EURUSD pulls back to 1.2314 overnight with the chippy US stock performance. And a roller coaster move on stock driven more passive responses to EUR cross but the overall orderly move with EUR found a good support around 1.2300-20 region despite stock tumble. Later recovery of Stock gains and EUR cross steadily moving up accordingly which indirectly support the EUR as well. Today expect to still focus on stock and risk sentiment flow while data light and only MBA Mortgage applications and Fed’s William and Evans speech with support at 1.2350 and resistance at 1.2410 and 1.2450 preferring still the buying on dips with tight stop strategy.
USDJPY slightly pulls back even in higher Nikkei but reduces most of the earlier gains. Risk sentiment and YEN cross moves still dominate the intraday action with support at 108.40 and resistance at 109.50. Later the US MBA Mortgage Applications and Fed’s William and Evans speech will have some intraday impact to still prefer the in range trading with tight stop strategy.
GBPUSD off the Asian session high at 1.3993 with cross selling continues despite of FTSE +0.75% in early trading in response to the US stock recovery. Today the less US data and Fed’s William, Evans speech as well as UK House Price index and stock/bond market move will have some intraday impact. With support at 1.3850 and resistance at 1.3960 and 1.4000 still to prefer to sell on rallies with tight stop strategy.
USDCHF higher slightly with stocks in recovering state and through the effect of some EUR pullbacks. But lower EURCHF and stock market remains fragile as it will remain capping the topside gains in near term. Today the US MBA Mortgage Application, Fed’s William and Evans speech as well as stock/bond market move will dominate the intraday action with support at 0.93 and resistance at 0.9395-00, prefer the selling on rallies with tight stop strategy.
EURJPY consolidates around 135 handle despite of the overnight global stock market recovery. But sentiment remains fragile and lower USDJPY still capping the cross on topside. Today the US data, Fed’s William and Evans speech as well as stock/bond market move will direct the intraday action with support at 134.50-55 and resistance at 135.60-65 still to prefer in range trading with tight stop strategy.
EURGBP around similar levels from yesterday and less affected by the stock choppy movement. Overall the Eurozone data matched expectation and UK data shows some soft sign in earlier of the year as well as the upcoming Brexit negotiation talk remain to support the cross on lower side. In support at 0.8850 and resistance at 0.8940 prefer to keep buying on dips with tight stop strategy.
GOLD in lower move as broad USD recovers with the US stock in recovery effect. But stock sentiment remain fragile and UST yield coming down together with physical demands on the lower side will remain to support the GOLD. Overall the consolidation in near term more likely with current mix reaction on stocks, yield and USD side. Today the US MBA Mortgage Applications, Fed’s William and Evans speech as well as stock/bond market move will have some intraday impact with support at 1325 and resistance at 1337 preferring the in range trading with tight stop strategy.
Silver lower slightly but following the GOLD and broad USD direction overall. Today the US MBA Mortgage application, Fed’s William and Evans speech as well as stock/bond market move will have some intraday impact with support at 16.7 and resistance at 17 to still prefer in range consolidation pattern.