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German election affects EUR/USD to lower margin


EUR/USD Currency

EUR/USD goes lower marginally after Germany election despite Merkel win the 4th term on exit polls show but the 32% votes are less than market expect. With the AFD gains more votes that leads to some disappointment for initial selling in Asian session but most orderly and slow. Fundamental and ECB tapering pricing move unchanged and Merkel win under expectation and thus expect market resume original move in coming days.

Today stock market opens with lower ration and some risk selling in light scale. EUR cross remain supportive overall except EURGBP. Later, Draghi speech and US Chicago Fed National Activity Index as well as Fed’s member’s speech will have some intraday impact. Support at 1.1900 and Resistance at 1.1990-00 and 1.2020; Today prefer keeping buy on dips with tight stop strategy.

USDJPY

USD/JPY goes slightly up on higher USD in Asian session with both NZD and EUR goes lower after election despite with the results expected Merkel and English to win respectively. Kuroda says will carefully watch the market and maintain 2% inflation target will still support the pair. Kyoda news mention Abe will dissolve Parliament’s lower house on 28 Sept for snap election and will see calm reaction to the market.

Today US Fed’s member William, Evans, Kashkari speech and US Chicago Fed Manufacturing Activity Index as well as stock/bond market-move will have some intraday impact. Support at 111.85 and Resistance at 112.50. Today prefer in range trading with tight stop strategy.

GBP/USD Currency

GBP/USD stay in high-end consolidation and goes up earlier from NYC 1.3495 level. Friday May Brexit have disappointment the market with more clarify move and devote bills with the transition period of 2 years will lessen the business propose of 3 years as well.

Today GBP cross-some strength especially against EUR will have some indirect support for the pair but overall cautious sideways consolidation remains, support at 1.35 and resistance 1.36.

Today prefer in range trading with tight stop strategy.

USD/CHF Currency

USD/CHF grid goes higher gradually with broad USD strength effect.

Today lack of key data (only Chicago Fed National Activity Index) and Fed’s member speech together with stock/bond market-move will direct the intraday action, support at 0.9660 and resistance at 0.9740.

Today prefer range trading with tight stop strategy.

EUR/JPY Currency

EUR/JPY goes lower slightly on stock and North Korea quake confirm not a nuclear test. Germany Merkel win with less vote driven the cross gradually lower earlier.

Today Draghi speech and US Chicago National Activity Index as well as stock/bond market will dominate the intraday action, support at 133.50 and resistance at 134.50.

Today prefer in range trading with tight stop strategy.

EUR/GBP Currency

EUR/GBP goes lower from NYC 0.8852 to 0.8790 in Asian session with some selling after Merkel got lesser votes than before, despite she winning the 4th term of election.

GBP renounce back and EUR goes lower, driven the pair down but technical good support around 0.8775-80 and stable EUR after London comes will see more short covering later and expect the cross remain base building and still prefer in range trading with tight stop strategy.

GOLD goes lower back slightly after weekend peace with North Korea quake confirm not a nuclear test and some long unwinding earlier than well as broad USD strength effect.

German and NZ election result as expect but both need form a coalition government driven some uncertainty ahead especially in NZ side, also geopolitical tension remain higher despite it calm down while leading constant demand on GOLD at lower side. Funds diversified portfolio also support GOLD on lower side as well as technical oversold.

Today US Chicago Fed Manufacturing Activity Index as well as stock/bond market-move will have some intraday impact, support at 1290 and resistance at 1300 and 1305.

Today prefer buy on dips with tight stop strategy.

Silver Currency

Silver goes lower slightly on the same direction of GOLD and broad USD strength with North Korea having nothing over the weekend but technical oversold and lack of follow through on lower side hints for some renounce later, support at 16.90 and resistance at 17.10 and 17.45.

Today still prefer keeping buy on dips with tight stop strategy.


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