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Currency Pair Overview:
Mediocre Start To The New Trading Week
Overall, most pairs opened the new trading week seeing slight dollar strength which was very short lived as the major pairs recovered. The only pair to open with a gap was the Japanese yen and was quickly closed before the pair took off on the back of some news which showed that retail sales fell for an eleventh month even as industrial output from the country increased.
The euro(EUR/USD 1.4360) fell below the neutral pivot point during the previous session and found support at 1.4280. During the start of the new trading week the pair again found intermediate support at that level. Also acting as support is the 20 day moving average which is located in the critical 1.4250 area.
The pound(GBP/USD 1.6320) saw some initial weakness as the new trading week began but found its footing in the 1.6235 level. The pair is currently finding resistance in the area of the neutral pivot point at 1.6300.
The aussie(AUD/USD 0.8430) found support at the 0.8395 area during the early Asian session. This became an established support level during the previous session. The pair is currently testing the 0.8430 area which held the pair up during the past week. The 0.8480 area has also acted as heavy resistance during the past month.
The cad(USD/CAD 1.0850) has already broken above the high established during the previous day at 1.0930 and was quickly rejected. The pair has tested the 20 day moving average as support at 1.0885 which also corresponds closely with the neutral pivot point.
The swissy(USD/CHF 1.0590) is finding intermediate support at the neutral pivot point at 1.0585 at the start of trading this week. The pair has been consolidating for the past 3 months into a nasty 500 pip channel.
The yen(USD/JPY 94.05) has been the biggest mover of the Asian session. The pair is already testing the S3 support pivot at 92.65. The pair opened the week with a 30 pip gap and immediately closed it finding light support at the S1 pivot at 93.30.
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