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Currency Pair Overview:
Majors Range After Subtle Moves
Overall, The Asian session have had light volume after the holiday seen during the U.S. session in which banks and the stock market were closed. The retail sales monitor report from the U.K. came in at -0.1 percent while the current account from Japan showed a surplus of 1.26 trillion yen. The European session should provide some much needed volume to the market.
The euro (EUR/USD 1.4340) gained 32 pips during the previous day and found resistance at the R1 level at 1.4354 during the U.S. session. During the Asian session the pair has remained range bound, finding support at the neutral pivot point at 1.4329. The nearest level of resistance will be seen at the high of the previous day which corresponds with the R1 pivot at 1.4365.
The pound (GBP/USD 1.6338) spent much of the previous day wrestling with the 20 and 50 day moving averages. The pair then fell below the neutral pivot point late in the U.S. session only to trade in a narrow range during the Asian session start. The pair has multiple levels of resistance up to and including the 50 day moving average while the next major level of support is seen at 1.6285.
The aussie (AUD/USD 0.8545) moved higher during the European session, then failed to move much at all during the U.S. session. The pair is currently finding support at the neutral pivot point in the 0.8545 area while major support will be seen at the recently broken 0.8480 level.
The cad (USD/CAD 1.0780) managed to be the big mover of the day despite the holiday seen in the U.S. and Canada today. The pair fell over 80 pips to find the S1 level acting as resistance. The pair is currently trading just below the neutral pivot point at 1.0796. This area has acted as significant support in the past and may not be broken until volume returns to the market during the European session.
The swissy (USD/CHF 1.0595) had little gains on the day after a bounce off the S1 support level. The pair has tested the high of the previous day at the 1.0600 level without much volume and has been rejected. Slight support can be seen in the area just above the neutral pivot point at 1.0590.
The yen (USD/JPY 92.86) found support at the neutral pivot point during the later part of the U.S. session and then rebounded slightly, During the Asian session the pair has been finding resistance in the 93.06 level while support is seen at the S1 level at 92.82.