Currency Pair Overview Major Currencies Continue To Decline In The Asian Session

www.TheLFB-Forex.com The Forex Trader Portal

Overall, the dollar advanced throughout the Asian session as well, extending the gains posted on Monday. Much of the dollar strength came as the S&P futures declined on Monday, but still the future market traded side-ways during the Asian trading hours. Similar to Monday’s trading session, the cad and the aussie continued to look like the weakest two pairs, while the Japanese yen strengthened compared to every other currency this week, as the market remains driven by risk-aversion.

The Euro (EUR/USD) fell 30 pips during the Asian session, but still the euro was not able to break below the low set in the previous day of trading, as some of the other major pairs did. On Monday, the pair declined approximately 100 pips, as the dollar strengthened across the board. 

The Pound (GBP/USD) lost 50 pips tonight, as the pair broke below Monday’s low and at the same time below the range seen during the last U.S. session. With this week’s declines, the pound is trading just above the 20-day moving average, a dynamic support area that holds the pair since late April. 

The Aussie (AUD/USD) extended the decline seen on Monday during the Asian trading hours, and lost another 40 pips. Moreover, the pair broke tonight briefly below the 0.7830 area, the support area of the prior month of trading. For the rest of this week, the aussie has a clear economic calendar. 

The Cad (USD/CAD) is testing the high reached on Monday, and at the same time the 50-day moving average, after the pair gained another 30 pips throughout the Asian trading hours. On Monday, the cad and the aussie had a high correlation rate, as both currencies plunged to reflect the selling wave from the commodity markets.

The Swissy (USD/CHF) gained 30 pips tonight and it is once again trading near the 1.0900 area, where the pair topped over the last four days of trading. If it breaks any higher, the swissy will soon run into the resistance area that connects the 06.08 and the 06.16 highs. 

The Yen (Usd/Yen) declined 70 pips during tonight’s Asian session, after the pair spent almost the whole day trying to break below the 95.75 area on Monday. In addition, the pair broke tonight below the trend-line that connects the 01.21 and the 05.22 lows, an area that may be a crucial point in the future. 

TeamLFB provides forex related market analysis and trade signals