EURUSD facing some correction pressure after it repeatedly fails to run up over 1.23. With ECB’s member verbal intervention again, Weidmann earlier says the reducing of Germany growth potential could lead to lower long term interest rate that implied some slightly dovish sense to the market. US Jobless Claims, Philadelphia Fed Manufacturing Index, Building Permits, Housing Starts and ECB’s Coeure speech will have some intraday impact, but overall EUR remains in retracement process and prefer in range trading with tight stop strategy.
USDJPY rebounds after holding firm of above 110 pivot level. Today large size option with an expiry between 1108.80-111.00 region may have some defensive demands and higher US stocks driven more impressive risk sentiment which indirectly supporting USDJPY in near term. US data and stock/bond market might have some intraday impact with support at 110.70-80 and resistance at 111.50 and 112.00. And prefer to buy on dips with tight stop strategy.
GBPUSD spikes up to 1.3941 overnight on broad GBP cross strength. And Lagged response for BOE’s Saunders speech for gradual interest rate hike as well with the market pricing for soft Brexit deal takes an increasing effect. Some are stopped and was triggered after going home to London. Also exaggerated the move but technical overbought and GBP rise are lack of fundamental support. With BOE policy stance remains stable in near term and will still capping any further strength of GBP especially when USD rebound continues. US data and stock/bond market move might have some intraday impact as support at 1.3735 and resistance at 1.3850 and 1.3880. And still preferring in choppy range consolidation pattern continuation.
USDCHF slightly high with some stable of EURCHF around 1.1750 and higher USDJPY effect. Broad USD stabilization also helping the pair as well as the increasing of EUR retracement pressure. US data and stock/bond market move will have some intraday impact with support at 0.9600 and resistance at 0.9680. Current level prefers the in range trading with tight stop strategy.
EURJPY grid up slightly on USDJPY rebound and steady EUR effect. Higher US stock also driven more risk on sentiment and support the cross in short term. US data and stock/bond market move will have some intraday impact with support at 135.30-35 and resistance at 136.50. Which preferred to keep on buying dips with tight stop strategy.
EURGBP dips down on broad GBP cross strength and will have some turn around effects overnight. GBP will be adding more support for the cross, as stated in Weidemann speech nothing special with lower long term interest rate and have little impact to short term movement overall. Later US data and stock/bond market might have some intraday impact with support at 0.8800-10 and resistance at 0.8900-10. And still prefers to buy on dips with tight stop strategy.
GOLD goes down on broad USD rebound after hitting the intraday top of 1340.50 and running lower to 1324.50 earlier before it stabilize. Overall sideway consolidation with recent gains are more likely as real money demand remains on lower side and option markets are bias for upside risk as well. US data and stock/bond market move will have some intraday impact having a support at 1325 and resistance at 1340. Keeping on buying dips with tight stop strategy is still preferred.
Silver stays above 17 pivot level with direction the same with GOLD and broad USD rebound. Together with higher US stock, it still capping the topside in short term but overall bullish trend remains unchanged. US data and stock/bond market move will have some intraday impact with support at 17 and resistance at 17.45-50. And still prefers buying on dips with tight stop strategy.