. Trump tax 30% imposed for solar products will raise up concerns for protectionism and hurts the global growth and risk appetite slightly despite of US stocks hits another record high overnight. Today’s support at 1.2185 and resistance at 1.2280, still prefer the in range trading with tight stop strategy.
USDJPY swinging down and up earlier with BOJ meeting keeps the rate unchanged at -0.1%. While nothing special on Kuroda’s speech just repeating the YCC policy reinforcing the yield control and not the quantity of bond purchase which entirely in no indication for early exit or changing of policy that drives USDJPY coming up off the low in 110.53. US stocks and Nikkei both in higher state and driven more risk appetite despite of Trump’s imposing tariff on solar products hurting the global trade environment. Today’s support is at 110.50 and resistance at 111.10 and still prefer in range trading with tight stop strategy.
GBPUSD hitting the early high in Brexit trade negotiation at 1.4004 before some profit taking and cross GBP selling driven the GBP lower slightly. Overall GBP remains firm ahead with Independence news about Brexit most likely in Norway style with trade issues having only a little impact for GBP so far. Today UK’s Public sector new borrowing and CBI industrial trade survey as well as US Richmond Fed Manufacturing Index might have small intraday impact with support at 1.3850 and resistance at 1.3970. Preferring still the keeping range trading with tight stop strategy.
USDCHF up slightly with broad USD recovery and USDJPY rebound as well as the overnight effect of higher EURCHF. Today Eurozone and Germany Zew data as well as US Richmond Fed Manufacturing Index might have some intraday impact with support at 0.9580 and resistance at 0.9650 which still prefer in range trading with tight stop strategy.
EURJPY lowers on profit taking selling after it cannot sustain the above 136 handle also with the BOJ’s meeting outcome as market expected. Trump imposing 30% tariff on solar products driven more protectionism risk and hurts the global trade environment that will add some pressure for risk trade despite both US and Japan stock higher overnight. Today US data and stock/bond market will have some intraday impact with support at 134.90 and resistance at 136 also preferring in range trading with tight stop strategy.
EURGBP down further on GBP strength effect but oversold technical for the cross and good support around at 0.8750 which will still help the cross to stabilize. Today UK Public Sector Net Borrowing and CBI Industrial trade survey as well as German and Eurozone Zew data will have some intraday impact with support at 0.8750 and resistance at 0.88 and 0.8865. Prefer to keep on buying dips with tight stop strategy.
GOLD rises over despite of worries for protection risk that hurts global trade after Trump imposing the 30% tariff on solar products and also as the broad USD weakens in earlier London session. US stocks continues to go higher and still capping the topside of gold as overall bullish trend remains intact. Today Richmond Fed Manufacturing Index and stock/bond market move will have some intraday impact with support at 1330 and resistance at 1345 which to prefer buying dips with tight stop strategy.
Silver higher slightly on the same direction of GOLD and near term broad USD as GOLD move will dominate the silver directions. Today US data and stock/bond market move will have some intraday impact with support at 17 and resistance at 17.45 to still prefer keeping buying dips with tight stop strategy.