Currency Pair Overview Markets Stall Ahead Of A Very Loaded Calendar

Overall, the Asian session was slow one more time. The currency market traded in a range bound in the Asian session, without any trace of momentum or direction. Things are expected to pick up later, in the European session and keep the strong momentum during the U.S. session, since the calendar is loaded with important releases today.

The Euro (EUR/USD) gained 100 pips yesterday, advancing for a third consecutive day on dollar weakness. In the overnight session, the pair struggled to break under the neutral pivot point (1.2820), while in the U.S. session, the euro tried to take out TheLFB R1(1.3080). None of the moves were successful it seems, as the market lacked the general momentum to push things any further.

The Pound (GBP/USD) closed the day breaking slightly above the 20-day moving average yesterday. It is the first time in the last two months the pound manages to close above this resistance line. In the Asian session, the pound tested the moving average again, and for the moment, it seems able to hold the pair.

The Aussie (AUD/USD) closed the last day of trading posting a small decline, but on intra-day basis, the pair had some very strong swings. In the overnight session, the pair fell more than 200 pips, but gave all back at the U.S. open. Since then, the pair had been moving only up and down in relative large channel.

The Cad (USD/CAD) traded between the neutral pivot point and the 1.22 level, yesterday. Mostly, the pair moved along these two points during the day, but at the U.S. session open the cad had a strong swing lower. In the Asian session, the pair traded near the neutral pivot point (1.2300).

The Swissy (USD/CHF) fell for a second consecutive day yesterday, shedding another 100 pips. The swissy closed the last day of trading near TheLFB S1 (1.1820) and in the same time near the 20-day moving average.

The Yen (Usd/Yen) fell yesterday 180 pips, after it bounced again from the 20-day moving average in the early trading hours. In the last two days, the yen bottomed at exactly the same level, near the 95.00 support area. In the Asian session, the yen traded above the support level, probably waiting to test it.