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Currency Pair Overview:
Dollar Continues To Weaken During Asian Session
Overall, the Asian session was uneventful. The aussie posted the most change with the pair advancing 0.28 percent. The Melbourne Institute in Australia released the monthly leading index report showing that there was a 0.2 percent gain from the previous 0.9 percent reading to a 1.1 percent reading.
The euro (EUR/USD 1.4677) gained during the Asian session just as it had done 24 hours ago. The pair is testing near-term resistance at the 1.4680 level which is where the pair was rejected during the previous day. However, the 1.4650 level provided support at the start of the session.
The pound (GBP/USD 1.6500) is currently finding the neutral pivot point at 1.6515 as resistance. The pair tested the 50 and then the 20 day moving averages during the previous session. The pair has used the 50 day moving average at 1.6475 as support throughout the Asian session.
The aussie (AUD/USD 0.8653) has surpassed the high of the previous day at 0.8643 during the early Asian session. The pair still has heavy resistance at the 0.8676 level which has held the pair up for the past 6 days.
The cad (USD/CAD 1.0726) has been using the 1.0715 level as support throughout the Asian session. This level has been supporting the pair for three days but should this level break down the pair will find more support at 1.0675 and again at 1.0630.
The swissy (USD/CHF 1.0335) is approaching the 1.0328 level which has supported the pair 3 times in the most recent past. The pair has been trapped between the 1.0328 and the 1.0424 level for the past two days.
The yen (USD/JPY 90.90) has strengthened to the 90.80 area where the pair found slight support during the Asian session. The pair has seen major resistance at 91.65 while heavy support can be seen at the 90.20 level.