Overall, most of the majors continue to trade just near important support or resistance areas, as traders await the market to pull some breakouts now. It looks like the BoE’s interest rate decision had the power to spark a rally in the currency market, but the pairs retraced back the move later, in the U.S. session.
The Euro (EUR/USD) advanced a small number of pips yesterday. In the early part of the trading day, the euro fell under the 100-day moving average. However, helped by the BoE’s interest rate decision, the euro rallied 200 pips in just a few minutes. Currently, the pair trades trapped between the 20 and the 100-day moving averages.
The Pound (GBP/USD) managed to break above the 50-day moving average for the first time since August 2008. The pair advanced 200 pips yesterday, after the Bank of England cut the interest rate by 50 basis points, to 1.50%. The current interest rate is the lowest on record for the BoE.
The Aussie (AUD/USD) formed a pin-bar at the end of the last day of trading. The aussie sold heavily during the Asian session yesterday, but managed to recover almost every pip lost in the European and U.S. sessions. Tonight, the aussie fell 40 pips lower, slightly above the neutral pivot point (0.7060).
The Cad (USD/CAD) bounced off the 1.1750 support area in the Asian session, which pretty much seems to be the support area of the last few days. Yesterday, the pair fell 150 pips, after in the overnight session, the cad advanced up above TheLFB R1 (1.2030).
The Swissy (USD/CHF) traded ensnared between the 20 and the 200-day moving averages. The pair declined for a second day, losing 70 pips. In the Asian session, the swissy moved within the same tight range.
The Yen (Usd/Yen) had a small attempt in the Asian session to break above the intra-day resistance area in the U.S. session, but failed there too. The yen fell nearly 140 pips yesterday, touching the 20-day moving average. It looks like the yen is heading lower again, despite the BoJ’s recent comments.
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Currency Pair Overview Majors Near Important Swing Point Areas
Published 12/31/2000, 07:00 PM
Updated 01/08/2009, 11:08 PM
Currency Pair Overview Majors Near Important Swing Point Areas
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