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Australian Private-Sector Credit +0.1% In Apr Vs Mar |
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Credit to the Australian private sector rose a seasonally adjusted 0.1% in April from March and rose 4.6% from a year earlier, the Reserve Bank of Australia said Friday. Housing sector credit rose 0.7% in April from March and rose 7.1% from a year earlier, the RBA said. |
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USD/JPY Reacts Down After The US GDP Bad Data |
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USD/JPY has falling 35 pips from 96.00 to test intra-day low at 95.65 in the first minutes after the worst than expected 1Q US GDP data. Currently the pair is trading around 95.65/75, posting 1.00% daily losses from opening price at 96.70. Gross Domestic Product Annualized has been revised to a 5.7% drop in the First Quarter of 2009 from the -6.1% posted previously. Market expectations was 5.5% decreases between January and March. US 1Q GDP data doesn't change the market view: "I think most forecasts had a figure around -5.7%, so it does not come as a surprise (meaning its priced in). |
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AUD/USD Has Rallied Continuously |
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The Aussie has rallied continuously after bouncing at 0.7740 low on May 22 to test resistance area around 0.7930 on early European session. The Aussie would turn long-term momentum to positive: "The Aussie dollar is approaching the resistance zone at .7930 which is followed by the .8000 barrier. A breach above the said barriers will turn the long-term momentum positive. Intra-day studies are bullish and on potential pullbacks, the pair will face support at .7890 then lower - at .7835/50 and .7750." |
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EURGBP still in a down trend. We need to break 8634 GBPUSD pulled back off that upper trend line then rallied higher overnight. Still making higher highs. USDJPY We couldn’t manage a close above the 20 SMA on the daily chart and pulled back into the Bollinger band on the 4 hr chart. DailyGBPJPY .Our last move down started in July 2008 from 216.00 area. We made lows at 118.90 where we can see some divergence (D). |
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Yesterday's wide spread up on the daily chart for the euro vs dollar, reversed much of the loss from the previous day, and suggested that perhaps the hanging man candle, first seen on Tuesday, may in fact be a false signal. With the close of the day finishing well above the 9 day moving average which once again seems to be providing good support to the sustained move higher. The tone for this morning's trading session has seen a similar pattern with prices breaking above the psychological 1.40 and moving past the 1.4100 price point, as we now await the GDP numbers from the US, however from a technical perspective. A close at this level or above will confirm that we can ignore the bearish signals of Monday and Tuesday, and look for the bullish trend to continue in due course. |
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